1991 — Page 49

NOTES ON THE ACCOUNTS

14. DEVELOPMENT FUND

Balance at 1st January

Transfer from profit and loss account

Amount in excess of permitted return Interest on development fund

Balance at 31st December

15. LONG TERM LIABILITIES

Balance of premium on land

Bank loans (Note 17a)

Other borrowings (Note 17b)

1991

HK$'000

1990

HK$'000

29,427

1,177

30,604

30,604

1991

HK$'000

1990

HK$'000

384

746

316,162

220,452

69,388

43,818

385,934

265,016

Premiums payable in respect of land purchased from Government are payable under various agreements at an interest rate of 5% per annum up to 1993. Amounts due within one year of the balance sheet date have been included under current liabilities.

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