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Hong Kong, being a free port, imposes no duties on the import or export of merchandise into and from the colony.
The value of these imports is altogether impossible to estimate, as there is no establishment of any description to ascertain the extent and value of the trade of the port.
From the returns furnished to me by the Harbour Master, I find that $6,022,578, equal in sterling money to £1,254,708.15, were exported from hence during the year, being principally in return for opium received by the merchants from India. This fact alone will tend to show that the colony cannot but be of very considerable importance to the firms engaged in this species of speculation.
The following table shows in pounds sterling the amount of imports and exports in Chinese vessels during the years 1847 and 1848, drawn up from statements furnished to the Registrar General by the Chinese traders and dealers.
Imports Exports 1847 £498,239.0.0 £169,446.17.6 1848 £328,792 £236,298.19.2 Increase £66,852.1.6 Decrease £169,447.0.0The export of sugar from the colony, which amounted in 1847 to £144,827, has increased in 1848 to £147,936.15.0, showing an excess over 1847 of £3,109.15.0.
No great dependence can be placed on these statements, for with the view of preventing all interference with the native traders, and of giving every encouragement for them to resort to this port, no regular returns of the imports or exports are required; and these returns have therefore been compiled from statements given in by the local traders.
But as regards the item of sugar, there is reason to apprehend that the return is correct, the Registrar General reports the...