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appears to be now being withdrawn or in process
of being withdrawn. Except for individual safety in such places as are under direct foreign military protection security seems to be passing away. With taxation likely to become insupportable and a general hampering of all money movement a state of affairs
in Shanghai even approximating to that at Hankow
may be looked for at any time and trade, as at
Hankow, be literally at a standstill. From such a
state of affairs Hong Kong is safe. Moreover the
tides of trade will find outlet somehow so long as
was
goods are needed, as/well shown in the roundabout but successful methods employed during the Hong Kong boycott, when the import of British cottons. and the export to Great Britain of Silk were carried on via Shanghai, at that time in a state of peace. Canton stands third in the list of direct foreign trade in China. Towards Hong Kong, then, seems likely to drift much of the business gradually being made less and less possible in those ports
which come under these exactions and hindrances to
trade. The burden upon shipping of increased Tonnage Dues, if and when really too great to be
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borne, will lead naturally to the discharge at
Hong Kong of larger vessels for transhipment at of goods into regular coasters which are able to get their
full value of the Tonnage Dues levy which is exacted every four months. A remarkable proportion of Tonnage Dues is paid by large mail steamers and
freight