§ Mr. Moreingasked the Secretary of State for the Colonies the present position of the colony of Hong Kong; what is the decline in trade; what are the numbers of persons who have taken refuge in the island; how these are being maintained; and what is the financial position of the Government and the economic position of the community at the present time?
§ Mr. Ormsby-GoreI am glad to state that the latest reports from Hong Kong show that the Sino-Japanese conflict has not resulted as yet in any decline in the trade of the colony.
The monthly totals of imports and exports for recent months show a considerable rise over the monthly average for the year and a still greater rise over the comparable months for 1936. Excluding treasure, the monthly average of imports and exports from January to June, 1937, amounted to Hong Kong $84,219,000. The figures for the last few months for which returns are available are:
412W It should be borne in mind, however, that the colony is at present handling a considerable quantity of imports which would normally have gone direct to Shanghai. It is scarcely possible to estimate this quantity.
$ July … 86,379,000 August … 93,918,000 September … 104,150,000 No statistics are available for the number of Chinese who have taken refuge in the colony, though the number is considerable. The British refugees from Shanghai number approximately 3,500 women and 300 men, the majority of whom have made private arrangements. The maximum number who were housed and maintained in Government centres amounted to 750 and those at present so maintained number approximately 400.
Under all the circumstances the financial position of the Colonial Government appears to be satisfactory. The 1936 Estimates of the Colonial Government budgeted originally for a deficit of nearly Hong Kong $3,000,000, but actually resulted in a surplus of $500,000. The revised estimate for 1937 shows that the original estimated deficit of $3,500,000 has been reduced to less than $1,000,000, and I am now informed that the revenue collected up to the 15th of November is in excess of the estimate for the full year and $3,000,000 more than that collected up to the same date in 1936. It is estimated that the Colonial Government will have at the end of this year a surplus of assets of approximately $12,000,000, mainly in the form of liquid assets.
There are at present no signs of economic depression in the community generally. Though the general cost of living has risen, as would be expected in the circumstances, it appears that in spite of the difficulties of its position, Hong Kong is succeeding in maintaining its commercal life.