38
Interest in arrears on 31st December, 1926
$117,369.42
1927
206,818.64
1928
321,121.10
1929
416,237.93
1930
398,641.94
1931
307,152.89
1932
209,087.15
1933
195,714.76
1934
178,789.42
1935
177,089.42
1936
112,748.69
Total number of Loans issued since 16th November, 1925 ... 302
Less number redeemed in 1926
34
1927
85
1928
87
1929
29
1930
35
1931
13
1932
11
1933
1
1934
1
1935
0
1936
3
Number of Loans outstanding on 31st December, 1936
299
PUBLIC DEBT.
19. The Inscribed Stock Issues of 1893 and 1906 amounting to £1,485,733 were redeemed on 15th October, 1934, and the whole of the Public Debt of the Colony is now in Hong Kong currency.
The 4% Conversion Loan raised in 1933 amounted to $4,838,000 and the sinking fund established in 1934 amounted at 31st December last to £42,836.14.11.
In July, 1934, a 3½% Dollar Loan was raised to finance certain public works and to redeem a portion of the sterling Inscribed Stock. Bonds to the amount of $14,000,000 were issued at 99% producing $13,860,000. The Loan bears 3½% interest and is redeemable by drawings at par in each of the twenty-five years commencing in 1935 at the annual rate of one twenty-fifth of such issue. During each of the years 1935 and 1936 bonds to the value of $560,000 were redeemed thus reducing this loan to $12,880,000.
Ordinance No. 11 of 1934 governs this issue and authorises the Governor to borrow up to a total of $25,000,000. The total public debt of the Colony on 31st December, 1936, amounted to $17,718,000 equal to about 7 months revenue as things are at present.