CO129-576-4 Loans for public works 3-7-1939 - 4-1-1940 — Page 40

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Loan Ordinance in question empowered

the Governor of the Colony to issue

bonds from time to time to an amount

sufficient to produce in the aggregate a sum

not exceeding $25,000,000 for the execution

of certain public works, and that in 1934

31% dollar bonds were issued to a nominal

value of $14,000,000 at 99%, producing a

sum of $13,860,000.

Since that date the

has

Government of Hong Kong he adopted the

method of financing the public works

authorised in the schedule to the Ordinance (a copy of which

is attached)

by a series of advances from the Colony's

surplus balances, and according to the latest

estimate it is anticipated that by the 31st of

the

December of this year the whole of $25,000,000

and such for ther sum as might be necessary to de- troy the expences of iseve rman- agement of the loan,

(to (1) anden

authorised by the Ordinance will have been

expended, of which total a sum of $11,140,000

will have been advanced from the Colony's

general revenue balances.

It is further

antici pated

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