Business: The Hong Kong Bull

The stock market in Hong Kong, unlike other exchanges in the world, thrives on ill fortune. As one of the last citadels of free enterprising Chinese businessmen, the market turns bullish when the political situation elsewhere is too shaky for Chinese investments. The market soared in 1949 when Shanghai bankers arrived, suitcases crammed with currency, only steps ahead of the Communist armies. It was soaring again last week. Reasons: 1) the waves of discrimination against Chinese merchants, which are ripping across Southeast Asia, and 2) high taxes that make investments in Singapore and Malaya unprofitable. Worried about their future, Chinese from...

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