Estimates-1969 — Page 316

310

I. Capital Reserves

II. Income and Expenditure Account:

Accumulated surplus as at 1.4.66

Surplus for the year

III. Sinking Fund:

LIABILITIES

BALANCE SHEET OF

AS AT 31ST

GA

$

SA

113,000,000

1,438,565

6,381,463

7,820,028

In hand at 1.4.66

86,950,446

Contributions and Interest for the year

11,510 522

98,460,968

IV. Advance Account:

Accumulated Advances as at 1.4.66

1,017,754,795

Net Advances during the year

167,577,147

1,185,331,942

$1,404,612,938

This balance sheet is a notional one showing the Capital Assets and Liabilities as they would be shown if capital expenditure had been financed by advances from Government, by surpluses earned on operations, and by funds provided by the Sinking Funds; and if those Capital expenditures and the revaluations as at 1st April, 1952 were to be amortized by the establishment of Sinking Funds.

For this purpose it is assumed that the Dams, etc. revalued as at 1st April, 1952, and the capital expendi- tures on the Tai Lam Chung Scheme and the Shek Pik Scheme are to be amortized over 50 years, and that the expenditure on items 1, 2 & 3 of the assets acquired since 1st April, 1952, are to be amortized over 25 years. No provision is made as yet for amortization of expenditure on the Plover Cove Scheme. The value of land occupied by installations or sterilized by catchment areas is not included except that, where it has been resumed, it is included in the capital cost of a scheme.