The capital expenditure on the British Section of the Kowloon-Canton Railway during 1914 was $574,429, chiefly in connection with the erection of a terminal station and purchase of rails, locomotives and rolling stock. The total expenditure on this account amounted at the end of the year to a sum of $14,095,661.
The amount of the consolidated loan stands at £1,485,732, and in addition the advances by and drafts on the Crown Agents for Railway Construction amounted at the end of the year to £109,404. Against these items there is at credit of the Sinking Fund a sum of £183,294 and there is a balance of £128,479 unpaid in respect of the loan to the late Viceroy of Wuchang.
No new taxation was imposed during the year. The farm system in connection with Opium revenue was abolished from 1st March and direct Government control substituted therefor.
For the year commencing 1st July, 1914, a new valuation was made of the whole Colony, with the exception of some of the outlying small Chinese villages.
Increases.
The City of Victoria, $1,708,833 or 10.69%.
The Hill District, $23,700 or 7.93%.
Shaukiwan, Saiwanho, and Quarry Bay, $46,992 or 1.88%.
Hongkong Villages, $31,501 or 23.61%.
Yaumati, $63,275 or 24.11%.
Mongkoktsui, $39,985 or 25.51%.
Hung Hom and Hok Un, $3,676 or 1.24%.
Kowloon Point, $76,550 or 15.02%.
New Kowloon, $13,934 or 15.80%.
Kowloon Villages, $5,845 or 6.92%.
The rateable value of the whole Colony amounted to $14,410,103, being an increase of $1,974,291 or equal to 15.87% over the value of the previous year.
For the period 1905-1914 the assessment of the whole Colony has risen from $10,511,163 to $14,410,103, an increase in value of 37.09%.
The circulation on the 31st December of notes of the three Banks having authorised issues was as follows:
Hongkong & Shanghai Bank $23,482,903
Chartered Bank of India, Australia, & China $6,071,633
Mercantile Bank of India $1,308,191
$30,862,727