180
* $175,000 and at the end of the same year the 23 remaining Companies represented a "paid-up capital of $25,158,000 and a market value of $48,355,325, or an increase "in the market value of the 23 Companies for the year 1888 of $2,021,200. In "the same year the shares of 13 additional Companies were placed on the Hongkong "Market representing a paid-up capital of $3,709,640 and a market value at the "end of 1888 of $5,596,000 giving an increase for the year of 10 Companies, “$2,634,640 in paid-up capital and $7,081,200 in market value. Thus at the end "of 1888, there were 36 Companies with an aggregate paid-up capital of $28,867,640, "the market value of which was $53,951,325. Two of these Companies (with a "total paid-up capital of $200,000) are now being wound up, but the aggregate "values of the shares of the remaining 34 amount at present to $64,421,050 shewing an increase (after deducting $1,715,000 net increase to capital) of $8,874,725 "as compared with December, 1888. In addition to the above 34 Companies "there are 20 new Companies registered since December, 1888, whose shares "are dealt in in the Hongkong Market. The total paid-up capital of these 20 "Companies is $13,692,310 and the aggregate market value of this capital is $12,779,500 shewing a depreciation in the value of these new Companies "of $912,810 as compared with the paid-up capital. A further analysis shews “that of these 20 Companies the aggregate market value of the shares of 5 of them is $4,809,940 in excess of their total paid-up capital, while in 14 of "the 20 there is a depreciation to the extent of $5,722,750 below the paid- up capital. Of the 14 latter Companies 7 are new Companies engaged in purely "local business, the shares of which are depreciated below paid-up capital to the "extent of $596,000 only, and the remaining 7 Companies whose shares show a “depreciation of $5,126,750 below paid-up capital are Companies whose businesses " or enterprises are situated entirely outside the Colony. There are now therefore 54 Public Companies with a paid-up capital of $44,074,950 and a market value "of $77,200,550 as against 26 Companies in 1887, with a paid-up capital of $26,233,000 and a market value of $46,870,125 and 36 Companies in 1888 with a paid-up capital of $28,867,640 and a market value of $53,951,525 shewing an "increase in the last 3 years of 28 Companies, $17,841,950 paid-up capital, and
*$30,330,425 market value."
f.
f
Compared therefore either with what may be called the figures of special success, or with the figures of all Companies successful or unsuccessful, the figures of failure, or threatening failure, are puny indeed, and it is to be borne in mind that the present is a time when owing to losses in speculation all such securities are probably under their normal value. Now notwithstanding the fact that the shares of most of these Companies were in 1889 driven up by speculation to a price considerably higher than at present, I venture to think that from the point of view of the share market, there is nothing pointing to any serious or permanent decline of prosperity indeed after a careful survey of the position at this critical period I believe that any competent and impartial judge would say with confidence that the business of the Colony in so far as it is conducted by Joint Stock Companies is generally in a very sound condition.
Happily there are indications pointing in the same direction from several other quarters. Though the absence of returns renders it impossible to speak with certainty as regards Exports and Imports, it is satisfactory to find that the shipping statistics of last year point to an increasing rather than a decreasing trade. For according to the recent report of the Harbour Master, the tonnage of vessels entering, and clearing from, Hongkong reached in 1890, the enormous figure of 133 million tons or considerably higher than those of any former year and exceeding by 1,000,000 tons those of 1889. It would thus appear that my anticipation of 1889 is shewing itself to be correct, and that trade in other directions is compensat- ing for the deficit caused by the decaying tea export, and the stoppage of emigration to Australia and the United States. And while on the subject of Emigration, I may mention that the accounts recently received of the condition of the Chinese in