CO129-541-2 Estimates 1931 14-10-1932 - 19-7-1934 — Page 112

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25. Opium Sales again fell very much below the estimate, the deficit amounting to $1,347,148. The following are the receipts from this source for the last 5 years:

1929

1930

1931

1932

1933

$2,651,492

2,835,287

3,019,724

2,314,226

1,152,852

26. The receipts from Estate Duties were extremely high due to two large estates bringing in $1,905,489.

27. Trade generally has fallen off considerably. Imports ex- cluding treasure amounted to $500,938,794 during 1933, the total for the previous year being $624,047,600. Exports were $403,092,170 against $471,859,706 for 1932. These figures re- flect the general trade depression and the effect of increased Customs duties levied by the Chinese Government. Unsettled conditions in the Provinces also have had the effect of reducing the purchasing power of the people. Exchange has been un- certain, a factor that has added to the difficulties of merchants and bankers in handling and financing the trade of the Colony. Fluctuations in the price of silver have been rather wider in the New York market than in London and our sterling exchange quotations have fortunately therefore responded slowly to the market tendencies of silver. The present large existing stocks of silver, particularly in the United States, and the prevailing uncertainty as to the ultimate disposal cause some apprehen- sion locally as to the near future prospect of exchange. devaluation of the United States dollar has had no apparent effect on the Colony's trade with America though local specu- lation in exchange on the United States has increased during the past year.

The

28. The best class of investment securities has remained fairly steady on the Share Market, but apart from these there has been a considerable fall in values and the property market has also shown a marked decline. Several Native Banks got into difficulties, but with assistance from the British Banks were generally able to avert disaster and tide over a period of anxiety.

29. Foreign remittances to Hong Kong, formerly a very considerable item in our invisible exports, continue to decline- Banks can no longer afford to pay interest on unwanted de- posits and moreover the earning capacity of Chinese immigrants abroad must have been greatly curtailed during the world wide depression in trade. Bank deposits have increased considerably during the past year and Notes in Circulation have risen from $153 millions in December 1932 to $1571⁄2 millions in December

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