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6. Hosiery. The turnover in locally manufactured knitted goods during 1931 was fairly satisfactory. The increased China tariff has adversely affected local factories which depended on the China market, but business in hosiery with India, Egypt, South America, the Philippines, Netherlands East Indies and South Africa has correspondingly improved. Total value of exports from Hong Kong in 1931 amounted to nearly $2,500,000.
7. Flashlight Torches and Batteries. These are manufactured in numerous local factories and owing to low labour costs and consequent low price they are in growing demand locally and for export. Exports during 1931 amounted to the value of $1.4 millions (torches) and $1 million (batteries).
8. Shipbuilding.—Six ocean-going vessels and twenty smaller craft were built in local dockyards during 1931.
# Chapter VII
## COMMERCE
Despite the continued world-wide trade depression, and several other adverse factors more intimately affecting the commercial welfare of Hong Kong, trade returns compiled by the Statistical Office show that conditions in 1931 were, if anything, slightly better than in the year 1930, the total value of imports of merchandise amounting to $737.7 millions, an increase of $87.7 millions, while exports totalled $542 millions, an increase of $42 millions.
2. Only nine months' figures are available for the year 1930, and it is on the basis of these figures that the value of the total trade for that year has been liberally estimated.
3. Several factors other than the general depression in world trade combined to prevent any appreciable recovery in trade, chief among which were the following:-
(1) The continued low purchasing value of the silver currencies of Hong Kong and China;
(2) internal political troubles in China;
(3) serious floods in South China during the earlier part of the year, and in North China during the latter part of the year;