ENG-1969 — Page 69

FINANCIAL STRUCTURE

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15 annual instalments; the first repayment was made on October 1, 1961. The Rehabilitation Loan, which was raised in 1947-8 to cover part of the cost of post-war reconstruction, is repayable in 1973-8; its sinking fund stood at $26.3 million on March 31, 1969.

In addition to the Assets and Liabilities referred to, there exist for special purposes the Development Loan Fund and a Lotteries Fund (see Appendix XIII). The Development Loan Fund, of $628 million, is used to finance social and economic development proj- ects of a self-liquidating nature. The greater part has been used for low-cost housing schemes, but during the year an allocation of $27.5 million, as the Government's share in the equity capital of the Cross Harbour Tunnel Company Ltd, was approved. At March 31, 1969 outstanding commitments from funds allocated exceeded liquid assets of $12 million by $123 million. The Lotteries Fund, established in 1965, is for the support and development of social welfare services in the Colony. The fund started with a transfer from general revenue of $7.4 million and an additional $13.6 million was credited during the period June 30, 1965 to March 31, 1969, by which date grants and loans amounting to $14.29 million had been approved. A further sum of $2.6 million, being unclaimed prize money as at March 31, 1969, is held in deposit. Details of the Colonial Development and Welfare schemes and grants are shown in Appendix XI.

The audit of all public accounts and certain special funds is carried out by the Director of Audit under the general supervision of the Director General of the Overseas Audit Service. Annual reports on the accounts by the Director of Audit and the Director General are presented to the Legislature and transmitted to the Secretary of State.

DUTIES

There is no general tariff and only five groups of imported com- modities-alcoholic liquors, tobacco, hydrocarbon oils, table waters and methyl alcohol-are subject to duty. Duties are levied on the same products manufactured locally. All firms engaged in the import, export, manufacture, or sale of dutiable commodities must be licensed.