Chapter 6: Industry and Trade
INDUSTRY
In the last decade there has been a fundamental change in the pattern of Hong Kong's economy. Industry, which prior to the Second World War was of minor importance, has now assumed a predominant role. The circumstances which led to this significant change from a mainly commercial to an industrial economy were reviewed in the opening chapter of last year's Report.
Today there are 5,023 registered and recorded factories employ- ing 217,367 persons in Hong Kong. A detailed breakdown of these figures will be found in Appendix II. The great 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 piecegoods, cotton yarn, towelling, ready-made garments of all kinds, cotton and woollen gloves, enamelware, aluminiumware, torches, torch batteries and bulbs, vacuum flasks, plasticware, paints and varnishes, rubber and leather footware, and rattanware. Among traditional Chinese goods produced, brocade piecegoods, embroideries and drawn- work, 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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