135
- A (1) 18
18. Purchase of three locomotives for the Chinese Section Kowloon-Canton Railway.
The Chinese Section commenced paying off this advance in July, 1932, at the rate of $10,000 per month and the original amount outstanding has been reduced from $447,468.26 by $180,000 to $267,468.26.
19. During the year the Unallocated Stores varied as under :-
Balance at 31st December
1932
Public Works Department.... $469,074 Kowloon-Canton Railway
TRADE LOAN ACCOUNT,
A (1) 19
T
Interest in arrears on 31st December, 1926
"
23
$117,369.42
""
31st December, 1927
206,818.64
31st December, 1928
321,121.10
31st December, 1929
416,237.93
J
31st December, 1930
398,641.94
11
31st December, 1931
307,152.89
J1
31st December, 1932
209,087.15
39
31st December, 1933
195,714.76
Total number of Loans issued since 16th November, 1925...302 Less number redeemed in 1926..
11
1933 $486,713
.34
1927.
.85
1928.
.87
172,328
187,917
27
1929.
.29
17
31
11
1930.
.35
1}
11
1931.
.13
1932.
.11
1938..
1
$641,4
.402 $674,630
20. During the year the number of outstanding loans was reduced by one from eight to seven.
Instalments on account of Capital outstanding were obtained in respect of two other loans. The total reduction in Capital outstanding was $147,000, i.e., from $752,751.50 to $605,751.50 whilst in addition $31,251.00 of Capital was written off leaving the net sum due as $574,500.50. The total Capital now written off amounts to $136,263.30.
Efforts to procure redemption and, on one or two bad loans, a sale came to nothing. Interest to the extent of $36,734.39 was written off during the year.
The Reserve ac-
count increased steadily and now amounts to $1,070,609.68 which exceeds the Capital outstanding by $496.109.18.
The following table shows the financial position of this ac- count as at 31st December, 1933:—
Loans Issued since 16th November, 1925, on
approved securities
$15,683,582.97
Less Redemptions effected during the years
1926
$2,604,930.00
1927
4,845,879.76
1928
3,403,560.02
1929
1,356,536.86
1930
1,280,842.65
1931
832,241.62
1932
451,828.26
1933
147,000.00
14,922,819.17
Less amount written off as irrecoverable
Total of Loans outstanding on 31st December,
710,763.80 136,263.30
1933
$574,500.50
11
11
"
Number of Loans outstanding on 31st December, 1933
PUBLIC DEBT.
295
7
21. The inscribed Stock Loans of 1893 and 1906 amounted to £1,485,733 and the Sinking Fund stood at £911,748 as against £832,751 at the end of 1932.
The Public Works 6% Loan (Ordinance No. 14 of 1927) amounting to $4,927,000 was converted during the year. Bond holders were offered cash or conversion on a 4% basis for 20 years under the provisions of Ordinance No. 15 of 1983. The sum of $4,888,000 was converted, leaving only $89,000 to be redeemed. Interest is payable half yearly on 1st February and 1st August and a sinking fund will be set up, the first instalment being paid on or before 31st July 1934.
NOTE CIRCULATION.
22. The local circulation of notes and specie in Reserve of the three banks having authorized issues were as follows at 31st December:-
Notes in Circulation.
Specie in Reserve.
Hong Kong & Shanghai Banking
Corporation
Chartered Bank of India, Australia
and China
Mercantile Bank of India, Ltd....
Total...
$141,168,337 $123,000,000
14,950,262
8,300,000
1,465,119
1,350,000
$157,583,718 $132,650,000
136
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