PUBLIC FINANCE AND TAXATION
Public Debt
The Public Debt of the Colony at the 31st March, 1954 was as follows:-.
31% Dollar Loan (raised in 1934)
31% Dollar Loan (raised in 1940)
31% Rehabilitation Loan (raised in 1947/48).
$ 3,160,000
5,658,000
46,666,000
$ 55,484,000
The two Dollar Loans are each redeemable by twenty-five annual drawings and the Rehabilitation Loan is covered by a Sinking Fund which on the 31st March, 1954 stood at $13,242,194, this being the market value of the sterling investments held on behalf of the Fund.
Three loans have been received on behalf of Colonial Development and Welfare Schemes and these are as follows:---
D. 994-Agricultural Village Depots,
Recurrent Expenditure
D. 1066-Vegetable Market Lorries
D. 1967-Mechanization of Fishing Fleet
$ 148,000
300,000
204,000
$ 652,000
The first two loans have been passed on to the Vegetable Marketing Organization and $83,455 of the third has been issued to fishermen. Colonial Develop- ment and Welfare locally administered schemes are given in detail in Appendix II.
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