Estimates-1964 — Page 255

254

PART III — EXPLANATORY NOTES ON APPENDICES I — IV

APPENDIX I — SALARY CONVERSION TABLE

This is a new Appendix and consists of the salary conversion table referred to in paragraph 8 of the Notes on Presentation of Salaries etc. on page 3.

APPENDICES II AND III · · DEVELOPMENT LOAN FUND

Appendix II

This Appendix comprises a financial statement of approved loans and projects, including estimated issues and repayments during 1963-64.

Under housing loans, the Housing Authority's revolving fund allocation was increased by $24,000,000 during 1962-63 and now stands at $180,000,000. A further allocation of $37,000,000 for the Housing Society was also approved during the year.

A temporary halt was called during 1962-63 to the acceptance of new applications in respect of Local Government Officers Co-operative Schemes to enable the working of these schemes, including the terms and conditions of issues of loans, to be reviewed. The allocation was, however, increased to $149,000,000 during the year to cover schemes the applications in respect of which had reached a certain stage. It is expected that 162 schemes comprising 3,265 flats will have been completed by 31st March, 1963 and a further 17 schemes (280 flats) by 31st March, 1964. Loans for schemes for which sites were ear- marked after 12th August, 1960, bear interest at 5% per annum.

The loan of $10,000,000 to the Hong Kong Settlers Corporation is designed to enable the Corporation to rehouse its tenants who were previously living in cottage areas which have had to be cleared for development, and to provide low cost housing generally.

The allocation of $40,000,000 for educational loans was increased by $12,000,000 during 1962-63 to permit of further commitments for this purpose. The general rule is that the loan plus any Government capital subsidy should not exceed 80% of the total cost of a project. These loans are granted either interest- free and repayable over 11 years, or bear interest at 34% and are repayable over 21 years.

Fisheries loans are intended for owners of suitable mid and distant waters fishing junks for the purpose of mechanization or improvement of existing vessels, for the construction or purchase of new vessels, and for the purchase and installation of navigational and fishing aids.

Appendix III

This Appendix comprises a statement of the estimated financial position of the Fund and a summary of estimated receipts and payments for 1962-63 and 1963-64.

APPENDIX IV — PUBLIC WORKS PROGRAMME

The Appendix to the Report of the Public Works Sub-Committee of Finance Committee is reproduced at Appendix IV with the addition of items subsequently approved.

Page 255Page 256