- 5-
mind this is the most economical method of financing the
Colony. I am not overlooking the fact that a large advance
account on the balance sheet does not look pretty and that
a better effect would be given by converting this to cash.
It would, however, be a costly proceeding and un-economical.
The sound position of Hong Kong's finances can be seen at
any time by referring to the Public Debt.
Sterling £1,485,732
Dollar
$5,000,000
Sinking Fund
11
#!
£766,100
£ 98,000.
It will be seen, therefore, that no new loan money
will be required for two years and that the various schemes
including the 2nd Section of the Shing Mun Valley can be
financed.
8.
Meanwhile the Colony's normal revenue should be
growing. In addition to normal increases the rent and
royalties from the Vehicular Ferry service on the basis of
the tender accepted amount to $484,500 p. a. which is
$214,500 p.a. over the present receipts of $270,000 from the Yaumati passenger ferry. It is expected that with the
growing traffic across the harbour the royalty which is
based on gross receipts will increase considerably in the
future. Receipts from Water Excess Supply and Meter Rents
are as under for the past ten years
1922
$453,526
1923
490,284
1924
540,533
1925
538,035
1926
471,679
1927
634,222
1928
768,898
1929
615,458
1930
817,724
1931
1,053,912.
A remarkable
99