15
Lard. The manufacture of lard is an important local industry. Live pigs are imported from South China and Kwongchowan and slaughtered in Government abattoirs, the preparation and packing of the manufactured lard also being supervised by Government officials. Exports from Hong Kong to the United Kingdom increased considerably, 21,839 piculs having been shipped in 1933. Considerable quantities are also exported to the Philippines and other markets.
eighteen
Shipbuilding.-Four ocean-going vessels and smaller craft were built in local dockyards during 1933.
# Chapter VII.
COMMERCE.
The full effect of the depression in world trade, which was first felt in 1929, was not reflected in the statistics of the import and export trade of Hong Kong until 1933, during which period the commerce of the Colony slumped to the lowest figure recorded since the Great War; at the close of the year there was no sign of any early improvement in the situation.
2. Several factors combined to this end, chief of which were a still further decrease in the purchasing power of China, aggravated by increased tariffs, a heavy carry-over of stocks from 1932, particularly of piece goods, failures of several business houses, which resulted in extreme reluctance on the part of importers to extend credit facilities, a slump in the building and allied trades, following a minor building boom in 1931 and 1932, a continuance of the Chinese boycott of Japanese goods, though of less severity, and the uncertainty of exchange.
3. The declared value of imports of merchandise in 1933, totalled $500.9 millions, as compared with $624.0 millions in 1932, a decrease of 19.7%; while exports were valued at $403.1 millions in 1933, as compared with $471.9 millions in 1932, a decrease of 14.6%.
4. The share of the import trade enjoyed by the United Kingdom fell from 12.3% in 1932 to 10.4% in 1933; U.S.A. from 7.4% to 6.2%; Germany from 4.1% to 3.8%; British Malaya from 1.5% to 1.2%; Netherlands East Indies from 9.9% to 7.8%; Australia from 1.9% to 1.6%; and Belgium from 2.0% to 1.7%; while the share of China increased from 27.2% to 31.0%; Japan from 3.4% to 5.0%; French Indo-China from 8.4% to 8.5%; Siam from 9.3% to 10.0%; and India from 2.8% to 3.7%.