Directory_and_Chronicle_1935 — Page 878

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KONGMOON

of remittances from emigrants abroad, etc., were keenly felt during the year under review. In consequence

consequence of continued unemployment in America, Canada, the Straits Settlements, etc., and the anti-Chinese movements in Mexico, remittances. from Chinese emigrants were considerably reduced, and, on account of the poor returns from the sale of silk and agricultural pro- ducts, the purchasing power of the rural population was adversely affected to a marked degree. In addition, the wealthy, realizing the present economic crisis, were reluctant to part with their funds in making investments. Owing to these unsatisfactory economic conditions, merchants failed in their efforts to convert accumulated stocks of imported goods into cash even at reduced prices. New orders for foreign supplies were brought to the minimum, and the financial situation remained very stringent throughout the year, the more so during October to December when business was transacted almost on a cash basis and the rate of interest for advances rose to 11% per mensem against 6% from February to May. Generally speaking, the decline in imports was also attributable to the increased smuggling and the multifarious and high forms of taxations, while the economic depression abroad and the applica- tion of prohibitive Customs Tariffs by foreign countries for protection of their own trade and industries explain the devrease in the direct exports of native produce abroad.

The total value of the port's trade in 1933 was Standard $25,134,000, as compared with Standard $28,734,000 in 1932, Standard $26,912,000 in 1931, and Standard $18,738,000 in 1930.

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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, wheat flour, salt-fish, sulphate of ammonia, and foreign sundries. Large quantities of softwood poles are floated down in the form of rafts, which are dismantled here. These mostly come from beyond Wuchow and also from North River. The yearly value of this branch of the trade is estimated at about $750,000. Paper is manufactured by the Kongmoon Paper Mill. The unique opportunities presented for transport by the unrivalled waterways of the delta have been well developed by native enterprise, and there is a large and lucrative passenger trade with Canton, Fatshan, Sancheong, Hongkong, Macao, etc. Large roomy native passenger boats of modern types equipped with electric lights and towed by powerful launches are engaged in this trade. The surrounding country is picturesque, fertile and highly cultivated, and the inhabitants are prosperous and indus- trious. Rice is, of course, the principal crop, and it is milled locally, but mulberry shoots are extensively cultivated for sale in the silk-producing centres, and large quantities of fresh vegetables are exported to supply the Hongkong market.