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involve a slight loss which is being debited to social
insurance, but there does not seem to be any evidence
of active Government subsidisation of the coment
industry, and there does appear to be a possibility
that the extreme cheapness of the Japanese product is
in a largo measure due to efficient organisation, cheap
raw materials and up-to-date methods of production.
7.
The fact remains, however, that during 1933
Japanese cement imported into Hong Kong amounted to
110,000 tons, and that imports for 1934, based on the
figures for January-June of that year, are
to mount to 60,000 tons.
8.
estimated
It is also truc that, owing to the high
Chinese tariffs and to the boycott of Japanese goods
in China, practically the whole of these imports must
be intended for consumption in Hong Kong.
9.
The Green Island Cement Company selling price is $2.50 per bag while Japanese cement is put on the market in Hong Kong at $1.43 por bag, so that
it is obvious that without some form of assistance
the Green Island Cement Company cannot hope to retain
their share of the local market.
10.
In addition to the argument of unfair
competition the following arguments in favour of
active Government assistance to the Hong Kong cement
industry were put forward :
(1) The Green Island Cement Company is an old
established concern, having been established in Hong
Kong since 1897. It has a capital of $6,000,000,
95% of which is money invested by Chinese and Brit ish
residents in Hong Kong.
It is a large employer of
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