1904-1919
HONG KONG, 1917.
385
3
The amount of the consolidated loan stands at £1,485,732. Against this there is at credit of the Sinking Fund a sum of £258,162. The Local Loan under Ordinance No. 12 of 1916 amounts to $3,000,000, and there is a sum of $200,000 at credit of Sinking Fund.
Under Ordinance No. 18 of 1917, a tax of 7 per cent. on Assessments was imposed to provide an Annual Contribution to the Imperial Government for purposes of the war. Collections thereunder began on the 1st July and the sum collected for the half year was $504,984.
The currency of the Colony consists, in addition to the notes of the Hongkong & Shanghai Bank, Chartered Bank of India, Australia, & China, and Mercantile Bank of India, of British, Hong Kong, and Mexican dollars and of subsidiary coin, which continued at par throughout 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 prevailed between 1905 and 1916 may be attributed to the immense quantity of similar coin which was 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 1917, amounted to 621,090 vessels of 34,105,067 tons, which, compared with the figures for 1916, shows a decrease of 21,704 vessels, with a decrease of 2,276,390 tons.
Of vessels of European construction, 3,570 ocean steamers, 3 sailing ships, 4,135 river steamers, and 3,223 steamships not exceeding 60 tons entered during the year, giving a daily average of 29.9 ships, as compared with 31.9 in 1916, and 31.6 in 1915.
The average tonnage of individual ocean vessels entering the port has increased from 2,238.9 tons to 2,264.9 tons. That of British ships has decreased from 2,559.7 tons to 2,472.0 tons, while that of foreign ships has increased from 2,032.2 tons to 2,042.0 tons.
The average tonnage of individual river steamers entering during the year has decreased from 453.0 tons to 310.2 tons.
That of British river steamers has decreased from 511.2 tons to 503.3 tons, and that of foreign river steamers has increased from 364 tons to 393.2 tons.
British river steamers have decreased by 352 ships and 127,514 tons, or 52 per cent. in numbers and 3.2 per cent. in tonnage. This is due
1904-1919
HONG KONG, 1917.
385
3
The amount of the consolidated loan stands at £1,485,732. Against this there is at credit of the Sinking Fund a sum of £258,162. The Local Loan under Ordinance No. 12 of 1916 amounts to $3,000,000, and there is a sum of $200,000 at credit of Sinking Fund.
Under Ordinance No. 18 of 1917, a tax of 7 per cent. on Assessments was imposed to provide an Annual Contribution to the Imperial Government for purposes of the war. Collections thereunder began on the 1st July and the sum collected for the half year was $504,984.
The currency of the Colony consists, in addition to the notes of the Hongkong & Shanghai Bank, Chartered Bank of India, Australia, & China, and Mercantile Bank of India, of British, Hong Kong, and Mexican dollars and of subsidiary coin, which continued at par throughout 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 prevailed between 1905 and 1916 may be attributed to the immense quantity of similar coin which was 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 1917, amounted to 621,090 vessels of 34,105,067 tons, which, compared with the figures for 1916, shows a decrease of 21,704 vessels, "with a decrease of 2,276,390 tons.
Of vessels of European construction, 3,570 ocean steamers, 3 sailing ships, 4,135 river steamers, and 3,223 steamships not exceeding 60 tons entered during the year, giving a daily average of 29·9 ships, as compared with 319 in 1916, and 31-6 in 1915.
The average tonnage of individual ocean vessels entering the port has increased from 2,238-9 tons to 2,264-9 tons. That of British ships has decreased from 2,559-7 tons to 2,472-0 tons, while that of foreign ships has increased from 2,032-2 tons to 2,042′0 tons.
The average tonnage of individual river steamers entering during the
year has decreased from 453·0 tons to 310-2 tons.
That of British river steamers has decreased from 5112 tons to 503-3 tons, and that of foreign river steamers has increased from 364 tons to 393-2 tons.
British river steamers have decreased by 35-2 ships and 127,514 tons, or 52 per cent. in numbers and 3.2 in tonnage. This is due
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