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fluctuations of exchange, with a range as great as 16%, have
also to be considered, and it is hardly possible for much new
business to be done on such a vague basis. There is therefore
little general business being done.
3.
The position is illustrated by the fact that the
European Firms have found it necessary to grant a second ex-
-tension to the Piece Goods Dealers of the time for taking
delivery of their orders, for it was impossible for the Dealers
to dispose of the goods at this juncture. The liquidations of
the German firms are also being delayed owing to the refusal
of the dealers to take up their orders. Rice foodstuffs and
firewood, however, seem now to be moving more freely, but it
appears that the formation of fleets under convoy has been found a necessary precaution. The price of vegetables poultry
and firewood, for which Hongkong depends largely on the West River, has risen some 20% - although some part of this increase
must be attributed to the extra demands of the refugees (os-
-timated at 80,000 to 100,000) now in the Colony.
4.
I have sent a copy of this despatch to Hiz
Britannic Majesty's Minister at Peking.
I have the honour to be,
Sir,
Your most obedient,
humble servant,
Bung
Governor,&c..