the combined total of cans on! December" 31 amounted to 07110424, an increase of $17,118,- '20538 as compared with 1934. These were made up of: (1) short loans and Dverdratts to the amount of $235,- 824,370.59, an increase of $52,680, '44510; (2) fixed Toans totalling $207. 040,300.17, an Increase of $0,205,272.40; and. (3) bills discounted and prom ory notes bought to the amount of '$45,200.336.98, an Increase of $15 190.712.83 over the total in 1034, Thus, short loans and overdrafts registered 22857 percent. increase in 1035 over 1994, fixed loans a 4.09 per cent, Imerease, and bills discounted a promissory notes bought a 60.05 per Rent. increase, In the absence of central bank of discount, and with! the Bank of China holding a substantial part of the liquid reserves of the banking system, it was necessary to. maintain ample' liquidity durin the year it the Bank was to be able to fulll Its responsibilities to other Institutions. In addition, with repeated signs of a flight' of capital Inthe months before the new euro ye ney system came Into operation, the: Bank, in order to avoid the risks of undue pressure on the exchange, felt self unable to encourage an easy money policy.
There was a large increase in the turnover of the Bank's foreign ex. change business last year, but Considerable part to this increase came from bills of exchange for hnaneing imports and exports, the total amount being 70, per cent. more {than in 1034, Marked increases were} iso, shown' Ju letters of credit, foreign remittances and purchases of foreign drafts and promissory notes.
"Total expenditure in. 1995 amount= to. $7,240,000, which was an me ter ease of $563,000 over the figure in 1084, This Increase was due mainly to the expansion of business and the establishment of new offices, but, In addition, un appreciable part repre~ sented expenditure of a *non-recurring nature.
Text read from the printed page and cleaned; old type leaves the occasional error.