Flour shows a large decrease, from 147,000 to 91,000 tons, which appears to be due to the fact that the Colony is ceasing to be the distributing centre for this commodity. Shipments are now made direct from ports on the Pacific Coast of North America to Shanghai, Amoy, Singapore, &c., instead of transhipping here, as heretofore.
There is however a possibility that, the Hongkong Milling Company being in liquidation, some small recrudescence in this branch of trade may occur.
The total reported Imports during the year amounted to 4,170,000 tons, as against 4,366,000 tons in 1907, a decrease of 4.4%. Exports also show a decrease, from 2,354,000 tons to 2,103,000 tons or 10.7%. Transit cargo declined from 3,396,000 to 3,373,000 tons or 0.7%.
Emigration.
Seventy-one thousand and eighty-one (71,081) emigrants left Hongkong for various places during the year, of these, 53,118 were carried in British ships and 17,963 in Foreign ships. These figures show a decrease of 34,886 emigrants, or 32.9%, compared with those for 1907.
It is difficult to account for this large decrease, but there were probably several contributing factors, such as the general depression in trade and consequent decreased demand for labour, and the quarantine restrictions placed upon vessels from the Colony to other ports, which probably had a great effect. But the chief causes undoubtedly were:-
1. The cessation of Assisted Emigrants to Banka and Billiton. This emigration commenced in 1907, and served to largely swell the figures for that year. The demand for labour in those islands was not very large, and all the plantations there were fully manned before the beginning of 1908.
2. The West River floods checked recruiting during the first six months of the year.
3. There was a considerable demand for labour on the several railways under construction in China, which restricted the recruiting area.
One hundred and fifty-seven thousand eight hundred and nine (157,809) returning emigrants were brought to Hongkong from the several places to which they had emigrated, either from this Colony or from Coast Ports. This includes 106 returning from South Africa. Of the total number 116,094 arrived in British ships and 41,715 in Foreign ships.
(b.) INDUSTRIES.
Sugar Refining Industry.-The year 1908 was more favourable for the sugar refining industry of the Colony than 1907 owing to the curtailment of supplies of Java White Sugars and of Japanese refined in the China market. As a consequence of this, prices advanced during the year, and the local Refineries were able to market their Sugars under improved conditions. European beets were conspicuous by their absence doubtless owing to the low silver rate of exchange for sterling remittances.
Farm Trade. The extreme depression during the two preceding years adversely affected the market during the beginning of 1908 and prices continued to rule below the parity of those at the producing centres. Later in the year the demand improved and prices rose steadily. Large sales were effected, leaving a fair margin of profit to Importers while the Chinese dealers did very well indeed on their purchases. Stocks became abnormally reduced and the year closed with an improving tendency. In May last the local Cotton Mill found it advisable to resume full working but the difficulty in procuring adequate labour prevented the Company from taking full advantage of the improvement in demand. The bulk of the production was sold direct to Shanghai and the Northern Ports.
Rope Manufacturing Industry.—The remarks made last year on the Rope Manufacturing Industry apply in some measures to the year 1908. Conditions have not altered much in either direction, prices have been reduced to customers, and there is a larger demand with increased output.
Cement Industry.-The conditions under which this industry has been carried on have been much the same as in 1907, and there has been a good demand throughout the year.
Longkong Milling Company Limited.—The Flour Mills at Junk Bay were not running for a greater part of 1908.
Oriental Brewery, Limited.-A recently established industry is that of the Oriental Brewery, Limited, at Laichikok. This Brewery will shortly place its product on the market and its capacity is about 100,000 barrels per annum.