Directory_and_Chronicle_1931 — Page 707

Directories & Chronicles 香港指南 All

ANTUNG

647

during the last quarter of the year considerable quantities of cotton goods from Osaka were diverted to the sea route by way of Dairen on account of exceptionally low freight rates offered owing to the southward flow of North Manchurian produce; and while, on the one hand, in the latter part of the year the fall in the silver exchange and the phenomenal depreciation of the Manchurian currency militated against successful trading operations, certain favourable factors did exist which far outweigh- ed these disadvantages, viz., better methods of harvesting, cheaper freights, light taxation, and an efficient transport system. In this connection it should be remarked that the one-third duty reduction granted to rail-borne through cargo was operative during the

year; and for this reason, in the case of high-grade goods, this reduction in duty is infinitely of more account than the freight and other charges saved by taking the sea routes. The timber trade was seriously handicapped by keen competition from Korea, where the Government is doing its utmost to encourage exports and to check the importation of Chinese timber by the imposition of a 3 per cent. ad valorem duty. In spite of a violent hailstorm which occurred in the autumn, the crop of cocoons was sufficiently good, and the efficiency of a modern silk-spinning factory was amply demonstrated by the production of some 4,500 piculs of waste silk and yarn for exportation abroad. The output of the local oil mills declined, but pressers are reported to have experienced a satisfactory year. Due to the increased production of native yarn by the cotton mills at Liaoyang, Shenyang, and Dairen, where 81,000 spindles are in active operation, the importation of Japanese yarn registered a sharp decline. Artificial silk fabrics and fishery and sea products all record healthy increases. Owing to the embargo on the exportation of wheat and flour from North Manchuria, large quantities of foreign and native flour were imported. The Nippon Sugar-refining Company at Seoul continued to develop its business. The excellent crops harvested in Korea and a poor demand for beans and peas in South China were responsible for a heavy decrease in the export of foodstuffs, and the total value of the direct trade with foreign countries showed a decrease of approximately 7 million Haikwan taels in value. The feng-p'iao practically disappeared from the market as a medium of exchange, and silver dollar notes issued by the four local banks of standing were in much favour with the business community. It is estimated that the total note issue by these banks amounts to well over 2 million dollars.

The value of the trade of the port in 1929 was Hk. Tls. 91,313,054, as compared with Hk. Tls. 97,320,548 in 1928, Hk. Tls. 105,530,916 in 1927, Hk. Tls. 93,156,811 in 1926, Hk. Tls. 85,252,694 in 1925, and Hk. Tls. 65,649,259 in 1924.

Directory_and_Chronicle_1931 — Page 707

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