1920-1930
49
439
Macao with pirates on Colowan Island: Portuguese troops and gunboats engaged: many pirates escaped; some afterwards arrested at Cheung Chau Island in the N.T. (July). British Section, Kowloon-Canton Railway, opened by Sir Henry May (1/10). Portuguese Republic proclaimed in Macao (10/10).
Trade & industries.-The local money market was easy during the first 6 months of the year, but afterwards inclined to be tight, owing probably to the fall in rubber stocks. Financial crisis in Shanghai caused by rubber boom; many banks failed (Aug./Sept.). In imports of raw sugar there was a heavy falling off due mainly to producers in Java sending direct to Northern markets without trans-shipment in H.K. There was also a falling off in import and export of raw opium due partly to an additional tax on opium imposed, contrary to treaty, by the Canton Government. Compounds of opium including morphine also declined due to restrictive legislation by Government. The year was fair generally for merchants and manufacturers: yarn, piece-goods, and tin did well. The number and tonnage of ships entering and clearing in the Colony was the largest yet recorded, being 545,177 vessels of 36,441,496 tons, an increase as compared with 1909 of 17,897 vessels and 1,610,651 tons. There was a considerable improvement in the industry of docking steamers in H.K.: during the latter part of the year the industry gained a considerable impetus, which has since been maintained. Subsidiary currency remained at a discount: the Government withdrew from circulation and demonetized $5,272,012.25 (face value) of silver sub-coin and $255,446.79 (face value) of copper coin. Exchange averaged 1/9-6/16d for the year and stood at 1/10 on 31st December.
Public Works.-A new block containing 78 cells was constructed in Victoria Gaol. An extension of the Land Office at Tai Po for the accommodation of the