1904-1919
HONG KONG, 1915.
337
5
The following is a statement of the revenue and expenditure of the Colony for the five years 1911-1915:-
1911
1912
1913
1914
1915
Revenue.
$
Expenditure.
$
7,497,231
7,077,177
8,180,694
7,202,553
8,512,308
8,658,012
11,007,273
10,756,225
11,786,106
15,149,267
The capital expenditure on the British section of the Kowloon-Canton Railway during 1915 was $506,346, chiefly in connection with the erection of a terminal station. The total expenditure on this account amounted at the end of the year to a sum of $14,602,007, of which $11,539,618 was obtained from the Wuchang Loan and the balance, $3,062,389, charged to the general expenditure of the Colony.
The amount of the consolidated loan stands at £1,485,732. Against this there is at credit of the Sinking Fund a sum of £210,855.
No new taxation was imposed during the year.
The circulation on the 31st December of notes of the three banks having authorised issues was as follows:-
Hong Kong and Shanghai Bank
Chartered Bank of India, Australia and China
Mercantile Bank of India
$21,793,806
6,976,548
1,074,231
$29,844,585
The currency of the Colony consists, in addition to the notes of these banks, of British, Hong Kong, and Mexican dollars and of subsidiary coin.
The rate of discount on Hong Kong subsidiary coin, as compared with notes, varied during 1915 between the following limits:-
50 cent pieces, 61/2 per cent. to 131/2 per cent. 20 10 5 Copper coin, 72/3 to 181/2 33/4Compared, however, with the Mexican dollar, which is the standard of the Colony, the variations were as follows:-
50 cent pieces 4 per cent. to 51/2 per cent. 20 53/4 10 101/2 5 37/8 Copper coin, par. 71/2It will be seen, therefore, that Bank notes were at a premium varying from 21/2 per cent. to 8 per cent.