11. Statements of the position of the Exchange Fund were made in accordance with the now established practice, on the 30th June, 1938, and the 6th January, 1939, showing the position of the Fund at 31st December, 1937, and 30th June, 1938, respectively. The figures of the Certificates of Indebtedness outstanding and the total assets of the Fund were as follows :-
Certificates of Indebtedness (in sterling, converted at middle market rates). Assets. December 31st, 1937 £11,394,969 £11,914,806 June 30th, 1938 £12,313,938 £13,012,87212. Reference was made in last year's report to the advantages which had been experienced as the result of the steadiness of the exchange and the system of managed currency. During 1938 these advantages continued to be enjoyed and no difficulty was experienced in maintaining the Hong Kong dollar at a steady rate of exchange on sterling when the decline in value of the Chinese dollar already referred to took place. It appeared then to be the general desire of the business community that no attempt should be made to make the Hong Kong dollar follow the Chinese dollar.
13. Subsidiary Coinage. The withdrawal of cupro-nickel 10¢ and 5¢ coins and the substitution of the new security rim nickel coins introduced towards the end of 1937 has been continued and the following amounts of subsidiary coins were in circulation on 31st December, 1938, in addition to small quantities of silver coins.
Cupro-nickel 10¢ 5¢ Nickel security rim 10¢ 5¢ $ 570,000 50,000 1,632,500 174,500## ADMINISTRATION
14. During the year a separate Stores Department in charge of a Controller of Stores, acting under the Financial Secretary, was created, taking over the central stores work previously undertaken by the Public Works Department. No increase of staff was involved, staff being transferred from the Public Works Department.
15. Reports by the Accountant-General on the Accounts for 1938 and by the Assessor, the Superintendent of Inland Revenue and the Controller of Stores on their departments are appended.
Hong Kong 7th March, 1939.
S. CAINE, Financial Secretary.
- A 4
11. Statements of the position of the Exchange Fund were made in accordance with the now established practice, on the 30th June, 1938, and the 6th January, 1939, showing the position of the Fund at 31st December, 1937, and 30th June, 1938, respectively. The figures of the Certificates of Indebtedness outstanding and the total assets of the Fund were as follows :-
Certificates of
Indebtedness (in sterling, converted at middle market rates).
Assets.
December 31st, 1937
June 30th, 1938
£11,394,969
£12,313,938
£11,914,806
£13,012,872
12. Reference was made in last year's report to the advantages which had been experienced as the result of the steadiness of the exchange and the system of managed currency. During 1938 these advantages continued to be enjoyed and no difficulty was experienced in maintaining the Hong Kong dollar at a steady rate of exchange on sterling when the decline in value of the Chinese dollar already referred to took place. It appeared then to be the general desire of the business community that no attempt should be made to make the Hong Kong dollar follow the Chinese dollar.
13. Subsidiary Coinage. The withdrawal of cupro-nickel 10¢. and 54. coins and the substitution of the new security rim nickel coins introduced towards the end of 1937 has been continued and the following amounts of subsidiary coins were in circulation on 31st December, 1938, in addition to small quantities of silver coins.
Cupro-nickel 10¢.
54.
Nickel security rim 104.
و,
}}
54.
$39
570,000
50,000
1,632,500
174,500
4.
ADMINISTRATION.
14. During the year a separate Stores Department in charge of a Controller of Stores, acting under the Financial Secretary, was created, taking over the central stores work previously undertaken by the Public Works Department. No increase of staff was involved, staff being transferred from the Public Works Department.
15. Reports by the Accountant-General on the Accounts for 1938 and by the Assessor, the Superintendent of Inland Revenue and the Controller of Stores on their departments are appended.
Hong Kong 7th March, 1939.
S. CAINE, Financial Secretary.
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