31
position in the West River Delta, naturally gathers to itself the bulk of the inward and outward trade of South China, save so far as we drive it past our door by reason of our shipping regulations and our public health legislation.
10. It is a fundamental policy of the Colony to treat Hongkong, Canton and Macao as one city for the purpose of public health, passports and various other purposes, which makes for free transit facilities.
11. Our form of Government in the Colony is such as to throw on the traders the minimum effort. For all practical purposes everything is done for them, leaving them their entire time for barter in one form or another. Nothing is asked of the rank and file but to subscribe a very reasonable sum by way of taxation for maintenance. The Foreign elements are satisfied by their knowledge of the position, and the Chinese element is happy in the fact that the Government is disinterested and with no individual axe to grind.
12.-Hongkong affords a certainty of land tenure, and a security of personal property, not obtainable in China which is much appreciated by those who resort to the Colony.
13. The Judiciary is independent of the Govern- ment, with the result that rights of property and security of contract are maintainable in a measure that does not appertain in China proper. In fact one of the early Ordinances of the Colony was passed to stop the Chinese in Canton fighting out their disputes in the Hongkong Courts.
14. The Banking system in the Colony whilst being conservative is sufficiently elastic to meet the needs of commerce. In addition to the Foreign Banks, the Chinese Modern Banks are also well represented here. The Chinese Native Banks are honest and dependable save where they venture into western practices which they rarely understand or appreciate.
12
P
15. The system of taxation is neither heavy nor oppressive, and is carried equitably by the Colony as a whole. It should be the aim to spread the burden on the population as a whole and leave the basic industries as free as possible so as to attract trade to the Colony by reason of the cheapness of the services.
16. The currency of the Colony, although at a period in the very early stages was based on the Indian Rupee, was at an early date centred on the Mexican Dollar which was regulated by the value of the silver and ever since has been so maintained. The value of silver has largely followed the price of com- modities with the result that, save in exceptional circumstances, the Colony has rarely experienced a wide hiatus between the exchange value of its currency and commodities and has given a degree of stability which has been attractive to trade.
17. The remittance by overseas Chinese to their families in China has largely augmented the invisible exports, and provided a continuous source of currency available for trade purposes, in hands of the bankers and exchange agents.
18.-Hongkong by reason of the various facilities and the many forms of security has become a residential haven for innumerable retired and rich Chinese, who bring their families here and invest their fortunes locally, thereby assisting in the constant circulation of money and making a ready market for all forms of securities.
19. The educational opportunities are such that many Chinese from all parts of the Far East gather here, believing that the form of Western teaching available is a sure road to future preferment and a possible solution to many of China's difficult problems.
20. The climate compared to some other parts of the Far East is equitable and healthy both for foreigners and Chinese, and is not such as to put an undue strain
13
32
No comments yet.
Private notes are available after approval.