ENG-1949 — Page 49

1949 were valued at £171.9 millions sterling (HK$2,750 million), exports at £144.9 millions (HK$2,318 million). The corresponding figures for 1948 were £129.8 millions (HK$2,077 million) and £98.9 millions (HK$1,582 million). Imports for 1949, therefore, showed an increase of 32% over the previous year, whilst exports showed an increase of more than 46%.

Trade has risen steadily throughout the year. At the time when Shanghai was occupied by the Communists, much cargo originally consigned to that port was off-loaded in Hong Kong, leading to acute shortage of godown space. This situation was aggravated by the subsequent Nationalist blockade, but later on much of the cargo in question was shipped to Tientsin, and goods are once again on the move. One of the most interesting features of the year's trade has been the rapidly mounting volume of trade with North China, which indicates that a brighter future may be in store for the Colony in its trade relations with China, which have been so adversely affected by the past four years of civil war in that country.

The Colony's main imports during the year were textile fabrics, chemical elements and pharmaceutical products, hydrocarbon oils, manufactured articles, and vegetable oils. Main exports were textile fabrics, vegetable oils, cotton yarn, manufactures of base metal, and manufactured articles.

The following countries were the Colony's main sources. of imports during the year, the figures quoted being in pounds sterling and Hong Kong dollars to the nearest million: China (£37 millions; $593 millions), United States of America (£36 millions; $575 millions), United Kingdom (£24 millions; $388 millions), Thailand (£7 millions; $110 millions), and Malaya (£7 millions; $108 millions). Exports were directed mainly to the following destinations; China (£37 millions; $585 millions), Macao (£17 millions; $268 millions), Malaya (£15 millions; $240 millions), United States (£15 millions; $234 millions), United Kingdom (£9 millions; $140 millions), and Thailand (£7 millions; $116 millions).

Imports from the British Commonwealth totalled £50 millions ($796 millions), an increase of 38%

of 38% over 1948. Exports to the Commonwealth totalled £34 millions ($542 millions), an increase of 34%. The Commonwealth's share of the Colony's imports in 1949 was 26%, of exports 23%. Imports from the United Kingdom showed a 29% increase over 1948, and large increases in imports from China, the United States of America, Switzerland, Holland, France, and Korea were also recorded.

The steady decrease in trade with China, which has been the most disturbing feature of the post-war period, was arrested in 1949. Imports from China increased by 38%

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