The amount of the consolidated loan stands at £1,485,733. Against this there is at credit of the Sinking Fund a sum of £533,787. The Local Loan under Ordinance No. 12 of 1916 amounts to $3,000,000 and there are the sums of $1,834,927 and £120,653 at credit of the Sinking Fund.
A new valuation for Assessment was made for the year commencing 1st July, 1926, resulting as follows:-
Increases :-
The City of Victoria. $701,338 The Hill District 13,940 ... 88,567 ... 5,380 ... 6,115 ... 2,530 ... 8,212 Hong Kong Villages ... Yaumati ... Mongkok tsui ... Hunghom and Hok Un ... Kowloon Villages. ...Decreases :-
New Territories $48,555 Shaukiwan, Saiwanho and Quarry Bay 36,317 Kowloon Point 30,835The rateable value of the whole Colony amounted to $27,998,237 having increased by $710,357.
During the period 1917-1926 the assessment of the whole Colony has risen from $14,410,153 to $27,998,237, an increase in rateable value of $13,588,084.
The circulation on the 31st December of notes of the three Banks having authorised issues was as follows:-
Hong Kong & Shanghai Banking Corporation $50,842,258 Chartered Bank of India, Australia, & China 15,612,909 Mercantile Bank of India, Limited 1,730,584 Total $68,185,751The 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 $17,914,370 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 Hong Kong coin minted largely in excess of the needs of the Colony by itself. In 1905 the Hong Kong 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