381
382
6
If
14. As it is estimated that these works completed will cost $6,064,074 there will remain as from 1st January, 1982, a sum of $2,290,181 to be found from surplus balance during 1932 and 1933. The Imperial Government owe £30,000 ($600,000) on the completion of the Aerodrome and approximately $301,000 for erection of hangar and slipway a total of $901,000 which may be deducted from the above $2,290,181 leaving a net sum of $1,389,181 required as from 1.1.32. the revenue is maintained it may be possible to continue to finance these under- takings in the present manner without resorting to a loan but as the Public Works Loan (1927) may be paid off in November, 1932, and as it is desirable to reduce the high rate of interest at present bein: paid it would be advisable to float a loan for the amount required. There are also to be considered the Waterworks Deve- lopment Schemes which include the Shing Mun Valley Dam, filters, final develope- ment of island catchwaters, etc. amounting in all to approximately $12,000,000 and The grand total amounts to the building of a New Gaol estimated at $4,500,000.
#26,500,000 as under :—
To repay Public Works Loan
To re-imburse amount advanced from Surplus Balances....... Waterworks Development
New Gaol
$ 5,000,000
5,000,000 12.000 000 4.500.000
$26,500,000
It is now estimated that if the Shing Mun Scheme is approved only $300,000 would be spent in 1932 and only $300,000 on a new Gaol a total of $600,000. The amount to be borrowed in October, 1932, would therefore be
To repay Advance Account
To repay Public Works Loan
Waterworks Development and New Gaol
$ 5,000,000 5.000,000 600.000
$10.600.000
Say, $10,000,000
15. As the Water Works Scheme has not yet been approved and further if approved the date of commencement of work is somewhat indefinite no attempt has been made to estimate requirements in each of the subsequent years. The total, however, would be the difference between $26,500,000 and $10,000,000, eiz. ×10,500,000. If the sum of $10,000,000 (£500,000) were raised in London in October. 1932, it is difficult to say what the charges would amount to having regard a 28 years' to the present and future financial situation but placing the loan on basis (Interest on Sinking Fund investments being reckoned at 4%) with interest at 6% and Sinking Fund at 2% the cost would be $800,000 p.a.
16. It is impossible to say what interest rates will be ruling in London or locally in October, 1932, and any attempt can only be guesswork. At present it is believed that a loan could be raised locally on a 4% to 14% basis. Bonds could be issued and the loan redeemed by yearly drawings. Periodical drawings have the ad- vantage that it is not necessary to set up a sinking fund and consequently the question of the investment of sinking fund monies in sterling trustee securities does If. in October 1932 local interest not arise and exchange problems are eliminated.
rates are on a 4% basis, I believe that $10,000,000 could be borrowed at little, if any, extra cost over and above what is now being paid annually on the Public Works Loan 1927 of $5,000,000. Such cost, if any, would be met from the normal increase in revenue from water and rates in 1933.
The above is an outline of the financial problems facing the Colony at the moment. It is, however, only when definite approval of these schemes is received and when definite estimates by Engineers as to yearly outgoings are obtained that any concrete plans can be formulated.
EDWIN TAYLOR,
Treasurer.
26.9.31.
7
HONG KONG
Appendix A.
Schedule shewing increases in various licences, fees &c. from 1.1.31 to 25.9.31.
Description of Licence,
Fee or other Receipt.
$10.00
Old Fee.
New Fee.
Authority.
Do. 25 in 3084 31
G. N. 391 of 19.6.31
Fishing Licences
$5.00)
$10.00
C. S. O. 7 in 3084/31
Forestry Licences
10 cents per acre
Game Licences
20 cents per acre $25.00
Tobacco Ifawkers Licences. | $1.00
$8.00
Undertakers, Chinese
$20,00
$25.00
Kerosene
Licences, New
$5.00
Territories
$2.00 $2.00
Hawkers $2.00 $10.00
Dangerous Good Licences...
Pawnbrokers' Licences
Hire of Government Lorries
Certificate for examination of Food Products for export....
Licences to store in cases,
drums and bulk $100
A. Central District of Vie- A. City of Victoria west of
toria $1,500
the Sea Kun Poo Nullah, and Kowloon and New Kowloon west of the Rail- way as far as and including Shamshuipo $2,500.00
B. Elsewhere on the Island of Hong Kong and its Dependencies andin Kow- loon and New Kowloon $1,000
B. City of Victoria and areas east of the Soo Kun Poo Nullah, to the boundary of War Department land east of A Kung Ngam, and also Aberdeen and Aplichau, and Kowloon and New Kowloon east of the Rail- way as far as and inclnd- ing Kowloon City and Kai Täck $2.000.00
C. Elsewhere in New Ter- | C. Elsewhere on the Island
ritories $400
25 cents per mile
Not exceeding
500 lbs
1,600..
of Hong Kong, and the remainder of New Kow- loon $1,000.00
D. The remainder of the
New Territories $500.00
35 cents per mile
Not exceeding 500 lbs
"
500 lbs $1.00 1000 lbs $1.50
$2.00
11
300 lbs
2,000 lbs 1,000 „
$2.00
*
1,000 lbs
$2.50
2,000
$4.00
2,000
17
3,000 lbs 2,000
$2.50
3,000
31
$5.50
3,000
++
4,000 lbs 3,000
$3.00
*1
4,000
$7.00
5 000
$8.50
5.000
E
6,000
$10.00
6,000
7,000
$11.50
7,000
"
8,000
•
$12.50
for each 1,000 lbs
Exceeding 4,000 lbs for each 4,000
additional 1,000 lbs $1.00
19
=
Do. 510 of 6.8.31 (G. N. 633 02 and G.N.389/09 C.S.O.
6 in 3084 31)
C. 8 0, 705/15
G. N. 555 of 318 31
Do. 551 of 27.8.31
C.8.0. 9 in 3084,31
G.N. 487 of 31.7.31
or part thereof in
excess of 8,000lbs $1.00