estimated liabilities will be as follows :
(a) Loans from H.M. G. 1943/4
£
do. do.
do.
250,000
1944/5
600,000
1945/6
1,650,000
1946/7
750,000
£3,250,000
(b) Loans to be raised on the market in respect of special expenditure in
( ၁ )
1946/7 $40,000,000
1947/8 60,000,000 £6,250,000
In addition, Hong Kong had pre-war loans out- standing amounting to (say)
Total estimated indebtedness to 31.3.48. (i) Treasury
(ii) Public
£1,000,000
£3,250,000
£7,250,000
(3) In addition to the above indebtedness it
seems from paragraphs 9 and 10 of the Governor's
despatch No.48 of 24.7.46 that further expenditure 38/65126/1/46
in the region of £10,000,000 will be required to
rehabilitate Government owned property, schools,
railways, etc. although part of that expenditure
is possibly included in (b) of paragraph 1 above.
In paragraph 20 of the despatch No.164 the Governor [51/54126/1/46
estimates the War Damage bill at $740,000,000
(£46,000,000). Thus we can envisage that Hong
Kong's liabilities as a result of the war will have
been increased from £1,000,000 to anything up to
£66,000,000 as follows :
Pre-war
£1,000,000
Treasury advances
3,000,000
Loans envisaged in respect of
1946/7 and 1947/8
6,000,000
Further rehabilitation
10,000,000
War damage compensation
46,000,000
£66,000,000
4.
In my letter of 24th March 1947, I
referred to the Foreign Office claim of £478,629
in respect of expenditure in Macao for the period
1st January 1945 to 31st March 1946. You have
received a copy of the Governor's reply No.534
/which
[3/55077/2/47
[6/55077/2/47