CO129-519-2 Estimates for 1930 19-9-1929 - 19-9-1929 — Page 15

18

8

TRADE LOAN.

The Sterling Loan securing the local overdraft was further reduced during the course of the year and it was decided to pay off the balance due to the Hong Kong & Shanghai Bank on the 31st of December from the Government's local surplus cash, instead of placing this surplus on fixed deposit. The net saving in interest charges is from 21% to 44% viz. from $30,000 to $55,000 per annum.

Thirty five loans amounting to $1,280,842.65 were repaid during the year. The proportion of redemptions to the amount outstanding is so far being maintained.

Up to the 31st December, 1930, $13,491,749.29 of the amount of $15,632,343.34 outstanding had been recovered. Loans outstanding at the end of the year, numbering thirty in two, amounted to $2,064,181.75. It was found necessary

Power certain cases to resort to enforcement of the securities. of Sale was exercised in ten instances, and, with one exception, the principal sums lent were fully recovered, overdue interest in some cases being foregone.

The following table shews the position of the Loan as at 31st December, 1930—

Loans issued since 16th November, 1925 on

approved securities

Less Redemptions effected during the years

1926

1927

1928

1929

1930

$15,632,343.84

$2,604.930.00

4,845,879.76

3,403,560.02

1,356,536.86

1,280,842.65

13.491.749.29

:

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Interest in arrears on 31st December, 1926

.$117,369.42

+

"}

1

31

31st December, 1927

206,818.64

"

31st December, 1928

321,121.10

15

>

}}

11

31st December, 1929

416,237.93

31st December, 1930

398,641.94

""

>>

Total number of Loans issued since 16th November, 1925.... 302 Less number redeemed in 1926..

25

31

11

"

13

34

1927.

85

1928..

"

87

1929.

1930..

29

35

270

Number of Loans outstanding on 31st December, 1930....... 32

PUBLIC DEBT.

The inscribed Stock Loans of 1893 and 1906 amounted to £1,485,733 and the Sinking Fund stood at £719,664 being £45,042 more than at the end of 1929.

The Public Works Loan (Ordinance No. 14 of 1927) amount- ed to $4,927,000. $3,000,000 of this loan was issued locally at par on November 1st 1927. The second issue was made on November 1st 1928 at a premium of 3 per cent-Bonds to the nominal value of $1,927,000 being allotted. The Sinking Fund amounted to £75,749 being £24,429 more than at the end of 1929.

NOTE CIRCULATION.

The local circulation of notes and Specie in Reserve of the three banks having authorized issues were as follows on 31st December:—

Notes in Circulation.

Total

.$ 2,140,594.05

Less amount written off as irrecoverable

.$ 76,412.50

Total

of

on Loans outstanding December, 1930

31st

$ 2,064,181.75

Hong Kong & Shanghai Banking

Corporation

Chartered Bank of India Australia

& China

Mercantile Bank of India Ltd

Total

Specie in

Reserve.

.$104,311.862

$98,600,000

19,600,942 3,556,567

7,800,000

1,350,000

$127,469,371

$107,750,000

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