A (2) 15
Losses due to irrecoverable advances.
83. The undermentioned cases of outstanding advances, which formerly appeared as an Asset in the accounts, and which were considered irrecoverable, were charged to 1938 expenditure.
(a) $112.94 representing the amount of passage money paid, for the purpose of repatriating an individual to Singapore, was charged to Head 29, Charitable Services-Sub-head 15-Passages and Relief of Destitutes.
(b) £40.10.0. being balance of passage money owing by an official who resigned from Government service. This "write off" was also sanctioned by the Secretary of State.
(c) $20 being the amount of an Imprest issued to a Revenue officer which was not accounted for. Charged to Head 9, Imports & Exports Office, Sub-head 16-"Transport."
Trade Loan-"Write off."
84. The irrecoverable balance of a Trade Loan viz $36,649.93 plus accrued interest to December 1930-after which date no interest was charged-was written off with the sanction of the Governor under the general authority conveyed to him in Secretary of State's despatch of 26th February, 1930. The above sum was charged to Trade Loan Reserve account. (Paragraph 100 of this report also refers).
H. LOAN ACCOUNTS.
Public Debt.
85. The Public Debt of the Colony, as at 31st December, 1938, amounted to $16,598,000.
Sinking Fund.
86. The 4% Conversion Bonds, issued under Ordinance No. 15 of 1933, amounted to $4,838,000, while the market value of the investments of the accumulated Sinking Fund at the end of the year totalled £64,216, 13s. 2d.
The sinking fund accounts maintained locally have been checked with Statements rendered by the Crown Agents.
87. The amount outstanding on account of the Hong Kong 3½% Dollar Loan, raised under Ordinance No. 11 of 1934, was reduced during the year from $12,320,000 to $11,760,000; Bonds to the value of $560,000 having been redeemed in accordance with Section 5 of the Ordinance.
88. The cancelled bonds and interest coupons which had been redeemed were checked by the Audit Department, while the interest paid to Bond-holders was supported by the surrendered coupons which were submitted for audit.