CO129-539-12 Loans for public works- military finances 26-2-1932 - 7-3-1933 — Page 103

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mind this is the most economical method of financing the

Colony. I am not overlooking the fact that a large advance

account on the balance sheet does not look pretty and that

a better effect would be given by converting this to cash.

It would, however, be a costly proceeding and un-economical.

The sound position of Hong Kong's finances can be seen at

any time by referring to the Public Debt.

Sterling £1,485,732

Dollar

$5,000,000

Sinking Fund

11

#!

£766,100

£ 98,000.

It will be seen, therefore, that no new loan money

will be required for two years and that the various schemes

including the 2nd Section of the Shing Mun Valley can be

financed.

8.

Meanwhile the Colony's normal revenue should be

growing. In addition to normal increases the rent and

royalties from the Vehicular Ferry service on the basis of

the tender accepted amount to $484,500 p. a. which is

$214,500 p.a. over the present receipts of $270,000 from the Yaumati passenger ferry. It is expected that with the

growing traffic across the harbour the royalty which is

based on gross receipts will increase considerably in the

future. Receipts from Water Excess Supply and Meter Rents

are as under for the past ten years

1922

$453,526

1923

490,284

1924

540,533

1925

538,035

1926

471,679

1927

634,222

1928

768,898

1929

615,458

1930

817,724

1931

1,053,912.

A remarkable

99