604410-1940-Supplementary-Advertisements — Page 2

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The Loan is secured on the general revenues and assets of Hong Kong and the principal will be repaid by annual drawings at par on the 15th day of July in each of the twenty five years commencing in 1941 at the annual rate of one twenty-fifth of the issue which will, therefore, be finally paid off by 1965. Repayment will be made at the Head Office of the Hong Kong and Shanghai Banking Corporation, Hong Kong, or at the Hong Kong Office of the Chartered Bank of India, Australia and China, on the bonds so drawn being surrendered, interest ceasing on such bonds each 15th July.

Interest will be payable half yearly on the 15th January and 15th July on the surrender of the coupons at the above Offices.

Applications, which must be accompanied by a deposit of $25 per cent., will be received at the Office of either of the two Banks above mentioned. In the case of partial allotment the balance of the amount paid on application will be applied towards pay- ment of the balance due. If there should be a surplus after making that payment such surplus will be refunded by cheque. If no allotment is made the full amount paid on application will be refunded.

Interest at 4% per annum will be charged on any balance outstanding after 10th July, 1940, and non-payment of the balance by that date may render the deposit previously paid liable to forfeiture and the allotment cancelled.

At a later date allottees will receive bonds with interest coupons attached for the amounts so allotted in exchange for the receipted application and allotment letters.

The proceeds of this issue will be utilised to repay to the Treasury certain moneys advanced from the surplus balances of the Colony for the carrying out of various public works.

The public debt of the Colony to-day amounts to $4,838,000 in 4% bonds (Re- demption Loan 1933) repayable at par in 1953 and $11,200,000 in 31% bonds (34% Dollar Loan 1934) repayable at par by annual drawings, the last of which is due to be made in 1959.

The following figures show the Revenue and Expenditure of the Colony for the years 1935 to 1939.

Year

Revenue Expenditure

Excess of Assets over Liabilities on 31st December

1935

1936

1937

$28,430,549 $28,291,636 $12,387,668

30,042,983 29,513,520 12,917,132

33,196,368 32,111,222 14,002,278

1938

36,735,854 37.175,897

13,562,234

1939

41,478,052 37,949,116

17,091,170

Prospectuses and Application Forms may be obtained from the Head Office of the Hong Kong and Shanghai Banking Corporation, Hong Kong, and from the Office of the Chartered Bank of India, Australia and China, Hong Kong, and also from the Treasury, Hong Kong.

THE TREASURY,

HONG KONG,

12th June, 1940.