The amount of the consolidated loan stands at £1,485,733. Against this there is at credit of the Sinking Fund a sum of £338,687. The Local Loan under Ordinance No. 12 of 1916 amounts to $3,000,000 and there are the sums of $438,203 and £84,751 at credit of the Sinking Fund.
A new valuation for Assessment was made for the year commencing 1st July, 1920, resulting as follows:-
Increases :-
The City of Victoria,$875,910 The Hill District,1,570 Shaukiwan, Saiwanho and Quarry Bay,6,385 Hongkong Villages,46,013 Kowloon Point,24,150 Yaumati,52,805 Mongkoktsui,55,135 Kowloon Villages,26,400 Hunghom and Hok Un,16,580 New Territories,$ 790 Decrease :-The rateable value of the whole Colony amounted to $17,408,959 having increased by $1,104,158.
During the period 1911-1920 the assessment of the whole Colony has risen from $11,161,390 to $17,408,959, an increase in rateable value of $6,247,569.
The circulation on the 31st December of notes of the three Banks having authorised issues was as follows:—
Hongkong & Shanghai Banking Corporation,$26,397,580 Chartered Bank of India, Australia, & China,10,061,863 Mercantile Bank of India, Limited,1,000,009 $37,459,452The currency of the Colony consists, in addition to the notes of these Banks, of British, Hongkong, and Mexican Dollars and of subsidiary coin, which continued at par throughout the year.
The total issue of subsidiary coins less those demonetized, now amounts to $20,764,370 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 1916 ten cent pieces of the face value of $5,028,000 were shipped to Calcutta for purposes of demonetization. The discount which prevailed between 1905 and 1916 may be attributed to the immense quantity of similar coin which was 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 was continuously followed till 1918 except during a brief period in