Enclosure $40.2.
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THE FINANCIAL SECRETARY moved :-
1.
That this Council approves under section 3 (2) of the Hong Kong Dollar Loan Ordinance, No. 11 of 1934, of the following transfers in the Schedule:
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Item 2.-Shing Mun Valley Water Scheme to be reduced from $10,175,262.90 to $10,139,142.92.
Item 4.-New Gaol at Stanley-to be reduced from $3,917,087.25 to $3,912,971.41.
Item 6.-Airport-to be reduced from $900,940.90 to $865,764.97.
Item 8.-Other Public Works-to be increased from $985,225.68 to $1,060,637.43.
2. That this Council approves of the expenditure during the financial year 1939 under Head 8A of the Loan Works authorized under Ordinance No. 11 of 1934 (Central Market) of a total
sum of $279,983.47, which sum shall be advanced from the surplus balances of the Colony pending the issue of the remainder of the loan authorized under the said Ordinance.
3. That this Council approves the carrying out of the works set out in the Schedule attached at an estimated cost of $4,312,500 and of the expenditure in the financial years 1938 and 1939 of the sums set out in columns 3 and 4 of the Schedule, the cost to be met from a future loan and meanwhile to be charged as advances from the surplus balances of the Colony pending the raising of a loan.
He said: There are three resolutions standing in my name in connection with Loan expenditure. The first two relate to expenditure under the 1934 Loan. We have received certain credits under certain heads of that expenditure; in particular, from the sale of plant in connection with the Shing Mun Valley Water Scheme, and from the Air Ministry in connection with the Airport.
These credits go to reduce expenditure under these heads and additional Loan funds thereby become available for expenditure on other public works, particularly the new Central Market.
The first resolution, therefore, authorises the necessary transfers in the Schedule attached to the Loan Ordinance, and the second authorises the expenditure of the remaining Loan funds on the Central Market during the current year. I might add that it is not proposed to charge any further expenditure to this Loan Account after these sums have been expended. If any further credits are received, they will go to reduce the total amount of the Loan to be raised in due.
course,
The third resolution deals with expenditure under the proposed new Lcan. In the first place, certain expenditure under that Loan was authorised for 1938 for a number of items of waterworks. The Public Works Department have made more rapid progress with some of these than was expected and in consequence small excesses were incurred during 1938, not on the total expenditure involved, but on the expenditure approved for the year. Authority is required to cover this increased expenditure.
In addition, certain variations have been made in the estimates of the total sums required on some of these items and on the expenditure which is now expected to be incurred during the current year.
THE COLONIAL SECRETARY seconded, and the resolutions were adopted.
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