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# Chapter VIII.
## WAGES AND THE COST OF LIVING.
I
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 Local trade was very dull during the year 1934 and the improvement of business of which there were faint signs at the end of 1933 did not materialize. The chief causes remained the same, viz. the world depression and the ever-growing wall of high tariffs imposed by the Chinese and other governments, whilst a new factor hindering exports to foreign countries was the steadily maintained appreciation of the silver dollar vis-à-vis gold and sterling. The hosiery and knitting trades were particularly hard hit and several large and well-established firms engaged in the manufacture of these classes of goods were compelled to close down. The heavy industries such as ship-building and engineering also suffered from lack of business, but on the other hand several smaller industries such as those involving the manufacture of felt hats, sweets, electric torches and dry-batteries, mosquito sticks, etc., appeared to be flourishing. The printing and book making industries and the rubber shoe trade had a fair measure of prosperity and although several factories closed down others were opened. In spite of the depression the total number of factories in the Colony continues to increase and at the end of the year there were 550 factories and workshops registered under the Factories and Workshops Ordinance. It would be misleading, however, not to point out that the majority of these are quite small establishments. Foreshadowed at the end of 1933, conditions in the building trade were slack as compared with the boom of previous years, but thousands of coolies found employment in various public works and other undertakings such as the Shing Mun Dam, the new Gaol at Stanley, the new Government Civil Hospital and the new Hong Kong and Shanghai Bank building. Although unemployment has become more marked, it cannot be said to have become acute as in Western countries. Many Chinese who are unable to find employment in the Colony have returned to their native districts in the neighbouring provinces of China and there has been a further decline in the rents of tenement houses, flats, offices and shops occupied by Chinese. Even in the case of premises occupied by Europeans, a distinct decline in rentals has now become apparent and there is a tendency to move to outlying districts where accommodation is cheaper. There has been no noticeable change in the average rates of wages for labour, but the prices of all Chinese food-stuffs declined further during the year.
As
23
Chapter VIII.
WAGES AND THE COST OF LIVING.
I
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 Local trade was very dull during the year 1934 and the improvement of business of which there were faint signs at the end of 1933 did not materialize. The chief causes remained the same, viz. the world depression and the evergrowing wall of high tariffs imposed by the Chinese and other governments, whilst a new factor hindering exports to foreign countries was the steadily maintained appreciation of the silver dollar vis-à- vis gold and sterling. The hosiery and knitting trades were particularly hard hit and several large and well-established firms engaged in the manufacture of these classes of goods were compelled to close down. The heavy industries such as ship- building and engineering also suffered from lack of business, but on the other hand several smaller industries such as those involving the manufacture of felt hats, sweets, electric torches and dry-batteries, mosquito sticks, etc., appeared to be flourish- ing. The printing and book making industries and the rubber shoe trade had a fair measure of prosperity and although several factories closed down others were opened. In spite of the depression the total number of factories in the Colony continues to increase and at the end of the year there were 550 factories and workshops registered under the Factories and Workshops Ordinance. It would be misleading, however, not to point out that the majority of these are quite small establishments. foreshadowed at the end of 1933 conditions in the building trade were slack as compared with the boom of previous years. but thousands of coolies found employment in various public works and other undertakings such as the Shing Mun Dam, the new Gaol at Stanley, the new Government Civil Hospital and the new Hong Kong and Shanghai Bank building. Although unemployment has become more marked it cannot be said to have become acute as in Western countries. Many Chinese who are unable to find employment in the Colony have returned to their native districts in the neighbouring provinces of China and there has been a further decline in the rents of tenement houses, flats, offices and shops occupied by Chinese. Even in the case of premises occupied by Europeans a distinct decline in rentals has now become apparent and there is a tendency to move to outlying districts where accommodation is cheaper. There has been no noticeable change in the average rates of wages for labour but the prices of all Chinese food-stuffs declined further during the year.
As
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