A (1) 18
20. Purchase of three locomotives for the Chinese Section Kowloon-Canton Railway.
The Chinese Section commenced paying off this advance in July this year at the rate of $10,000 per month and the original amount outstanding has been reduced from $447,468.26 by $60,000 to $387,468.26.
21. During the year the Unallocated Stores varied as under :-
Balance at 31st December Public Works Department... Kowloon-Canton Railway 1931 $517,248 $469,074 1932 $163,545 $172,328 $680,793 $641,402TRADE LOAN ACCOUNT.
22. During the course of the year, further reductions in the amount of loans outstanding were made by the redemption of eleven loans amounting to $451,828.26 and, by 31st December, only eight loans amounting to $752,751.50 were outstanding. Of the original issue of $15,633,582.97, the sum of $14,775,819.17 has now been accounted for.
Irrecoverable amounts written off during the year total $125,803.01, and of this figure, $28,000.00 represents Capital and the remainder overdue interest which had been accumulating over a long period. Efforts made for its recovery were abortive. Total capital now written off amounts to $105,012.30. The Reserve account showed a steady increase during the year and now exceeds the Capital account by $328,735.62.
The following table shows the financial position as at 31st December, 1932:—
Loans Issued since 16th November, 1925 on approved securities $15,633,562.97 Less Redemptions effected during the years 1926 $2,604,930.00 1927 $4,845,879.76 1928 $3,403,560.02 1929 $1,356,536.86 1930 $1,280,842.65 1931 $832,241.62 1932 $451,828.26 $14,775,819.17 Less amount written off as irrecoverable $105,012.30 Total of Loans outstanding on 31st December, 1932 $752,751.50