A 19
Ordinance No. 11 of 1934 governs this issue and authorises the Governor to borrow up to a total of $25,000,000. The total public debt of the Colony on 31st December, 1935, amounted to $18,278,000—equal to about 9 months revenue as things are at present.
NOTE CIRCULATION.
20. The local circulation of notes and Government Certificates of Indebtedness for the three banks having authorised issues were as follows at 31st December:
Notes in Circulation. Government Certificates of Indebtedness. Hong Kong and Shanghai Banking Corporation $112,322,143 $109,124,607.20 Chartered Bank of India, Australia and China 21,763,985 2,131,162 Mercantile Bank of India, Ltd. 8,300,000.00 1,151,200.00 Total $136,217,290 $118,575,807.20Under the authority of Ordinance No. 42 of 1935 the Government on the 11th November commenced issuing $1 notes and on the 31st December, 1935, $1,280,000 were in circulation.
EXCHANGE.
21. The average monthly rates for sterling and Shanghai dollars were as follows:
Shanghai dollars January 1/8 923 121.038 February 1/9 551 118.534 March 1/11 788 121.077 April 2/1 777 130.674 May 2/4 721 140.731 June 2/3 636 139.696 July 2/1 476 134.577 August 2/0 034 134.077 September 2/0 131.208 October 1/11 837 134.731 November 1/5 840 114.600 December 1/3 872 109.438The opening rate of the year on January 2nd was 1/8 d., the closing rate on December 31st was 1/3¾d. The lowest rate quoted during the year was 1/3¾ on 13th December and the highest rate 2/6 on the 27th April.