Chapter 6: Industry and Trade
INDUSTRY
IN the last decade the pattern of Hong Kong's economy has changed, and industry, which prior to the Second World War was of minor importance, has now assumed an important role. The circumstances which have led to this changeover from a predomi- nantly commercial to an industrial economy are reviewed in Chapter 1 of this Report.
Today, there are 4,906 registered and recorded factories, employ- ing 179,997 persons in Hong Kong. A detailed breakdown of these figures will be found in Appendix II. The vast majority of these concerns are owned and operated by the Colony's Chinese resi- dents. In addition a large number of smaller concerns, mostly pursuing traditional Chinese handicraft activities, in many cases set up by refugees, employ over 150,000 people.
No special benefits are available to industry by way of income tax or import duty concessions. Apart from a few revenue- producing duties, the Colony is a free port and Government regulation of trade is kept to a minimum.
The variety of goods produced by local industry is now con- siderable, but in general, while the heavier industries such as shipbuilding continue to be important, the Colony has become best noted for the price, quality, and range of the products of its light industries. Of importance are cotton piece-goods, cotton yarns, towelling, ready-made garments of all kinds, cotton and woollen gloves, enamelware, aluminiumware, torches, torch bat- teries and bulbs, vacuum flasks, plasticware, paints and varnishes, rubber and leather footwear, and rattanware. Among traditional Chinese goods produced, brocade piece-goods, embroideries and drawnwork, crocheted gloves, carved articles of wood and ivory, and paper novelties are the best known.
Industrial development in the Colony is hampered by scarcity of water and lack of land suitable for industrial purposes. To
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