32
m
are
[3] m
13784/11
517 w/
unanswercel beyo
•
fall
Buder
[4] in
33756
B4
provides for the redemption of Hong Kong 31% Inscribed
Stock 1918/43 to the amount of $3,400,000. The only
"redemption" item in the 1932 schedule was that of the 1927
6% loan, which in its origin had been erroneously exempted
from assessment to contribution, and which was in fact
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redeemed last year by Hong Kong Ordinance No. 16 of 1933
covering a new loan the service of which was exempted from
assessment in accordance with the special concession
granted to the proposed 28 million dollar loan in which it
was originally to be included. The 31% 1918/43 loan, so
far as we have been able to identify it from the information
in our possession, appears to represent a consolidation of
various issues made in 1887, 1893 and 1906, the greater part
of it being a loan of £1,143,000 raised in the last-named
year for the financing of the Kowloon Railway. Under
arrangements to which the War Office and Treasury agreed
(see Treasury letter 12086/11 of 26th June, 1911, to the
Colonial Office), the net receipts only of this Railway are
assessable to military contribution, and if you refer to
Colonial Office letter 33756/34 of the 11th instant you
will see that the amount represented by service of this
31% Kowloon Railway stock has been sufficient, when added
to the working expenses, to make the Railway show a deficit -
and