CHINA
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amounting to nearly 21 million taels. But for the closing of the Hanyang Ironworks throughout the year and the restricted movements of Pingsiang coal, the value of exports must have considerably exceeded, instead of only approaching, the record total of 1910.
Importations of piece goods at Shanghai were smaller on the whole than in the preceding year, and a substantial reduction in stocks resulted from the year's trade. Chinese imports were swelled by larger arrivals of silk from treaty ports, goods which in safer times would probably not have reached this market through the Maritime Customs. The same fact, together with largely reduced shipments of raw cotton, caused the decrease in original exports.
Large shipments of cotton from Ningpo, of silk, cotton, and tobacco from Hang- chow, and of silk from Soochow account for the increase of 10 million taels in the value of exports from the central ports. Terrible freshets in the Wenchow district in the autumn caused the death of 20,000 people and destroyed much of the second rice crop.
In Fukien there were excellent rice crops, and the import trade was well main- tained in this rather unprogressive province, especially when the greatly reduced importation of opium is considered.
As the trade of nine out of the 11 ports in Kwangtung and Kwangsi is borne on the Pearl River and its branches-for even Lungchow, on the Tonkin frontier, sends the greater part of its foreign imports to Fatshan under transit pass-it must have been seriously affected by the piracy which prevailed throughout these waterways, but particularly in the delta. It was not till the third quarter that a decided improve- ment in this respect was reported. In Canton itself the process of re-adjustment after the revolution was more difficult and marked by more serious disorder than in other cities, and at the same time the depreciation of the provincial dollar notes was perhaps greater. All things considered, a decline of 6 million taels in trade value at Cantón and of 5 millions at Kowloon is not surprising.
The three ports in Yunnan, namely, Mengtsz, Szemao, and Tengyueh, show a greatly increased aggregate value. The railway line south of Mengtsz suffered no serious interruption by landslips, and trade took full advantage of the immunity. Mengtsz records a rise in total value from 11.4 million to 19.5 million taels, the one item of tin exported accounting for 5 million taels of the increase.
The whole value of the trade (excepting only re-exports abroad of foreign imports) is Hk. Tls. 1,026,316,463, showing an increase over 1911 of 12.6 million taels. The total consists of net foreign imports, direct and coastwise, Hk. Tls. 471,809,192, and Chinese exports, both abroad and coastwise, Hk. Tls. 554,507,271.
Revenue. The total collection was Hk. Tls. 39,950,612, surpassing the record collec- tion of 1911 by Hk. Tls. 3,770,786. The first six months of the year closed with a deficiency, as compared with the same period of 1911, of Hk. Tls. 1,840,000, which was almost recovered by the end of September, and was converted into a large surplus in the remaining three months. To the increase, opium contributed Hk. Tls. 1,249,336, in consequence of the higher duty and likin imposed by the Opium Agreement of 1911, and notwithstanding considerably smaller importations. But there was an advance in every branch of revenue, without exception, notably in import duties, which increased by Hk. Tls. 899,473, and export duties, which increased by Hk. Tls. 1,203,240. About half the increase in export duties was derived from the larger shipments of goods coast- wise, and coast trade duties therefore show a corresponding advance.
Foreign Trule.-The value of the direct foreign trade was Hk. Tls. 843,617,434, falling short of the total of 1911 by Hk. Tls. 5,224,675, and returning as nearly as possible to the level of 1910.
Foreign imports amounted to Hk. Tls. 473,097,031, increasing by Hk. Tls. 1,593,088, and exports to Hk. Tls. 370,520,403, decreasing by Hk. Tls. 6,817,763.
The factor of exchange, which was so much higher in 1912 than in 1911, makes all comparison of values as between the two years almost worthless. The large shipments of silk in 1912, for example, if valued at the rates of 1911, would alone have prevented the decrease of nearly 7 million taels in exports. But exchange was not the only influential circumstance. To the inability of buyers to pay the usual silver prices was added the more than ordinary necessity that lay on growers and dealers to convert produce into cash. As to imports, their value naturally fell as exchange rose. effect of the value figures is therefore in the case of imports to minimise the increase, and in the case of exports to make it appear that there has been a decrease when the volume of goods shipped has actually been larger.
The
Imports. The total net importation of foreign opium was 21,930 piculs, as against 27,808 piculs in 1911, a decrease of 5,878 piculs, which is no doubt due to the severe