CO129-623-5 Supplementary Expenditure- grants and loans to schools 1-3-1950 - 31-3-1950 — Page 2

1. You

Im Palmer

tel 232

6.3.50

2

fr

In Robison

mn Sidebottiam

The Governor has received

a

request

$600,000

for

school

an interest-free loan of extension of school buildings from

which would have had

a

a

strong claim for a

fre grant of half the cost of the building contemplated (ie for 1/1⁄2 of $1,200,000, the cost of the project). As loan has been applied for the Stony Kory 1 Government is relieved of any grant expenditing and the only cost to them if the loan is

granked will be the

on

the loan and

the difference between the building

interest foregone

depreciation grants

ти

the new and

old buildings, estimated at $20,000

The loan woner

per

aunumo.

be

repayable

in 10 equal instalments (presumably.

annual) after 3

$200,

years.

Two other smaller loans, each

200,000

for

have also been applied for,

for similar purposes

rom sumilan terms.

-

and

Hong Kong have almost adequate sumplus funds comfortably

necessary

emb

eintorassingly

lan

expenditure

to these loans and

meet the $1,000,000

with

regard