AnnualReport-1928

A (2) 11

The Government is granting Leases to Subscribers desirous of entering into occupation of their respective Lots, with the proviso, that the proportionate liability on the excess cost over the estimate will be met by the Lessees on completion of the scheme and when the amount is finally known.

PUBLIC WORKS LOAN ACCOUNT.

38. A further issue of $1,927,000 was made during the year 1928 making a total of $4,927,000 issued in respect of the total loan of $5,000,000.

The allocation of expenditure on the works authorised in the Schedule of Public Works Loan Ordinance No. 14 of 1929 is as follows:-

Head 1. $ 3,500,000 Waterworks Development Head 2. 1,500,000 Aerodromes and Harbour Development.

Since the inception of the Loan the expenditure incurred up to the 31st December, 1928, is as follows:-

Head 1. Head 2. $2,221,876.42 1,851,125.91

A contribution from the Imperial Government of £100,000 of which £70,000 has been received in 1929, will be credited to Head 2, Sub-head 2, Aerodrome.

The accounts for the year 1928 have been examined and found to be well kept.

TRADE LOAN ACCOUNT.

39. The accounts for 1928 have been examined and found to be in order.

The following statements are submitted which show the financial position of the Account as at the 31st December, 1928:--

• (a) Trial Balance
• (b) Working Account
• (c) Balance Sheet
• (d) Statement of Outstanding Loans
• (e) Statement of Outstanding Interest.

The Sterling Loan has been reduced to the amount of £415,000.