1904-1919
HONG KONG, 1916.
363
10
5
The rate of discount on Hong Kong subsidiary coin disappeared during 1916. It ranged from ten per cent. to par at the end of the year.
Bank notes also were at par value at the close of the year.
The total issue of subsidiary coins, less those demonetized, now amounts to $21,264,370 nominal value, and they were up to the year 1905 readily absorbed at par, large quantities being taken by the neighbouring provinces of China. During 1916 ten-cent pieces of the face value of $5,028,000 were shipped to England for purposes of demonetization. The discount which has prevailed since 1905 may be attributed to the immense quantity of similar coin which has latterly been minted at Canton as well as to the amount of Hong Kong coin minted largely in excess of the needs of the colony by itself. In 1905 the Hong Kong Government ceased to issue any subsidiary coin and in 1906 it began a policy of demonetizing all its subsidiary coin received as revenue. This policy has been continuously followed since except during a brief period in 1911. Coin to the face value of $22,735,459 has thus been redeemed. The total issue by the Hong Kong Government was of the face value of about $44,000,000.
II.-TRADE AND SHIPPING, INDUSTRIES, FISHERIES,
AGRICULTURE, AND LAND.
(a)-SHIPPING AND TRADE.
The total of the shipping entering and clearing at ports in the Colony during the year 1916 amounted to 642,794 vessels of 36,381,457 tons, which, compared with the figures for 1915, shows an increase of 11,192 vessels, with an increase of 2,496,538 tons.
Of vessels of European construction, 3,760 ocean steamers, 1 sailing ship, 4,669 river steamers, and 3,206 steam launches entered during the year, giving a daily average entry of 31.9 ships, as compared with 31.6 in 1915, and 32.4 in 1914.
The average tonnage of individual ocean vessels entering the port has decreased from 2,519.9 tons to 2,238.9 tons. That of British ships has decreased from 2,625 tons to 2,559.7 tons, while that of foreign ships has also decreased from 2,441.2 tons to 2,032.2 tons.
During the past twenty years the average tonnage of ocean-going vessels has increased from 1,319 tons to 1,826 tons.
The average tonnage of river steamers entering during the year has decreased from 486.9 tons to 453 tons.
That of British river steamers has decreased from 519.3 tons to 511.2 tons, and that of foreign river steamers has decreased from 414.4 tons to 364 tons.
British river steamers have increased by 371 ships and 104,198 tons, or 5.2 per cent. in numbers and 2.5 in tonnage, which is due to the fact that two steamers were added to the West River trade.
Page 370
Page 371
1904-1919
HONG KONG, 1916.
363
10
5
The rate of discount on Hong Kong subsidiary coin disappeared during 1916. It ranged from ten per cent. to par at the end of the
year.
Bank notes also were at par value at the close of the year.
The total issue of subsidiary coins, less those demonetized, now amounts to $21,264,370 nominal value, and they were up to the year 1905 readily absorbed at par, large quantities being taken by the neighbouring provinces of China. During 1916 ten-cent pieces of the face value of $5,028,000 were shipped to England for purposes of demonetization. The discount which has prevailed since 1905 may be attributed to the immense quantity of similar coin which has latterly been minted at Canton as well as to the amount of Hong Kong coin minted largely in excess of the needs of the colony by itself. In 1905 the Hong Kong Government ceased to issue any subsidiary coin and in 1906 it began a policy of demonetizing all its sub- sidiary coin received as revenue. This policy has been continuously followed since except during a brief period in 1911. Coin to the face value of $22,735,459 has thus been redeemed. The total issue by the Hong Kong Government was of the face value of about $44,000,000.
II.-TRADE AND SHIPPING, INDUSTRIES, FISHERIES,
AGRICULTURE, AND LAND.
(a)-SHIPPING AND TRADE.
The total of the shipping entering and clearing at ports in the Colony during the year 1916 amounted to 642,794 vessels of 36,381,457 tons, which, compared with the figures for 1915, shows an increase of 11,192 vessels, with an increase of 2,496,538 tons.
Of vessels of European construction, 3,760 ocean steamers, 1 sailing ship, 4,669 river steamers, and 3,206 steam launches entered during the year, giving a daily average entry of 319 ships, as compared with 31-6 in 1915, and 32-4 in 1914.
The average tonnage of individual ocean vessels entering the port has decreased from 2,519-9 tons to 2,238-9 tons. That of British ships has decreased from 2,625 tons to 2,559-7 tons, while that of foreign ships has also decreased from 2,441-2 tons to 2,032.2 tons.
During the past twenty years the average tonnage of ocean-going vessels has increased from 1,319 tons to 1,826 tons.
The average tonnage of river steamers entering during the year has decreased from 486-9 tons to 453 tons.
That of British river steamers has decreased from 519-3 tons to 511-2 tons, and that of foreign river steamers has decreased from 414-4 tons to 364 tons.
British river steamers have increased by 371 ships and 104,198 tons, or 5.2 per cent. in numbers and 2·5 in tonnage, which is due to the fact that two steamers were added to the West River trade.
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