CO129-316 - Governor Sir Blake - 1903 [1-4] — Page 564

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With regard to the transit trade of London

increased direct communication between Northern

Continental Shipping ports and the Far East on

the one side and the New World on the other,

coupled with improved facilities for handling

goods, and lesser cost of labour, storage, wages,

etc etc have gradually diverted a considerable

proportion of the world's trade which formerly

passed through London to other centres.

The se

changes have still further been encouraged by

the fact that the shipping port of London has

not done all possible to keep up with the times

and retain its hold on this part of its trade.

This has been made clear by the enquiry recently

held by the Royal Commission in London appointed

to report on the subject.

Regarding the Straits, their Eastern

trade is largely with countries which have al-

ready, or very shortly will adopt, a gold stand-

ard, viz India, Dutch Indies, Siam & Indo-China.

Hongkong's import trade and the bulk of its ex-

port trade is with China. Unlike London Singapore

or thoseJapanese ports where tra centres, Hong-

kong has absolutely no "hinterland" and no trade

or manufactures, to speak of, of its om.

Hongkong is a shipping port pure and sim...

-ple and as such its prosperity depends upon the

facilities, rather the inducements, it offers to

trade to centre here in transit. Hongkong cammot

therefore afford in any way to risk its prosperity

by adding the least burden to trade. That this

may be the result of a gold currency

- or