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(1) Mr. J. R. FIRTH, Housing Architect, attended the XXVth World Congress of the International Association for Planning and Housing in Puerto Rico in June 1960. He also visited Mexico City and Caracas, Venezuela, and took part in the post-congress tour of eastern American cities in Washington, Philadelphia, New York, Toronto, and Montreal, and visited Housing Authori- ties in Honolulu and Tokyo.
(ii) Miss E. BEDWELL, Chief Housing Manager, left the Colony on vacation leave on 29th April, 1960, and returned on 12th January, 1961. During her leave she called on Housing Author- ities in Tokyo, San Francisco, Chicago, New York, and the United Kingdom, and visited a number of housing projects in the United Kingdom. She also attended the annual conference of the Housing Centre in London, and the Institute of Housing in Harrowgate.
(iii) Mr. K. ELLISON, Housing Manager, who had been acting as Chief Housing Manager in Miss BEDWELL's absence, went on home leave on 30th March, 1961.
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FINANCES
46. The Authority's projects are financed by means of loans from Government, to be amortized over forty years, and made available from the Colony's Development Fund.
47. Loans were originally made by Government to finance each project as it was approved in principle. Thus, loans of $33 millions, and $7.5 millions were made to finance the North Point and Sai Wan Estate schemes respectively, in addition to an early loan of $1 million to meet the Authority's administrative expenses until rental income accrued. These loans were all made with interest payable at the rate of 34% per annum, interest being calculated on maximum indebtedness during each month, and compounded half yearly in March and September.
48. In October 1955, however, when a loan of $50 millions was authorized for the So Uk Estate scheme, Government notified the Authority that for this, and all future schemes, interest would be payable at the rate of 5% per annum. In 1958 the Authority's general financial arrangements were reviewed with Government, and as a result it was agreed that all outstanding loans should be consolidated and converted into a revolving fund of $91.5 millions, interest on the first $45 millions of the outstanding balance being payable at the rate of 34% per annum
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