1904-1919
HONG KONG, 1914.
301
It will be seen therefore that Bank notes were at a premium varying from par (in January) to 10 per cent. (in December).
The total issue of these coins, less those demonetized, now amounts to $31,392,720 nominal value, and they were up to the year 1905 readily absorbed at par, large quantities being taken by the neighbouring provinces of China. During 1914 ten cent pieces of the face value of $5,000,000 were shipped to England for purposes of demonetization. The discount which has prevailed since 1905 may be attributed to the immense quantity of similar coin which has latterly been minted at Canton as well as to the amount of Hong Kong coin minted largely in excess of the needs of the Colony by itself. In 1905 the Hong Kong Government ceased to issue any subsidiary coin and in 1906 it began a policy of demonetizing all its subsidiary coin received as revenue. This policy has been continuously followed since except during a brief period in 1911. Coin to the face value of $12,607,459 has thus been redeemed. The total issue by the Hong Kong Government was of the face value of about $44,000,000. It is thought that half of that amount has dropped out of circulation.
Ordinance No. 15 of 1913, which was passed to prohibit the circulation of foreign silver coin, came into force on 1st March.
II.—TRADE AND SHIPPING, INDUSTRIES, FISHERIES, AGRICULTURE, AND LAND.
(a.)—SHIPPING AND TRADE.
The total of the shipping entering and clearing at ports in the Colony during the year 1914 amounted to 517,439 vessels, of 36,756,951 tons, which, compared with the figures for 1913, shows an increase of 27,211 vessels, with a decrease of 986,031 net register tons.
Of the above, 51,214 vessels, of 25,279,624 tons, were engaged in foreign trade, as compared with 47,520 vessels, of 25,821,652 tons, in 1913, and were distributed as follows:---
1913. Numbers. 1914. Numbers. 1913. Tonnage. 1914. Tonnage. British ocean-going ships 7 8.8% 8.3% 32.7% 33.0% Foreign ocean-going ships 9.9 8.2 36.0 33.9 British river steamers 14.0 13.0 15.8 15.9 Foreign river steamers 3.8 3.5 3.6 3.6 Steam-launches (under 60 tons) 9.5 13.4 0.7 1.0 Trading junks.. 54.0 53.6 11.2 12.6 100.0 100.0 100.0 100.0N.B.—The movements of fishing junks are not included in the above figures.