A (1) 20
## PUBLIC DEBT
23. The inscribed Stock Loans of 1893 and 1906 amounted to £1,485,733 and the Sinking Fund stood at £761,447 as against £719,664 at the end of 1930.
24. The Public Works Loan (Ordinance No. 14 of 1927) amounted to $4,927,000. $3,000,000 of this loan was issued locally at par on November 1st 1927. The second issue was made on November 1st 1928 at a premium of 3%—Bonds to the nominal value of $1,927,000 being allotted. The Sinking Fund amounted to £98,036 as against £75,749 at the end of 1930.
## NOTE CIRCULATION
25. The local circulation of notes and specie in Reserve of the three banks having authorized issues were as follows at 31st December:
Notes in Circulation Specie in Reserve Hong Kong & Shanghai Banking Corporation $128,738,801 $112,000,000 Chartered Bank of India Australia and China.... $22,483,681 $8,800,000 Mercantile Bank of India Limited $3,409,400 $1,350,000 Total. $154,631,882 $121,650,000## EXCHANGE
26. The average monthly rates for sterling and Shanghai taels were as follows:
Shanghai taels January 11.844 74.698 February 11.027 76.053 March 11.774 76.679 April 11.768 77.342 May 11.556 78.169 June 11.475 79.108 July 1/-.040 78.895 August 11.524 79.169 September 1/-.212 77.891 October 1/2.492 76.741 November 1/4.200 75.300 December 1/5.181 74.612