18
Wholesale Price Changes.
10. During the year 1931 commodity prices in Hong Kong showed increases of 29.8% as compared with the year 1924, 36.6% as compared with the base period of 1922, and an average index figure for all articles slightly more than double that for the year 1913.
11. As compared with the year 1922 world wholesale prices fell approximately 30%, and the increases in the Hong Kong index figures were almost entirely due to the depreciation of local currency which averaged 2s. 6d. in 1922, 2s. 4d. in 1924, and 1s. 0d. in 1931.
12. The sterling value of Hong Kong currency showed an upward trend in the last quarter of the year following the cessation of gold exports from Great Britain, this being reflected in a slight fall in prices.
13. The following table shows the course of price changes since 1913.
1913 1922 1924 1931 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Foodstuffs 73.6 100.0 106.1 144.3 144.1 151 Textiles 100.0 112.5 135.8 147.9 Metals.... 63.2 100.0 102.3 140.9 138.5 Miscellaneous. 61.2 100.0 106.3 125.4 129.7 Average all Articles. 64.0 100.0 106.8 136.6 139.8 140.4 133.2 132.7 147.3 142.2 143.1 143.8 143.7 128.7 123.5 143.3 138.2 127.5 118.6 125.5Chapter 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 has been dull for the greater part of the year and wages have, so far as can be ascertained, tended downwards. The building trade however, has been unusually busy as the result of a building boom and the development of newly reclaimed areas. 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.
18
Wholesale Price Changes.
10. During the year 1931 commodity prices in Hong Kong showed increases of 29.8% as compared with the year 1924, 36.6%
as compared with the base period of 1922, and an average index figure for all articles slightly more than double that for the year 1913.
11. As compared with the year 1922 world wholesale prices fell approximately 30%, and the increases in the Hong Kong index figures were almost entirely due to the depreciation of local currency which averaged 2s. 6d. in 1922, 2s. 44d. in 1924, and 1s. Oğd, in 1931.
12. The sterling value of Hong Kong currency showed an upward trend in the last quarter of the year following the cessation of gold exports from Great Britain, this being reflected in a slight fall in prices.
13. The following table shows the course of price changes since 1913.
1913 1922 1924 1931
1st. 2nd 3rd 4th Qtr. Qtr. Qir. Qtr.
Foodstuffs Textiles
Metals....
Miscellaneous.
73.6100.0¡ 106.1 144.3 144.1 55 1 100.0 112.5 135.8 147.9 63.2 | 100.0 102.3 |140.9 | 138 5 61.2 100.0 | 106.3 125.4 | 129.7
Average all Articles.
147.3142.2 143.1 143.8
143.7 128 7 123,5 143.3 138.2 127.5118.6125.5
64.0 100.0 106.8 | 136.6 139.8 140.4 133.2 132.7
Chapter 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 has been dull for the greater part of the year and wages have, so far as can be ascertained, tended downwards. The building trade however, has been unusually busy as the result of a building boom and the development of newly reclaimed areas. 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 move- ment in house rents.
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