1934-07-25 — Page 10

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THE HONGKONG TELEGRAPH.

ECONOMIC LIFE OF

COLONY

Professor's Talk at Rotary Club

"Local" Economics.

WEDNESDAY,

JULY 25, 1934.

of Hongkongy as wo read a better pig or a cheaper one, then world with Hongkong as an inter- Shoes not otherwise enumerated roturns niediatry. Secondly there, is the con- which includes rubber soled shoe other trade statistics, Economically no sound principle violated, *' al- iderable movement of goods through we see that we have a large export linked as we are with China, a great though I would not use the balance Hongkong from one part of China balance. In 1932 wo imported about part of the figures really bolong to of trade as a paramount reason.

to another, such trade, that lo a 600,000 dollars worth, and exported China, and must be road as such, Thoy

โท are of uso in estimating China's bal In assessing Hongkong's economic

oach other.

the

Silver Currency.

I should have liked to speak of

ihare

would be recorded more selentifical 2,350,000 dollars; in 1930 our

ance of trade rather than Hongkong's. activity during any period, it. sooms ly as part of the inter-port comparts were under 450,000 dollars, ex- morce of China. Thirdly, there is a parts 1,770,000 dollars. In the first

Our own balance is to be got by plac to me, then, that we should be able certain amount of movement through five months of 1934 wa took 275,000 Ing on the one side the value of to watch more closely than avaliable. and exported 1,250,000 dol the distributing and shipping and information allows us the trends in Hongkong from one part of the out- dollars

lars worth. Our chief importer was banking and Insurance services we the different categories I have at- ar world to another.

Maleys, but is now Japan. Our ex perform, together with the exported tempted to outline. Their relations Cannot Be Separated.

ports went in 1982 to China, tho

hore ( include the shipyards of ance to us, and if we could keep An interesting talk on

In the trade statistics, of course, Philippines, Malaya, Slam chiefly, commodities which are manufactured and Interactions are of real import- economie life of the Colony was

movements soparately, wo and on the other sido the trade vices); A careful examination especially to China, were heavily course in the torm shipping sor-finger on the pulse of each of there and disadvantage. I given by Mr. R. Robertson, Profes there cannot be separated off from In 1938 our exports to all theso, but

and Political of the figures may assist towards a down, but this was counterbalanced goods we take for our own consump should be in a better position to judge

our through by a large export to the United tion or for working up into other of advantage air of Economica

greatly increased goods. Looking at the matter In have enough to suggest that in this of act of judgment we may sometimes Science of Hongkong Univoralty, general idea of how

irado is divided up among those Kingdom, and at yesterday's meeting of the three categories, but anything ap-sale to the British West Indies. In this way we got a better iden

proaching, accuracy is impossible, the first Aro months of this year, Hongkong's economie role. The more find ourselves on the home of a Hongkong Rotary, Club,

Yet it would be of the utmost prae- the same movemente are soon; Japan through trade there is, the larger in dilemma; but a clearly seen dilemmas Lical as well as scientific valio, to has already excooded her 1988 1m the credit side of the balance. Other is better than one that is only yaguely gange the relative importance of the port; exports to China are still fur- credit items will be maintained if we felt.

We know, ofther down; the Philippines have dis-

can carry on our ship-building -and When threo movements. Professor Nobertson said?

course, that the third is the least appeared as buyers, and Slam and repair services to competitive advan one sets but to examine the econo-important, but how do the first two other eastern lands are down while tage, and if we can find and keep mic life of a place liko Hongkong, compare with each other? We are the United Kingdom had already a markets for our own goods without ons is at once met by certain inter aware of large quantities of food-most doubled her purchases, and the losing any or too many particular other aspects. There is, for example, esting and distinctive features not stuffs which belong to the first cats- British West Indies and other parts advantages we may now possess the fact of having a silver currency? found, or not so emphatically found, gory, among which rice from Blam of the Empire were more or less have not been technical on this mat the effects of this, which wo

have therefore omitted such items as times bad, but always uncertain, are in the economic units which are the and French Indo-China plays a pro-steady... Imports from Malaya aro ter of cur balance of payments, and with Chino, sometimes" "gsód, ·some- ·

dominant part, with flour and many down almost to vanishing point.

Petrol,

romittances, capital movement (aga long story. It is sufficient to say When I other foodstuffs following,

Singlet Export. the usual subjects of study.

to Canton), etc., which are import that, to an extent no sther currency. use the term local economics,' I kerosene and other oil from

in foreign valuation, is subject to Taking singlete; we import a small ant, but which I cannot now dilate can boast, China's rooney and ours, outside movementa and " pressures and moon by economies the study of man Dutch East Indies, sulphate of am

mania from the United Kingdom,

Our

Pigs in New Territories. largely outside China's control though Japan is coming up.

Four own. The speculative element, in the act of making a Hvelihood Germany, etc., metais, machinery and quantity of these, chiefly from Macao, upon. for himself. Now probably the textiles all form part of this move export in 1982 was 6,699,000 dollars,

I have already suggested that indeed enters into our economic life greater part of mankind carn their mont. But it is equally true that of which Malaya took about eno

sell to South

nothing in Hongkong's in greater, proportion than elsewhere,

not trua only of,ex-. Philippines, Slam and Netherlands economic position which would make and this fe livelihood by taking it directly from much of what we the land in some form of agricul- China conca from other parts of third, China somewhat less, with the thore

China Take for example the tortile

tomers... In 1033 our exports worO Others, also farmers, subsist figures; one very large item consists East Indies as our next best cus- economically unsound ens further do- change. The extent of this specats- dustries. A distributing port, as an interesting study, as well as rathor by selling their produce. of the lower counts of cotton yarn, down by two million dollare; Malaya Velopment of her own particular in- tive side of our economics might form Some, again, are engaged in produc- of which in 1933 over 45,000,000 : took most, purchasing 1,830,000 dol- Shanghai shows, need not confine it affording some idea of the effect, pro-

to distributing trade, and no duced on our businass as a whole, came from North China, which practars werth; but our other purchas self ing raw materials, minerals and tically monopolises this trade. Homers fell back considerably, especially couonic principle has over stood in compared with speculation in other

to French Chinn. no doubt goes

In the five months ending the way of a community developing places Trading methods, whether la apt to get top- other natural resources. Still others of this make living by working up such Indo-China and Siam, but a very May 1934, exports continued to show any industry which will pay. And I credit trading

for to avold excessive supplies, theng and t products in manufactures. Normal- large quantity goes to South China.

South China, but Malaya's purchases able of economically providing I might

Hongkong's own. wants, as well as many other topics occur to one. But some other textilo items.

were well malatained.

industries for other markets. It is I must leave them to others. I hope economic unit, we find it specialises mention artificial alik or rayon yarn

As to Electric Torches, while we not of course unnatural that Hong-I have not been too diffuse as it is. In one or other of these activities, as an interesting item because of the or in some combination of them, by great increase in the quantity com- import from Blacao and South China, kong should consume pigs and poul. May we not hope that this Club may CB useful part, which its members are which its economic place in the ing here from North China. In 1933 this is mainly an export trade in try from South Chinn, being econo- in the not too distant future play a

only 300,000 dollars worth is record which we sell over 1,000,000 dollars mically linked with that ares,

We sell a consider pecially in view of the fact that well qualified to play, in throwing.. world is assessed. For auch a unit, e as arriving, while in the first worth yearly. trading means selling things abrand four months of this year the million able amount to the Netherlands East Hongkong sells much more to South more light upon some of the mat-"

Indica, but here Empire countries China than we buy from that region, ters that I have touched upon? which have been made or worked up mark was reached.

are our best purchasers taken as (I am speaking of the entrepot

A vote of thanks was accorded the In passing I may mention one whole, especially India and Malaya, trade). But if we could use the at home, and buying from abroad!

or matter relating to the statistics, whose purchases are well up this New Territories to breed pigs, and speaker on the motion of Rotarian things which will bo consumed

servire dealt with at home. The which involves some difficulties of year, the United Kingdom which had perhaps grow maize with which to J. B. Ross, who said the speech had

comparison.

Chinese Trade aleendy in May exceeded her 1933 feed them in part, and produce thus given them all food for thought.. country, trade returna, of such

figures since the middle of 1932 have purchase, and South Africa. A little

not included the Manchurian ports. though including perhaps entrepot trade, indicate most definite- The Hongkong Agures still, include

and these under North China. ly the country's real importa real exports.

ture.

ly, when we examine any particular! The same is true in less degree of a downward tendency, especially to would oxtond this to industries cap-l heavy, whether greater co-operation

The

of these

A Complex Problem.

I do not want to weary you with figures, but havo mentioned these an examples of the complexity

of the

of

The upshot of these few remarks in that we should not read the trade

For Home Consumption.

economic The relative dimensions Hongkeng and China Trade, The trade returna of Hongkong two branches of our trade, then, in problem of Hongkong's

cular lines of goods are concerned. indicate no such thing, for the most one of which we are an intermediary place in the world where her part!- part, and, from the economic point between Chinu and the outer world.The Ottawa arrangements, of course, in the uther an intermediary between have not left Hongkong un-affected: of view, have emotines tended to different paris of China, are matters and this will be found reflected in abscure rather than to clarify the of interest and practical importance the statistics, including some movement of world trade. Take for for us. Has one been gaining at the those I have mentioned. At the

And if so,

there is an undoubted example the Chinese Trade Returns, expense of the other? in which Hongkong until a year or has this not

an important bearing samo time, occupied a leading place

have stressed the importance of na- upon our economic welfare, and the conflict of interest, which is why I two ngo both in the Import and the export means of maintaining it?

certaining relative proportions. Sgures. While this was so, it was

In addition to the through trade, impossible to gain from the figures there recorded satisfactory informa- there is a certain amount of cont

with merce which concerns Hongkong tion as to China's real trade foreign countries; the total trade more particularly us an independent We bring in from was there, no doubt, but a consider economic unit, able part of it, namely the Hong- outside certain commodities for our Worms In Young Children. kong part, was incapable of being own consumption, and also some

Children are frequently subject to classified as to origin and destina- which we work up locally. At the Lion. To some extent this has been same time we export some goods of worms, and although a comparative remedied, especially with regard to Hongkong origin, chiefly local manu-ly common complaint it is the cause trade moving from Hongkong to factures. Here again it is of prac-of much of the petulance and irrita- of young children. Some of China, by the fact that China now tical interest to distinguish Chinatlon demands countries-of-origin and des- from the rest of the world, and obthe symptoms donating the presence The import tain, if possible, sono lien-of-rels-of-worms-are, itching of the hose, tination to be stated. Agures from Hongkong thus drop live proportions, n task which is not colle pains, fickle appetite, distension ped greatly from 1932 in the Chin- easy and which I am not attempting of the stomach, foul breath, grinding ese trade statistics, though perfec-to-day In other words, it would be of the teeth during sleep, and general local wasting. The only positive sign tion in this matter cannot of course useful to know what goods

bo expected. Exports to Hongkong consumption come from South China however la the expulsion of worms.

Many Instances of worms in young have not shown such a drop in the and other paria of China, and what Chinese trade figures, ne might be goods come from non-Chinese sources. children have been cured by a few expected since it will often be im- The majority of course come from doses of Baby's Own Tablets, and what the ultimate the former source, but it would be afterwards an improvement in the ponsible to say

interesting to get a more accurate children's general health in quickly destination will turn out to be.

estimate, especially of any changes apparent.

Now

Impossible to Follow.

Hongkong

that may be taking place in the pro- portions.

re-

contain

THE

.

BLUE FUNNEL

LINE

REGULAR AND FAST PASSENGER SERVICES

FREIGHT AND

LONDON SERVICE

PATRUCLUS

CALCHAS

1 Aug. Marseilles, London, Rotterdam

& Gingr Casablanc, London, Botterdam, Hamburg Haji

U AUK

1 Aug Tripoli, Havte, Liverpoo! & Glasgow,

AGAPENOB Stili more Iniportant is Baby's Own Tablets act in a mild LIVERPOOL SERVICE

way with none of the griping effects The admirable series of figures the destination of our exports, our

of some old fashioned worms emanating monthly, from the local manufactures, Entangled

pre NEW YORK SERVICE Imports and Exports they are with the figures of through medies. The tablets are the

injurious and RHEXENOR 10 Aug. Office do something to help, since trade, the statistics available canscription of a doctor; they they give some general idea of only give a general idea of the direc- nothing whatsoever where, eg, goods coming from Chination of this movement of Hongkong are guaranteed harmless to even the ultimately go but it is still impos goods to South China and abroad, youngest

of the ills of childhood PACIFIC SERVICE sible to follow any consignment of especially Empire destinations Many

indigestion, constipation. goods from its origin, say, in Chinabroad.

diarrhoea, colds, croup, to its final resting place.

10

ware,

or most delicate child. 'wind',

Boston, New York, Philadelphia & Baltimore via Munila, Straits & Nusz

to

TANTALUB 4 Aug. Japan, Victoris, Beattle & Vancouver INWARD SERVICE

MENTOR TANTALUS

Dec 31 July Due 31 July

From U. K. vin Straits From Pacle vis Japan &

Shanghai

convulsiona, respond But it la of Hongkong itself, Cement, sugar, hosiery, singlots, stomach-niche, readily

umbrellas, matting, Baby's Own Tablets treatment, whilst rather than China, that I wish to rattan speak.

children's Hongkong's trade returns trunks and bags, electric torches and teething pains are quickly relieved by aro not comparable with the returns batteries, and so on, are items that the action of this ideal of other units, since the bulk repre- come to mind In this connection. medicine.

Now in any They are taken as a whole,

small

Baby's Own Tablets are obtainable sents through trade.

but it at chemists everywhere. assessment of our economic position item in our total business, we should be able to elicit and dis- would be cause for satisfaction if tinguish certain portions of cur they could be encouraged and deve- business. What are these portions, loped. In this matter, the question If they are to be selected with a of markets is of the greatest signi vlew to having a satisfactory basis ficance.

Rubber Soled Shoes,

for future policy? I have said that

the bulk of our trade is a through

trade, but this bulk is Itself capable A glance at some relevent itemu of sub-division. There is first the might be permitted. If we examine. the items Boots, and trade between China and the outer for example,

FRECKLES AND HIS FRIENDS

COUNT. THE

“TELEGRAPHS" EVERYWHERE

Antonio Again!

Specially reduced fares are quoted for cargo steamers with

Imited passenger accommodation.

For freight, passage rates nud information apply in the

under-mentioned.

BUTTERFIELD"& SWIRE.

Agents.

By Blosser

WEDDING OR BIRTHDAY

PRESENTS

Remember, whenever you have to send

a present for any occasion, you will find what you want

KOMOR'S

Chater Road,

York Building.

Lacquer, Porcelain, Ivory,

Silk-Ware, Etc. Prices from 50 cts, Upwards,

IMAGINE IT, SYLVESTER! THAT TRAINED PARROT FROM THE "THEATRE FLEW IN THROUGH THE WINDOW.....,WHAT IN THE -WORLD CAN WE DO WITH

HIM?

HOW WOULD HE BE FRICASSEED,

MOM ?

SQUARK

HAVEN'T YOU CAUSED ME ENOUGH TROUBLE ALREADY?

WHAT'S THE IDEA IN COMING BACK HERE AGAIN?

I LIKE IT HERE,

BUDDY... 1. LIKE IT

HERE!

IF YOU WERENT

A POOR DEFENS LESS

PARROT, I'D KNOCK YOU FOR A ROW

OF HOSPITAL

COTS!

OH YEAH... WHERE WOULD

YOU GET TWENTY: MEN IN A

HURRY ?

: YOU'RE PRETTY FRESH, AREN'T YOU? BST I COULD TAKE THAT OUT OF YOU........... IR I SHOULD SLAP YOU DOWN, WHAT WOULD YOU THINK?

IF YOU COULD DO "THAT, BUDDY, ZD.

THINK YOU WERE

"THE MAN I

THOUGHT I WAS!

NUTTY,

DON'T LET

THAT

PARROT, GET - AWAY FROM YOU....HE'S GOING TO BRING YOU

GOOD

LUCK!!

CHARTEAREN ARNER DA DEYITDA once Dog CODREAN JOR

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