1841-1886
OF HER MAJESTY'S COLONIAL POSSESSIONS.
311
29
72. Comparing these figures with those of other British possessions, as given in the Statistical Abstract of the Board of Trade for 1863, which unfortunately is the latest within my reach, it will be found that the tonnage entering and clearing seaward from this port considerably exceeds that of all Canada seawards in 1863, and nearly equals that of Nova Scotia, New Brunswick, and Prince Edward Island united. It equals that of all Australia collectively at the same period, exclusive of New Zealand; whilst it exceeds the entire tonnage employed in the commerce of all the British West Indies, including British Guiana, by more than one million of tons.
73. As the port of Hong Kong is entirely free from every impost, no export or import duties being leviable, and there being no charges even for lights or tonnage dues, direct information as to the value of the trade cannot be furnished. Hence, in the long List of the British Possessions in the Board of Trade's Statistical Tables, "no Returns has hitherto stood opposite Hong Kong alone; and having communicated with the Chamber of Commerce on the subject, I much fear that there is no possible means of acquiring the information, without such interference with the present perfect freedom of the port as might injuriously affect the interests of the latter. It is, however, not wholly impossible to gauge the magnitude of the operations conducted within the confined limits of this small Island.
74. In my Despatch No. 172 of the 15th December last, I drew attention to the enormous quantity of bullion and coin imported annually into the Colony, whilst, nevertheless, for months no employment was given to the Mint. The imported coin and bullion I then estimated at 50 millions of dollars annually, and I understand, on very good authority, that at this moment there are nearly seven millions of dollars in coin and bullion within this city, of which the banks hold about five; an amount whose magnitude, so far from proving a healthy condition of trade, denotes its general sluggishness, and the diminished opportunities for lucrative operations.
75. When business was more active, the average amount of bills and other securities in local use was probably nearer nine than eight millions of dollars, whilst the amount actually held at present does not much exceed four millions and a half, a value considerably less, by at least more than a third, than the bullion and coin now stored in the city.
76. In venturing to give the above approximate calculations, I have of course no means of vouching their accuracy, but I nevertheless put them forward as deserving attention, being based on information supplied by the parties most conversant with the monetary and general business transactions of the port.
77. Those transactions are not exclusively connected with the China trade, but nevertheless may all be regarded as, collaterally at least, springing therefrom, and, as so, dependent generally on the immediate prospects of that and the Japan trade, that I can scarcely place before your Grace a true picture of the prospects of a Colony which is the main depôt of that commerce, and the centre of the orders issued and the operations connected therewith, unless I allude to the extent and prospects of the general trade with China.
78. I have fortunately just received from Mr. Robert Hart, the very able Inspector General of Imperial Customs for the Chinese Government, an analysis of the returns of the China trade during 1865 and 1866. Not to add unnecessarily to the length of this communication, which has already much exceeded the limits which I had proposed to myself at its commencement, I shall confine myself to the figures connected with last year, except in stating that the total trade in 1865 was 272,232,038 taels, and in 1866 was 299,929,511 taels, exhibiting an increase in the latter year of 26,697,513 taels, or eight millions sterling, an increase which I may say has generally averaged since 1860 11 per cent. on each preceding year.
79. Consul Robertson, at Canton, has recently occupied himself much with the returns connected with the trade of the open ports, bringing to his analysis of that trade great experience, accuracy, and patience. He has most kindly furnished me with the results of his investigation into the trade of 1866, and his general result for that year tallies almost exactly with the figures given by Mr. Hart, whilst his analysis is more clearly or rather more succinctly put.
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