ކކ
See para. 5 of
5.
+
a
local dollar loan
pes. Wanking
me
Lalance @ 10% - Kay 3 mills. Shows ?
21/12/27
are
14
they were not shown in the figures in the present
Estimates. The estimated expenditure on these two
disasters amounts to over $600,000, and will reduce
the estimated surplus of assets at 31.12.28 to nearly
$8,000,000.
3. The large programme of public works which the
Colony has undertaken over the last few years is now
nearing completion. The fall in expenditure is set
off to some extent, however, by the cost of the new
waterworks which will now be necessary, and increased
expenditure for maintenance under Public Works
Recurrent which had been postponed during the
depression.
4. At present a number of public works are
being financed out of revenue pending reimbursement
X from a further issue of the 1934 loan. Of the
$25,000,000 which was authorised, $14,000,000 has
already been issued. It is estimated that at 31.12.37
$10,324,414 will have been advanced from surplus funds
against the outstanding $11,000,000 which can still
be issued. It is proposed at the moment to continue
with this method of finance. As these advances from
revenue can be met at any time by a further issue of
the loan (though the terms of this may not be
advantageous, of course), the position is not
unsatisfactory, but from the figures shown in these
Estimates Hong Kong would appear to be working on a
very narrow margin. The present surplus of assets
amounts to approximately $12,000,000, but the figures
for assets include the $10,000,000 which has been
advanced pending reimbursement from the loan. This
latter sum will increase, while it is estimated that
the surplus of assets will fall by the end of 1938 to
approximately $8,000,000 or $9,000,000. I suggest
that we should ask for further information on this
point from the Colonial Government.
5.