1904-1919
HONG KONG, 1906.
25
profit from the supply of subsidiary coins to the two Kwang Provinces and then took steps, which since the end of the year have had some result, to impress on the Government of those provinces the imperative necessity for checking the output from the Canton mint.
Other matters outside the Colony adversely affecting its prosperity were the failure, due to floods, of the first rice crop in the neighbouring provinces of China and the continued appreciation of silver.
In the China trade of Hong Kong and as regards imports very heavy losses had to be faced at the end of the year, owing to the large stocks of Indian yarn which were held at prices above their true value. Neither in Manchester, fancy, nor wool goods was business satisfactory, and in metals it was dull. Importations of Australian flour continued to increase largely. Exports did not do so badly. There was a good yield of silk and fair demand for it, and native dealers were satisfied with the results of the year as regards ginger and soy.
The rise in the sterling value of the dollar, which has been going on since early in 1903, continued in 1906, the range of variation in the year being slightly greater than in 1905. At the commencement of January the dollar stood at 2s. 01d. It fell to 2s. 0d. for a short time at the end of that month and again at the end of February, rose irregularly to 2s. 3d. in the middle of November, and was worth 2s. 3d. at the end of the year. The maximum of the year was the highest value that had been attained since the end of 1893. The rise is said to have involved some withdrawal of capital from the Colony for investment in gold-using countries and consequent depreciation in the value of local stocks.
Certainly those stocks dealt with in the Colony which give the best indication of the state of its business decreased considerably in value during the year. The shares of four land companies went down on an average over 10 per cent., while those of the Hong Kong and Whampoa Dock Company, Limited, in spite of business brought by the typhoon, fell nearly 12 per cent., and of the Hong Kong and Kowloon Wharf and Godown Company 13 per cent. The shares in nearly every industrial undertaking, including the two sugar refineries, the Cement Company and the Rope Manufacturing Company, shrunk in value.
The depreciation in the value of land and buildings evidenced by the fall in the shares of the land companies was attributed by some to the manner in which the provisions of the Public Health and Buildings Ordinance of 1903 were being enforced by the officials of the Sanitary and Public Works Departments. Complaints in the local newspapers and at the meetings of the Sanitary Board that the Ordinance was not being properly or reasonably administered were so numerous in the early part of the year that it appeared to the Government advisable to institute an enquiry into them and also into certain suggestions
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C
75
1904-1919
HONG KONG, 1906.
25
profit from the supply of subsidiary coins to the two Kwang Provinces and then took steps, which since the end of the year have had some result, to impress on the Government of those provinces the imperative necessity for checking the output from the Canton mint.
Other matters outside the Colony adversely affecting its pros- perity were the failure, due to floods, of the first rice crop in the neighbouring provinces of China and the continued appre- ciation of silver.
In the China trade of Hong Kong and as regards imports very heavy losses had to be faced at the end of the year, owing to the large stocks of Indian yarn which were held at prices above their true value. Neither in Manchester, fancy, or wool goods was business satisfactory, and in metals it was dull. Im- portations of Australian flour continued to increase largely. Exports did not do so badly. There was a good yield of silk and fair demand for it, and native dealers were satisfied with the results of the year as regards ginger and soy.
The rise in the sterling value of the dollar, which has been going on since early in 1903, continued in 1906, the range of variation in the year being slightly greater than in 1905. At the commencement of January the dollar stood at 2s. 01d. It fell to 2s. Od. for a short time at the end of that month and again at the end of February, rose irregularly to 2s. 3d. in the middle of November, and was worth 2s. 3 d. at the end of the year. The maximum of the year was the highest value that had been attained since the end of 1893. The rise is said to have involved some withdrawal of capital from the Colony for investment in gold-using countries and consequent depreciation in the value of local stocks.
Certainly those stocks dealt with in the Colony which give the best indication of the state of its business decreased con- siderably in value during the year. The shares of four land companies went down on an average over 10 per cent., while those of the Hong Kong and Whampoa Dock Company, Limited, in spite of business brought by the typhoon, fell nearly 12 per cent., and of the Hong Kong and Kowloon Wharf and Godown Company 13 per cent. The shares in nearly every industrial undertaking, including the two sugar refineries, the Cement Company and the Rope Manufacturing Company, shrunk in value.
The depreciation in the value of land and buildings evidenced by the fall in the shares of the land companies was attributed by some to the manner in which the provisions of the Public Health and Buildings Ordinance of 1903 were being enforced by the officials of the Sanitary and Public Works Departments. Complaints in the local newspapers and at the meetings of the Sanitary Board that the Ordinance was not being properly or reasonably administered were so numerous in the early part of the year that it appeared to the Government advisable to institute an enquiry into them and also into certain suggestions
28112
C
75
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