24. The revenue from Stamp Duties was $2,136,943 as compared with an estimate of $1,900,000, and was $169,292 up on the previous year's collection. Estate Duties produced $1,352,890, an increase of $341,281 over 1935. The receipts from Water Excess Supply and Meter Rents exceeded the estimate by $272,520, but were $345,458 below the receipts for 1935; this was mainly due to the reduction in cost from 75 to 50 cents per thousand gallons together with a discount of 15% granted to those who pay their accounts within 14 days.
25. The year 1936 will always be remembered as the first year of the working of the Exchange Fund established under the Currency Ordinance No. 54 of 1935, which called in all silver coin in circulation and set up the system which now regulates the exchange value of the Hong Kong dollar.
26. The legal tender of the Colony is now as follows:-
(a) Bank notes, the excess of which over the fiduciary issue, is backed by Government Certificates of Indebtedness in accordance with the Currency Ordinance.
(b) Government $1 notes, of which $2,300,000 have been issued.
(c) 10 cent and 5 cent cupro-nickel coins.
(d) 1 cent copper coins.
(e) Silver dollars and .800 fine silver sub-coin (10 cent and 5 cent pieces, and a few 50 and 20 cent pieces) which have either remained in circulation in the Colony or filter back into it from the mainland of China, are still legal tender in the Colony (sub coin only up to an amount of $2).
Bank notes in circulation have fluctuated as follows:-
December Millions 1933 157 1934 153 1935 136 1936 151.10To the 1935 figure must be added Government notes in circulation totalling $1,280,000 and to the 1936 figure $2,300,000.
27. The working of the Exchange Fund presented no serious difficulty throughout the year and exchange remained comparatively steady as is shown in paragraph 21.
28. It will be remembered that on 3rd November, 1935, the Chinese Government proclaimed the nationalisation of silver throughout the country and adopted a policy of a managed currency at the then prevailing rate of 1/2. The adoption of a similar managed currency in Hong Kong is directly attributable
- A 41 -
24. The revenue from Stamp Duties was $2,136,943 as compared with an estimate of $1,900,000, and was $169,292 up on the previous year's collection. Estate Duties produced $1,352,890, an increase of $341,281 over 1935. The receipts from Water Excess Supply and Meter Rents exceeded the estimate by $272,520, but were $345,458 below the receipts for 1935; this was mainly due to the reduction in cost from 75 to 50 cents per thousand gallons together with a discount of 15% granted to those who pay their accounts within 14 days.
25. The year 1936 will always be remembered as the first year of the working of the Exchange Fund established under the Currency Ordinance No. 54 of 1935, which called in all silver coin in circulation and set up the system which now regulates the exchange value of the Hong Kong dollar.
26. The legal tender of the Colony is now as follows:-
(a) Bank notes, the excess of which over the fiduciary issue, is backed by Government Certificates of Indebtedness in accordance with the Currency Ordinance.
(b) Government $1 notes, of which $2,300,000 have
been issued.
(c) 10 cent and 5 cent cupro-nickel coins.
(d) 1 cent copper coins.
(e) Silver dollars and .800 fine silver sub-coin (10 cent and 5 cent pieces, and a few 50 and 20 cent pieces) which have either remained in circulation in the Colony or filter back into it from the mainland of China, are still legal tender in the Colony (sub coin only up to an amount of $2).
Bank notes in circulation have fluctuated in follows:-
December
Millions
1933
1934
1935
1936
1571
153
1361
151-10
To the 1935 figure must be added Government notes in circulation totalling $1,280,000 and to the 1936 figure $2,300,000.
27. The working of the Exchange Fund presented no serious difficulty throughout the year and exchange remained com. paratively steady as is shown in paragraph 21.
28. It will be remembered that on 3rd November, 1935, the Chinese Government proclaimed the nationalisation of silver throughout the country and adopted a policy of a managed currency at the then prevailing rate of 1/2. The adoption of a similar managed currency in Hong Kong is directly attributable
No comments yet.
Private notes are available after approval.