No. 77.
Hon. C.S.
A (2) 29
Enclosure S.
TRADE LOAN ACCOUNT,
Extracts from C.S.O. File 1047/25 Part III.
Through Hon. C.T.
Trade Loan.
I should be much obliged if I may be informed of the policy of the Government with regard to these loans if such policy has immediate bearing on the Asset "Trade Loan Outstanding".
2. This asset stood on the 31st August, 1930 at $2,376,559.22 or practically one eighth of the whole of the Colony's assets, and includes certain items which from the records at my disposal I am unable to judge as being worth the full value still assigned to them.
3. It may facilitate discussion if I quote instances which there is in my mind some doubt whether Government is actually likely to realise the full value of the asset.
4. Tam Hok Po (Fo. 4 Current Trade Loan Ledger) was in December 1925 advanced $127,000 at varying rates of interest. The repayment of this loan was due on 22nd December, 1927, but not only has no such repayment been made, even in part, but since 28th September, 1927, no interest has been paid and the position to date is that the whole of the principal and $39,203.00 interest is owing to Government. Is the Government satisfied that this amount $127,000 is actually a tangible and realisable asset?
5. Tsang Hin Ting (Fos. 17 and 110) was in January 1926 advanced $110,000 repayable on 8th January, 1928. The last full payment of interest was in November 1926 and no repayment of principal has been made. Some part payments of interest have been made but the position to-day is that principal of $110,739.13 (the slight increase being due to an insurance) and $29,133.43 interest are due to Government.
6. Li Kan Kwong (Fo. 33) was advanced $77,000 in February 1926, repayable on 5th March, 1928. Only $1,250 interest has been received and no portion of the principal repaid and his indebtedness to Government now stands at $77,000 principal and $32,868.11 interest.
Page 75
Page 76
No. 77.
Hon. C.S.
A (2) 29
Enclosure S.
TRADE LOAN ACCOUNT,
Extracts from C.S.O. File 1047/25 Part III.
Through Hon. C.T.
Trade Loan.
I should be much obliged if I may be informed of the policy of the Government with regard to these loans if such policy has immediate bearing on the Asset "Trade Loan Outstanding".
2. This asset stood on the 31st August, 1930 at $2,376,559.22 or practically one eighth of the whole of the Colony's assets, and includes certain items which from the records at my disposal I am unable to judge as being worth the full value still assigned to them.
in
3. It may facilitate discussion if I quote instances which there is in my mind some doubt whether Governnient is actually likely to realise the full value of the asset.
4. Tam Hok Po (Fo. 4 Current Trade Loan Ledger) was in December 1925 advanced $127,000 at varying rates of interest. The repayment of this loan was due on 22nd December, 1927, but not only has no such repayment been made, even in part, but since 28th September, 1927, no interest lias been paid and the position to date is that the whole of the principal and $39,203.00 interest is owing to Government.
Is the Government satisfied that this amount $127,000 is actually a tangible and realisable asset?
5. Tsang Hin Ting (Fos. 17 and 110) was in January 1926 advanced $110,000 repayable on 8th January, 1928. The last full payment of interest was in November 1926 and no repay- ment of principal has been made. Some part payments of interest have been made but the position to-day is that principal of $110,739.13 (the slight increase being due to an insurance) and $29,133.43 interest are due to Government.
6. Li Kan Kwong (Fo. 33) was advanced $77,000 in February 1926, repayable on 5th March, 1928. Only $1,250 interest has been received and no portion of the principal repaid and his indebtedness to Government now stands at $77,000 prmeipal and $32,868.11 interest.
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