458
Hong Kong Annual Administration Reports, 1841-1941
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end of September; a sharp decline then took place with subsequent recovery and the rate on 31st December stood at 3/-. The yarn market suffered from the violent fluctuations in prices during the year. A crisis was at one time imminent following on a sudden fall in prices coupled with a rise in exchange. Later in the year, however, the position improved and some profitable business resulted. Though Manchester prices continued to rise, the enhanced value of the dollar allowed of a good volume of business being done in piece goods, the prices of which would otherwise have been beyond the reach of the Chinese. The trade in woollens was negligible owing to high prices. The trade in Sundries was mostly with Japan and America, the former supplying most of the articles formerly imported from Germany. Imports of Flour amounted to 1,072,089 bags. Due to war conditions, Japan took first place with 922,377 bags as against 81,700 in 1916, while only 11,850 bags were imported from the United States as against 975,771 in 1916. Business in opium was practically at a standstill during the year. The consumption of kerosene increased by 5,000,000 gallons. The metal market generally was good for the first half year, but later, owing to a lessened demand from Japan, prices declined and the year closed with a weaker tendency. Shipbuilding materials were entirely under Government control and it was difficult to obtain supplies. The total shipping entered and cleared during the year amounted to 621,090 vessels of 34,105,067 tons, a decrease of 21,704 vessels and 2,276,390 tons on 1916.
Public Works.-The Taitam Tuk Scheme, Second Section, commenced in 1912, completed October 22nd. This Scheme comprises (1) A Storage Reservoir at sea level, capacity 1,419 million galls. (ii) Extension of existing Pumping Station to accommodate additional machinery. (iii) Two additional sets of Pumping Machinery, each capable of raising 3 million gallons per day to Taitam Tunnel. (iv) Two suction mains, 18″ diameter and 0·52 mile in length, (v) Two rising mains
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Page 466
458
Hong Kong Annual Administration Reports, 1841-1941
68
end of September; a sharp decline then took place with subsequent recovery and the rate on 31st December stood at 3/-. The yarn market suffered from the violent fluctuations in prices during the year. A crisis was at one time imminent following on a sudden fall in prices coupled with a rise in exchange. Later in the year, however, the position improved and some profitable business resulted. Though Manchester prices continued to rise the enhanced value of the dollar allowed of a good volume of business being done in piece goods, the prices of which would otherwise have been beyond the reach of the Chinese. The trade in woollens was negligible owing to high prices. The trade in Sundries was mostly with Japan and America, the former supply- ing most of the articles formerly imported from Germany. Imports of Flour amounted to 1,072,089 bags. Due to war conditions, Japan took first place with 922,377 bags as against 81,700 in 1916, while only 11,850 bags were imported from the United States as against 975,771 in 1916. Business in opium was practically at a standstill during the year. The consumption of kerosene increased by 5,000,000 gallons. The metal market generally was good for the first half year, but later owing to a lessened demand from Japan prices declined and the year closed with a weaker tendency. Shipbuilding materials were entirely under Government control and it was difficult to obtain supplies. The total shipping entered and cleared during the year amounted to 621,090 vessels of 34,105,067 tons, a decrease of 21,704 vessels and 2,276,390 on 1916.
Public Works.-The Taitam Tuk Scheme, Second Section, commenced in 1912 completed October 22nd. This Scheme comprises (1) A Storage Reservoir at sea level, capacity 1,419 million galls. (ii) Extension of existing Pumping Station to accommodate additional machinery. (iii) Two additional sets of Pumping Machinery, each capable of raising 3 million gallons per day to Taitam Tunnel. (iv) Two suction mains, 18′′ diameter and 0·52 mile in length, (») Two rising mains
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