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The through passenger service to Canton was maintained practically throughout the whole year and the foreign passenger receipts showed an increase of 46% over the receipts for 1927.
SUSPENSION OF TRAFFIC CLAIMS.
33. The Claims against the Chinese Section on account of suspension of Through and Joint Sectional Traffic, fire of Rolling Stock and Demurrage, which stood at $993,449.22 at the end of 1927 have increased by $4,146.99 in respect of suspension of traffic 1928 making a total of $997,596.21 out- standing at the end of 1928. The Debits in respect of Demurrage and Hire of Rolling Stock for the year 1928 were accepted by the Administration of the Chinese Section and the accounts adjusted. Detailed statements of the Claim against the Chinese Section have from time to time been submitted and the British Administration is exploring every possible avenue with a view to settlement.
RAILWAY EXPENDITURE.
34. The working expenses for the year 1928 amounted to $800,954.17 being an increase of $85,184.76 over the amount expended in 1927. It is, however, satisfactory to note that for the first year since 1922 the Revenue shows an excess over working expenses of $20,040.73.
FARES ALLOCATION.
35. The final division sheets of Through and Joint Sectional traffic receipts have been agreed between the two Administra- tions to the end of 1928.
RAILWAY STORES.
36. Test surveys of the Main and Workshop Stores were carried out during the year and call for no particular comment,
PRAYA EAST ACCOUNT.
37. The account has been examined monthly and all observations made have been satisfactorily settled.
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The Reclamation Scheme is in an advanced stage of completion, Roads and the necessary Drainage Works being in course of construction. The estimated cost of the Scheme has been exceeded and the participants were required to meet the excess cost, being given the opportunity of paying further calls by cash or accepting the liability of an overdraft on the Praya East Account at 6% with the Hong Kong and Shanghai Banking Corporation to finance the further cost of the scheme. In the majority of cases the latter course was adopted by the subscribers.
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The Government is granting Leases to Subscribers desirous of entering into occupation of their respective Lots, with the proviso, that the proportionate liability on the excess cost over the estimate will be met by the Lessees on completion of the scheme and when the amount is finally known.
PUBLIC WORKS LOAN ACCOUNT.
38. A further issue of $1,927,000 was made during the year 1928 making a total of $4,927,000 issued in respect of the total loan of $5,000,000.
The allocation of expenditure on the works authorised in the Schedule of Public Works Loan Ordinance No. 14 of 1929 is as follows:-
Head 1.
Waterworks Development Head 2.
.$ 3,500,000
Aerodromes and Harbour Development. 1,500,000 Since the inception of the Loan the expenditure incurred up to the 31st December, 1928, is as follows:-
Head 1. Head 2.
$2,221,876.42 1,851,125.91
A contribution from the Imperial Government of £100,000 of which £70,000 has been received in 1929. will be credited to Head 2, Sub-head 2, Aerodrome.
The accounts for the year 1928 have been examined and found to be well kept.
TRADE LOAN ACCOUNT.
39. The accounts for 1928 have been examined and found to be in order.
The following statements are submitted which show the financial position of the Account as at the 31st December, 1928:-
(a) Trial Balance
(b) Working Account
(c) Balance Sheet
(d) Statement of Outstanding Loans
(e) Statement of Outstanding Interest.
The Sterling Loan has been reduced to the amount of £415,000.
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