36
24. Communication between the island and the mainland is maintained by a number of ferry services; the most important of which are the Star Ferry between Kowloon Point and a pier near the General Post Office, and the combined vehicular and passenger service of the Hong Kong and Yaumati Ferry Company between Jordan Road, Kowloon, and Jubilee Street, Victoria.
# Chapter XI
## BANKING, CURRENCY, WEIGHTS & MEASURES
The Colony is well served by banking institutions, including branches of English, American, French, Netherlands, Japanese and Chinese banks. Besides the fourteen banks which are members of the Clearing House, there are several Chinese Banks and many native Hongs do some banking business. There are no banks which devote themselves specially to agricultural and co-operative banking. The Hong Kong and Shanghai Banking Corporation also conducts the business of the Hong Kong Savings Bank on usual savings bank principles. The credit and repute of the Colony's financial institutions are high and it is satisfactory to know that ample encouragement and support are available to finance any possible demand.
2. The Currency of the Colony which was formerly based on silver underwent very important changes at the end of 1935. The unit of currency is the Hong Kong dollar, divided into 100 cents. Under the former regime its exchange value fluctuated with the price of silver; but since the passing of the Currency Ordinance 1935, on the 5th December, 1935, the value of the dollar is controlled by an Exchange Fund, which has power to buy and sell foreign exchange, and has taken over the silver formerly held against their issues by the note-issuing banks, in return for certificates of indebtedness against which the Fund may hold bullion, foreign exchange or approved securities. At the 30th June, 1937 (the latest date for which figures have been made public) the Fund had issued Certificates of Indebtedness to the value of $152,652,579 equivalent to £9,342,020 at the middle market rate on that day, 1/2; and the total assets of the Fund amounted to £10,316,240.
The legal tender currency of the Colony is now as follows:--
(a) Bank notes, the excess of which over the fiduciary issue of each bank is now backed by certificates, not by silver as formerly:-
At 31.12.37.
(i) Chartered Bank of India, Australia & China ... $25,172,604
36
24. Communication between the island and the mainland is maintained by a number of ferry services; the most important of which are the Star Ferry between Kowloon Point and a pier near the General Post Office, and the combined vehicular and passenger service of the Hong Kong and Yaumati Ferry Com- pany between Jordan Road, Kowloon, and Jubilee Street, Victoria.
Chapter XI.
BANKING, CURRENCY, WEIGHTS & MEASUres.
The Colony is well served by banking institutions, including branches of English, American, French, Netherlands, Japanese and Chinese banks. Besides the fourteen banks which are members of the Clearing House, there
there are
are several Chinese Banks and many native Hongs do some banking business. There are no banks which devote themselves specially to agricultural and co-operative banking. The Hong Kong and Shanghai Banking Corporation also conducts the business of the Hong Kong Savings Bank on usual savings bank principles. The credit and repute of the Colony's financial institutions are high and it is satisfactory to know that ample encouragement and support are available to finance any possible demand.
2. The Currency of the Colony which was formerly based on silver underwent very important changes at the end of 1935. The unit of currency is the Hong Kong dollar, divided into 100 cents. Under the former regime its exchange value fluctuated with the price of silver; but since the passing of the Currency Ordinance 1935, on the 5th December, 1935, the value of the dollar is controlled by an Exchange Fund, which has power to buy and sell foreign exchange, and has taken over the silver formerly held against their issues by the note-issuing banks, in return for certificates of indebtedness against which the Fund may hold bullion, foreign exchange or approved securities. At the 30th June, 1937 (the latest date for which figures have been made public) the Fund had issued Certificates of Indebtedness to the value of $152,652,579 equivalent to £9,342,020 at the middle market rate on that day, 1/2; and the total assets of the Fund amounted to £10,316,240..
The legal tender currency of the Colony is now as follows:--
(a) Bank notes, the excess of which over the fiduciary issue of each bank is now backed by certificates, not by silver as formerly:-
At 31.12.37.
(i) Chartered Bank of India, Australia & China ...$ 25,172,604
No comments yet.
Private notes are available after approval.