Hong Kong Annual Administration Reports, 1841-1941
PAPERS RELATING TO
68. Each of these houses is built on a site more or less precipitous, the requisite level for buildings and tennis courts being obtained by blasting; and as every brick, stone, timber, and other article used in construction, as well as the furniture on completion, requires to be carried on Coolies' shoulders for distances varying from one to two miles to a height of 1,100 to 1,600 feet, it may be imagined what has been the labour and cost involved in the work, and why it is that residence at the Peak must be confined to the comparatively wealthy.
69. Another of the leading features of the most recent history of the Colony is the number of joint-stock enterprises undertaken almost entirely with local capital to which, it may be noted, Chinese have, for the first time, begun to make considerable subscriptions in common with Europeans. Since the beginning of 1888, 35 companies have been formed, with capital already paid-up aggregating $9,508,475, for land investment, manufacture, and trade in Hong Kong and for mining and for planting enterprises in the Malay Peninsula, Borneo, and Tongking. So strong has been the tendency towards joint-stock investment that the shares of most of the companies have been insufficient in number for the demand; and it may be mentioned as showing the amount of capital available for the purpose that within two months of this year the sum of $4,890,000 was paid into the Hong Kong and Shanghai Bank in connexion with the shares of one company.
70. As far as is known, all, or nearly all, of these companies, especially those whose field of operations is in Hong Kong, have good, some of them excellent, prospects of success.
There can, moreover, be little doubt that land in Hong Kong will eventually be even more valuable than now. But it remains to be seen whether property in either land or shares is at present worth the high price to which it has been advanced by speculative purchase. It may, indeed, be taken as certain that in a very few instances can the profits within the next year or two afford a fair interest on present outlay; and hence probably arise the signs of reaction which are now beginning to show themselves. If this depression of values should continue, it would no doubt cause much distress among those who have been speculating beyond their means; but any general injury is not at all likely to be other than temporary; and in a Colony having so many solid elements of prosperity it may be taken as certain that, in the absence of calamity, the wound will be very quickly healed.
* According to a return made for me by the police there are at the present time being carried thus to "the Peak" from 2,800 to 3,000 loads per diem of bricks and other materials.
† There are 10 other companies registered in Hong Kong, of which I have been unable to ascertain the paid-up capital, making a total of 45.
The Hong Kong Land Investment Company, Limited, capital $5,000,000, of which $2,500,000 has been paid up, together with $1,250,000 premium on the second issue. The sum of $1,140,000 paid for shares not allotted was returned to the applicants.