AnnualReport-1935 — Page 76

Administrative Reports 行政報告書 All AI Reviewed

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 $118,575,807.20

Under 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 1/3 872 109.438

The 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.

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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 $118,575,807.20 Under 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 1/3 872 109.438 The 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.

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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 Certi- ficates of Indebtedness for the three banks having authorized issues were as follows at 31st December:- Notes in Circulation. Government Certificates of Indebtedness. Hong Kong and Shanghai Banking Corporation Chartered Bank of India, Aus- tralia and China Mercantile Bank of India, Ltd. Total $112,322,143 $109,124,607.20 21,763,985 2,131,162 8,300,000.00 1,151,200.00 $136,217,290 $118,575,807.20 Under 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:- 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 .1/3 872 109.438 The opening rate of the year on January 2nd was 1/8 d., the closing rate on December 31st was 1/33. The lowest rate quoted during the year was 1/33 on 13th December and the highest rate 2/6 on the 27th April.

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A 19

present.

NOTE CIRCULATION.

20. The local circulation of notes and Government Certi- ficates of Indebtedness for the three banks having authorized issues were as follows at 31st December:-

Notes in Circulation.

Government Certificates of Indebtedness.

Hong Kong and Shanghai Banking

Corporation

Chartered Bank of India, Aus-

tralia and China

Mercantile Bank of India, Ltd.

Total

$112,322,143 $109,124,607.20

21,763,985

2,131,162

8,300,000.00

1,151,200.00

$136,217,290 $118,575,807.20

Under 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:-

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

109.438

The opening rate of the year on January 2nd was 1/8 d., the closing rate on December 31st was 1/33. The lowest rate quoted during the year was 1/33 on 13th December and the highest rate 2/6 on the 27th April.

AnnualReport-1935 — Page 76

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