HONGKONG.
ANNUAL GENERAL REPORT FOR 1920.
PREFACE.
Hongkong is situated off the south-eastern coast of China between 22° 9' and 22° 17' N. latitude and 114° 5' and 114° 18' E. longitude. The island is an irregular ridge, stretching nearly east and west; its peaks rising to the height of nearly 2,000 feet above the sea level. Its length is about 11 miles, its breadth from 2 to 5 miles, its area about 32 square miles.
In 1898 an extension of Hongkong territory was agreed to by an area adjacent to British Kowloon, including Mirs Bay and Deep Bay, being leased for 99 years.
The Colony, then a desolate island, sparsely inhabited by fishermen, was ceded to Great Britain in January, 1841; the cession was confirmed by the Treaty of Nankin in August, 1842; and the charter bears date 5th April, 1843. The additions subsequently obtained on the mainland have been noted above.
Trade increased with the opening up of China to foreign trade. Large local banking, dock, steamboat, and insurance companies were established between 1865 and 1872, and the trade was greatly increased by the opening of the Suez Canal.
The city is the depôt for an incessant flow of Chinese emigration and immigration, excluding China ports.
GENERAL OBSERVATIONS.
During the early part of the year trade was brisk and large profits were realised all round, owing principally to the relatively high sterling rates at which imports were laid down. A serious slump, however, followed later in the year. As a result of the prosperity of trade in 1919, many new firms had been established, especially in the piece goods business. By these enormous orders were placed in England and America during 1919. Owing chiefly to labour conditions, deliveries were delayed, with the result that many orders placed early in 1919 were not delivered until the Autumn of 1920. The result was an overstocked market, which, with a decline in prices, caused by the heavy fall in the price of cotton, and a drop of 50 per cent. in the value of the dollar compared with the rates prevailing when the orders were placed in 1919, led to a very serious financial position.
HONGKONG.
ANNUAL GENERAL REPORT FOR 1920.
PREFACE.
Hongkong is situated off the south-eastern coast of China be- tween 22 9' and 22 17' N. latitude and 114° 5' and 114° 18' E. longitude. The island is an irregular ridge, stretching nearly east and west; its peaks rising to the height of nearly 2,000 feet above the sea level. Its length is about 11 miles, its breadth from 2 to 5 miles, its area about 32 square miles.
In 1898 an extension of Hongkong territory was agreed to by an area adjacent to British Kowloon, including Mirs Bay and Deep Bay, being leased for 99 years.
The Colony, then a desolate island, sparsely inhabited by fishermen, was ceded to Great Britain in January, 1841; the cession was confirmed by the Treaty of Nankin in August, 1842; and the charter bears date 5th April, 1843. The additions subsequently obtained on the mainland have been noted above.
Trade increased with the opening up of China, to foreign trade. Large local banking, dock, steamboat, and insurance companies were established between 1865 and 1872, and the trade was greatly in creased by the opening of the Suez Canal.
The city is the depôt for an incessant flow of Chinese emigration and immigration; excluding China ports.
GENERAL OBSERVATIONS.
During the early part of the year trade was brisk and large profits were realised all round, owing principally to the relatively high sterling rates at which imports were laid down. A serious slump, however, followed later in the year. As a result of the prosperity of trade in 1919, many new firms had been established, especially in the piece goods business. By these enormous orders were placed in England and America during 1919. Owing chiefly to labour conditions, deliveries were delayed, with the result that many orders placed early in 1919 were not delivered until the Autumn of 1920. The result was an overstocked market, which,. with a decline in prices, caused by the heavy fall in the price of cotton, and a drop of 50 per cent. in the value of the dollar compared with the rates prevailing when the orders were placed in 1919, led to a very serious financial position.
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