(d) Public Debt
Redemption of Government Bonds for
6,000,000
the preceding five years is included.
(e) Medical and Police Services
11,500,000
(f) Public Works of a recurrent nature (main-
tenance, etc.)
3,900,000
Public Debt.
The public Debt of the Colony as at the 31st December, 1947, totalled $20,046,000 comprising three issues:
4% Conversion Loan raised in 1933, and repayable
not later than the 1st August, 1953
$ 4,838,000
The Sinking Fund of this Loan is fully invested and amounted to £203,337.5s. as at the 30th September, 1947.
$ 6,720,000
1940
$ 8,488,000
31% Dollar Loan raised in 1934
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The two latter loans are redeemable by 25 annual drawings. During 1947 drawings to cover the period 1942/47 were made and bonds to the value of $6,192,000 were redeemed.
Towards the end of 1947, an Ordinance was enacted to provide for the raising of Loans up to a maximum of $150.000,000 for the purpose of financing expenditure on the rehabilitation of the public services. On the 19th December, 1947, applications were invited for subscriptions to the first portion of this loan amounting to $50,000,000 and by the 9th January, 1948, the issue was fully subscribed. This loan bears interest at the rate of 31% and is redeemable not earlier than 1973 and not later than 1978. A Sinking Fund is being created for the redemption of the loan.
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