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-
·
and buy similar goods from both, and (2) the trade in staples is
entirely in the hands of British firms, so the dealers must remain
here to be in that market.
The German firms in Shanghai might conceivably capture
some of the Foochow trade that at present comes to Hongkong, but
our information is that the risk of that is not great, it is not easy to divert trade on the China Coast from its accustomed
channels.
With regard to exports, the major portion are prepared
for shipment in Canton. The small local industries of preparing soy, ginger, essential oils, &c. would probably go on as usual whatever happened, so no damage would be suffered by the Colony on
that head.
Our opinion is therefore that no permanent harm can result to the trade of Hongkong if the German and Austrian firms were prevented from doing business while the war lasts. The local British Merchants are capable of supplying the British goods for which there is a market here, and we do not think a successful competitor to this market could be organised elsewhere in the time available, if at all. We are inclined to think also that the temporary disappearance of the German and Austrian Mer- chant from Hongkong would help to restore Hongkong trade to a healthy condition. The temptations to overtrade, with the attend- ant alternate booms and collapses, would disappear to a great
extent.
We would add that the winding up of the existing German and Austrian houses here is a business of considerable magnitude and will not be finished for many months yet. If it were to be decided that all Germans and Austrians be deported or interned, the satisfactory liquidation of these firms would be impossible, and considerable loss would be sustained by the British Banks and Merchants interested. A sufficient number of the staffe of these firms should be retained to finish the liquidation, pro- bably not more than one or two of each firm would be necessary.
.gnognoll