First that the dangers of Shanghai river and the loss of two Whaler cargoes will deter them for 6 years from frequenting it; secondly that there is always so much more and more suitable tonnage for oil to be found here than at Shanghai, and that taken altogether, this is an open and better market for oil than the Northern Port.
The storage of piece goods here for the Canton and Amoy markets has increased very considerably within the last year. This helps to account for the increased amount of tonnage which the harbor master's returns exhibit, and is satisfactory as many vessels touching here to deposit part of their cargoes before they proceed up the river, must necessarily throw some of their disbursements into our warehouses, shops and benefit our small dealers.
This is chiefly due to the formation of the River Steam Company. Their vessels now carry goods at the old Sorcha rates, and the latter have consequently been beaten off the river. Goods are now sold in Canton by the evening's post boat; and the next steamer lays them down off the Factories. Thus serving not only as a secure dépôt for goods, free from all the fire risks and insurrectionary dangers of Canton, but having all the effect of a Bonding Warehouse; as the goods are not called upon to pay duty until they are sold. Our fine go-downs here, hitherto full of emptiness, are now turned to good account, and the Colony is gradually working round to its proper basis.
Hongkong is the natural Warehouse for all our merchandize addressed to the Canton market - hitherto the old customs of the trade...