China Association, Hongkong,
Dear Sir,
to General Committee.
Hongkong, 4th April, 1905
213
18229
21 MAY 081
I enclose for your perusal a report which has been drawn up by Mr. Coubland, the secretary of this branch of the Association, giving his views upon the causes of that marked depression which has existed in this Colony for some time past. I venture to think that they may prove of interest.
I am, etc.,
BUGGESTET RIA SOP'S
FOR THE ARRESTEDY
(Signed) M. STEWART.
Chairman.
PROSPERITY OF HONGKONG.
In reviewing the trade of the Colony of Hongkong from year to year, it is rather disappointing to find that for the past two years or three years the general note has been one of depression. This feeling, which originally was confined to only a few classes of trade carried on in the Colony, seems to have spread until at present complaints are almost universal, and it is acknowledged by all that the state of affairs is not what it should be.
Apart from the individual experiences of the merchants, there are other indications of lessened activity in trade within the Colony. The district in which most of the merchant trade is carried on, that including Bonham Strand, Winglok Street, and Jervois Street, showed at last census a decrease in population of about 16% from the previous one. A few years ago it was wellnigh impossible to obtain a shop or warehouse for immediate entry in those streets, each vacancy being keenly competed for. Now there are said to be 10 houses vacant in Bonham Strand and Winglok Street, and no doubt a comparison of the rents ruling then and now would confirm the fact that there is a decreased demand for business premises.
Granted then that the depression is real, and that whilst it has continued for some time there seems little immediate prospect of a change, it is natural to look for some reason or reasons to account for it, with a view to finding out whether or not anything may be done in the way of remedy.
Several local causes have been suggested. There is no doubt but that large sums were lost during the Russo-Japanese war in attempts at running the blockade and through speculation in foodstuffs. There was also a period of wild speculation in yarn, which ended in the practical extinction of almost all the old dealers. These and other speculations have certainly been responsible for a large wastage in capital. But at present there is no complaint from the Chinese that money is dear. Capital seems to be freely available for all legitimate trading, although it may be scarcer for any speculative ventures. It is therefore hardly correct to ascribe to the above causes any great diminution in the volume of the trade carried on in Hongkong.
Sanitary and other restrictions affecting the Chinese living in the Colony, and those placed on Hongkong consequent upon the existence of plague, have also been mentioned in this connection. The former, which if they attained their object would lessen the bad effects of the latter, can, however, have really little effect on actual trade. They may affect the city as a residential quarter, they might even have a depressing effect on local industries, although this hardly seems to have been the case, but when it comes to actual merchant business it seems improbable that regulations as at present existing, or any others on similar lines, could stifle the commerce carried on
China Association, Hongkong,
Dear Sir,
to General Committee.
Hongkong, 4th April, 1905
213
18229
21 MAY 081
I enclose for your perusal a report which has been drawn up by Mr. Coubland, the secretary of this ranch of the Association, giving his views upon the causes of that marked depression which has existed in this Colony for some time past. I venture to think that they may prove of interest.
I am, etc.,
BUGGESTET RIA SOP'S
FOR THE ARRESTEDY
(Signed) M. STEWART.
Chairman.
PROSPERITY OF HONGKONG.
In reviewing the trade of the Colony of Hongkong from year to year, it is rather disappointing to find that for the past two years or three years the general note has been one of depression. This feeling, which originally was confined to only a few classes of trade carried on in the Colony, seems to have spread until at present complaints are almost universal, and it is acknowledgod by all that the state of affairs is not what it should be.
Apart from the individual experiences of the merchants, there are other indications of lessened activity in trade within the Colony. The district in which most of the merchant trade is carried on, that including Bonham Strand, Wingløk Street, and Jervois Street, showed at last consus a decrease in population of about 16 % from the previous one. A few years ago it was wellnigh impossible to obtain a shop or warehouse for immediate entry in those stroets, each vacancy being keenly competed för. Now there are said to be 10 houses vacant in Bonham Strand and Winglok Stroet, and no doubt a comparison of the rents ruling then and now would confirm the fact that there is a decreased demand for business premises.
Granted then that the depression is real, and that whilst it has continued for some time there seems little immediate prospect of a change, it is natural to look for some reason or reasons to account for it, with a view to finding out whether or not anything may be done in the way of remedy.
Several local causes have been suggested. There is no doubt but that large sums were lost during the Russo-Japanese war in attempts at running the blockade and through speculation in foodstuffsi There was also a period of wild speculation in yarn, which ended in the practical extinction of almost all the old dealers. These and other speculations have certainly been responsible for a large wastage in capital. But at present there is no complaint from the Chinese that money is dear. Capital seems to be freely available for all legitimate trading, although it may be scarcer for any speculative ventures. It is therefore hardly correct to ascribe to the above causes any great diminution in the volume of the trade carried on in Hongkong.
Sanitary and other restrictions affecting the Chinese living in the Colony, and those placed on Hongkong consequent upon the existence of plague, have also been mentioned in this connection. The former, which if they attained their object would lessen the bað offects of the latter, can, however, have really little effect on actual trade. They may affect the city as a residential quarter, they might even have a depressing effect on local industries, although this hardly seems to have been the case, but when it comes to actual merchant. business it seems improbable that regulations as at present existing, or any others on similar lines, could stifle the commerce carried on
No comments yet.
Private notes are available after approval.