90
CARL T. SMITH
capital with them. The Rev. Dr. Legge on reflecting upon the Colony's progress during his residence here remarks,
It has always seemed to me that this was the turning point in the progress of Hong Kong. As Canton was threatened, the families of means hastened to leave it, and many of them flocked to this Colony. Houses were in demand; rents rose; the streets that had been comparatively deserted assumed a crowded appearance; new commercial Chinese firms were founded; the native trade received an impetus which it did not lose till it was arrested by the superfluous vigour of some of Sir Richard MacDonnell's early ordinances.23
A new category of Fukien brokers and merchants began to appear on the annual censuses. In 1848 two Fukien merchants and five Fukien brokers are reported, they too do not appear the following year. But in 1853 there are six Fukien brokers, and within three years the number had increased sixfold. Not all the brokers and merchants were from Fukien. A significant number were Cantonese or Tiuchau. In 1858 a new category, "Hongs", or large merchant establishments, was introduced into the annual census of Chinese shops and businesses. Thirty-five were listed in 1858, but sixty-five for 1859.
Some of the capital brought into Hong Kong in the 1850s was invested in real estate, and a group of large land proprietors developed. These investments formed the foundation of the fortunes of several prominent Hong Kong families.
One of these families is the Li from San Wui District of Kwang Tung Province. They have been among the Chinese élite for well over a century. The family established its interests in Hong Kong in a very modest way in 1854, when two brothers Li Sing 李昇 alias Li Yuk Hang 李玉衡 and Li Leong 李良 bought an Upper Bazaar lot. They soon had built up a money-changing business and were lending out money on mortgages. In 1857 they bought half of the lot where Chinam previously had built his large Chinese Hong. Here they established the Wo Hang firm which operated in many different fields.
In 1865, along with two Americans, Lee Sing of the Wo Hang firm and Pang Wah Ping entered into partnership
90
CARL T. SMITH
capital with them. The Rev. Dr. Legge on reflecting upon the Colony's progress during his residence here remarks,
It has always seemed to me that this was the turning point in the progress of Hong Kong. As Canton was threatened, the families of means hastened to leave it, and many of them flocked to this Colony. Houses were in demand; rents rose; the streets that had been comparatively deserted assumed a crowded appearance; new commercial Chinese firms were founded; the native trade received an impetus which it did not lose till it was arrested by the superfluous vigour of some of Sir Richard MacDonnell's early or- dinances.23
A new category of Fukien brokers and merchants began to appear on the annual censuses. In 1848 two Fukien merchants and five Fukien brokers are reported, they too do not appear the following year. But in 1853 there are six Fukien brokers, and within three years the number had increased sixfold. Not all the brokers and merchants were from Fukien. A significant number were Cantonese or Tiuchau. In 1858 a new category, "Hongs", or large merchant establishments, was introduced into the annual census of Chinese shops and businesses. Thirty-five were listed in 1858, but sixty-five for 1859.
Some of the capital brought into Hong Kong in the 1850s was invested in real estate, and a group of large land proprietors developed. These investments formed the foundation of the fortunes of several prominent Hong Kong families.
One of these families is the Li from San Wui District of Kwang Tung Province. They have been among the Chinese élite for well over a century. The family established its interests in Hong Kong in a very modest way in 1854, when two brothers Li Sing 李昇 alias Li Yuk Hang 李玉衡 and Li Leong 李良 bought an Upper Bazaar lot. They soon had built up a money- changing business and were lending out money on mortgages. In 1857 they bought half of the lot where Chinam previously had built his large Chinese Hong. Here they established the Wo Hang firm which operated in many different fields.
In 1865, along with two Americans, Lee Sing of the Wo Hang firm and Pang Wah Ping
entered into partnership
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