HONG KONG ANNUAL REPORT, 1952
authorized limits, issues to departments were low, as stores paid for by the Crown Agents were not received in Hong Kong until after the close of the financial year. The excess in the Sanitary Department- Urban Council expenditure was, in the main, due to increases in the establishment to cope with additional Sanitary and Health services, while large sums were spent on the resettlement of squatters. An increase in staff was also responsible for the excess in the case of the Medical Department.
Public Debt
The Public debt of the Colony at the 31st March, 1952, was as follows:-
4 % Conversion Loan, raised in 1933 and repayable not later than the 31st August, 1953
31% Dollar Loan raised in 1934
31% Dollar Loan raised in 1940 31% Rehabilitation Loan raised in 1947/48
...
$ 4,838,000
$ 4,280,000
$ 6,602,000
$46,983,000
$62,703,000
Sinking Funds exist for the redemption of two out of the four loans issued and the market value of these funds at the 31st March, 1952, was $12,948,307. The remaining two loans are each redeemable by annual drawings of 1/25th. The largest of the four loans is the 31% Rehabilitation Loan under which $50,000,000 was raised in 1947/48 and which is redeemable by Sinking Fund. Of this sum, $46,983,000 was outstanding on the 31st March, 1952. The difference of $3,017,000 is represented by cash purchases by Government when favourable opportuni- ties occurred. Loan expenditure in excess of the 'amount raised under the Rehabilitation
48
Loan,