A 39
NOTE CIRCULATION.
20. The average amount of Bank Notes in circulation and of Government Certificates of Indebtedness held by the three banks against their authorized issues during the month ending 31st December were as follows:
Notes in Circulation. Government Certificates of Indebtedness. Hong Kong and Shanghai Banking Corporation $124,863,771 $22,756,888 Chartered Bank of India, Australia and China $4,091,508 $8,300,000.00 Mercantile Bank of India, Ltd. $2,769,540.00 Total $151,712,167 $152,556,579.00Under the authority of Ordinance No. 42 of 1935 the Government on the 11th November, 1935, commenced issuing $1 notes and on the 31st December, 1936, $2,300,000 were in circulation.
EXCHANGE.
21. The average monthly rates for sterling and Shanghai dollars were as follows:—
Sterling. Shanghai Dollar. January 1/3.461 106.260 February 1/3.500 106.900 March 1/3.495 106.933 April 1/3.609 107.652 May 1/3.560 107.606 June 1/3.310 106.500 July 1/3.202 105.649 August 1/2.813 102.625 September 1/2.778 102.785 October 1/2.798 102.6125 November 1/2.845 102.161 December 1/2.883 102.182The opening rate of the year on January 2nd was 1/3 d., the closing rate on December 31st was 1/27. The lowest rate quoted during the year was 1/2 on 9th September, and the highest rate 1/3 on the 4th April.