Hong Kong Annual Administration Reports, 1841-1941
COLONIAL REPORTS—ANNUAL.
(D.) PUBLIC DEBT.
In 1893 the Government borrowed £341,799 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 3 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.
The 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:-
Month Chartered Bank of India, Australia, and China Hong Kong and Shanghai Bank National Bank of China, Limited 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 ... $6,439,806 $450,000 June $2,775,838 $6,176,267 $448,824Page 190
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