Hong Kong Annual Administration Reports, 1841-1941
COLONIAL REPORTS-ANNUAL.
Sugar Refineries.-The year 1921 saw the gradual adjustment of prices to a normal level and although sellers were successful in maintaining prices until May, they eventually dropped to about Guilders 10. A period of adjustment was unavoidable after the very high prices ruling in 1920 and the dislocation of stocks resulting, but a more satisfactory state of affairs may be looked for on the return of normal production and consumption.
Yarn. The yarn trade during 1921 was not unsatisfactory, and the few native dealers who survived the collapse of the previous year closed the period profitably.
The total quantity of Indian yarn imported into the Colony during the year amounted to 110,000 bales, and 25,000 bales were brought forward from the previous year.
Clearances totalled 121,000 bales, leaving a carry-over of 14,000 bales.
Cotton.--Middling American cotton was quoted in Liverpool on 1st January at 8.65d. for spot. It advanced until the 17th idem, when 10.69d. was reached, then slumped to its lowest point for the period under review, viz., 6.38d. on 28th February.
A fairly even position was maintained between 7d. and 8d. for four months, until the end of August, when the U.S.A. Cotton Bureau estimates reported a shortage in crop which brought in heavy buyers, with the result that on 29th September 15.70d. was registered. Later it became apparent that the bureau's figures were incorrect and the rate gradually sagged away until on 31st December the quotation was 11.36d.
Rope Making-Trade during 1921 was very much the same as in 1920. Exchange ruled more favourably and bigger business should have resulted had it not been for increased competition with lower quality rope in some of the markets.
Cement Manufacture. The demand for cement continued unabated for the first eight months of the year, but there was a material falling off in exports to India, Java, etc., during the last four months, due chiefly to the importation there of large quantities of cheap cement principally from Belgium, Germany and Italy. The total turnover, however, was almost exactly the same as that of the previous year.
(ii.)-Under Chinese Management.
Tin. This line of business was not nearly as good as 1920, chiefly owing to the unsettled state of affairs in the interior of China, especially in the Kwangsi Province; also lack of demand from both Europe and America. Therefore, the local prices only varied from $5 to $7 per picul for the whole year round, in spite of a fair quantity having been seized by the Kwangtung military authorities from Fu-Roo of the Kwangsi Province after the civil war between the two provinces, and being offered to be disposed of at a cheap rate. At the beginning of the year prices seemed to be very much stronger.