Then & now: smooth sailing
Some of Hong Kong's historic buildings stand as testament to the resilience of shipping companies in times of hardship, writes Jason Wordie
Even during significant economic downturns, certain activities must carry on. Trade may come to a virtual standstill but trans-port networks continue to function. Due to landing-rights agreements and mail contracts, for example, scheduled air services must be maintained.
At the height of the Sars crisis, in 2003, I was on a flight from Australia with literally more stewards than passengers on board. Cargo and freight helped the airlines - and the broader economy - weather that storm.
There remain buildings in Hong Kong that stand as evidence of the impact of economic turmoil almost a century ago, and the ability of the cargo carriers of the day - shipping companies - to endure those hard times.
The 1880s and 1890s had witnessed what was then the world's most prolonged economic boom, as a wave of pioneering technology transformed life all over the globe.
In 1869, the opening of the Suez Canal reduced transport times from Europe to the Far East from three months to six weeks. Goods could be transported more economically; increased volume improved margins, lowered prices and drove up demand.
In the 1870s, overland and submarine telegraphic communications - the e-mail of that age - meant markets could suddenly operate in almost-real time. Before cables connected Hong Kong, via the aptly named Telegraph Bay, with the wider world, local business decisions were based on educated guesswork. Near-immediate responses then became possible. Electricity and the introduction of telephones completed the circuit.