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# MANUFACTURES
Sugar. The Sugar markets of the world continued, during 1928, to suffer from over-production, mainly in Java, and prices during 1928 were the lowest registered since the pre-war period. The hope that the over-production would be taken up in the replenishment of invisible stocks was not realised, and business generally was confined to hand-to-mouth buying. Whilst consumption in Europe increased by a nominal amount, that of America has registered a slight set-back.
Recent development of trade between Java and the consuming centres in China in washed sugar—a much cheaper process than refining—was one of the main factors leading to the permanent closing down of one Hong Kong sugar refinery and the stoppage for six months of another.
Hosiery. There are established in the Colony over a score of Chinese-owned factories for the knitting of cotton hosiery and singlets. The factories use, except for the higher grades, Japanese yarn and find an ever-increasing demand for their products in South Africa, the Persian Gulf, and in many parts of the near East, wherever there is a large native population.
Ginger. A dozen ginger-preserving establishments deal with the raw product which is imported from South China and supplied principally to Great Britain, Holland, the U.S.A. and Australia, to the extent of about £300,000 annually.
Rope Making. Rope-makers have had a fairly satisfactory year.
# SHIPBUILDING
Two ocean-going passenger vessels were built in local dockyards during 1928, four ocean-going motor vessels, and twenty smaller craft.
# IV. Trade and Economics
In the opinion of merchants the recovery of trade—which more settled political conditions in China gave reason to expect—scarcely manifested itself in 1928 to the extent hoped for. The volume of business was, as far as can be estimated in the absence of trade statistics, no more than maintained.
The following figures, taken from returns for 1924 (the last available), show the principal countries with which trade is carried on:
Imported from £ Exported to £ United Kingdom 9,450,000 744,000 Germany 132,000 1,835,000 Belgium 696,000 19,000 Holland 326,000 107,000 France 319,000 79,000 Italy 259,000 6,000 Sweden 173,000 2,000 Other European Countries 189,000 16,000 United States of America 5,915,000 2,489,000