HONG Kong dollar deposits declined in August because of the high comparison base in July and share subscription refunds. The broadest Hong Kong dollar money supply, M3, fell by 0.5 per cent point, with loans and advances showing a similar decline. July's figures were distorted by the two large flotations of Chinese state-owned enterprises Beiren Printing and Guangzhou Shipyard. Time deposits during the month dropped by 3.3 per cent and total Hong Kong dollar deposits fell 0.8 per cent. Loans to finance visible trade showed negligible growth of 0.04 per cent in August against increases of 3.7 per cent and 1.4 per cent in the preceding months. ''That trend has been revealed in Hong Kong's trade figure,'' W.I. Carr economist Gilbert Choy Chi-bun said. ''The re-export to China have showed a noticeable decline due to its austerity measures,'' He expected this figure to show a further decrease in the coming months when the impact of the tightening would be strongly felt. Other loans for use in Hong Kong increased by 0.3 per cent in August, following increases of 0.8 per cent and 3.6 per cent in June and July respectively.