Original
97283/17/51
10
EXTRACT FROM LETTER FROM UNITED KINGDOM TRADE COMMISSIONE
DATED 3rd October, 1951
7.
Development Fund and Trading Reserve Fund.
On the 19th September the Legislative Council approved the establishment of the Development Fund and the Trading Reserve
Fund.
An
The Development Fund will consist of around HK$58,000,000 out of which the Government has already allotted HKS 42 million over the next three years for various development projects. estimated HKS 40 million will have to be drawn to finance the Tai Lam Chung Valley Scheme for the provision of an additional reservoir and it has also been decided to earmark HK$15 million for the financing of housing schemes.
A sum of HK$ 37 million of the Development Fund came from the HK$ 67 million profit on the Balance Sheet of the Department of Commerce and Industry operations. The remaining HKS 21 million came from the accounts for the financial year 1950/51.
In connection with the HK$ 30 million Trading Reserve Fund it has been stated that in the present state of world affairs it is necessary for Government to maintain stocks of certain essential commodities, sufficient to tide over any temporary cessation of supplies occasioned by events elsewhere. In view of the fact that certain commidities such as rice and sugar do not keep indefinitely the authorities have to turn them over.
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