The amount of the consolidated loan stands at £1,485,733. Against this there is at credit of the Sinking Fund a sum of £368,403. The Local Loan under Ordinance No. 12 of 1916 amounts to $3,000,000 and there are the sums of $664,495 and £89,093 at credit of the Sinking Fund.
A new valuation for Assessment was made for the year commencing 1st July, 1921, resulting as follows:-
Increases:
The City of Victoria $872,540
The Hill District 8,150
Shaukiwan, Saiwanho and Quarry Bay 9,700
Hongkong Villages 36,924
Kowloon Point 124,615
Yaumati 86,705
Mongkoktsui 79,630
Hunghom and Hok Un 40,285
Kowloon Villages 15,606
New Territories 13,546
The rateable value of the whole Colony amounted to $18,696,660 having increased by $1,287,701.
During the period 1912-1921 the assessment of the whole Colony has risen from $12,312,306 to $18,696,660, an increase in rateable value of $6,384,354.
The circulation on the 31st December of notes of the three Banks having authorised issues was as follows:-
Hongkong & Shanghai Banking Corporation $40,395,225
Chartered Bank of India, Australia, & China 9,074,137
Mercantile Bank of India, Limited 1,321,503
$ 50,790,865
The 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 $20,789,370 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