Enclosure No. 2.
30
Copy.
The Resolutions standing in my name are in connection
with approved loan works.
Expenditure on loan works in 1935 was originally
estimated at $4,727,679.69 and of this amount the sum of
$2,152,984 (excluding Crown Agents charges for June and
July) had been expended by the end of July.
G
Ordinance 11 of 1934 authorises the Governor to
borrow up to a sum not exceeding 25 million dollars. $13,860,000 has already been borrowed and an additional $2,217,067.30 has already been advanced, with the consent of Council, from surplus balances, $217,067.30 having been approved for 1934 and $2,000,000 for the first half of 1935.
The revised estimate for loan works during 1935
is $4,771,371, and as our cash resources at present will
permit the payment of this sum from surplus balances, with
the economies attendant on such payment, I ask that in
addition to the sum of $2,000,000 already approved a further
sum of $2,771,371 may be advanced this year.
Ferry.
I now move
No.1.)
(Please see Enclosure No.1.) (First Resolution
The second resolution deals with the Vehicular
Honourable Members will remember that when the
Schedule to the Hong Kong Dollar Loan Ordinance was amended by Resolution of Council on 16th May, 1935, the total
allocation of Item No.3, Vehicular Ferry, was increased from $1,900,000 to $1,930,000. In the schedule of loan
works annexed to the Estimates for 1935 only $25,000 is
allotted to the Vehicular Ferry as it was estimated that $1,875,000 would be required by the end of 1934 whereas only $1,850,418 was spent. It is now desired to increase
the