The amount of the consolidated loan stands at £1,485,733. Against this there is at credit of the Sinking Fund a sum of £494,783. The Local Loan under Ordinance No. 12 of 1916 amounts to $3,000,000 and there are the sums of $1,726,670 and £114,722 at credit of the Sinking Fund.
A new valuation for Assessment was made for the year commencing 1st July, 1925, resulting as follows:--
Increases :-
The City of Victoria $2,884,639 The Hill District 43,430 Shaukiwan, Saiwanho and Quarry Bay 107,825 Hong Kong Villages 314,000 Kowloon Point 346,276 Yaumati 591,140 Mongkoktsui 472,020 Hunghom and Hok Un 94,650 Kowloon Villages 32,401 New Territories 253,530The rateable value of the whole Colony amounted to $27,287,862 having increased by $5,139,911.
During the period 1916-1925 the assessment of the whole Colony has risen from $14,282,186 to $27,287,862, an increase in rateable value of $13,005,676.
The circulation on the 31st December of notes of the three Banks having authorised issues was as follows:-
Hong Kong & Shanghai Banking Corporation $45,332,993 Chartered Bank of India, Australia, & China 14,587,808 Mercantile Bank of India, Limited 1,459,875 $61,380,676The currency of the Colony consists, in addition to the notes of these Banks, of British, Hong Kong, 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 $17,889,370 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 1900 it began a policy of demonetising all its subsidiary coin received as revenue.
This policy