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HONG KONG ANNUAL REPORT
oil tanker, utilizing the existing bow and stern, and the conversion of a second large tanker into an iron ore carrier. The conversion contract, which involved a vessel which lay at the time in dry-dock in Bremen, was secured in the face of keen competition from European shipyards. The Company also built a number of steel diesel harbour tugs, launches, barges and ferries. The Taikoo Dockyard built and launched two cargo vessels of 5,790 gross tons each, powered by Taikoo- Doxford engines, for the China Navigation Company Ltd., in addition to a number of smaller vessels and lighters.
Among shipyards specializing in small craft, the Hong Kong Transportation Company was awarded a $11,000,000 contract to build 30 oil barges for the Burmese Inland Water Transport Board. From the slipways of the Cheoy Lee Ship- yard came a lighthouse and buoy tender for the Sarawak Government, and police and preventive service launches for the Hong Kong Government.
Other heavy industries in Hong Kong include 14 iron foundries and 4 steel rolling mills, employing altogether 1,280 workers. The rolling mills concentrate principally on the production of steel reinforcing bars from converted steel scrap, which are used in the main to meet the demands of extensive local building projects. The export market for these products has recently increased considerably, due to some mills being able to offer bars conforming to British Standards Specifica- tions. Exports of iron and steel bars and rounds in 1955 were the highest to date, amounting to 268,140 cwt., valued at £525,410. Thailand and New Zealand were the principal buyers.
Light Industries
The extensive variety and versatility of Hong Kong's light industries are now generally recognized, and the steadily improving quality of the products turned out is emphasized by the growing demand for them in such markets as the United Kingdom.
Textiles. This is the Colony's largest industry, covering all processes from the spinning of cotton, rayon, silk and woollen yarns to weaving, knitting, dyeing and finishing, and the manufacture of all types of garments. There are 727 factories in the industry employing 43, 192 workers. The 19 cotton spinning mills employ 13,274 workers. The aggregate number of spindles is 293,052, compared with 247,000 in 1954.