AnnualReport-1915

For the period 1906-1915 the assessment of the whole Colony has risen from $10,969,203 to $14,305,370, an increase in value of 30.41%.

The circulation on the 31st December of notes of the three Banks having authorised issues was as follows:-

Hongkong & Shanghai Bank, $21,793,806 Chartered Bank of India, Australia, & China, $6,976,548 Mercantile Bank of India, $1,074,231 $29,844,585

The currency of the Colony consists, in addition to the notes of these Banks, of British, Hongkong, and Mexican Dollars and of subsidiary coin.

The rate of discount on Hongkong subsidiary coin, as compared with notes, varied during 1915 between the following limits:-

50 cent-pieces 6 per cent. to 13½ per cent. 20 cent-pieces 7 per cent. 10 cent-pieces 5 per cent. 5 cent-pieces 3 per cent. Copper coin par.

Compared however with the Mexican Dollar which is the standard of the Colony the variations were as follows:-

50 cent-pieces 4 per cent. to 5½ per cent. 20 cent-pieces 1 per cent. 10 cent-pieces 1½ per cent. 5 cent-pieces … Copper coin par.

It will be seen therefore that bank notes were at a premium varying from 2¼ per cent. to ¾ per cent.

The total issue of these coins, less those demonetized, now amounts to $26,292,370 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 1915 ten cent pieces of the face value of $5,100,000 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 Hongkong coin minted largely in excess of the needs of the Colony by itself. In 1905 the Hongkong Government ceased to issue any subsidiary coin and in 1906 it began a policy of demonetising all its subsidiary coin received as revenue. This policy has been continuous-ly followed since except during a brief period in 1911. Coin to the face value of $17,707,459 has thus been redeemed. The total issue by the Hongkong Government was of the face value of about $44,000,000.