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to the extent of about £300,000 annually. Owing to the drought in South China in the early part of 1929, the price of raw ginger was higher than for many years. The high cost affected the demand in the buying markets, and the year on the whole was an unsatisfactory one for local manufacturers and merchants dealing in the product.
Rope Making. The demand for Manila Cordage was not good during 1929, and the year's turnover showed a decrease on that of the previous year.
SHIPBUILDING.
Five coasting steamers, six passenger and cargo motor vessels, three other ocean-going vessels, and fifteen smaller craft were built in local dockyards during 1929.
IV.—Trade and Economics.
In anticipation of the increased Chinese Customs Import Duties as from 1st February, the year opened with greater activity in import trade and in the clearance of stocks in Hong Kong. China New Year having passed off more or less satisfactorily, internal strife in China and depreciation of Central Bank of China notes proved a serious deterrent to trade for several months. Accentuated depression of the market marked the second half of 1929, autumn trading being handicapped by the fact that heavy shipments of piece goods and other commodities prior to the increase in the Tariff had not moved into consumption. The premium on the local dollar (as a result of its temporary divorce from silver value) aggravated already unfavourable conditions. The adjustment of exchange in October led to considerable improvement in offtake of piecegoods, and to an increase of activity in regard to exports. The recrudescence of internecine strife in adjoining provinces of China in November and December, in conjunction with general political unrest in Nanking and the North, brought about a most depressed state of affairs for the remainder of the year as regards imports and clearances, and greatly restricted export business in view of the holding-up of supplies.
V.—Communications.
SHIPPING.
The total Shipping entering and clearing Ports in the Colony during the year 1929 amounted to 300,557 vessels of 47,186,181 tons which compared with the figures of 1928 shows an increase of 241 vessels and an increase of 2,302,416 tons.
Of the above, 52,574 vessels of 39,871,149 tons were engaged in Foreign Trade as compared with 52,278 vessels of 37,640,694 tons in 1928.
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to the extent of about £300,000 annually. Owing to the drought in South China in the early part of 1929, the price of raw ginger was higher than for many years. The high cost affected the demand in the buying markets, and the year on the whole was an unsatisfactory one for local manufacturers and merchants dealing in the product.
Rope Making. The demand for Manila Cordage was not good during 1929, and the year's turnover showed a decrease on that of the previous year.
SHIPBUILDING.
Five coasting steamers, six passenger and cargo motor vessels, three other ocean going vessels, and fifteen smaller craft were built in local dockyards during 1929.
IV.-Trade and Economics.
In anticipation of the increased Chinese Customs Import Duties as from 1st February, the year opened with greater activity in import trade and in the clearance of stocks in Hong Kong. China New Year having passed off more or less satisfactorily, internal strife in China and depreciation of Central Bank of China notes proved a serious deterrent to trade for several months. Accentuated depression of the market marked the second half of 1929, autumn trading being handicapped by the fact that heavy shipments of piece gcods and other commodities prior to the increase in the Tariff had not moved into consumption. The premium on the local dollar (as a result of its temporary divorce from silver value) aggravated already unfavourable conditions. The adjustment of exchange in October led to considerable improvement in offtake of piecegoods, and to an increase of activity in regard to exports. The recrudescence of internecine strife in adjoining provinces of China in November and December, in conjunction with general political unrest in Nanking and the North, brought about a most depressed state of affairs for the remainder of the year as regards imports and clearances, and greatly restricted export business in view of the holding-up of supplies.
V.-Communications.
SHIPPING.
The total Shipping entering and clearing Ports in the Colony during the year 1929 amounted to 300,557 vessels of 47,186,181 tons which compared with the figures of 1928 shows an increase of 241 vessels and an increase of 2,302,416 tons.
Of the above, 52,574 vessels of 39,871,149 tons were engaged in Foreign Trade as compared with 52,278 vessels of 37,640,694 tons in 1928.
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