46
22
Hong Kong Annual Administration Reports, 1841-1941.
· OLONIAL REPORTS—ANNUAL.
This was more seriously affected by the organised attempts of the Chinese in the last half of the year to boycott American goods as a protest against the administration of the United States law, excluding Chinese labourers from that country. The attempt to extend the organisation of the movement to this Colony was not supported by the principal Chinese merchants here, but its strength in Canton adversely affected the business in American goods which passes through Hong Kong, and further tended to the development of anti-foreign feeling and consequent unrest in that part of China with which Hong Kong does most trade. Advantage was taken of the visit in September of Mr. William H. Taft, United States Secretary for War, to give that gentleman an opportunity of hearing the views of some of the leading Chinese of the Colony as to the Chinese objections to the provisions and administration of the exclusion law.
Uncertainty of exchange is always a factor adverse to trade, and the year under review was not exceptional in this respect, the range of variation being slightly greater than in 1904. The year started with the dollar at 1s. 11¾d. It fell to 1s. 10d. at the end of March, rose irregularly to 2s. 1d. at the end of November, and stood at 2s. 0¼d. in the last days of December. The maximum of the year was the highest value that had been attained since early in 1897.
Probably the most important factor in making the year a bad one for trade was the loss of confidence in Hong Kong Chinese dealers, owing to the speculation of 1904, which had the natural result of making it difficult for these dealers to get money with which to carry on their business in 1905. As regards imports, trade was particularly slack in fancy cotton and woollen goods and metals, while but a limited business was done in Manchester piece-goods. Yarns did fairly well, especially for importers. Australian flour entered into serious competition with American, of which the importation fell off largely; American kerosine also suffered from the boycott. As regards exports, trade in silk was adversely affected by various causes, and in other articles, especially ginger and soy, compared unfavourably with that of preceding years.
In spite of indifferent trade, several local stocks stood higher at the end than at the commencement of the year. Hong Kong and Shanghai Banking Corporation shares advanced $150 against an advance of $50 in 1904. Local shipping companies retrograded. Marine insurance shares generally improved. Of the local land and building companies the shares of one operating at Kowloon slightly appreciated, the others declined; and the decision of holders of marine lots on the East Praya not to undertake for the present the reclamation of the sea bed in front of their properties was probably a wise one. The dock companies did not do well, and the increase of dock accommodation in the Far East promises severer competition in the
46
22
Hong Kong Annual Administration Reports, 1841-1941.
· OLONIAL REPORTS—ANNUAL.
This was more seriously affected by the organised attempt: of the Chinese in the last half of the year to boycott American; goods as a protest against the administration of the United States law, excluding Chinese labourers from that country.. The attempt to extend the organisation of the movement to. this Colony was not supported by the principal Chinese mer-: chants here, but its strength in Canton adversely affected the business in American goods which passes through Hong Kong, and further tended to the development of anti-foreign feeling : and consequent unrest in that part of China with which Hong Kong does most trade. Advantage was taken of the visit in September of Mr. William H. Taft, United States Secretary for War, to give that gentleman an opportunity of hearing the views of some of the leading Chinese of the Colony as to the Chinese objections to the provisions and administration of the exclusion law.
Uncertainty of exchange is always a factor adverse to trade,. and the year under review was not exceptional in this respect, the range of variation being slightly greater than in 1904. The year started with the dollar at 1s. 11ygd. It fell to 1s. 10 d. at the end of March, rose irregularly to 2s. 1d. at the end of November, and stood at 2s. 04. in the last days of December. The maximum of the year was the highest value - that had been attained since early in 1897.
Probably the most important factor in making the year a bad one for trade was the loss of confidence in Hong Kong Chinese dealers, owing to the speculation of 1904, which had the natural result of making it difficult for these dealers to get money with which to carry on their business in 1905. As regards imports, trade was particularly slack in fancy cotton and woollen goods and metals, while but a limited business was done in Manchester piece-goods. Yarns did fairly well, especially for importers. Australian flour entered into serious competition with American, of which the importation fell off largely; American kerosine also suffered from the boycott. As regards exports, trade in silk was adversely affected by various causes, and in other articles, especially ginger and soy, com- pared unfavourably with that of preceding years.
In spite of indifferent trade, several local stocks stood higher. at the end than at the commencement of the year. Hong Kong. and Shanghai Banking Corporation shares advanced $150 against an advance of $50 in 1904. Local shipping companies retrograded. Marine insurance shares generally improved. Of the local land and building companies the shares of one operating at Kowloon slightly appreciated, the others declined; and the decision of holders of marine lots on the East Praya not to undertake for the present the reclamation of the sea bed ̈ ̈ in front of their properties was probably a wise one. The dock companies did not do well, and the increase of dock accommo- dation in the Far East promises severer competition in the
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