430
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.
as
21. During the year the Unallocated Stores varied under :-
Balance at 31st December
1931
1932 $517,248 $469,074
163,545
Public Works Department... Kowloon-Canton Railway
TRADE LOAN ACCOUNT.
A (1) 19
Interest in arrears on 31st December, 1926
77
$117,369.42
31st December, 1927
206,818.64
11
J
31st December, 1928
321,121.10
-,
"
31st December, 1929
416,237.93
31st December, 1930
398,641.94
21
71
31st December, 1931
307,152.89
11
31st December, 1932
209,087.15
+
Total number of Loans issued since 16th November, 1925 ... S02 Less number redeemed in 1926.
34
1927.
85
*
71
172,328
1928.
87
11
11
21
1929.
29
"J
1930.
35
"
*
}}
"J
1931.
1932..
13
11
$680,798 $641,402
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 $125,808.01, 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. Reserve account showed a steady increase during the year and now exceeds the Capital account by $328,735.62.
The
The following table shows the financial position as at 31st December, 1932:-
Loans Issued since 16th November, 1925 on
approved securities
Less Redemptions effected during the years
1926
1927
1928
1929
1930
1931
1932
$15,633,582.97
$2,604,930.00
4,845,879.76
3,403,560.02
1,356,536.86
1,280,842.65
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
$752,751.50
ber, 1932
11
*52**= |
Number of Loans outstanding on 31st December, 1932
PUBLIC DEBT.
294
23. The inscribed Stock Loans of 1893 and 1906 amounted to £1,485,733 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. $3,000,000 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
Chartered Bank of India, Australia
and China
Mercantile Bank of India Limited
Total
Note in Circulation.
Specie in Reserve.
$130,222,853 $112,000,000
21,058,043 2.880,109
8.300,000
1,850,000
$153,611,605
$121,650,000
431
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