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in Opium. there is for the large Stores little Correspondence here, which cannot be equally well, if not better, carried on at Canton and Macao. Shipping has nominally been restricted to only five Ports, but, in reality small vessels, Lorchas and others, frequent any Ports they see fit to the Southward of the Yang-tze-Kiang. I do not see, therefore, any good reason why Chinese Merchants, where means of conveyance and carriage are decidedly inferior to our own, should come to Hongkong for articles which, if required, would be undoubtedly supplied to them with greater facility at their own Ports. Their sole object in doing so would be to deprive their own Government of its duties. There, however, are difficulties attendant on smuggling, which render the attempt generally so small, not worth the risk.
The same may be said of the Exports, for there can be no good Cause why Chinese Merchants should import Tea and a few other articles into Hongkong for sale, except it be, by smuggling, to save the duty, which, being also comparatively low, is not either worth the attendant risk. Hence, I think that as a Dépôt for Chinese Merchants to resort to, for the purpose of purchasing European Manufactures, or of disposing of their own, except in a case of misunderstanding with the Chinese Authorities, Hongkong will never be of that importance as a Trading Port that on its formation it was anticipated it would prove.
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But, notwithstanding I am of opinion that Hongkong will never be that Emporium which it was predicted it would be, the Colony is of great importance and utility in other respects. That it is by no means wholly without commerce, and is of much utility to the Trade of China generally, is sufficiently proved by the fact that, during the past year 1849, no less than 896 square-rigged Vessels, of an aggregate burthen of 293,711 Tons, entered and cleared at the Port, showing an increase of 196 Vessels and 64,893 tons over the preceding year.