A (1) 18-
18. Purchase of three locomotives for the Chinese Section Kowloon-Canton Railway.
The Chinese Section commenced paying off this advance in July, 1932, at the rate of $10,000 per month and the original amount outstanding has been reduced from $447,468.26 by $180,000 to $267,468.26.
19. During the year the Unallocated Stores varied as under :-
Balance at 31st December 1932 1933 Public Works Department.... $469,074 $486,713 Kowloon-Canton Railway 172,328 187,917 $641,402 $674,630TRADE LOAN ACCOUNT.
20. During the year the number of outstanding loans was reduced by one from eight to seven.
Instalments on account of Capital outstanding were obtained in respect of two other loans. The total reduction in Capital outstanding was $147,000, i.e., from $752,751.50 to $605,731.50 whilst in addition $31,251.00 of Capital was written off leaving the net sum due as $574,500.50. The total Capital now written off amounts to $136,263.30.
Efforts to procure redemption and, on one or two bad loans, a sale came to nothing. Interest to the extent of $36,734.39 was written off during the year. The Reserve account increased steadily and now amounts to $1,070,609.68 which exceeds the Capital outstanding by $496,109.18.
The following table shows the financial position of this account as at 31st December, 1933:-
Loans Issued since 16th November, 1925, on approved securities $15,633,582.97 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 1933 147,000.00 $14,922,819.17 $710,763.80 Less amount written off as irrecoverable $136,263.30 Total of Loans outstanding on 31st December, 1933 $574,500.50