Hong Kong Annual Administration Reports, 1841-1941
REPORT EXHIBITING THE PRESENT STATE
80. I cannot, therefore, do better than give his concluding summary in full. It is as follows:
Summary for 1866.
Tcls. Sterling, Imports 172,462,136 54,613,008 Treasure 40,332,532 12,771,967 Exports 102,923,034 32,592,295 Treasure 43,777,753 13,862,955 Total 359,495,455 £113,840,225 Or, Imports and exports Treasure 275,385,170 84,110,285 Total 359,495,455 £113,840,225Tcls.
Deduct re-exports 59,565,914 Total value of foreign trade 299,929,541 Sterling. £94,977,68681. Hence it will be seen that foreign trade with China in the year 1866 amounted to close upon ninety-five millions of pounds sterling, and of that trade the share of Great Britain amounted to no less than 71,518,723l., or nearly 63 per cent. of the whole.
82. Your Grace will probably admit that the above marvellous figures of so enormous a trade, which is not merely still existing but annually extending, leave little ground for apprehending that there is not ample room for future large and remunerative commercial transactions, if ordinary prudence be exercised; and that whatever may be the depression existing at present, there is every legitimate reason to expect that, as the business itself is not affected in value or extent, it may hereafter be carried on with profit, though probably that profit will not be divided as in former years, but be shared by more numerous firms of a more manageable size, but with smaller capital, and therefore necessitating more stringent economy.
83. That the trade has been profitable to China, which country has now a steady increasing Customs revenue exceeding last year two millions and a half sterling, may be regarded as a fortunate circumstance, because it must make it the interest of that government to be liberal in its encouragement of a commerce which is so profitable, not merely to the Imperial Exchequer, but which, as Mr. Hart observes in a former report on the trade of 1865, had in the five preceding years left the balance of trade in favour of China, as shown by the excess of her exports over imports, which excess amounted during that period to no less than 40,000,000l. sterling.
84. It must also be borne in mind that Hong Kong is no less connected with the Japanese trade than the China trade, and I may safely estimate the annual value of the former as already amounting to nearly six millions sterling, whilst it is probably capable of vast extension. Enough, however, has been said to show the vast importance to Great Britain of this small and comparatively barren Island, which has become the centre of the leading commercial operations connected with the colossal trade of which I have ventured to bring some details to Your Grace's notice. It is here that those reside who direct the principal transactions connected with that trade, whilst they maintain other establishments and agencies at the commercial marts along the coast. It is also here that Her Majesty's Government has been enabled to establish their most secure depôt for all military and naval stores required east of Singapore. Here are docks capacious enough to take in almost the largest vessels in the Navy, and a harbour that could shelter at once hundreds of the finest ships, and is not surpassed in convenience of anchorage, and scarcely in beauty, by any other harbour in the world.
85. There is, however, no parallel between this and any other British settlement. It owes its importance to no productions or manufactures of its own. The very trade which
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Hong Kong Annual Administration Reports, 1841-1941
REPORT EXHIBITING THE PRESENT STATE
80. I cannot, therefore, do better than give his, concluding summary in full. It is as follows:
Summary for 1866.
Thels.
Sterling,
Imports Treasure
172,462,136
54,613,008
40,332,532
12,771,967
Exports
Treasure
'Total
102,923,034
32,592,295
J
43,777,753
13,862,955
359,195,455
£113,810,225
Or,
Imports and exports Treasure
275,385,170 84,110,285
Total
359,495,455
87,205,303
26,634,922
£113,840,225
The above figures show the total value of foreign trade with China, including the rc-exports. These, however, must be deducted to arrive at the true amount.
Tacls.
Deduct re-exports
Total value of foreign trade
True value of foreign trade
350,495,455
雠
59,565,914
299,929,541
Sterling.
113,840,225
18,862,539
£94,977,686
81. Hence it will be seen that foreign trade with China in the year 1866 amounted to close upon ninety-five millions of pounds sterling, and of that trade the share of Great Britain amounted to no less than 71,518,7234, or nearly 63 per cent. of the whole.
82. Your Grace will probably admit that the above marvellous figures of so enormous a trade, which is not merely still existing but annually extending, leave little ground for apprehending that there is not ample room for future large and remunerative com- mercial transactions, if ordinary prudence be exercised; and that whatever may be the depression existing at present, there is every legitimate reason to expect that, as the business itself is not affected in value or extent, it may hereafter be carried on with profit, though probably that profit will not be divided as in former years, but be shared by more numerous firms of a more manageable size, but with smaller capital, and there- fore necessitating more stringent economy.
83. That the trade has been profitable to China, which country has now a steady increasing Customs revenue exceeding last year two millions and a half sterling, may bẹ regarded as a fortunate circumstance, because it must make it the interest of that govern- ment to be liberal in its encouragement of a commerce which is so profitable, not merely to the Imperial Exchequer, but which, as Mr. Hart observes in a former report on the trade of 1865, had in the five preceding years left the balance of trade in favour of China, as shown by the excess of her exports over imports, which excess amounted during that period to no less than 40,000,000l. sterling.
84. It must also be borne in mind that Hong Kong is no less connected with the Japanese trade than the China trade, and I may safely estimate the annual value of the former as already amounting to nearly six millions sterling, whilst it is pro bably capable of vast extension. Enough, however, has been said to show the vast importance to Great Britain of this small and comparatively barren Island, which has become the centre of the leading commercial operations connected with the colossal trade of which I have ventured to bring some details to your Grace's notice. It is here. that those reside who direct the principal transactions connected with that trade, whilst they maintain other establishments and agencies at the commercial marts along the coast. It is also here that Her Majesty's Government has been enabled to establish their most secure depôt for all military and naval stores required east of Singapore. Here are docks capacious enough to take in almost the largest vessels in the Navy, and a harbour that could shelter at once hundreds of the finest ships, and is not surpassed in conveni- ence of anchorage, and scarcely in beauty, by any other harbour in the world.
85. There is, however, no parallel between this and any other British settlement. It owes its importance to no productions or manufactures of its own. The very trade which
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