403
8
TRADE LOAN.
The Sterling Loan securing the local overdraft was further reduced during the course of the year and it was decided to pay off the balance due to the Hong Kong & Shanghai Bank on the 31st of December from the Government's local surplus cash, instead of placing this surplus on fixed deposit. The net saving in interest charges is from 21% to 44% viz. from $30,000 to $55,000 per annum.
Thirty five loans amounting to $1.280,842.65 were repaid during the year. The proportion of redemptions to the amount outstanding is so far being maintained.
Up to the 31st December, 1930, $13.491.749.29 of the amount of $15,632,343.34 outstanding had been recovered. Loans outstanding at the end of the year, numbering thirty two, amounted to $2,064,181.75. It was found necessary in certain cases to resort to enforcement of the securities. Power of Sale was exercised in ten instances, and, with one exception. the principal sums lent were fully recovered, overdue interest in some cases being foregone.
The following table shews the position of the Loan as at 31st December, 1930:--
Loans issued since 16th November, 1925 on
approved securities
Less Redemptions effected during the years
1926
1927
1928
1929
1930
$15,632,343.34
$2,604,930.00
4,845,879.76
8,403,560.02
1.356,586.86
1.280,842.65
13.491,749.29
Total
.$ 2,140,594.05
$ 76,412.30
Less amount written off as irrecoverable
Total of Loans outstanding on 31st
December, 1930
.$ 2,064,181.75
Interest in arrears on 31st December, 1926
"
"J
.$117,369.42
"
11
31st December, 1927
206,818.64
31st December, 1928
321,121.10
31st December, 1929
416,237.93
15
"+
"
31st December, 1930
898,641.94
+
Total number of Loans issued since 16th November, 1925.... 302 Less number redeemed in 1926..
""
"}
13
**
1927.
34
85
++
"
33
1928.
87
1929..
29
11
11
11
11
1980..
35
"J
21
"J
270
Number of Loans outstanding on 31st December, 1930....... 32
PUBLIC DEBT.
The inscribed Stock Loans of 1898 and 1906 amounted to £1,485,783 and the Sinking Fund stood at £719,664 being £45,042 more than at the end of 1929.
The Public Works Loan (Ordinance No. 14 of 1927) amount- ed to $4,927,000. $3,000,000 of this loan was issued locally at par on November 1st 1927. The second issue was made on November 1st 1928 at a premium of 3 per cent-Bonds to the nominal value of $1,927,000 being allotted. The Sinking Fund amounted to £75,749 being £24,429 more than at the end of 1929.
NOTE CIRCULATION,
The local circulation of notes and Specie in Reserve of the three banks having authorized issues were as follows on 31st December:
Hong Kong & Shanghai Banking
Corporation
Chartered Bank of India Australia
& China
Mercantile Bank of India Ltd
Total
Notes in Circulation.
Specie in Reserve.
.$104,811,862
$98,600,000
19,600,942 3,556,567
7,800,000
1,350,000
.$127,469,371
$107,750,000
404