A (1) 8
TRADE LOAN.
The Sterling Loan securing the local overdraft was further reduced during the course of the year and it was decided to pay off the balance due to the Hong Kong & Shanghai Bank on the 31st of December from the Government's local surplus cash, instead of placing this surplus on fixed deposit. The net saving in interest charges is from 2¼% to 4¼% viz. from $30,000 to $55,000 per annum.
Thirty-five loans amounting to $1,280,842.65 were repaid during the year. The proportion of redemptions to the amount outstanding is so far being maintained.
Up to the 31st December, 1980, $13,491,749.29 of the amount of $15,632,343.34 outstanding had been recovered. Loans outstanding at the end of the year, numbering thirty-two, amounted to $2,064,181.75. It was found necessary in certain cases to resort to enforcement of the securities. Power of Sale was exercised in ten instances, and, with one exception, the principal sums lent were fully recovered, overdue interest in some cases being foregone.
The following table shows the position of the Loan as at 31st December, 1930:-
Loans issued since 16th November, 1925 on approved securities $15,632,343.34 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 13,491,749.29 Total $2,140,594.05 $76,412.50 Less amount written off as irrecoverable Total of Loans outstanding on 31st December, 1930 $2,064,181.75A (1) 8
TRADE LOAN.
The Sterling Loan securing the local overdraft was further reduced during the course of the year and it was decided to pay off the balance due to the Hong Kong & Shanghai Bank on the 31st of December from the Government's local surplus cash, instead of placing this surplus on fixed deposit. The net saving in interest charges is from 21% to 44% viz. from $30,000 to $55,000 per annum.
Thirty five loans amounting to $1,280,842.65 were repaid during the year. The proportion of redemptions to the amount outstanding is so far being maintained.
Up to the 31st December, 1980, $13,491,749.29 of the amount of $15,632,343.34 outstanding had been recovered. Loans outstanding at the end of the year, numbering thirty two, amounted to $2,064,181.75. It was found necessary in certain cases to resort to enforcement of the securities. Power of Sale was exercised in ten instances, and. with one exception. the principal sums lent were fully recovered, overdue interest in some cases being foregone.
The following table shews the position of the Loan as at 31st December, 1930:-
Loans issued since 16th November, 1925 on
approved securities
$15,632,343.34
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
1,280,842.63
13.491.749.29
Total ...... $ 2,140,594.05
$
76.412.50
Less amount written off as irrecoverable
Total of Loans outstanding
December, 1930
on 31st
$2,064,181.75
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