Head 89—Urban Services Department
There were three significant savings all on subheads in the ‘Annually recurrent' category. These were $514,829 (27.1%) under 'Stores and equipment' due to delayed delivery of stores and equipment, $266,566 (33.7%) under 'Temporary staff' due to the exercise of successful economy measures and $505,197 (57.4%) under ‘Maintenance of public latrines, beaches, parks and playgrounds' because of delays in the completion of works ordered during the year.
SPECIAL FUNDS
10. At the 31st March, 1976 only one Special Fund was included in the accounts, the 'World Refugee Year Loan Fund for Co-operative Societies'. This fund is controlled by the Director of Agriculture and Fisheries and a summary of its transactions is shown in Statement 7.
to the valu. not backed of $2,134,4
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LOANS MADE FROM REVENUE
11. The outstanding loans are detailed in Statement 8. No additional loan projects were approved in the year 1975/76 but as issues during the year exceeded amounts discharged by $109,941 the balance outstanding at the end of the year was correspondingly increased.
PUBLIC DEBT (INCLUDING ASIAN DEVELOPMENT BANK LOANS)
12. In accordance with Government accountancy procedures the public debt and related sinking fund figures do not appear in the Statement of Assets and Liabilities (Statement 1) but they are to be found in State- ments 10 and 11. No bonds were purchased for cancellation in 1975/76 and the 31% Rehabilitation Loan balance outstanding at the end of the year was, therefore, the same as at the 31st March, 1975. The Sinking Fund for this decreased in value by $1,219,748, despite the effects of the general increase in the market values of gilt edged investments, because of the decline in the value of sterling in relation to the Hong Kong dollar. The Fund's investments are in dated stocks, most of which mature by the latest redemption date for the loan. Statement 11 shows that the value of these investments on maturity would be £3,999,832 which, at the exchange rate on 31st March, 1976 of £1-$9.45, is equivalent to $37,798,408 or approximately 82% of the amount to be redeemed; with the money held on deposit the percentage becomes 83%. Even with interest accumulations the Sinking Fund is unlikely to be sufficient to repay the loan by the redemption date and further contributions to the Fund will be required. The other items making up Hong Kong's public debt are $250 million Hong Kong Government 61% Bonds 1980 which were issued during the year as authorised by a Resolution by the Legislative Council under the Loan (Government Bonds) Ordinance on 13th August, 1975, borrowings from the Asian Development Bank to cover part of the costs of the seawater desalting plant at Castle Peak, and a loan from Lloyds Bank International Limited authorised by a Resolution of the Legislative Council under the Loans Ordinance on 18th June, 1975, these items are explained in detail in Statements 9 and 10. The United Kingdom Loan for Kai Tak Airport development was cleared during the year with the payment of the last annual £200,000 instalment.
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CURRENCY FUNDS
13. The Hong Kong Government currently issues coins of 5, 10, 20 and 50 cents and $1 and $2 denomina- tions and accounts for these through the Coinage Security Fund mentioned in paragraph 15 below; the 20 cents and $2 coins became legal tender from 18th August, 1975 under Proclamation No. 4 of 1975 (L.N. 191 of 1975). One cent notes are issued under the Dollar and Subsidiary Currency Notes Ordinance 1969. All moneys which are received as a result of the issue of one cent currency notes are credited to the general revenue of Hong Kong. All expenses which are incurred in connection with the issue of one cent notes are paid from the general revenue of Hong Kong. At 31st March, 1976 one cent notes with a face value of $726,161, including pre-war issues, were in circulation.
14. Notes of 5 and 10 cents and $1 were issued until coins in these denominations became available after the war. Further issues of 5 and 10 cent notes totalling $2,200,000 were made in January, 1965 to meet the in- creased demand for currency in these denominations prior to Chinese New Year. The Dollar Currency Notes Ordinance and the Subsidiary Currency Notes Ordinance were repealed by the Dollar and Subsidiary Currency Notes Ordinance 1969 (Cap. 67) which demonetized the 5 cent, 10 cent and $1 notes in circulation and closed the separate funds by the transfer of their assets, totalling $9,703,005 to the General Revenue of Hong Kong. The 1969 Ordinance came into operation on 1st September, 1969 and at the 31st August, 1969 demonetized notes
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