—A (1) 23 –
NOTE CIRCULATION.
20. 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 $131,755,918 $19,848,496 Chartered Bank of India, Australia and China $132,750,000 $8,300,000 Mercantile Bank of India, Ltd. $1,996,993 $1,350,000 Total $153,601,407 $142,400,000EXCHANGE.
21. The average monthly rates for sterling and Shanghai dollars were as follows
Sterling Shanghai Dollars January 1/5 110 February 1/5 5/16 110 March 1/6 110 1/8 April 1/5 1/8 110 3/8 May 1/4 1/2 110 1/8 June 1/5 5/16 109 3/8 July 1/5 1/2 109 15/16 August 1/6 1/16 109 13/16 September 1/6 5/8 109 3/8 October 1/7 1/8 114 3/16 November 1/7 1/16 120 December 1/8 1/8 120 13/16The opening rate of the year on January 2nd was 1/5 d., the closing rate on December 31st was 1/8 1/8 d. The lowest rate quoted during the year was 1/4 1/2 on 3rd May and the highest rate 1/8 on the 14th December.
GENERAL
22. The estimates for the year were based on $1=1s./3d. and a deficit of $1,711,070 was estimated for. The final figures for the year, however, showed a deficit of $1,574,870. Revenue decreased by $2,157,339 and Expenditure decreased by $2,293,539 when compared with the original estimates. The monthly rates for sterling are shown in the preceding paragraph from which it will be seen that on no occasion did the dollar drop below 1/4 while the average rate throughout the year was 1/6 1/16. Large savings were made under Personal Emoluments when compared with the Estimates, provision being made for $12,955,767 but only $11,213,115 was expended.