AnnualReport-1935 — Page 80

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34. The real progress that Hong Kong made latterly was in banking and finance. Bullion operations on a fluctuating exchange created arbitrage markets in Hong Kong and Shanghai comparable only with New York, Paris and London. There are twenty-two banks actively engaged in Foreign Exchange in Hong Kong—this without considering a great number of Chinese native banks dealing indirectly in bullion operations. There are more banks in Hong Kong than in Calcutta, or Bombay, or Singapore. The increase in their number within recent years is due principally to a feeling of unrest with banking conditions in China. Exchange operators have greater confidence in the security of the fiscal policy of this Colony. There can be no doubt that the "management" of the Dollar will very seriously affect the business of these Exchange Banks. Interbank operations, that have hitherto accounted for, say, seventy per cent of our immense banking turnover, have come almost to a standstill. Outport orders for covering operations have ceased, and banks consequently are almost idle.

35. Trade returns for the past three years are here tabulated for comparison:

IMPORTS (excluding Treasure) EXPORTS (excluding Treasure) 1933 $500,938,794 1933 $403,092,170 1934 $415,918,522 1934 $325,104,653 1935 $364,989,519 1935 $271,033,363

These figures call for no comment, as they merely reflect the general trade depression. Also, as they are subject to the wide fluctuations in exchange, deductions from them must be largely empirical.

36. Steady exchange at a low level has had a generally stimulating effect on the share market. Investors have more confidence, and with ample capital available in the Colony and public utility companies showing good returns a distinct revival of interest is evident and prospects are better than they have been for some time past. Property values are slower in recovery, but probably only comparatively so, having regard to the fantastic over-valuations a few years ago. Bank notes in circulation show the following decline:

December 1933 $157 millions December 1934 $153 millions December 1935 $136 millions

To the last mentioned figure must be added Government Notes in circulation totalling $1,280,000.

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34. The real progress that Hong Kong made latterly was in banking and finance. Bullion operations on a fluctuating exchange created arbitrage markets in Hong Kong and Shanghai comparable only with New York, Paris and London. There are twenty-two banks actively engaged in Foreign Exchange in Hong Kong—this without considering a great number of Chinese native banks dealing indirectly in bullion operations. There are more banks in Hong Kong than in Calcutta, or Bombay, or Singapore. The increase in their number within recent years is due principally to a feeling of unrest with banking conditions in China. Exchange operators have greater confidence in the security of the fiscal policy of this Colony. There can be no doubt that the "management" of the Dollar will very seriously affect the business of these Exchange Banks. Interbank operations, that have hitherto accounted for, say, seventy per cent of our immense banking turnover, have come almost to a standstill. Outport orders for covering operations have ceased, and banks consequently are almost idle. 35. Trade returns for the past three years are here tabulated for comparison: IMPORTS (excluding Treasure) EXPORTS (excluding Treasure) 1933 $500,938,794 1933 $403,092,170 1934 $415,918,522 1934 $325,104,653 1935 $364,989,519 1935 $271,033,363 These figures call for no comment, as they merely reflect the general trade depression. Also, as they are subject to the wide fluctuations in exchange, deductions from them must be largely empirical. 36. Steady exchange at a low level has had a generally stimulating effect on the share market. Investors have more confidence, and with ample capital available in the Colony and public utility companies showing good returns a distinct revival of interest is evident and prospects are better than they have been for some time past. Property values are slower in recovery, but probably only comparatively so, having regard to the fantastic over-valuations a few years ago. Bank notes in circulation show the following decline: December 1933 $157 millions December 1934 $153 millions December 1935 $136 millions To the last mentioned figure must be added Government Notes in circulation totalling $1,280,000.
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A 23 34. The real progress that Hong Kong made latterly was in banking and finance. Bullion operations on a fluctuating exchange created arbitrage markets in Hong Kong and Shanghai comparable only with New York, Paris and London. There are twenty-two banks actively engaged in Foreign Exchange in Hong Kong-this without considering a great number of Chinese native banks dealing indirectly in bullion operations. There are more banks in Hong Kong than in Calcutta, or Bombay, or Singapore. The increase in their number within recent years is due principally to a feeling of unrest with banking conditions in China. Exchange operators have greater confidence in the security of the fiscal policy of this Colony. There can be no doubt that the "management" of the Dollar will very seriously affect the business of these Exchange Banks. Interbank operations, that have hitherto accounted for, say, seventy per cent of our immense banking turnover, have come almost to a standstill. Outport orders for covering operations have ceased, and banks consequently are almost idle. 35. Trade returns for the past three years are here tabulated for comparison:- IMPORTS (excluding Treasure) EXPORTS (excluding Treasure) 1933 $500,938,794 1933 $403,092,170 1934 1934 325,104,653 1935 1935 271,033,363 415,918,522 364,989,519 These figures call for no comment, as they merely reflect the general trade depression. Also, as they are subject to the wide fluctuations in exchange, deductions from them must be largely empirical. 36. Steady exchange at a low level has had a generally stimulating effect on the share market. Investors have more con- fidence, and with ample capital available in the Colony and public utility companies showing good returns a distinct revival of interest is evident and prospects are better than they have been for some time past. Property values are slower in recovery, but probably only comparatively so, having regard to the fantastic over-valuations a few years ago. Bank notes in circulation show the following decline: December 1933 $157 millions December 1934 $153 millions December 1935 $136 millions To the last mentioned figure must be added Government Notes in circulation totalling $1,280,000.
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A 23

34. The real progress that Hong Kong made latterly was in banking and finance. Bullion operations on a fluctuating exchange created arbitrage markets in Hong Kong and Shanghai comparable only with New York, Paris and London. There are twenty-two banks actively engaged in Foreign Exchange in Hong Kong-this without considering a great number of Chinese native banks dealing indirectly in bullion operations. There are more banks in Hong Kong than in Calcutta, or Bombay, or Singapore. The increase in their number within recent years is due principally to a feeling of unrest with banking conditions in China. Exchange operators have greater confidence in the security of the fiscal policy of this Colony. There can be no doubt that the "management" of the Dollar will very seriously affect the business of these Exchange Banks. Interbank operations, that have hitherto accounted for, say, seventy per cent of our immense banking turnover, have come almost to a standstill. Outport orders for covering operations have ceased, and banks consequently are almost idle.

35. Trade returns for the past three years are here tabulated for comparison:-

IMPORTS (excluding Treasure)

EXPORTS (excluding Treasure)

1933

$500,938,794

1933

$403,092,170

1934

1934

325,104,653

1935

1935

271,033,363

415,918,522

364,989,519

These figures call for no comment, as they merely reflect the general trade depression. Also, as they are subject to the wide fluctuations in exchange, deductions from them must be largely empirical.

36. Steady exchange at a low level has had a generally stimulating effect on the share market. Investors have more con- fidence, and with ample capital available in the Colony and public utility companies showing good returns a distinct revival of interest is evident and prospects are better than they have been for some time past. Property values are slower in recovery, but probably only comparatively so, having regard to the fantastic over-valuations a few years ago. Bank notes in circulation show the following decline:

December 1933

$157 millions

December 1934

$153 millions

December 1935

$136 millions

To the last mentioned figure must be added Government Notes in circulation totalling $1,280,000.

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