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ward trend of the volume of sugar imported into China. With the practical withdrawal of the anti-Japanese boycott, the importation of refined sugar from Japan was resumed and to re- establish their share of markets the Japanese refineries quoted prices below the economic value of the commodity.
Cement. As in 1932, the demand for Cement was large throughout the year 1933, the business being to a very great extent in the hands of the Japanese owing to the extremely low prices at which cement manufactured in Japan was offered in this market.
Rope. In spite of keen competition, sales of Hong Kong made rope were maintained.
Preserved Ginger.--Although the demand for Ginger is still adversely affected by world economic conditions, the value of exports from Hong Kong during 1933 was slightly in excess of the previous year's figure ($1,864,869 as compared with $1,757,742 in 1932). Of this amount $841,190 worth was taken by the United Kingdom. $305,114 by Australia, $286,092 by Holland and $168,241 by the United States of America.
Knitted Goods.-South China is normally the largest market for Hong Kong manufactured socks and singlets, but the considerably increased Chinese import tariff has seriously affected this trade. Shipments to the Straits Settlements and Federated Malay States, also to India, South America and British West Indies have been well maintained, but the The total value of aggregate output is far below former years. exports of singlets in 1933 was $3,631,244 and that of hosiery, $908,761.
Flashlight Torches and Batteries.-Exports of locally manufactured flashlight torches and batteries were well main. tained and increased quantities have been sold to other parts of the Empire as a result of Imperial Preference. The torch cases are manufactured from imported brass sheets, also from scrap brass rolled locally into sheeting. Glass lenses are also manufactured from imported glass and some bulbs are also made locally. The value of exports in 1933 amounted to $1,015,969 (torches) and $1,140,928 (batteries).
Rubber Shoes.-As locally manufactured canvas shoes with rubber soles qualify for Imperial Preference, an impetus has been given to shipments to other parts of the British Empire, particularly to the United Kingdom, British Malaya and British West Indies. The rubber used in the manufacture of these shoes is imported from the Straits Settlements. Formerly, most of the canvas used originated from the United States of America, but now a large proportion of British canvas is used. The total value of exports in 1933 amounted to over $1,500,000.
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Lard. The manufacture of lard is an important local industry. Live pigs are imported from South China and Kwongchowan and slaughtered in Government abbatoirs, the preparation and packing of the manufactured lard also being supervised by Government officials. Exports from Hong Kong to the United Kingdom increased considerably, 21,839 piculs having been shipped in 1933. Considerable quantities are also exported to the Philippines and other markets.
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Shipbuilding.-Four ocean-going vessels and smaller craft were built in local dockyards during 1933.
Chapter VII.
COMMERCE.
The full effect of the depression in world trade, which was first felt in 1929, was not reflected in the statistics of the import and export trade of Hong Kong until 1933, during which period the commerce of the Colony slumped to the lowest figure recorded since the Great War; at the close of the year there was no sign of any early improvement in the situation.
2. Several factors combined to this end, chief of which were a still further decrease in the purchasing power of China, aggravated by increased tariffs, a heavy carry-over of stocks from 1932, particularly of piece goods, failures of several business houses, which resulted in extreme reluctance on the part of importers to extend credit facilities, a slump in the building and allied trades, following a minor building boom in 1931 and 1982, a continuance of the Chinese boycott of Japanese goods, though of less severity, and the uncertainty of exchange.
3. The declared value of imports of merchandise in 1933. totalled $500.9 millions, as compared with $624.0 millions in 1932, a decrease of 19.7%; while exports were valued at $403.1 million's in 1933, as compared with $471.9 millions in 1932, a decrease of 14.6%.
4. The share of the import trade enjoyed by the United Kingdom fell from 12.8% in 1932 to 10.4% in 1933; U.S.A. from 7.4% to 6.2%; Germany from 4.1% to 3.8%; British Malaya from 1.5% to 1.2%; Netherlands East Indies from 9.9% to 7.8%; Australia from 1.9% to 1.6%; and Belgium from 2.0% to 1.7%; while the share of China increased 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%.
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