REVENUE REWARD FUND
_rmacy, Poisons
16. A Legislative Council Resolution on 20 July 1949 made certain provisions regarding the retention and operation isations
of the Revenue Reward Fund. On 8 January 1975 also by Resolution, the Council provided for the fund to continue in number existence and prescribed the provisions under which it is operated. The major change brought about by the 1975 Resolu-
■italised
tion was that where at the end of any month the balance in the accounts of the Revenue Reward Fund exceeded $200,000, -educed the amount in excess of the $200,000 would be paid to the Development Loan Fund. Statement 10 shows the fund's horities Receipts and Payments Account.
DEVELOPMENT LOAN FUND
→ Tsuen Building 17. This fund was created from 1 November 1958 by a Resolution of the Legislative Council dated 22 October 1958 nent on (and an amending Resolution dated 7 December 1966) for the purpose of financing by loans or advances or by invest- charges ments, schemes of development in Hong Kong. It absorbed the assets and liabilities of the Development Loan Fund and Local Loans Fund which were, by the same resolution, closed with effect from I November 1958. The Development Loan Fund has since been supplemented by Government with funds from various sources totalling a further $354,334,884. 18. The statements of Receipts and Payments, and Assets and Liabilities are those numbered 12 and 11 respectively. 976-77 During the year 1976-77 the fund increased in total by $43,161,871 derived from the following:
he year
Recurrent receipts
Add Repayments previously waived now recovered
$43,158,897 25,000
do not
> bonds Less Repayments waived
1 of the during
ie latest 547,309
43,183,897
22,026
$43,161,871
19. This increase is reflected in the distribution of the assets of the fund as shown below:
79% of pay the
($ million)
31.3.76
($ million) 31.3.77
($ million) Difference
Hong Assets:
975-76; Cash
4.416
2.221
―
2.195
3 of the
Time Deposits
210.000
237.000
+ 27.000
1,798.66 Investments
6.557
6.557
ance of Kwun Tong Reclamation - Outstanding premia
1.155
0.947
0.208
Outstanding Loans and Capital Projects
791.652
810.222
+ 18.570
nations Less Due to Government Servants
1,013.780 0.002
1,056.947
+ 43.167
0.007
+ 0.005
ne legal
der the
1,013.778
1,056.940
+- 43.162
ne cent
>n with
20. During the year the net project issues amounted to $42,405,645; repayments totalled $23,813,648 and repayments 56,161, waived were $22,026. A summary of the project balances with the corresponding balances at 31 March 1976 is given
below:
ne war,
and for
($ million) 31.3.76
($ million) 31.3.77
($ million) Difference
sidiary Loans and Capital Projects
) which Social Services:
assets,
Housing
615.371
the 31
Education
108.984
602.360 132.018
- 13.011
+ 23.034
r issues
Medical
0.466
0.353
0.113
es with
Economic Services:
Airport and Harbour
42.512
41.168
1.344
›rass 5,
Primary Products
2.277
1.767
0.510
ilation.
Trade
20.000
20.000
'il 1976
Development of Industrial Estates
0.571
9.314
+ 8.743
bearing
Industrial Training
1.823
+ 1.823
n issue Community Services:
:
results Amenities and Related Services
'hich it
coins,
1.469
791.650
1.419
0.050
810.222
+ 18.572
nent of
cretary 10 each
21. Statement 13 shows the issues and repayments during the year and the outstanding amounts on approved projects at the year end.
―
THE TREASURY DEPARTMENT
22. The 'Finance' chapter of 'Colonial Regulations Part II - Public Business' sets out in some details the duties of the Accountant General – the term Accountant General means any officer, however styled, who is appointed to be in charge of the Treasury. It follows that the functions of the Treasury stem, in the main, from these regulations but as
23