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A (1) 22
Interest in arrears on 31st December, 1926.
$117,369.42
"
31st December, 1927.
206,818.64
J
"
31st December, 1928.......
321,121.10
"
31st December, 1929..
416,237.93
23
""
31st December, 1930..
398,641.94
"
""
31st December, 1931.
307,152.89
>2
77
31st December, 1932.
209,087.15
31st December, 1933.
195,714.76
31st December, 1934...
178,789.42
A (1) 23
NOTE CIRCULATION.
20. The local circulation of notes and specie in Reserve of the three banks having authorized issues were as follows at 31st December:-
Hong Kong & Shanghai Banking
Corporation
Chartered Bank of India, Australia
and China
Notes in Circulation.
Specie in Reserve.
$131,755,918
$132,750,000
19,848,496 8,300,000
1.996,998
.$158,601,407 $142,400,000
1,350,000
EXCHANGE.
Mercantile Bank of India, Ltd...
Total
Total number of Loans issued since 16th November, 1925...302 Less number redeemed in 1926..
22
2
22
31
17
J
1
"
+
"
.34
1927.
.85
1928..
.87
1929.
.29
1930..
"
..35
1931
27
..13
1932.
.11
1933.
??
1
1934.
1
296
Number of Loans outstanding on 31st December, 1934...... 6
PUBLIC DEPT.
19. The inscribed Stock Loans of 1893 and 1906 amounting to £1,485,733 were redeemed on 15th October.
The 4% Conversion loan raised in 1933 amounted to $4,838,000 and the sinking fund established in 1934 amounted at 31st December last to £12,311, 2. 1.
In July 1984 a 3% dollar loan was raised to finance certain public works (see para 15) and to redeem a portion of the sterling inscribed stock. Bonds to the amount of $14,000,000 were issued at 99% producing $13,860,000. The loan bears 31% interest and is redeemable by drawings at par in each of the twenty-five years commencing in 1935 at the annual rate of one twenty-fifth of such issue.
Ordinance No. 11 of 1934 governs this issue and authorises the Governor to borrow up to a total of $25,000,000. The total public debt of the Colony on 31st December, 1934 amounted to $18,838,000-equal to about 8 months revenue as things are at
present.
1
21. The average monthly rates for sterling and Shanghai dollars were as follows:-
January
.1/5
110
February
.1/515/16
110
March
1/6
1101
April
1/5
1101
May
.1/4
110
June
.1/5/16
1099
1/5/
10915/18
.1/6/16
1091/16
1/6/
1091
.1/7
11418
November
.1/7/16
12016
..1/81
1201/16
July
August September
October
December
The opening rate of the year on January 2nd was 1/5 d., the closing rate on December 31st was 1/84d. The lowest rate quoted during the year was 1/4 on 3rd May and the highest rate 1/8 on the 14th December.
GENERAL.
22. The estimates for the year were based on $1-1s./3d. and a deficit of $1,711,070 was estimated for. The final figures for the year, however, showed a deficit of $1,574,870. Revenue decreased by $2,157,839 and Expenditure decreased by $2,293,539 when compared with the original estimates. The monthly rates for sterling are shown in the preceding paragraph from which it will be seen that on no occasion did the dollar drop below 1/4 while the average rate throughout the year was 1/6/16. Large savings were made under Personal Emolu- ments when compared with the Estimates, provision being made for $12,955,767 but only $11,213,115 was expended.
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