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(46) a 54126/4/47
balance which would be required to complete works of
this type which could not be postponed beyond the 31st
March, 1949. It was with this situation in view that I
sought your authority in my telegram No. 622 of the 9th
April, 1947, to frame the Loan Ordinance in such a manner
as to provide for the limit for the loan to be raised to
a figure not exceeding one hundred and fifty million.
Unless a serious slump develops I consider that it should
be possible to provide for the service of a loan of this
magnitude, always provided that the municipality would in
due course take over its share of the liability. Naturally
the full amount authorized would not be issued unless this
proved to be absolutely unavoidable. In my view it would
be unwise to exceed the figure of one hundred and fifty
million.
34.
Assuming that the balance of rehabilitation
expenditure can be financed in this way, it then become s
necessary to consider the further expenditure which must
be incurred on water conservation and other development
schemes. This type of expenditure can fortunately be
spread over a number of years. Indeed, it is estimated
that the Tai Lam Chung scheme will take eleven years to
complete, but at a comparatively early stage in its
construction it will presumably become a municipal
liability. I should hesitate to consider the issue
of further loans to cover the costs of such projects,
even if the schemes are of a revenue-producing character,
but as some of these developments will concern the
municipality this will be a matter on which they must
be consulted. I trust that it may be possible to rely
on some measure of assistance from the Colonial
Development and Welfare Fund
-
and in the case of the
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