53. In ten instances the Government considered it advisable to exercise their power of sale and with one exception the amount realised was sufficient to cover the principal sum. Under general authority given by the Secretary of State the Governor authorised the write off during the year of $5,000 Principal and $64,844.85 outstanding interest etc.
54. The Bank Overdraft, secured by Sterling Loan, was reduced during the year and finally cleared by an advance from the Colony's Surplus Funds of $1,213,334.58 which transaction was duly reported to the Secretary of State. This payment was, however, in excess by $40,160.15 of what was necessary and this amount is included in the asset "Advances, Miscellaneous".
55. The Trade Loan Account has hitherto been kept separately from the main Treasury accounts but has now been incorporated and the refund on 5th January 1931 of this $40,160.15 closes the separate account.
56. A copy of correspondence with the Government on the subject of Loans still outstanding is attached (Enclosure S).
PRAYA EAST RECLAMATION ACCOUNT,
57. During the year the Reclamation Scheme reached a stage of completion whereby the participants were enabled to obtain Crown Leases for their respective Lots on fulfilment of their obligation to meet the total cost of the Reclamation.
To achieve this object the Government estimated the amount required for contingencies to complete the Scheme, i.e., Drainage, Roads, etc. and the participants were debited with the proportionate cost of the liability.
58. The total cost of the Reclamation has now been fully met, those participants who elected to be financed by the overdraft on the Hong Kong & Shanghai Bank having discharged the liability together with accrued interest. There is thus a balance to the credit of the Praya East Reclamation Account at the close of the financial year of $405,634.98 representing the estimated cost of uncompleted work. This amount has in January 1931 been transferred to the Treasury, the Colonial Government accepting the Contingent Liability and this account which also has hitherto been kept entirely separate from the Colonial Accounts will thus become a component part.
PUBLIC WORKS (1927) LOAN ACCOUNT.
59. From the Statement of Expenditure (Enclosure J) it will be seen that the loan has been fully expended and additional expenditure has been made by advances from surplus balances which advances are included in the asset $1,940,386.10, "Advances on account of Future Loan".
A (2) 10
53. In ten instances the Government considered it advisable to exercise their power of sale and with one exception the amount realised was sufficient to cover the principal sum. Under general authority given by the Secretary of State the Governor authorised the write off during the year of $5,000 Principal and $64,844.85 outstanding interest etc.
54. The Bank Overdraft, secured by Sterling Loan, was reduced during the year and finally cleared by an advance from the Colony's Surplus Funds of $1,213,334.58 which transaction was duly reported to the Secretary of State. This payment was. however, in excess by $40,160.15 of what was necessary and this amount is included in the asset "Advances, Miscellaneous".
55. The Trade Loan Account has hitherto been kept separately from the main Treasury accounts but has now been incorporated and the refund on 5th January 1931 of this $40,160.15 closes the separate account.
56. A copy of correspondence with the Government on the subject of Loans still outstanding is attached (Enclosure S).
PRAYA EAST RECLAMATION ACCOUNT,
57. During the year the Reclamation Scheme reached a stage of completion whereby the participants were enabled to obtain Crown Leases for their respective Lots ou fulfilment of their obligation to meet the total cost of the Reclamation.
To achieve this object the Government estimated the amount required for contingencies to complete the Scheme, i.e, Drainage. Roads, etc. and the participants were debited with the pro- portionate cost of the liability.
58. The total cost of the Reclamation has now been fully inet, those participants who elected to be financed by the over- draft on the Hong Kong & Shanghai Bank having discharged the liability together with accrued interest. There is thus a balance to the credit of the Praya East Reclamation Accouni at the close of the financial year of $405,634.98 representing the estimated cost of uncompleted work. This amount has in January 1931 been transferred to the Treasury, the Colonial Government accepting the Contingent Liability and this account which also has hitherto been kept entirely separate from the Colonial Accounts will thus become a component part.
PUBLIC WORKS (1927) LOAN ACCOUNT.
59. From the Statement of Expenditure (Enclosure J) it will be seen that the loan has been fully expended and additional expenditure has been made by advances from surplus balances which advances are included
included in the
assel $1.940,386.10,
"Advances on account of Future Loan
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