Estimates-1967 — Page 259

PART III — EXPLANATORY NOTES ON APPENDICES I-VI

APPENDIX I— SALARY CONVERSION TABLE

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

257

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 1966-67.

Under Housing Loans, the Housing Authority's revolving fund allocation was increased by $15,000,000 during 1965-66 and now stands at $245,000,000.

In the Local Government Officers' Co-operative Schemes it is expected that 194 schemes com- prising 3,816 flats will have been completed by 31st March, 1966 and a further 6 schemes (123 flats) by 31st March, 1967. Loans for schemes for which sites were earmarked 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. It is anticipated that the loan will be fully repaid by 31st March, 1966.

The allocation for educational loans was increased to $120,000,000 during 1965-66 to permit of further commitments. Educational loans are granted to non-profit making bodies for the construction of schools or extension to schools. 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. As a result of a new policy introduced during 1965-66, approved aided secondary school projects will be eligible for an 80% capital subsidy with effect from 1st November, 1965; such subsidy being subject to there being no interest free loan in respect of the balance of 20% of the approved capital cost.

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 1965-66 and 1966-67.

APPENDICES IV AND V · LOTTERIES FUND

The Lotteries Fund was established with effect from 30th June, 1965 by Resolution made and passed by the Legislative Council on that day.

Proceeds of Government Lotteries held in accordance with the Government Lotteries Ordinance No. 10 of 1962 and credited to general revenue have been transferred to the Fund from which the Financial Secretary may from time to time appropriate monies for the purpose of financing by way of a grant, a loan or an advance the support and development of such social welfare services in the Colony as may be approved by the Governor, after receiving and giving consideration to the advice of the Social Welfare Advisory Com- mittee. In every case the amount of any appropriation, and the terms and conditions of the grant, loan or advance is subject to the prior approval of the Finance Committee of the Legislative Council.

Appendix IV

This appendix comprises a financial statement of approved loans and grants.

Appendix V

This appendix comprises a statement of the estimated financial position of the Fund and a summary of estimated receipts and payments for 1965-66 and 1966-67.

APPENDIX VI — PUBLIC WORKS PROGRAMME

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