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The Colony commenced to forward Parcels viâ Shanghai, Dalny and the Trans-Siberian railway on 1st September. The following Agreements were entered into and came into operation during the year, viz. :-
Direct Exchange of Money Orders with Indo-China on 1st October; Direct Exchange of Parcels with New Zealand on 1st August; Parcel Post Agreements with the Straits Settlements on 1st August, and with the Philippine Islands (revised) on 7th October.
As from the last day of 1910 the Hongkong Government was relieved by the Imperial Authorities of the charge of the Postal Agencies in China.
XI—MILITARY EXPENDITURE.
(a) COLONIAL CONTRIBUTION.
The Colony contributed $1,372,486 (being the statutory contribution of 20% of the Revenue) towards the cost of the maintenance of the Regular Forces in the Colony including Barrack Services and Defence Works.
(b) VOLUNTEER CORPS.
The expenditure on the Volunteers, which is entirely borne by the Colony, was $34,744 compared with $38,393 in 1909.
XII—GENERAL OBSERVATIONS.
The Assessment made for the year 1910-1911 (1st July to 30th June) shews an increase in the Ratable Value of the whole Colony of 3·17 per cent. In the City of Victoria, the Hill District, Shaukiwan, Saiwanho, Quarry Bay, Hunghom, Hokun, Mongkoktsui, New Kowloon and Kowloon Villages there is an increase ranging from 0·17 per cent. to 112·18 per cent., but in the Hongkong Villages; Kowloon Point and Yaumati a decrease ranging from 0·43 per cent. to 6·88 per cent. is shewn. In the Shaukiwan, Saiwanho, and Quarry Bay Districts there is an increase of $181,911 or 112·18 per cent.
The average rate of exchange (demand on London) which had been 1/9·0601 to the dollar for 1909 rose to 1/9·6021 for 1910.
The position with regard to subsidiary coins remained unsatisfactory, and during 1910 the Government withdrew from circulation silver subsidiary coin amounting to the face value of $314,300 and copper to the face value of $114,800. These coins were shipped to England where they were melted down and sold as bullion for £23,787 5s. 6d. and £4,205 9s. 0d. respectively. The loss to revenue by this transaction amounted to $119,294.37. The discount during the year on Hongkong subsidiary coin varied between 4% and 7½%, and on Chinese subsidiary coin 4¼% and 8%. Hongkong copper cents were from 105 to 120 per $1, and Chinese copper cents from 112 to 123 per $1. Negotiations continued without success between this Government and the Chinese Authorities with a view to decreasing the excess of Chinese subsidiary coin.