CO129-421 - Governor Sir May - 1915 [3-4] — Page 472

N° 137

C

Sir,

Prot

25226 466

WEG JUNIG

GOVERNMENT HOUSE,

HONGKONG. 22nd. April, 1915.

48600

$600

8600

With reference to your Despatch No. 59 of the

11th. March, 1915, I have the honour to address you on the subject of making further financial provision for the Construction Account of the Railway.

As you are aware the amount available up to date is £1,350,000 consisting of repayments of the Loan to the Viceroy at Wuchang, £1,100,000, and the further loen of £250,000

to be raised under Ordinance No. 8 of 1913.

2.

Of the loan to the Chinese Authorities £990,000

have already been repaid and advanced to Railway Account the total,

in local currency at various rates of exchange, coming to $10,374,216. The remaining £110,000 repayable this year together

with the future loan of £250,000 taken at 1 s. 10 d. (the rate of

exchange in this year's Estimates) would come to $3,927,273. The

total amount available is therefore 14,301,489.

3.

Now the revised estimate which has been

sanctioned up to date on Capital Account is 15,197,555 as indicat- -ed in Colum VII of Sessional Paper No. 22/1914 which was enclosed in my Despatch No. 22 of the 15th. January last, showing a deficiency of $896,066.

4.

On due consideration I have arrived at the

conclusion that the best method of meeting this deficiency is to provide it from the accumulated balances of the Colony, which came

to a sum of £2,910,474 on the 31st. December last.

THE RIGHT HONOURABLE

LEWIS HARCOURT, M.P.,

&c.,

&o..

&c. ..

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