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the issue of bonds to the amount of approximately
$5,000,000 for the redemption of the 1927 6% loan which
formed one of the constituent items of the $28,000,000
loan enumerated in paragraph 8 of Colonial Office letter
of the 19th August, 1932.
3.
(5)
92622
32
(24)
namely the
(5) m
92622
The Council observe that one item is included
in the schedule of the Ordinance forwarded with your
letter of 13th September, which was not covered by the
projected loan of about $28,000,000 referred to in the
Colonial Office letter of 19th August, 1932;
provision for the redemption of Hong Kong 32% Inscribed
Stock 1918/43 by new borrowing to the amount of $3,400,000.
So far as the Council have been able to ascertain, the 3%
1918/43 loan represents a consolidation of various issues
made in 1887, 1898 and 1906, the greater part being a loan
of £1,143,000 raised in 1906 for the financing of the
Kowloon Railway.
4.
The net receipts only of this Railway are
assessable to military contribution, and the net earnings
the railway, representing the difference between gross
receipts and working expenses, - not taking into account,
that is, the service of the loan, have been sufficient
to pay only a portion of the annual loan requirements.
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The balance has had to be made up presumably from general
revenue/