CO129-550-1 Estimates 1935 14-9-1934 - 15-9-1934 — Page 310

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36. The 31% Dollar Loan was floated in July and the expenditure originally debited to surplus balances will be transferred in that month and all future expendi- ture up to the amount borrowed will be so charged. One new item appears in the Schedule to the Loan Ordinance (Ordinance No 11 of 1934) "Redemption of Hong Kong 31% Inscribed Stock" $3,400,000. This sum is required in addition to other monies available to repay the sterling stock of £1,485,733 and is allowed for in the anticipated expenditure figure of $5,996,455 for the last six months of 1934.

37. No new items of loan expenditure appear in the estimates for 1935. Provision has merely been made for a continuation of the present works the estimat- ed expenditure being $4,727,679. Full details are given in Appendix VI.

38. As the works progress further funds will be required as only $14,000,000 (net receipts $13,860,000) were borrowed out of the full amount of $25,000,000 authorised under the Ordinance. Pending such further borrowing recourse will be had to surplus balances again should this prove possible and advantageous financially.

THE TREASURY,

HONG KONG 25th August, 1934

EDWIN TAYLOR,

Treasurer.

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