CO129-561-5 Loans for public works 10-3-1937 - 10-4-1937 — Page 6

Enclosure No.1.

6

MEMORANDUM.

I have the honour to forward herewith a revised statement

of expenditure in respect of the 31% Dollar Loan, 1934.

2. The revision is necessary owing -

(a) to the inclusion of a wholesale market under Head 8,

(b) to the increased price of iron and steel since the

original estimates for the Central and Wholesale Markets

were drawn up in November, 1936, and

(c) to a further estimate of the actual expenditure on

the Gorge Dam as the figures supplied by the Resident

Engineer, which formed the subject for my memorandum dated

24th November, 1936, were too low. The actual cost is now

estimated at $8,660,000 but with anticipated credits now

given by the Resident Engineer as $400,000 from the sale of

stores and plant the net cost is now placed at $8,260,000. The amount of $8,325,000 as shown in the printed Estimates

for 1937 (Appendix VI (b) p.117) has, however, be en allowed

to stand.

3. The revised Schedule of Loan Works will, therefore,

be as under:-

Estimate.

Revised Estimate.

Head 1, Aberdeen Valley Water

11

11

Scheme.

2, Shing Mun Valley Water

Schemes.

3, Vehicular Ferry.

$2,555,702.78 $2,555,702.78

9,941,877.98 9,941,877.98

1,930,000.-- 1,915,603.80

11 5, Tytam Tuk Catchwaters.

#

4, New Gaol at Stanley.

4,400,000.-

4,000,000.--

700,000.--

689,386.55

11

6, Airport.

1,007,485.92

1,007,485.92

11 7, Redemption of 31%

Inscribed Stock.

3,864,942.97 3,864,942.97

11

8, New Markets.

550,000.-

1,025,000.--

11 9, Public Works Unallocated.

49,990.35

$25,000,000.-- $25,000,000.--