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a lower level than those of the Straits Settlements and Federated Malay States must result in the recruitment of the Civil Service of Hong-Kong from those Cadets whose position on the examination lists did not entitle them to choose the better paid appointments.
3. With a view of satisfying myself as to the relative position of Singapore and Hong-Kong as business centres, and also as to their relative financial soundness, I requested Sir Thomas Jackson, the Chief Manager of the Hong-Kong and Shanghai Bank, and second to none as a financial authority on the Far East, to prepare a statement for me showing the relative positions. I attach copies of his very interesting returns which show that the volume of the business of Hong-Kong, as shown in the balance of Current Accounts and Fixed Deposits on the 31st August is more than two and a half times that of Singapore and Penang together, the figures being, for Hong-Kong $24,324,181 and for Singapore and Penang $9,181,760. Sir Thomas Jackson also made out for me a list of the public Companies on the market in Singapore and Hong-Kong. In the former the total paid-up capital is £2,069,296 and present market value £3,365,202. In Hong-Kong the figures are respectively £4,428,439 and market value £11,568,474.
4. These figures show at once the immense superiority of Hong-Kong as a financial centre. But as I was anxious to examine the matter in all its bearings, I requested Mr. Messer, now Acting Treasurer, to make out for me a comparative statement of revenue and expenditure of both Colonies, a copy
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a lower level than those of the Straits Settlements and Fede- rated Malay States must result in the recruitment of the Civil Service of Hong-Kong from those Cadets whose position on the examination lists did not entitle them to choose the better
paid appointments.
3. With a view of satisfying myself as to the relative position of Singapore and Hong-Kong as business cen- tres, and also as to their relative financial soundness, I re- quested Sir Thomas Jackson, the Chief Manager of the Hong-Kong and Shanghai Bank, and second to none as a financial authority on the far East, to prepare a statement for me showing the re- lative positions. I attach copies of his very interesting re-
turns which show that the volume of the business of Hong-Kong, as shown in the balance of Current Accounts and Fixed Deposits on the 31st. August is more than two and a half times that of Singapore and Penang together, the figures being, for Hong-Kong $24,324,181 and for Singapore and Penang $9,181,760,Sir Thomas Jackson also made out for me a list of the public Companies on
the market in Singapore and Hong-Kong. In the former the total paid up capital is £2,069,296 and present market value £3,365,202. In Hong-Kong the figures are respectively £4,428,439
and market value £11,568,474.
Su-
4. These figures show at once the immense periority of Hong-Kong as a financial centre. But as I was an-
xious to examine the matter in all its hearings, I requested Mr.Messer, now Acting Treasurer, to make out for me a compara- tive statement of revenue and expenditure of both Colonies, a
Copy
t
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