# Table IX.
## THE LUGARD SCHOLARSHIP.
Income and Expenditure Account for the year ending 31st December, 1927.
Income. $ c. Expenditure. $ c. To Balance from 1926. 1,031 83 By Scholarships 405 00 Income from Investments 490 00 Interest on Current Account 14 17 Balance, Cash at Bank 631 00 Investment in H.K. Public Works Loan 500 00 $1,536.00 $1,536.00## Liabilities.
## Capital
## Balance Sheet, 31st December, 1927.
$ c. Assets. $ c. 10,631.00 Fixed Deposit with Hong Kong & Shanghai Bank (1) 8,000 00 Hong Kong War Loan bonds, in custody of Hong Kong and Shanghai Bank (2) 1,500 00 Investment in H.K. Public Works Loan 500 00 Cash at H.K. & Shanghai Bank Cash at Bank in Current Account 631 00 $10,631.00 $10,631.00(1) Invested in Hong Kong Government Public Works loan. Cash at Shanghai Bank.
(2) These bonds were drawn during the year and the proceeds, $1,000 were re-invested in the Hong Kong Government Public Works Loan.
E. RALPHS,
Inspector of English Schools.