28.
95
The effect of the somewhat involved series of transactions referred to in para- graphs 20 to 24 may be summarised as follows:-
General Revenue Balance at 1.9.41 (London) £423,757
Deduct Deficits:-
1.9.41 to 30.4.46 (London) £10,861
B.M.A. Period (14.9.45 to 30.4.46)
1946/47 (1.5.46 to 31.3.47) incorporating-
(1941 local balances)
(Current transactions)
GENERAL REVENUE BALANCE AT 31.3.47:-
-
$6,780,112
=
$ 173,776 2,636,066
2,000 .3,480,835
6,292,677
$ 487,435
29. The Statement of Assets & Liabilities as at the 31st March, 1947, forms Appendix 1 of the report, and is supported by the usual statements of Special Funds and Other Balances. As much detail as practicable has been given in the Statement and the only item which perhaps calls for further comment is the liability in Suspense accounts, $26,600,399. The final incidence of many charges awaits the result of representations to the Secretary of State and consequently the amounts charged to suspense accounts are much higher than would normally be the case. These include heavy charges for pay and pensions of Volunteers and their dependants, repatriation passages, and relief payments made in Macau during the time of the enemy occupation of Hong Kong. On the other hand, as stated in paragraph 10, the results of the trading activities of the Supplies, Trade & Industry Depart- ment are also included in suspense accounts at present.
30. While the Colony had a small general revenue balance in hand at the 31st March, 1947, it must not be overlooked that heavy contingent liabilities still exist in respect of such items as the advances from the British Government totalling £3,250,000 and H.M. Government has reserved the right to claim a contribution from the Colony towards the net cost of the Military Administration. It has also proved necessary to raise a loan to finance rehabilitation expenditure which will, of course, entail a comparatively heavy recurrent charge on the budget in respect of interest and redemption.
PUBLIC DEBT
31. The Colony's Public Debt as at the 31st March, 1947, totalled $21,080,000 made
up as follows:-
4 % Conversion Loan, 1933/53 31% Dollar Loan, 1934
31%
""
1940
TOTAL:-
$ 4,838,000
7,280,000
8,962,000
$21,080,000
Redemption of the first of these loans is provided for by contributions to a Sinking Fund, The amount so which are fully invested in Trustee Securities in the United Kingdom. invested at the middle market value on the 31st March, 1947, was £189,480-7-3, as shown in Appendix 11. The two Dollar Loans are redeemable by 25 annual drawings. Redemp- tion was discontinued during the Pacific War but drawings to cover the period 1942 to 1947 were made in 1947, and the foregoing figures show the position after deduction of such drawings.
APPENDICES
32. The following is a summary of the Appendices attached to the Report:-
1.
2,
Statement of Assets & Liabilities as at the 31st March, 1947.
3 Statements of Special Funds etc. supporting Appendix 1.
& 4.
5.
6.
Statement of Assets & Liabilities as at the 30th April, 1946.
Summary of Revenue & Expenditure for the period 1st September, 1941,..
to 30th April, 1946.
6