40
Loan Ordinance in question empowered
the Governor of the Colony to issue
bonds from time to time to an amount
sufficient to produce in the aggregate a sum
not exceeding $25,000,000 for the execution
of certain public works, and that in 1934
31% dollar bonds were issued to a nominal
value of $14,000,000 at 99%, producing a
sum of $13,860,000.
Since that date the
has
Government of Hong Kong he adopted the
method of financing the public works
authorised in the schedule to the Ordinance (a copy of which
is attached)
by a series of advances from the Colony's
surplus balances, and according to the latest
estimate it is anticipated that by the 31st of
the
December of this year the whole of $25,000,000
and such for ther sum as might be necessary to de- troy the expences of iseve rman- agement of the loan,
(to (1) anden
authorised by the Ordinance will have been
expended, of which total a sum of $11,140,000
will have been advanced from the Colony's
general revenue balances.
It is further
antici pated
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