1947-1948 — Page 6

Passengers Revenue

[ 5 ]

1946/47

596,292

$530,610

1947/48

967,574

$956,799

18. Through goods traffic decreased compared with 1946/47. Details are as follows:

Up Down

Revenue

1946/47 182,923 Tons

1,313

Up Down

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184,236 Tons

$690,053

1947/48

104,160 Tons

14,051

""

118,211 Tons

Revenue

.....

$586,385

The decrease was mainly due to the gradual lessening of U.N.R.R.A. supplies and the reduction in imports and exports passing to and from the interior via Hong Kong owing to the very stringent restrictions imposed by the Chinese Government. Another factor mitigating against normal trading was the con- tinuous drop in the value of Chinese National Currency in the course of the year. The exchange rate declined from C.N. $2,400 to the Hong Kong Dollar in April 1947 to C.N.$66,700 in March 1948. Down goods traffic increased compared with the previous year, but the tonnage was still small, being mainly confined to vegetables and farm produce. There was however some export of wood oil from the Changsha area, 2,295 tons arriving in the Colony in tank wagons.

19. Local goods traffic amounted to 4,008 tons only, revenue being $32,249. This consisted principally of small consign- ments of farm produce conveyed to Yaumati for the various Kowloon markets.

RATES AND FARES.

20. With the exception of a reduction in August of the first class fare from $26.40 to $22.00, all up rates and fares to the Chinese Section remained unaltered throughout the year.

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21. Difficulties were, however, experienced over downward traffic as the rapid drop in the value of Chinese currency made frequent alterations to fares necessary. From November, 1946, all rates and fares between the two Sections have been based on the Hong Kong dollar, down fares being worked out on a trans- action rate at the average of the previous 15 days market rate of exchange as quoted by the Bank of China in Hong Kong. decline of the Chinese dollar, however, necessitated the Chinese Section adding a 20% surcharge to their rate in December as the depreciation was often so rapid they were unable to collect sufficient monies in terms of C.N.C. to cover the payment of their share of revenue to the British Section in Hong Kong currency. result was an increase in down fares in terms of Chinese currency from C.N.$63,900, C.N.$42,600 and C.N.$21,300 for first, second and third class respectively in April, 1947 to C.N.$1,468,000, C.N.$1,174,000 and C.N.$587,000 in March, 1948.

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