CO129-389 - Governor Sir Lugard Acting Governor Claud Severn - 1912 [3-4] — Page 312

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GOVERNMENT HOUSE,

HONGKONG,

12th. April, 1912.

Grd. 8

I have the honour to address you on the subject

of the provision of the necessary funds to complete the construct- -ion and equipment of the British Section of the Kowloon-Canton Railway.

2.

I would refer in the first instance to the Statement of Expenditure on Works and Payments Chargeable to Loan Accounts on 31st. December, 1911, a copy of which I enclose for convenience of reference.

From this statement you will observe that the advances from General Account then amounted to 85,053,279 and that to meet these advances there is a sum of £440,000 still outstand- -ing on the Wucheng Loan (£1,100,000 £660,000) which taken at 1/10t the rate of exchange ruling on 31st. December leaving a balance to be provided for of $307,212.

$4,746,067

It will also be seen from the some statement

that out of the sum of $412,502 voted by resolution of Legislative Council on 27th. April, 1911, for the year 1911, (see column V of the enclosed extract from the Report on the Railway for the year 1910), 8137,075 only was disbursed, leaving a balance, which lapsed, of $275,427.

Including the various amounts of which this

balance is composed the Manager estimates that he will require

further

RIGHT HONOURABLE

LEWIS HARCOURT, M.P.,

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