740
CHINA
"Aided by the excellent harvests in those districts unaffected by flood, and in spite of the dislocation caused by plague, trade at the Manchurian ports and marts has made steady progress. At Newchwang imports during the last quarter of the year suffered from the scarcity of hard cash, consequent upon the panic in the money markets at Shanghai, while exports were affected by short supplies, due to climatic causes. Still, the figures for the year show improvement. Similarly, at Dairen, there has been an increase in both imports and exports, although the former were affecte 1 by a tendency to retain cargo within the Leased Territory, owing to the risk of giving credit in the interior in troublous times; while the latter-especially beans-had to contend with the high prices demanded by the farmers. At Antung the results achieved in 1911 are satisfactory; while the prospects for 1912 are most encouraging, in view of the recent inauguration of through traffic between China and Korea via the Yalu railway bridge. The Chihli ports are represented by Tientsin and its dependency, Chinwangtao. The collective loss in foreign imports there for the year as compared with 1910 is over 24 million taels, which is, however, more than counterbalanced by an increase in native imports of over 4 million taels. In exports, there is the wholly satisfactory feature of a gain of no less than nearly 141 million taels-another convincing proof, if such were wanting, of the enormous potentialities of the export trade of the northern regions. The inlets and outlets of the Shantung province are the ports of Chefoo and Kiaochow; and, while the tendency, noticed in previous years, for the former to lose trade to the latter s ill continues, it is satisfactory to note that Chefoo has gained slightly on its own record for 1910. It is a pity that the railway connection with Weihsien and the much-needed harbour works are still hung up for want of funds. The latter concerns not only trade, but also human lives, often needlessly sacrificed in bad weather for want of a harbour of refuge. The trade at Kiaochow, backed up by the excellent means of communication with its hinterland, has again advanced, both in imports and exports,
The shrinkage of Hk. Tls. 29,000,000 in the value of the Yangtze trade in 1911 will surprise no one. Trade cannot co-exist with a state of war, to say nothing of floods and famine. There are, however, some bright features. It is reported that some portion at least of the Wuhu harvest had been garnered before the floods came, and that the rich rice area of the Ningkwo district was practically un- injured. The Hunan crops, all things considered, were surprisingly go 'd; and there is little doubt that, given stable political conditions, trade will soon flourish as before. The touchstone of prosperity in the local trade at Shanghai must be looked for in the re-exports. Imports may be large: but unless it can be shown that they have moved off freely and quickly, trade has probably suffered by the accumulation of stocks. Judged in this way, the Shanghai trade was all that could be desired up to the end of the third quarter, or, to be precise, until the 10th October, 19:1, But after the fateful day, which marked the outbreak of the revolution at Wuchang, the demand for foreign goods for re-export practically ceased; and at the end of the year, for the first time in the history of the port, the bonded godowns were full of cotton goods, much of which had been contracted for in anticipation of what was expected to be the demand, in view of the excellent trade of the first three quarters of the year. Consequently, the proportion of re-exports, to imports, which was 73 per cent. in 1910, dropped some 10 points in 1911, a result which, all things considered, is not so bad as might have been expected. The exports naturally shrank, in sympathy with the collapse of the Yangtze sources of supply. The central ports, other than Shanghai, comprise Soochow, Hang- chow, Ningpo, and Wenchow. At the first named, trade improved ali round; but at Hangehow a falling off of over 3 million taels has to be recorded, of which over 2 millions is the result of restricted exports. At Ningpo exports also fell off by nearly 2 million taels-no doubt in sympathy with the collapse of the Shanghai market dur- ing the last quarter of the year; while the Wenchow trade suffered severely from the combined effects of typhoons, political upset, and a poor crop of oranges. Taking the southern ports collectively, there is a total falling off in the value of their trade as compared with 1910 of some 33 million taels. The principal losses in foreign imports aggregated some 15 million taels, and in exports over 65 million taels. Per contra, there were some gains in exports. In Amoy the harvest was good; but the tendency for Formosan produce, especially tea, to be shipped abroad direct instead of, as formerly, via Amoy, continues to the detriment of the port. At Swatow the orange groves suffered much damage from bad weather. The sugar crop was good; but as northern markets were temporarily closed, growers suffered some loss which was only partially made up by increased trade with the Straits, Dutch India, etc. The West River was disturbed by piracy; but trade towards the end of the year was reviving, under the