23. It is anticipated that construction now in hand will produce 7,317 flats by April, 1963 and an additional 3,052 by April, 1964. This is illustrated graphically elsewhere in this report.
24. At the end of the year the monthly rent roll of the Authority was $765,263 and with new property being let this was increasing rapidly. Tenants as a rule pay their rents promptly and arrears are comparatively small. $4,758.11 had to be written off as bad debts during the year and this was due mainly to the failure of two shop tenants and the difficulties involved in having them evicted.
25. Having adopted a statement of policy early in 1961, set out fully in the last report, the Authority has continued to implement this policy during the year and the newly formed Executive Committee has proved its value in co-ordinating the work of other committees and assuring that a progressive policy is maintained.
26. The present building programme which is due to be completed in 1964 is now in top gear and the staff is fully imbued with the sense of urgency which is necessary if a housing programme is to be kept in motion. With the urgent and ever increasing need that exists in Hong Kong for housing of all kinds, it is imperative that a housing programme should be continuous and progressive. The income group which the Authority is attempting to house, the $400-$900 group, is now growing at a much greater rate than the Authority is able to pro- vide housing even at the peak of its present production. The ratio of potential applicants to flats available is still about 10 to 1.
27. There is a pressing need for a programme which is progressive and which can be reviewed annually in the light of changing circum- stances, and this cannot be prepared unless it is backed by the provision of funds and sites.
28. The recent promise by Government of further financial support has been most encouraging to the Authority and to the staff, and has instigated the preparation of a progressive programme. Although modest in relation to the urgent need for accommodation, the Authority is optimistic in the hope that this programme will be expanded in time.
29. The Authority has now gone a long way towards achieving its object of providing housing of good quality for the people it aims to house at rents which they can afford. Whilst seeking continually to improve its standards both in accommodation and in management it is
S