31. The Share Market has benefitted from the general improvement of conditions, the steadiness of exchange and easiness of money. Activity of almost boom proportions was seen in March in the gold share market in Manila and continued until November. Prices then fell heavily but have since recovered considerably. This boom led to comparative neglect of the local market but some of the profits of speculators were reinvested in shares of local companies. Towards the end of the year there was a noticeable firmness in the local market.
32. There were no bank failures during 1936 such as were witnessed in 1935. Money has been plentiful at easy rates of interest and while purely speculative business in sterling exchange has now been eliminated causing a considerable decline in local banking profits, the banking interests of the Colony continue on a sound basis.
THE TREASURY,
HONG KONG,
12th April, 1937.
W. J. CARRIE,
Colonial Treasurer.