ht
Page
COATES & Co's.
ORIGINAL
Plymouth Gin
Is and always has
b. an absolutely
DRY
and is eminently
suitable for:
COCKTAILS.
Svie Agents:---
CALDBECK, MACGREGOR & CO., LTD.
The leading Wine & Spirit Merchants in the Far East' PAINON'S BUILDING.
TELEPHONE 2 075.
N hot sultry days
On cooling and re-
freshing sweet is es- sential to every meal. A fresh-fruit jelly is always appropriate and is sure to please, if made with-
Cerebos Jelly Crystals
Cerebos Jelly Crystals
LEMON
Agents: John D. Hutchison & Co., Past Ban 43, Hong Kong
Tired Out?
25,000 physicians have recommended
it in writing-
SANATOGEN
The True Tonic-Food
HONG KONG DAILY PRESS, WEDNESDAY, APRIL 24, 1935.
THE INQUIRY INTO THE TRADE DEPRESSION
Colony's Position Vis-A-Vis The British Empire
ANOTHER CHAPTER FROM COMMISSION'S REPORT
A
Hong Kong's main function to ex recent months the Colonies have for the purpose, the desirability of port produce, and with 25% of the considerably extended both in ran- making arrangements for such con- working population engaged in in-ge and area the preferences which sultation at the earliest postible' dustry its manufactures cannot be
have long been established as an date; but it records its baller that, said to be negligible. For the rest. Important feature of policy, and such consultation, to be fully effec- Hong Kong has practically no raw
their desire to play their part in tive, should be conducted between materials or agricultural "produc- fostering Empire trade is shown by responsible persons or bodies ade- tion for export, and its main actf-the fact that these preferences are quately representative of the in- vities are devoted to importing and Empire wide.”
dustry in each part of the Com- exporting goods originating from cutalde ita borders; and the ship- ping," fnancial, professional, and technical services relating to that "Hong Kong's Position vis-a-vis of a total export in 1933 of $337.- commerce. Hong Kong's position in the British Empire" is the title of 224,754, $110,510,358 worth was ex- the British Empire may therefore the following chapter which we ported to the British Empire. This be regarded as unique. Inasmuch extract from the report of the Mis-figure again represents about one- as it is unique we are unanimous
ty of the opinion that in all inat- stan appointed by His Excellency fifth of the total. the Governor Sir William Peel.
ters of imperial Policy the Colony should be given ̈careful individual K.C.M.G, K.B.E., "to enquire inta
It must be remembered that not consideration. Inasmuch as it is by the causes and effects of the pre more than about one-tenth of the necessity, and for the general wel- sent trade depression in Hong Kong and make recommendations for the imports are consumed in the Co-fare of the trade of the Empire Amelioration and for the improve-one-tenth of the exports are prù-Trade entrepot, and can therefore, lony and that probably less than passing through its portals, a Free ment of the Trade of the Colony.”
It says:
In the last chapter we viewed the economic position of the Colony a related to China. Here we will take into consideration the fact that
IMPORTS & EXPORTS
|
"On our side the United Kingdom monwealth concerned." - have recently granted further ex- "The Conference further, recom- tensive preferences to the Colonies mends that the Governments con- a decision justified on material as cerned facilitate and assist such well as sentimental grounds, since consultations by ali available
means." capacity to buy must depend on
*The Conference further recom adility to sell. The value of Colo- nial Trade to the United Kingdommends that, without prejudice to is shown by the fact that the pro- their liberty to determine their owIL portion of United Kingdom exports generat economie polloles, the Gov-. taken by the Colonial · Empire, ernments of the Commonwealth which amounted to 7 per cent in should give sympathetic considera 1024, has risen in the first quarter. tion to any proposals which may be of 1932 to 11 per cent. A similar put before them by responsible tendency is shown by the figures of parties representing similar indus- the trade between the Colonies and trial interests in the parts of the duced in the Colony. The reafford but Httle Empire Preference. the rest of the Empire. In 1930 the Commonwealth affected. In this we consider that the rest of the Colonies sold to the United King- connection the Conference would mainder represents goods in tran- sit for whfer Hong Kong is a suit- Empire should whenever at all pos-
dom goods valued at £39,000,000 draw attention to the importance able Gnancial centre, place storage, and port of ocean ship will enable it to prosper and con
ofsible accord, it such treatment as and to the rest of the Empire £20, of taking into consideration the in- 000,000. while during the same year. terests of other parts of the Com- Hong Kong is a part of the Britishment. Hong Kong gains this busi tinue to afford its splendid facut-they bought from the United King- modiwealth which might be affect-
ness (a) because of its excellent ties at the cheapest possible rate. dom £50,000,000 and from the rested by such proposals. Empire.
harbour and (b) because of the That there is a tendency not to of the Empire £46,000,000. It is In the agreement between the, In relation to the rest of the cheapness of its facilities. Addi-accord Hong Kong such treatment the desire of the United Kingdom United Kingdom and Canada it was pire Hong Kong is geographicals i tlon, to the cost of the entrepot has been brought before us in evid~ | to see trade between, the Colonies agreed that Hong Kong should af- minute. Nevertheless, it contains trade will tend towards a decreas- the fifth largest port in the world,
ence relating to specific industries
ford Canada a preference of 20% on Motor Cars. It is not clear that ed use of Hong Kong, while con- There has for instance recently As far as Trade Figures can de-versely a cheapening of facilities been a strong endeavour on the pict the position the following are will enhance its value to that part of certain portions of the Em- of Interest. In 1932 the total ship trade. In a manufacturing business pire for the imposition of restric- ping tonnage entering and clearing the economic use of bye-products tions on the Empire marketing of decrease the cost of rubber shoes, the Empire content tons or nearly half, was British manufacture of the principal pro- of "which is high and could be wa may de much to open up pos-
the higher if so desired. We have heard that rope manufactured in the Colony by a Company which commenced operation in the last century has been virtually exclud-
the Fort of Hong Kong WILK 43,824,908 tons. Of this. 20,414,318
In 1933 the total tonnage entering and clearing was 37,698,985 torta 19,553,482 tons of which was Bri- tish. Again the British tonnage
was about half of the total,
tends to
duct, in à similar manner,
fostering of economic activities subsidiary to the main business of the entrepot trade of the Colony of Hong Kong will tend to decrease the cost of that business. The et- Taking 1833. the last year for fect of a decrease in costs may, in which complete figures are avail-normal times be an increase in pble, the total Imports into
the volume. Colony including treasure amourit-
The above enunciated principle ed to $539.052,046. Of this $98,328,appiles, of course, to all activities 141 worth, or a little less than one-which may be considered subsidi- Afth came from the British Empire.ary to the main business of the
“Oh, but you must promise me to start taking Sanatogen. Then you will not ger so tired-out any more.”
Your work makes great demands on your vital strength and energy in these days of business worries. This is all the more reason for giving your nerves an extra infusion of strength so that they will be able to stand the strain.
And it is so sasily done with Sanatogen.
Every drop of Sanatogen adds to your vital forces and a few weeks' regular use will overcome such complaints as listlessness, stomach trouble, fretful sleep, Instead of being tired and run-down you will be strong again and full of energy and cheerfulness.
*Sanategangoes to the core of well-being,' writes a famous English physician and that is the reason why it must do you good Shake off your weakness, decide to become a strong, healthy and happy man again by starting a course of Sanatogen to-day,
||
Colony, such as wireless and cable communications, the development of aviation, the development of the tourist traffic, and such develop- ment of industries as is possible. In this chapter we consider the matter from the industrial point of view...
We realised the no deliberations,
having as their alm an ameliora- tion of the existing position and the improvement of the trade of the Colony, would be complete un- 'less we examined the possibility of |Hong Kong attaining a closer eco- nomic contact with the rest of the British Empire. This question in- volved an examination of the Ici- perial Preference Policy which dates from the Ottawa Agreement
of 1932.
"
THE S. S. REPORT
We were extremely fortunate in the fact that early in the course
"We have made during the last
the other parts of the Empire are intimately linked together."
tend:-
whether Canada affords Hong Kong any affectivë preference in exchan- ge for this. Utawa Conference Blue Book, Art, 18-page 22, and schedules E. and F.)
In the agreement between the United Kingdom and Austrália t was agreed that Hong Kong should afford Australia a preference on Brandy
*
and the Dominions and India still
We cordially further increased. welcome such arrangements as the agreement between Canada and the West Indies which has conter red benefits on both, and we shall hope that our discussions in Otta
sibilities of mutual trading between the tropical and temperate regions of the Empire." few months a very intensive exa It is not clear whether any ed from one Empire market, fundamination of the trade of the whole effective preferences are accorded mentally because it can sell its Empire, in the endeavour to find to Honk Kong by Australia except goods at a cheaper (but profit how we can help both ourselves in regard to ships. (Ottawa Con- bearing) cost than that of goods and you, for despite clashes of sec- ference Blue Book Art. 15-page 45.. emanating from other parts of the tonal Interest here and there we and schedules F. and G.) Even in Empire. It is not gainsaid that believe that the prosperity of the regard to ships the effectiveness is good reasons may be produced to United Kingdom and that of all doubtful. justity such action but when we
In the agreement between New Zealand and the United Kingdom take it that the broad line of policy is Imperial co-operation we feel
The following resolution was there appears to be no arrangement that in respect of her services to adopted regarding Empire Con affording any effective preferences Empire Trade and the small méa-
: between Hong Kong and New Zea- sure of preference she is able to
"With regard to the determina- land. attord to other parts of the E
tion of the percentage of Empire The above paragraph also applles pire, some latitude should be allow-Content pecessary to secure pre- to the agreements between the ed Hong Kong, especially during ferential tarif treatment, the, Con- United Kingdom and South Africa, this time of great depression. It ference draws the attention of the Newfoundland and India
several Governments of the Com- In the agreement between the monwealth to the importance of United Kingdom and Southern this subject, and recommends that Rhodesia It was provided that Hong cach of the Governments of the Kong should afford a preference to Commonwealth should investigate Southern Rhodesia tobacco. There as rapidly as possible, the standard appears to be no arrangement at- of Empire Content which should be fording any effective preference to required by them for the import Hong Kong. under preferential rates of the dif- ferent classes of goods, hearing in
nind the following principles:- suppress
(a) That though it must rest with each Government to de- cide what standard it will re- quire, a greater degree of uniformity through the Comd. monwealth is desirable: (b) the standard required should not be such as lo defeat or frustrate the intention of the preferential rate of duty con- ceded to any class of goods." The following resolutions were adopted concerning Industrial Co- operation:-
plain to us that, if the reason- able prosperity of the Colony can not be maintained, the burden of taxation
must become heavier, with a resultant increase in the charges on the trade of the port. We believe that the Empire will gain more by the maintenance of "Hong Kong as one of the cheapest ports in the world than by adopt ing a policy calculated
a reasonable development of her small industries.
THE IMPERIAL CONFERENCE
At the Imperial Economic Con-. of our meetings the Report of the à ference at Ottawa in 1932 were Straits Settlements Economic Com-present delegates representing. mission was published. With re-Canada, The United Kingdom, Aus-ş gard to Imperial Preference the tralla, New Zealand, The Irish Free position of the Straits Settlements State, India, The Union of South is similar to that of Hong Kong Africa, Newfoundland and Soutte We have, therefore, taken advan-ern Rhodesia. In the United King- tage of that excellent report to
dom delegation was included the which we acknowledge in- Secretary of State for the Colonies debtedness and from which - we and a Colonial Officer Adviser freely quote in this chapter.
In the course of his initial speech at the Conference Mr. Stanley Haldwin 'said:
our
As stated in the Straits Settle- ments report the object of the policy adopted at Ottawa was Im- "What then should be the first perial Co-operation, the rationali- aim of this Conference? It should sation of agricultural and manu- he to dear out the channels of facturing production and the safe trade among ourselves. For that guarding of markets For this purpose we need not measure too
In all these agreements there is provision to the effect that prefer- ence afforded by Hong Kong to cre part of the Empire shall be accord- ed to all other parts of the Em- pire. COLONY'S NATIONAL "MARKETS
While the national markets for Hong Kong manufactures are the adjacent countries, such as China, The Netherlands East Indies, French Indo-China, the Philip- pines, etc., the policy of national economic sufficiency adopted in those countries resulting in high protective tarifi, either excludes Hong Kong or affords it precatious. ""This Conference, having exa- unreliable, and dwindling markets. mined the Report of the Imperial As things are at present it seems Economic Committee on Imperial that there is little or no hope of Industrial Co-operation, Ands itself compensation for the exclusion in general agreement with the from these foreign markets by en- tenor of the Report".
try, on favourable terms into Em'-- "The Report makes it clear that Pire markets. It is true that úrīder industrial production has develop the Ottawa Agreements Carinda
ed and will continue to develop in and New Zealand accord the same preferences to imports from the
from
purpose the Empire falls into three closely or too exactly the relative the less Industrialised parts of the Colonies as to those from the Unit categories the United Kingdom, välue of preferences given and re- Commonwealth. These develop which is the Industrial centre; the ceived. If we all approach the pro-nents involve changes in the eco Dominions and India, which ex-blem with a view to seeing how nomie structure both of the more port the higher classes of food much each can contribute to the Industrialised and of the leas in stuffs and raw materials and have common stock without detriment dustrialised countries: and the also entered into the industrial to our own national interests, we Conference notes with approval the fleid in competition to some ex- shall not need to concern ourselves view of the Committee that the tent with the United Kingdom; with the relative advantages ob- object of co-operation is not, and The conclusion we have come to
ed Kingdom. It appears evidence which we bave heard, however, that Canada is inclined to pose restrictions on Hong Kong produce. The other Dominions and India azord Hong Kong little or no" preference.
and the Colonies, whose maintained by eäch, since we shall know | must not be, to arrest change, but function is to export produce and that an increase in the purchasing wisely to direct and facilitate its is that while Hong Kong might. reasonably expect some considera- whose manufactures are on the power of any members of the Em-course." whole "negligible. It is obvious, pire must show itself in the in- "It should, in the opinion of the tion from the rest of the Empire,, therefore, that it would not be increased Imperial trade, and the Conference, be the subject of any We cannot expect sumclent prefer keeping with Imperial polley to en- prosperity of each will add to the polley of industrial, co-operation ence to enable the Colony to manu- courage additional manufacturing prosperity of all"
within the Commonwealth to se facture on any large scale for the production in the Colonies for "The present universal depres- cure the best division of Industrial propose of supplying Empire mar": world markets which could more ston makes the extension and im activities among the several parts Kets. We can expect from the Em reasonably be supplied by the Unit-provement of Imperial trade a mat of the Commonwealth and the or pire that there should be no further ed Kingdom or the Dominions (inter of urgent importance to all dered economic development or restriction and that such prefer eluding India). The term "world parts of the Empire. The extension each part, with a view to ensuring ence as is accorded should not be `markets" is used' advisedly as there and greater activity of Empire the maximum eficiency and eco- rendered negative by means of are likely to be local markets of a trade is the most hopeful means of i nomy of production and distribu- dumping taxes or high valuations -for purposes of duty. We are con- Umited nature in the neighbour-stimulating demand in the world | tion."
hood of most Colonies which can markets and of restoring a sound "It is further the view of the vinced that Hong Kong as a free most suitably and economically be level of wholesale commodity Conference that the precise nature trade channel is of benefit to the met by local production as a na prices.
and extent of the co-operation to Empire and that the Colony de- tural expression of the economic When I speak of the Empire, I be achieved in any particular in serves consideration on that ne- ife of the community,
am thinking, not only of the Do dustry must largely depend upon count but, as stated in the last Now while the above truly ap minions and India, but also of the effective consultation between
chapter, we believe that Hong plies to the British Empire as a Colonies where a keen desire exists those engaged, or proposing to en: Kong's economic value is more whole and while the portion relat- for mutual trade with the whole gage, in that Industry in any two closely related to Bouth China and ing to Colonies is indeed consonant Imperial connection. Colonial ter- or more parts of the Common--that such industrialisation as may * be possible in: the Colony should be with the conditions obtaining in ritories are situated mainly, in tro-wealth." practically all the Colonies of the Dical latitudes, and they mostly The Conference therefore re- a part of the economic develop- Empire, it does not in particular | produce food and raw materials, commends to the various industries ment of South China as a whol apply to Hong Kong. It is not buying raanufactures in return: In in which conditioni" are sužtable ~(Continued on: Fare,3):