(d) 1 cent copper coins.
57
(e) .800 fine silver sub-coin (10 cent and 5 cent pieces, and a few 50 and 20 cent pieces), which has either remained in circulation in the Colony or filters back into it from the mainland of China, is still legal tender in the Colony. Sub-coin is legal tender only up to an amount of $2.00.
The currency situation remained stable during the year. The fluctuations in the exchange rate, controlled by the Exchange Fund, were small. The official rate quoted by the Hong Kong & Shanghai Banking Corporation for the sale of sterling varied between a maximum of 1/2¾ and a minimum of 1/2¼ on the 20th of March. For eight months of the year the quotation was at the maximum rate. The fall in exchange in the Spring was due to the temporary disturbance caused by the sharp decline in the value of the Shanghai dollar which commenced then. Market rates were, in general, somewhat higher than the official rates quoted above.
The weights and measures in use in the Colony are defined in the Schedule to Ordinance No. 2 of 1885. They consist of the standards in the United Kingdom and of the following Chinese Weights and Measures:-
1 fan (candareen) = 0.0133 ounces avoirdupois.
1 tsin (mace) = 0.133 ounces avoirdupois.
1 leung (tael) = 1.33 ounces avoirdupois.
1 kan (catty) = 1.33 pounds avoirdupois.
1 tam (picul) = 133.33 pounds avoirdupois.
1 chek (foot) = 14⅗ English inches divided into 10 tsun (inches) and each tsun into ten fan or tenths.
Chapter XVI.
PUBLIC FINANCE AND TAXATION.
The following tables show the Revenue and Expenditure for the five years 1934 to 1938 inclusive.
Revenue Expenditure Surplus Deficit 1934 $29,574,286 $31,149,156 $1,574,870 1935 28,430,550 28,291,636 $138,914 1936 30,042,984 29,513,520 329,464 1937 33,196,368 32,111,222 1,085,146 1938 36,735,854 37,175,897 440,043The estimates for 1938 provided for a deficit of $3,124,629, revenue being put at $30,254,920 and expenditure at $33,379,549. No new or increased taxes were imposed during the year. The increase in revenue was due to the diversion of a large proportion of China's trade to ports trading through Hong Kong, which continued through the greater part of 1938, and to the general increase of the Colony's population owing to an influx of refugees which reached its maximum in the latter months of the year. The effect of this increase in population is most clearly seen in the receipts from rates and from import, betting and entertainment duties.
The situation in China and its direct or indirect repercussions on the Colony, particularly as regards emergency relief and two epidemics of disease, were responsible for the large proportion of the increase in expenditure. A new system of accounting, directed by the Secretary of State, and a revision of the method of
Page 60
Page 61
(d) 1 cent copper coins.
57
(e) .800 fine siver sub-coin (10 cent and 5 cent pieces, and a few 50 and 20 cent pieces), which has either remained in circulation in the Colony or filters back into it from the mainland of China, is still legal tender in the Colony. Sub-coin is legal tender only up to an amount of $2.00.
The currency situation remained stable during the year. The fluctuations in the exchange rate, controlled by the Exchange Fund, were small. The official rate quoted by the Hong Kong & Shanghai Banking Corporation for the sale of sterling varied between a maximum of 1/23 and a minimuin of 1/21 on the 20th of March. For eight months of the year the quotation was at the maximum rate. The fall in exchange in the Spring was due to the temporary disturbance caused by the sharp decline in the value of the Shanghai dollar which commenced then. Market rates were, in general, somewhat higher than the official rates quoted above.
The weights and measures in use in the Colony are defined in the Schedule to Ordinance No. 2 of 1885. They consist of the standards in the United Kingdom and of the following Chinese Weights and Measures:-
1 fan (candareen)
1 tsin (mace)
1 leung (tael)
1 kan (catty)
0.0133 ounces avoirdupois.
.133 ounces avoirdupois.
1.33
ounces avoirdupois.
1.33 pounds avoirdupois.
1 tam (picul)
1 check (foot)
=
133.33
pounds avoirdupois.
14ğ Engllish inches divided into 10 tsun (inches) and each tsun into ten fan or tenths.
Chapter XVI.
PUBLIC FINANCE AND TAXATION.
The following tables show the Revenue and Expenditure for the five years 1934 to 1938 inclusive.
1934.
1935..
1936.....
Revenue. Expenditure.
Surplus.
.$29,574,286 $31,149,156
Deficit.
$1,574,870
28,430,550 28,291,636 $ 138,194
30,042,984 29,513,520 329,464
1937...
1938...
33,196,368 32,111,222 1,085,146 36,735,854
37,175,897
440,043
The estimates for 1938 provided for a deficit of $3,124,629, revenue being put at $30,254,920 and expenditure at $33,379,549. No new or increased taxes were imposed during the year. The increase in revenue was due to the diversion of a large proportion of China's trade to ports trading through Hong Kong, which continued through the greater part of 1938, and to the general increase of the Colony's population owing to an influx of refugees which reached its maximum in the latter months of the year. The effect of this increase in population is most clearly seen in the receipts from rates and from import, betting and entertainment duties.)
(The situation in China and its direct or indirect repercussions on the Colony, particularly as regards emergency relief and two epidemics of disease, were res- ponsible for the large proportion of the increase in expenditure. A new system of accounting, directed by the Secretary of State, and a revision of the method of
Page 60Page 61
No comments yet.
Private notes are available after approval.