and go to support the view we have all along expressed, namely, that the trade of the Colony has not fallen off, notwithstanding the bad times which have been complained of. The European merchants have suffered, and suffered severely, by the fluctuations in exchange, which have swallowed up all possible profits and in some cases left a balance on the wrong side, but the Chinese have been doing very well indeed, 1892 having been one of the best years they have experienced for a long time. The total trade of the Colony with China was Tls. 110,518,359, which is nearly five millions more than in the previous year, when the amount was larger than it had ever been before. With the figures of the Chinese Customs before us it is as impossible to believe that there is any decadence in the trade of the Colony as it would be to believe that a rising thermometer was coincident with a falling temperature. We may be a Clapham junction, but Clapham junction exists on its traffic, and the more there is of the latter the better. So with Hongkong; while the annual value of its trade increases it cannot be afflicted with any serious distemper, notwithstanding the temporary difficulty and loss caused to the European merchant by the falling exchange. And as bearing on the prosperity of the Colony there is one special item in the list of imports into China that should not be overlooked. Sugar refining is the most important industry of the place and we find that the import of sugar into China rose from 290,035 piculs valued at Tls. 1,774,111 in 1891 to 531,614 piculs valued at Tls. 2,447,807 in 1892. Both our Sugar Companies are making large additions to their refineries, and these figures seem to show that the demand for their product amply justifies them in doing so.
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and go to support the view we have all along expressed, namely, that the trade of the Colony has not fallen off, notwithstand- ling the bad times which have been com- plained of. The European werchants have suffered, and suffered severely, by the Hluctuations in exchange, which have swal- lowed up all possible profits and in some cases left a balance on the wrong side, bat the Chinese have been doing very well indeel, 1892 having been one of the best years they have experienced for a long time. The total trade of the Colony with China was Tis. 110,518,359, which is nearly five millions more than in the previous year, when the amount was larger than it had ever been before. With the figures of the Chinese Customs before us it is as impossible to believe that there is any decadence in the trade of the Colony as it would be to believe that arising thermometer was coincident with a fall'ng temperature. We may be a Clapham junction, but Clapham junction exists on its traffic, and the more there is of the latter the better. So with Hongkong; while the annual value of its trade increases it cannot be afflicted with any serious distemper, not- withstanding the temporary difficulty and loss caused to the European merchant by the falling exchange. And as bearing on the prosperity of the Colony there is one spe- cial item in the list of imports into China that should not be overlooked. Sugar refining is the most important industry of the place and we find that the import of sugar into China rose from 290,035 pieuls
Tls. 1,774.111 in 1891 valued at 531,614 picuts valued at Tls. 2,447,807 in 1892. Both our Sugar Companies are mak- ing large additions to their refineries, and these figures seem to show that the demand for their product amply justifies them in doing so.
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