Estimates-1966 — Page 261

PART III-EXPLANATORY NOTES ON APPENDICES I-IV

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APPENDIX I- SALARY CONVERSION TABLE

A conversion table showing salary scales paid to women officers is at Appendix I.

APPENDICES II AND III — DEVELOPMENT LOAN FUND

Appendix II

This appendix comprises a financial statement of approved loans and projects including estimat- ed issues and repayments during 1965-66.

Under Housing Loans new items are introduced in respect of share capital and initial loan funds for the recently formed Hong Kong Building and Loan Agency Ltd. The financing of this agency is shared between the Hong Kong Government, the Commonwealth Development Corporation and four leading local Banks. Loans to the Agency will bear interest at the rate of 71% per annum.

In the Local Government Officers' Co-operative Schemes it is expected that 188 schemes com- prising 3,719 flats will have been completed by 31st March, 1965 and a further 7 schemes (120 flats) by 31st March, 1966. Loans for schemes for which sites were earmarked after 12th August 1960 will bear interest at 5% per annum.

The loan of $10,000,000 to the Hong Kong Settlers Corporation is designed to enable the Corpo- ration 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 $52,000,000 for educational loans was increased to $110,000,000 during 1964-65 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 the project. The loans granted are either interest free and repayable over 11 years or bear interest at 34% repayable over 21 years.

Fisheries loans are intended for the 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 1964-65 and 1965-66.

APPENDIX IV – PUBLIC WORKS PROGRAMME

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