CONFIDENTIAL
21
B
One dollar notes issued by the Government under section 2 of the
repealed Dollar Currency Notes Ordinance are excluded. Such notes
were last issued in 1961. At 31 December 1991 Government one dollar
notes with a face value of $7,304,687 were outstanding. Provision
is made in the Government's expenditure estimates for the redemption
of these notes and they are recorded as a contingent liability in
the Government's Statement of Assets and Liabilities, which is
published with the Annual Report of the
of the Director of Accounting
Services.
·
TABLE 4
% increase over previous year
1989
1990
1991
Percentage increases in the value of notes in circulation in each of the last three years
Percentage increases in the number of notes in circulation in each of the last three years
17.16
9.66
13.75
9.46
6.43
9.34
Normally, notes in circulation peak at Chinese New Year.
However,
the bank runs in July and August last year pushed the circulation to
a peak of $61,495,568,450 on 10 August 1991 whereas on 13 February 1991 (Chinese New Year fell
(Chinese New Year fell on 15 February 1991) the
with a peak of
circulation was $52,215,568,450 compared $48,065,568,450 in 1990.
CONFIDENTIAL