Hong Kong Annual Administration Reports, 1841–1941
COLONIAL REPORTS—ANNUAL.
XII-GENERAL OBSERVATIONS.
The assessment made in July, 1907, for the year 1907-8 was adopted for the year 1908-9, the difference in rateable value being the result of interim-assessments and appeals. The rateable value of the whole Colony increased by 0.93 per cent. In the City of Victoria, the Hill District, Shaukiwan, the Hong Kong villages, Mongkoktsui, and the Kowloon villages there was an increase ranging from 0.84 per cent. to 2.92 per cent. In Kowloon Point and Yaumati there was a decrease of 1.21 per cent. and 1.45 per cent. respectively. New Kowloon showed an increase of 0.77 per cent. Notices of appeal were given against the assessments of 249 tenements with an aggregate rateable value of $452,180. The Court ordered reductions amounting to $36,195.
Throughout the year negotiations were in progress between this Government and the Chinese authorities, both at Canton and at Peking, on the subject of the loss and inconvenience caused by the depreciation of the Colony's subsidiary currency owing to the over-issue of small coins by the Mint in Canton, which circulate freely in the Colony at a heavy discount and cause the legal (subsidiary) currency to fall to a nearly corresponding discount. This Government adopted the expedient of withdrawing from circulation $780,000 of subsidiary silver coin and $30,000 of bronze coin. These coins were shipped to London where they were melted down and sold as bullion for £60,501 1s. 4d. and £1,190 1s. respectively. Up to the close of the year the negotiations with the Chinese Government had not produced any satisfactory result. The average annual loss to revenue from this source as calculated for the last three years has been $184,204, including the loss by demonetization of unissued stocks. The average loss on the same period, which would have been incurred by payment of discount instead of demonetization, was $26,777.
The rate of exchange fell from over 2s. to the dollar at the end of 1907 to an average throughout the year of 1s. 9.6d. This involved considerable loss to Government and disorganised the budget which had been calculated on a basis of 2s. for salaries and 2s. 1d. for other items.
Piracy in the Canton Delta was much less rife than it has been during recent years.
Mr. R. Mansfield, Consul-General at Canton, handed over charge of the Consulate to Mr. H. H. Fox on the 1st June.
Mr. H. N. Mody generously offered to present the Colony with the buildings necessary to start a university. His original offer was to give a sum of $150,000 for this purpose and a further sum of $30,000 towards endowment. Plans of the necessary buildings were prepared and, as the Director of Public Works estimated that the buildings proposed would not cost less than $290,000, Mr. Mody undertook to provide them in accordance with the plans which he had approved, no matter what the cost might be, stipulating, however, that he should use on the buildings the $30,000 originally given for endowment, if it should be required.
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Hong Kong Annual Administration Reports, 1841–1941
COLONIAL KEPORTS—ÄNNUAL.
XII-GENERAL OBSERVATIONS.
The assessment made in July, 1907, for the year 1907-8 was adopted for the year 1908-9, the difference in rateable value being the result of interim-assessments and appeals. The rate- able value of the whole Colony increased by 0'93 per cent. In the City of Victoria, the Hill District, Shaukiwan, the Hong Kong villages, Mongkoktsui, and the Kowloon villages there was an increase ranging from 084 per cent. to 292 per cent. In Kowloon Point and Yaumati there was a decrease of 1.21 per cent. and 145 per cent. respectively. New Kowloon showed an in- crease of 0.77 per cent. Notices of appeal were given against the assessments of 249 tenements with an aggregate rateable value of $452,180. The Court ordered reductions amounting to $36,195.
Throughout the year negotiations were in progress between this Government and the Chinese authorities, both at Canton and at Peking, on the subject of the loss and inconvenience caused by the depreciation of the Colony's subsidiary currency owing to the over-issue of small coins by the Mint in Canton, which circulate freely in the Colony at a heavy discount and cause the legal (sub- sidiary) currency to fall to a nearly corresponding discount. This Governinent adopted the expedient of withdrawing from circulation $780,000 of subsidiary silver coin and $30,000 of bronze coin. These coins were shipped to London where they were melted down and sold as bullion for £60,501 1s. 4d, and £1,190 1s. respectively. Up to the close of the year the nego- tiations with the Chinese Government had not produced any satis- factory result. The average annual loss to revenue from this source as calculated for the last three years has been $184,204, including the loss by demonetization of unissued stocks. The average loss on the same period, which would have been incurred by payment of discount instead of demonetization, was $26,777.
The rate of exchange fell from over 2s. to the dollar at the end of 1907 to an average throughout the year of ls. 9'6d. This involved considerable loss to Government and disorganised the budget which had been calculated on a basis of 2s. for salaries and 2s. 1d. for other items.
Piracy in the Canton Delta was much less rife than it has been during recent years.
Mr. R. Mansfield, Consul-General at Canton, handed over charge of the Consulate to Mr. H. H. Fox on the 1st June.
Mr. H. N. Mody generously offered to present the Colony with the buildings necessary to start a university. His original offer was to give a sum of $150,000 for this purpose and a further sum of $30,000 towards endowment. Plans of the necessary buildings were prepared and, as the Director of Public Works estimated that the buildings proposed would not cost less than $290,000, Mr. Mody undertook to provide them in accordance with the plans which he had approved, no matter what the cost might be, stipulating, however, that he should use on the buildings the $30,000 originally given for endowment, if it should be required..
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