19
WHOLESALE PRICES CHANGES.
Wholesale prices in Hong Kong during the year 1932 showed a decrease of 10.4% as compared with 1931, and increase of 14.6% as compared with 1924, 22.4% as compared with the base period of 1922, and 91.2% as compared with 1913.
There were decreases in each of the four groups in 1932 as compared with 1931: Foodstuffs declining by 12.3%, Textiles by 7.8%, Metals and Minerals by 9.1% and Miscellaneous Items by 12.5%.
The following table shows the course of price changes since 1913:-
1913 1915 1922 1924 1931 1932 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Foodstuffs 73.6 100.0 106.1 144.3 126.5 129.6 130.1 124.9 121.4 Textiles 55.1 100.0 112.5 135.8 125.2 135.6 128.5 118.8 117.8 Metals and Minerals 102.3 100.0 140.9 128.1 137.0 138.2 115.4 Miscellaneous Articles 64.0 100.0 106.8 136.6 122.4 132.0 126.7 117.2 113.7 Average of all 63.2 100.0 106.3 125.4 109.7 125.7 109.9 103.2 100.2Chapter VIII.
WAGES AND THE COST OF LIVING.
A great proportion of the workers in Hong Kong are paid on a piece work basis and in some trades are engaged and paid on curiously complicated systems involving payment of a bonus or a share in the yearly profits.
2. Trade was again dull for the greater part of the year and wages have, so far as can be ascertained, tended downwards. The building trade however, was still very busy, for though the peak of the land boom had been passed early in the year the resultant effect on building had not become apparent by the end of the year. The price of the cheaper grades of rice which is the staple food of the lowest paid workers, has not increased and remains at an average of five to eight cents per lb. The price of fire-wood which is also an important item to the poorer classes remains the same. There has been no apparent movement in house rents.
3. The European resident, unlike the local labourer, purchases many articles of necessity which are imported from countries with sterling or gold currencies. He is therefore affected by variations in the exchange value of these currencies as expressed in terms of the silver dollar. During the year under review these variations were not sufficiently great to affect noticeably the prices of imported articles.