EXPENDITURE.
G,
Governor
90,526.45
Colonial Secretary's Department and Legis
hajure -
85,005.13
Secretaries for Chinese Affairs
57,716,27
Audit Departittent
34,897.83
Treasury
74,222.34
Harbour Master's Department
231,146.38
Imports & Exports Department
502,114.66
Royal Observatory
25,965.53
Miscellaneous Services
1,410,230.36
Judicial and Legal Departments-
286,591.65
& Ount
Police and Prison Departmentà
1,402,680.07
Medical Departments
331,020.81
ye
Sanitary Department
403,759.44
Botanical and Forestry Department ·
55,975.49
Education -
537,512.55
Military Expenditure -
2,789,208.68+
Public Works Department
488,987.78
Do.
Recurrent
800,254.37
Do.
Extraordinary
2,555,877.69
Post Office -
268,713.85
Kowloon-Canton Railway
822,567,68
Charge on account of Public Debt
677,341,19
Pensions
252,081.83
Charitable Services
169,116.89
TOTAL,
$14,489,593,52
it
The balance to the credit on the year's working was $200,078
and the assets and liabilities account showed on the 31st December
a credit balance of $4,490,288.
The following is a statement of the revenue and expenditure of the Colony for the five years 1916-1920:—
1916
Revenue. Expenditure.
$
$ 13,833,387 11,079,915
1917
15,058,105 14,000,828
1918
18,065,248 16,252,172
1910
16,524,975 17,915,925
1920
14,689,672 14,489,594
-
5-
The amount of the consolidated loan stands at £1,485,733. Against this there is at credit of the Sinking Fund a sum of £338,687. The Local Loan under Orfinance No. 12 of 1916 amounts to $3,000,000 and there are the sums of $438,203 and £84,751 at credit of the Sinking Fund.
A new valuation for Assessment was made for the year com- mencing 1st July, 1920, resulting as follows:-
Increases :-
The City of Victoria,
$875,010
The Hill District, ...
1,570
Shaukiwan, Saiwanho and Quarry Bay,
6,385
Hongkong Villages,
46,013
Kowloon Point,
24,150
Yaumati,
52,805
55,135
26,400
10,580
790
Mongkoktani,
Kowloon Villages,
New Territories,
Decrease :-
Hanghom and Hok Un,
The rateable value of the whole Colony amounted 10 $17,108,059 having increased by $1,104,158.
During the period 1911-1920 the assessment of the whole Colony has risen from $11,161,390 to $17,408,959, an increase in rateable value of $6,247,569.
The circulation on the 31st December of notes of the three Banks having authorised issues was as follows:-
Hongkong & Shanghai Banking Corporation, Chartered Bank of India, Australia, & China, Mercantile Bank of India, Limited,
$20,397,580
10,061,863 1,000,009
$37,459,452
The currency of the Colony consiste, in addition to the notes of these Banks, of British, Hongkong, 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 $20,764,370 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 Calcutta for purposes of demonetization. The discount which prevailed be- tween 1905 and 1918 may be attributed to the immense quantity of similar coin which was niinted at Canton as well as to the amount of Hongkong coin minted largely in excess of the needs of the Colony by itself. In 1905 the Hongkong Government ceased to issue any subsidiary coin and in 1906 it began a policy of demonet- ising all its subsidiary coin received as revenue. This policy was continuously followed till 1918 except during a brief period in
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