501
Hong Kong, 1898.
10
COLONIAL REPORTS-ANNUAL.
(D) PUBLIC DEBT.
In 1893 the Government borrowed £311,799 15s. 1d. (sterling) for the purposes of certain extraordinary public works. The principal of these works were the Praya Reclamation, a central market, water, drainage and sewerage works. The loan was an inscribed stock loan, bearing interest at 3¼ per cent., to be paid off on April 15th, 1943. In 1896 a sinking fund was created for the purpose of gradually paying off the loan, and during that year the sum of £1,594 9s. 9d. (sterling) was devoted to it. In 1897 the sinking fund stood at £5,174 14s. 4d. (sterling), and during the past financial year it has risen to £8,854 8s. 1d. (sterling).
(E) CURRENCY.
COLONIAL REPORTS-ANNUAL.
Hong Kong
11
Month Chartered Bank of India, Australia, and China Hong Kong and Shanghai Bank National Bank of China, Limited July $2,914,252 $5,087,096 $450,000 August $2,917,093 $5,747,676 $444,905 September $2,879,076 $6,180,381 $445,879 October $2,534,743 $6,419,676 $449,538 November $2,583,714 $5,721,000 $439,057 December $2,573,594 $6,799,128 $448,875The only legal tender is the Mexican dollar, and the British and Hong Kong dollar, or other silver dollars of equivalent value duly authorised by the Governor. Silver coins, representing some multiple of the cent or hundredth part of the said dollar, are legal tender for any sum not exceeding two dollars, and the copper or bronze coins representing the cent or one-hundredth part, and the cash or mil, representing one-thousandth part of the dollar, are legal tender for any amount not exceeding one dollar. There is also a large paper currency in use, in the form of notes issued by the Chartered Bank of India, Australia, and China, the Hong Kong and Shanghai Banking Corporation, and the National Bank of China, Limited.
Amount of Paper Currency in Circulation.
The notes of the Chartered Bank of India, Australia, and China, the Hong Kong and Shanghai Banking Corporation, and the National Bank of China, Limited, in circulation during the year ending 31st December, 1898, were in amount as follows:-
II.—TRADE, AGRICULTURE, AND INDUSTRIES.
Under the heading (A) I have endeavoured to give such statistics as are ascertainable with regard to exports and imports. The fact that Hong Kong is a free port makes it a matter of unusual difficulty to give anything like a complete statement on this important subject. In the absence of a Custom House it is necessary to rely upon returns which may be only approximately accurate, but which will probably be found useful in giving a general idea of the present state of Hong Kong commerce. The tax on opium renders that article of commerce the only one of which I can offer clear returns. In the following tables I present the export and import returns of opium for the last five years.
Month 1894 1895 1896 1897 1898 January $3,051,947 $8,126,528 $449,740 February $2,808,273 $7,676,009 $448,587 March $2,995,966 $6,609,031 $450,000 April $2,938,719 $6,764,001 $448,960 May $2,986,976 $6,489,800 $450,000 June $2,775,838 $6,176,267 $449,824 Chests 41,578 36,609 34,208 37,708 39,392 Through cargo reported in manifests but not landed 22,986 16,190 14,828 13,739 15,482(A) IMPORTS AND EXPORTS OF OPIUM FOR THE LAST FIVE YEARS.