CO129-356 - Governor Sir Lugard - 1909 [4-6] — Page 303

CO129 Colonial Office Hong Kong Records 理藩院香港檔案 All AI Reviewed
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be adopted if the line were built by a private Company, or in any similar commercial undertaking. Though the principle of constructing a remunerative work by a loan, the redemption of which is provided by a Sinking Fund, operates to spread the liability over a series of years, the taxpayers, in whose time the work is undertaken, have to bear by far the heaviest burden, for the charges for the service of the loan are at their maximum, and in the case of a Railway the profits rarely cover the working expenses in the first years. It appears therefore inequitable to saddle them in addition with the entire charge for interest on capital during construction.

3. I propose, therefore, if Your Lordship approves, to transfer the interest on Railway Advances already paid (amounting to $114,044 to the end of 1908) to the Railway Construction Account and to book no further charge on this account to ordinary Expenditure until the "Open Line Account" is begun. In this course the Colonial Secretary and the Treasurer strongly concur.

4. At the time when my predecessor adopted the course hitherto pursued the finances of the Colony on the one hand were in an extremely prosperous state, and the charges for interest on advances on the other

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C 292 be adopted if the line were built by a private Company, or in any similar commercial undertaking. Though the principle of constructing a remunerative work by a loan, the redemption of which is provided by a Sinking Fund, operates to spread the liability over a series of years, the taxpayers, in whose time the work is undertaken, have to bear by far the heaviest burden, for the charges for the service of the loan are at their maximum, and in the case of a Railway the profits rarely cover the working expenses in the first years. It appears therefore inequitable to saddle them in addition with the entire charge for interest on capital during construction. 3. I propose, therefore, if Your Lordship approves, to transfer the interest on Railway Advances already paid (amounting to $114,044 to the end of 1908) to the Railway Construction Account and to book no further charge on this account to ordinary Expenditure until the "Open Line Account" is begun. In this course the Colonial Secretary and the Treasurer strongly concur. 4. At the time when my predecessor adopted the course hitherto pursued the finances of the Colony on the one hand were in an extremely prosperous state, and the charges for interest on advances on the other
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C 292 be adopted if the line were built by a private Company, or in any similar commercial undertaking. Though the principle of constructing a remunerative work by a loan, the redemp- -tion of which is provided by a Sinking Fund, operates to spread the liability over a series of years, the taxpayers, in whose time the work is undertaken, have to bear by far the heaviest burden, for the charges for the service of the loan are at their maximum, and in the case of a Railway the profits rarely cover the working expenses in the first years. It appears therefore inequitable to saddle them in addition with the entire charge for interest on capital during construction. 3. I propose, therefore, if Your Lordship approves, to transfer the interest on Railway Advances already paid (amounting to $114,044 to the end of 1908) to the Railway Construction Account and to book no further charge on this account to ordinary Expenditure until the "Open Line Account" is begun. In this course the Colonial Secretary and the Treasurer strongly concur. 4. At the time when my predecessor adopted the course hitherto pursued the finances of the Colony on the one hand were in an extremely prosperous state, and the charges for interest on advances on the other
2026-06-08 04:37:29 · Baseline
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C

292

be adopted if the line were built by a private Company,

or

in any similar commercial undertaking. Though the principle

of constructing a remunerative work by a loan, the redemp-

-tion of which is provided by a Sinking Fund, operates to

spread the liability over a series of years, the taxpayers,

in whose time the work is undertaken, have to bear by far

the heaviest burden, for the charges for the service of the

loan are at their maximum, and in the case of a Railway the

profits rarely cover the working expenses in the first

years. It appears therefore inequitable to saddle them in

addition with the entire charge for interest on capital

during construction.

3.

I propose, therefore, if Your

Lordship approves, to transfer the interest on Railway

Advances already paid (amounting to $114,044 to the end of

1908) to the Railway Construction Account and to book no

further charge on this account to ordinary Expenditure

until the "Open Line Account" is begun. In this course the

Colonial Secretary and the Treasurer strongly concur.

4.

At the time when my predecessor

adopted the course hitherto pursued the finances of the

Colony on the one hand were in an extremely prosperous

state, and the charges for interest on advances on the

other

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