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With regard to the transit trade of London
increased direct communication between Northern
Continental Shipping ports and the Far East on
the one side and the New World on the other,
coupled with improved facilities for handling
goods, and lesser cost of labour, storage, wages,
etc etc have gradually diverted a considerable
proportion of the world's trade which formerly
passed through London to other centres.
The se
changes have still further been encouraged by
the fact that the shipping port of London has
not done all possible to keep up with the times
and retain its hold on this part of its trade.
This has been made clear by the enquiry recently
held by the Royal Commission in London appointed
to report on the subject.
Regarding the Straits, their Eastern
trade is largely with countries which have al-
ready, or very shortly will adopt, a gold stand-
ard, viz India, Dutch Indies, Siam & Indo-China.
Hongkong's import trade and the bulk of its ex-
port trade is with China. Unlike London Singapore
or thoseJapanese ports where tra centres, Hong-
kong has absolutely no "hinterland" and no trade
or manufactures, to speak of, of its om.
Hongkong is a shipping port pure and sim...
-ple and as such its prosperity depends upon the
facilities, rather the inducements, it offers to
trade to centre here in transit. Hongkong cammot
therefore afford in any way to risk its prosperity
by adding the least burden to trade. That this
may be the result of a gold currency
- or