CO129-546-1 Loans for public works 6-1-1934 - 14-8-1934 — Page 53

ATTORNEY GENERAL'S CHAMBERS,

Hong Kong, 15th June

.....1934.

REPORT ON ORDINANCE No.

11

...of 1934.

55

1. I have examined the accompanying Ordinance. intituled an Ordinance to make provision for a loan of twenty five million

dollars for the carrying out of certain public works, for

I

the redemption of certain inscribed stock, and for other purposes, and am of opinion that the Ordinance is not one

which is contrary to the Governor's instructions.

2. The object of this Ordinance is to enable the Governor to borrow a sum amounting in the aggregate (apart from the costs of issue and management of the loan) to $25,000,000 in order (a) to provide the balance necessary for the redemption of Hong Kong 31% Inscribed Stock 1918/1943,

and (b) to defray the costs of certain public works, in particular the Shing Mun Valley Water Schemes, of which some

have been already completed and the rest are in progress.

The exact nature of each of these works and the approximate amount that has been required or is estimated to be required

for its completion are set out in the Schedule.

It is estimated that before the end of this year between

ten and eleven million dollars will have been advanced out of

the Colony's surplus balances on account of such public works,