1887-1903
ANNUAL.
133
11
COLONIAL REPORTS.
The
ments in abeyance until the public health shall be restored. effect of this is much felt by merchants whose merchandize is left on their hands beyond the contract time, and many have had to call on their bankers to enable them to tide over the lock-up of money. The bankers under such circumstances buy and sell fewer bills, and they witness the contraction of all the ramifications of trade in which they have a financial interest. The turn-over in sugar and sugar-refining is reckoned not by thousands but by millions of dollars, and, although happily not suspended, it is for the moment crippled for want of labour. Landlords in the affected districts of the city receive no rents, and the natives generally in the midst of all their troubles find their necessary articles of food 30, or even 50, per cent. above the usual price.
"32. Without exaggeration, I may assert that, so far as trade and commerce are concerned, the plague has assumed the importance of an unexampled calamity.'
With the gradual decrease of the epidemic in the latter part of July, the anticipation of an early removal of quarantine restrictions against Hong Kong shipping, and the expected return of the Chinese to the Colony, there were reasonable grounds for hoping that the recent disastrous period would in some measure be atoned for by a re-action in the commercial world, and that trade would receive a stimulus from the recent inevitable suspension.
Outbreak of War between China and Japan.
This ray of hope was, however, soon rudely obscured by the cloud of war which appeared on the political horizon and which, daily assuming a more threatening aspect, eventually burst into storm on the 1st August. The formal declaration of war between China and Japan on that date was followed by the usual restrictions on, and inconveniences to, neutral commerce, whilst the progress of hostilities produced an unsettled state of affairs which for a time partially paralysed the China market. To these dis- advantages were added obstructions to shipping caused by the measures of coast defence adopted by the Chinese authorities, increasing the difficulties of navigation and involving considerable delay and expense to shipping companies, which naturally resulted in increased rates of freight, passage, and insurance.
Taking, therefore, into consideration the combination of circum- stances which penalised Hong Kong merchants during the greater part of the year, it is more than satisfactory to note that the value of the trade between this port and China during an unprecedentedly unfavourable period amounted to 133,217,855 Haekwan Taels (the Haekwan Tael is worth about 3s. 2d.) as against Taels 129,181,223 in 1893 or an increase of Taels 4,036,632, and as a further instance of the gradual expansion of the trade of the Colony with China it may be mentioned that the returns for 1894 show an increase to the value of Haekwan Taels 44,063,627 as compared with those for 1887. The figures for 1894 have, of course, not been unaffected by the appreciation
Page 140
Page 141
1887-1903
ANNUAL.
133
11
COLONIAL REPORTS.
The
ments in abeyance until the public health shall be restored. effect of this is much felt by merchants whose merchandize is left on their hands beyond the contract time, and many have had to call on their bankers to enable them to tide over the lock-up of money. The bankers under such circumstances buy and sell fewer bills, and they witness the contraction of all the ramifications of trade in which they have a financial interest. The turn-over in sugar and sugar-refining is reckoned not by thousands but by millions of dollars, and, although happily not suspended, it is for the moment crippled for want of labour. Landlords in the affected districts of the city receive no rents, and the natives generally in the midst of all their troubles find their necessary articles of food 30, or even 50, per cent. above the usual price.
"32. Without exaggeration, I may assert that, so far as trade and commerce are concerned, the plague has assumed the importance of an unexampled calamity.'
With the gradual decrease of the epidemic in the latter part of July, the anticipation of an early removal of quarantine restrictions against Hong Kong shipping, and the expected return of the Chinese to the Colony, there were reasonable grounds for hoping that the recent disastrous period would in some measure be atoned for by a re-action in the commercial world, and that trade would receive a stimulus from the recent inevitable suspension.
Outbreak of War between China and Japan.
This ray of hope was, however, soon rudely obscured by the cloud of war which appeared on the political horizon and which, daily assuming a more threatening aspect, eventually burst into storm on the 1st August. The formal declaration of war between China and Japan on that date was followed by the usual restrictions on, and inconveniences to, neutral commerce, whilst the progress of hostilities produced an unsettled state of affairs which for a time partially paralysed the China marketa. To these dis- advantages were added obstructions to shipping caused by the measures of coast defence adopted by the Chinese authorities, increasing the difficulties of navigation and involving considerable delay and expense to shipping companies, which naturally resulted
n increased rates of freight, passage, and insurance.
Taking, therefore, into consideration the combination of circum- stances which penalised Hong Kong merchants during the greater part of the year, it is more than satisfactory to note that the value of the trade between this port and China during an unprecedentedly unfavourable period amounted to 133,217,8551 Haekwan Taels (the Haekwan Tael is worth about 3s. 2d.) as against Taels 129,181,223 in 1893 or an increase of Taels 4,036,632, and as a further instance of the gradual expansion of the trade of the Colony with China it may be mentioned that the returns for 1894 show an increase to the value of Haekwan Taels 44,063,627 as compared with those for 1887. The figures for 1894 have, of course, not been unaffected by the appreciation
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