16
whose imports in 1934 were more than treble those in previous years. The rubber used in the manufacture of these shoes is imported from the Straits Settlements. Formerly, most of the canvas used originated from the United States of America, but now a large proportion of British canvas is used. The total value of exports in 1934 amounted to over $3,000,000.
Lard. The manufacture of lard is an important local industry. Pigs are imported from South China and Kwong-chowan and slaughtered in Government abattoirs, the preparation and packing of the manufactured lard also being supervised by Government officials. Exports from Hong Kong declined somewhat in 1934 and prices also were lower.
Total exports amounted to 33,485 piculs valued at $62,242. Of this amount, 21,104 piculs were taken by the United Kingdom.
Shipbuilding. Two ocean-going vessels, seven launches, two yachts, six motor boats, six lighters and twenty-six small craft were built during the year in local dockyards.
# Chapter VII
## COMMERCE
As anticipated at the close of the year 1933, the visible trade of the Colony during the year 1934 showed a still further decline, with little or no promise of any recovery in the immediate future.
2. The gloomy state of trade during the year was largely due to the still further diminished purchasing power of China, accentuated by tariff barriers, particularly in the adjacent province of Kwangtung.
3. The declared values of imports of merchandise during 1934 totalled $415.9 millions (£31.7 millions), as compared with $500.9 millions (£33.9 millions) in 1933, and exports amounted to $325.1 millions (£24.8 millions), as compared with $403.1 millions (£27.4 millions). Details are given in Table I.
4. In terms of Hong Kong currency imports during 1934 declined 17.0% as compared with 1933, and 33.3% as compared with 1932, whilst exports declined 19.4% as compared with 1933, and 31.1% as compared with 1932.
5. In terms of Sterling values imports declined 6.5% as compared with 1933, and 22.7% as compared with 1932, whilst exports declined 9.5% as compared with 1933, and 20.0% as compared with 1932.