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248
LOAN
EXPENDITURE
The bulk of the expenditure on rehabilitation will continue to bo mot from loan funds. Expenditure from this source, by the 31st March, 1948, amounted to $30,360,747, and it is estimated that, by tho 31st March, 1948, this figuro may have been increased to $73,000,000, though the total will bo loss if stores, due for delivery by the 31st March, are further delayed. Loan expenditure during 1948/49 is estimated at $45,915,555 and this includes funds for the roconstruction of King's College and for the construction of a new Kowloon Junior School and a vernacular primary school in Hong Kong which will replaco similar institutions destroyed during the
Work on Government quarters will continuo to be financed from loan funds and this work, which will help to relieve the gonoral housing shortage, is being pressed forward as rapidly as possible. The construction of now Police Stations to replace thoso/dostroyed during the war, which are now housed in requisitioned buildings, will also bo an urgent item in the loan programmo . Those include a divisional headquarters at Kowloon City and stations at Bay View, Hung Hom and Shaukiwan. Five new stations are also being constructed in the New Territorios to replace demolished buildings. Work on a new Police Training School is also about to commence.
war.
The loan programme for the year also makes provisior for a sum of $4,000,000 to complete the rehabilitation of the University and, for a similar sum, to enable work to be started on the now airfield as soon as a final decision is roached as regards a site. The latter sum, of course,
only represents a fraction of the probable final cost of the new airfield, and the question of the financing of the full schomo is still under discussion with His Majesty's Government. In the event of more than $4,000,000 being required for the initial work during the coming year, a further sum of $4,000,000, which has boon carmarked for this purpose, could be mado available.
Provision is also made from loan funds for work on the rehabilitation of the water supply to be continued and for further repair work on roads, drains, seawalls and tho restoration of stroct lighting. There is provision to enable the Railway to continuo repairs to buildings and to the permanent way, and for the purchase of further rolling stock. Work on the restoration of lighthouses and moorings will also bu continued from loan funds.
18th March, 1948.
C.G.S. FOLLOWS
Financial Secretary.