1933 — Page 419

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7. With the exception of practically negligible increases in the imports of Chemicals and Drugs, Liquors, and Minerals and Ores, there were decreases in all the groups of imported commodities in 1933, as compared with 1932, the heaviest proportionate declines being shown. by Tobacco, Paper and Paperware, Piece Goods, and Building Materials.

8. There were corresponding declines in the export groups, with the exception of Metals, Alinerals and Ores, and Vehicles.

9. China, Japan, French Indo-China, Siam and India all increased their shares of the total import trade of the Colony, mainly at the expense of the Netherlands East Indies, United Kingdom, U.S.A., Germany, Malaya, Australia and Belgium. The British share fell from 12.3% in 1932 to 10.4% in 1933; while China increased her share from 27.2% to 31.0%; Japan from 3.4% to 5.0%; French Indo-China from 8.4% to 8.5%; Siam from 9.3% to 10.0%; and India from 2.8% to 3.7%. The U.S.A. share steadily declined from 7.8% in 1931 to 7.4% in 1932, and 6.2% in 1933; Germany from 5.1% to 4.1% and 3.8%; and Malaya from 1.9% to 1.5% and 1.2%.

10. The value of imports received from Japan showed a marked increase, and there were also slight increases in imports from British East Africa. British West Indies, India and South American countries. Imports from Japan totalled $68.3 millions in 1931, $21.3 millions in 1932 (a heavy decrease due to the Chinese boycott of Japanese goods), and $25.3 millions in 1933. The chief declines were recorded by the United Kingdom, which fell from $76.9 millions in 1932 to $52.2 millions in 1935; Australia from $12.0 to $8.1; Canada from $6.2 to $4.9; Malaya from $9.1 to $6.0; Belgium from $12.9 to $8.4; China from $170.0 to $155.2; French Indo-China from $52.7 to $42.4; Netherlands East Indies from $61.6 to $38.9; Sweden from $3.2 to $1.2; and U.S.A. from $46.1 to $31.2. Total imports from the British Empire fell from $133.7 to $98.3 millions; foreign imports falling from $490.4 to $402.6 millions.

11. There were increased exports to United Kingdom. South Africa, British West Africa, British West Indies, Belgium, Cuba, France, Germany, Holland, Italy, Norway, Sweden, Switzerland and U.S.A. Exports to France increased from $470,000 to $3.7 millions; Ger- many from $1.7 to $2.9 millions; Holland from $562,000 to $1.2 millions; Italy from $101,000 to 8744,000: and U.S.A. from $18.3 to 19.3 millions. Exports to the British Empire fell from $46.1 to $41.1 millions, and foreign exports from $125.8 to $361.9 millions.

12. The statistics of imports and exports of Treasure, indicating, as they do, a flight of gold, and silver subsidiary-coin, from the Colony in 1933, are somewhat misleading, and call for elucidation. During the year a very considerable amount of both gold and silver subsidiary- coin which was imported, was neither manifested nor declared, and therefore could not be traced for inclusion in the returns. In regard to the concealed import of goll, this was apparently smuggled out of countries which exercised an embargo on the free export of the metal, and shipped to the Colony which is a free export market; while practically all the undeclared silver subsidiary-coin consisted of Canton 20-cent pieces, which were apparently exported from South China despite an embargo which was in force during the year. Gold so imported was purchased by local refiners, and ultimately sold to the banks for export in the form of bars. The concealed imports of silver subsidiary-coin were shipped from Hong Kong to North China, where the silver content was extracted for profit purposes made possible by the depreciated value of Canton currency.

13. In 1932 total imports of gold amounted to $19,5 millions, and exports to $63.7 millions; while in 1933 imports totalled only $6.0 millions, and exports jumped to $88.9 millions. It is of interest to note that no imports were recorded from China or Japan, and that whereas gold valued at $63.7 millions was exported to U.S.A. in 1932, and none to the United Kingdom, only $22.0 millions was shipped to U.S.A. in 1933, as compared with $64.1 millions to the United Kingdom.

14. Imports of silver subsidiary-coin from South China in 1932 totalled $22.4 millions. and exports to North China $37.3 millions, as compared with $65,000 and $24.5 millions, respectively, in 1933; but there are indications that this traffic is nearing an end, only $1.6 millions being exported to North China in the last quarter of 1933.

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