Directory_and_Chronicle_1934 — Page 916

A502

KONGMOON

tive but they show the potency of Chinese emigration and to what extent this part of Kwangtung must have benefitted financially from its thrifty sons abroad. To-day this large income has almost disappeared: during 1932 re- mittances are reported to have dwindled to only one-tenth of what they used to be formerly, in more prosperous years. In consequence, money was ex- ceedingly tight throughout the year, while the purchasing power of the rural population was further reduced by the unfavourable conditions of the silk in- dustry. Other factors which proved adverse to trade were partly political and partly economic. The outbreak of hostilities in Shanghai in January and the trouble in Manchuria gave rise to a feeling of uncertainty and pessimism. The continued fall in the value of silver and the ever-increasing premium of Hong Kong dollars over Canton subsidiary silver coins caused many merchants to curtail their orders for foreign goods to the absolute minimum. The rigid boycott of Japanese goods was also responsible for a portion of the decline in trade. In May, over the dispute between the Canton Naval Units and the First Group Army much anxiety was felt which was not removed until the settlement of the differences in the middle of July. As a measure of relief for the financial stringency, the Provincial Treasurer an- nounced a temporary embargo on the export of subsidiary silver coins from this province from the 22nd September. Nearly one million piculs of foreign rice and paddy, valued at Hk. Tls. 6,731,000, and 187,000 piculs of foreign flour, valued at Hk. Tls. 1,126,000, were imported during 1932. This large importation of foreign rice and flour represents well over 50 per cent. of the total value of direct foreign imports in 1932, which is Hk. Tls. 13,554,000. Other features worthy of note are the absence of sugar from the list of foreign imports and the decline of piece goods from Hk. Tls. 800,000 in 1930 and Hk. Tls. 150,000 in 1931 to only Hk. Tls. 37,000 in 1932. Needless to say, these commodities were smuggled in large quantities into this and neighbouring districts from Hong Kong, Macao and Kwangchowwan. On account of the exceptionally smali amount of remittances from Chinese emigrants abroad and the prevailing unfavourable conditions of trade and the silk industry, building operations were rare which resulted in the decline in iron bars and cement. The advance in sulphate of ammonia from 95,771 piculs in 1931 to 126,493 piculs in 1932 was not due to increased demands but to the fact that large quantities were rushed in by merchants between May and July, in order to avoid the payment of a new tax on fertilizers. The import of kerosene oil is said to have decreased, owing to the competition of oil locally refined from liquid fuel, but benzine has advanced for supply of the ever growing requirements of motor traffic. Suffering from the world trade depression and the disposal of large stocks of Japanese silk to America at greatly reduced prices, native silk was sold at very low prices throughout the year and both farmers and dealers suffered heavy losses. Conditions of the silk industry were so gloomy that a number of farmers, realising their inability of making a profit. abandoned the home industry of sericulture; and many cultivators, seeing the low prices of mulberry leaves, which in some cases even proved inadequate to meet the cost of labour for gathering, preferred to allow the leaves to remain ungathered. In consequence of the occupation of Manchuria and the communistic troubles along the lower part of Yangtsze Valley, there was little demands for palmleaf fans. Favourable weather conditions through- out the summer and winter accounted for the excellent crops of various kinds of fruit, the best within a number of years past, and exports showed consider- able improvements. Exports of prepared tobacco showed a falling-off of 2,132 piculs, due to the continued trade depression in the Straits Settlement and to the competition of tobacco cultivated there.

The net value of the port's trade in 1932 was Hk. Tls. 18,443,028 as com- pared with Hk. Tls. 17,273,574 in 1931, Hk. Tls. 12,027,160 in 1930 and Hk. Tls. 10,423,521 in 1929.

The principal articles of export consist of prepared tobacco, joss-sticks, strawmats, paper, palm-leaf fans, fresh oranges and fresh vegetables; imports are largely represented by rice, foreign piece-goods, kerosene oil, sugar, wheat