utilities covered by it rose 10 points over 1964 to 173, with the textile and manufacturing indices rising by 11 points each to 167 and 178 re- spectively and a more modest rise of 5 points in the utility and dockyard index to 136. On the other hand, the retail price index for March 1965 was at 127 only 3 points up on that for March 1964. As compared with a year before the note circulation had increased by $331,000,000 to $1,506,282,000 on 31st March 1965, and despite the severe shake-out caused by the banking crisis of February 1965 total deposits with banks were $657,000,000 up at $6,377,488,000, having been as high as $6,567,901,000 in December 1964. During the year the numbers of motor cycles licensed increased from 7,002 to 9,376, of private motor cars from 46,592 to 51,684, and of drivers licensed from 150,452 to 165,748. Finally 1964-65 saw a record number of 18,968 sales of units (mostly flats) in sub-divided buildings and in consequence a record increase of 18,510 in the number of landowners recorded in the Land Office, bringing the total to nearly 100,000 (see Table VI).
4. The banking crisis occurred too late in the year for its full effects to be felt in it, and new records were established in the numbers of land transactions, companies and patents registered. Unfortunately, the numbers of bankruptcy and companies winding-up petitions increased, but considering that there were 103,938 businesses registered with the Business Registration Office on 31st March 1965 the total of 34 petitions was not large. There was a small drop in the number of marriages regis- tered, and quite substantial declines, not unwelcome, in the numbers of births and deaths registered. The estimated population at the end of 1964 was at 3,739,900 only 97,400 more than that at the end of 1963.
The Banking Crisis
5. The first visible signs of trouble in the banking world was a run on the two branches of the Ming Tak Bank which resulted in its ceasing to do business on 27th January 1965 and control being assumed by the Commissioner of Banking on the same day. The Ming Tak Bank was not a limited company. It was owned by a single proprietor, and its business was primarily that of a money-changer, doing a large business in selling U.S. dollars for remittance overseas. It had, however, some 4,000 depositors, and unsecured liabilities exceeding $12,000,000. Its assets consisted mainly of building sites and buildings in course of erection, and as the building boom had halted owing to the difficulties of the building industry referred to in paragraphs 9 and 10, the Bank was unable to raise additional money on its properties and had to close
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