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The amount of the consolidated loan stands at £1,485,733. Against this there is at credit of the Sinking Fund a sum of £432,592. The Local Loan under Ordinance No. 12 of 1916 amounts to $3,000,000 and there are the sums of $1,176,086 and £98,441 at credit of the Sinking Fund.
A new valuation for Assessment was made for the year commencing 1st July, 1923, resulting as follows:-
Increases
The City of Victoria $716,360 The Hill District 21,465 Shaukiwan, Saiwanho and Quarry Bay 18,555 Hongkong Villages 94,909 Kowloon Point 79,110 Yaumati 125,165 Mongkoktsui 40,600 Hunghom and Hok Un 31,995 Kowloon Villages ... 3,890 New Territories 121,722The rateable value of the whole Colony amounted to $21,059,700 having increased by $1,253,771.
During the period 1914-1923 the assessment of the whole Colony has risen from $14,410,103 to $21,059,700, an increase in rateable value of $6,649,597.
The circulation on the 31st December of notes of the three Banks having authorised issues was as follows:-
Hongkong & Shanghai Banking Corporation $44,681,129 Chartered Bank of India, Australia, & China 12,837,330 Mercantile Bank of India, Limited 1,455,649 $58,974,108The 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 $17,814,370 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