On land the rickshaws were extremely popular when they were first imported from Japan in 1874, since it was affordable and necessary for street merchants to haul goods. Sedan chairs were the preferred mode of the transport for the wealthy Europeans who lived on Victoria Peak due to the steep grade which ruled out rickshaws until the introduction of the Peak Tram. The first automobiles in Hong Kong had petrol-driven internal combustion engines and arrived between 1903-05. Initially they were not well received by the public. Only around 1910 did the cars begin to gain appeal. Most of the owners were British. Buses operated by various independent companies flourished in the 1920s until the government formally issued franchises for the China Motor Bus and Kowloon Motor Bus companies in 1933.