CO129-536-1 Estimates- 1932 3-9-1931 - 16-6-1933 — Page 31

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- A (1) 18

20. Purchase of three locomotives for the Chinese Section Kowloon-Canton Railway.

The Chinese Section commenced paying off this advance in July this year at the rate of $10,000 per month and the original amount outstanding has been reduced from $447,468.26 by $60,000 to $387,468.26.

21. During the year the Unallocated Stores varied as under:

Balance at 31st December

1932

Public Works Department... Kowloon-Canton Railway

TRADE LOAN ACCOUNT.

1931 $517,248 $469,074

163,545

$680,793 $641,402

A (1) 19

Interest in arrears on 31st December, 1926

11

T

$117,369.42

11

31st December, 1927

206,818.64

31st December, 1928

321,121.10

31st December, 1929

416,237.93

19

31st December, 1930

398,641.94

+

1J

19

31st December, 1931 31st December, 1932

307,152.89

209,087.15

ני

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

1

172,328

"

1

22. During the course of the year, further reductions in the amount of loans outstanding were made by the redemption of eleven loans amounting to $451,828.26 and, by 31st December, only eight loans amounting to $752,751.50 were outstanding. Of the original issue of $15,633,582.97, the sum of $14,775,819.17 has now been accounted for.

Irrecoverable amounts written off during the year total $125,803.01, and of this figure, $28,000.00 represents Capital and the remainder overdue interest which had been accumulating over a long period. Efforts made for its recovery were abortive. Total capital now written off amounts to $105,012.30. The Reserve account showed a steady increase during the year and now exceeds the Capital account by $328,735.62.

The following table shows the financial position as at 31st December, 1932: —

Loans Issued since 16th November, 1925 on

approved securities

$15,633,582.97

Less Redemptions effected during the years

1926

$2,604,930.00

1927

4,845,879.76

1928

3,403,560.02

1929

1,356.536.86

1930

1,280,842.65

1931

1932

832,241.62 451,828.26

14,775,819.17

Less amount written off as irrecoverable

Total of Loans outstanding on 31st Decem-

857,763.80 105,012.30

34

1927

85

1928.

87

1929.

29

17

1930.

35

19

91

19

1931.

1932..

13

11

+7

91

Number of Loans outstanding on 31st December, 1932

PUBLIC DEBT.

294

23. The inscribed Stock Loans of 1893 and 1906 amounted to £1,485,738 and the Sinking Fund stood at £832,751 as against £761,447 at the end of 1931.

The Public Works Loan (Ordinance No. 14 of 1927) amounted to $4,927,000. $8,000,000 of this loan was issued locally at par on November 1st 1927. The second issue was made on Novem- ber 1st 1928 at a premium of 3%- Bonds to the nominal value of $1.927,000 being allotted. The Sinking Fund amounted to £125,792 as against £98,036 at the end of 1931.

NOTE CIRCULATION.

24. The local circulation of notes and specie in Reserve of the three banks having authorized issues were as follows at 31st December:-

Hong Kong & Shanghai Banking

Corporation

Note in Circulation.

Specie in Reserve.

$130,222,853

$112,000,000

Chartered Bank of India, Australia

and China

21,058.643

8.300,000

Mercantile Bank of India Limited

2,880,109

1,350,000

Total

$153,611,005

$121,650,000

ber, 1932

$752,751.50

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