CHINA
601
a heavy falling off, the exports to Holland having been curtailed. Wood oil was in much greater demand, principally for America, and the export rose from 310,000 to 515,000 piculs.
Shipping. The shortage of tonnage experienced in 1915 was still more severely felt during 1916, the principal causes being the requisitioning of vessels by the belliger- ent Governments and the absence of German shipping. Freights in all directions were very high, the minimum rise in rates to Europe being 25 per cent. Some conference lines raised their rates considerably higher and practically auctioned their space to the highest bidder. Except for a short period during the summer, when cargo for the Pacific was more than provided for, tonnage for both Europe and America was far short of the demand, and trade was very adversely affected. In the case of certain cargoes the rates were actually prohibitive and on some commodities by weight were equivalent to 3s. per cubic foot. There was very little casual or tramp tonnage available for the coastal traffic in China, and the rates of freight both along the coast and on the rivers were considerably raised. As compared with 1915, there was a total falling off of ton- nage, including all Chinese vessels, of 2,642,904 tons, of which foreign shipping was res- ponsible for 1,881,004 tons and Chinese for 761,900 tons. British tonnage was less by 1,835,000 tons and Russian by 377,000 tons. The American, Dutch, Norwegian, and Portuguese flags slowed small losses, while the Japanese gained 360,000 tons, and the Danish, French, and Swedish slightly improved. The steam traffic between Ichang and Chungking has proved so profitable that additional vessels are being built for this trade.
Treasure.-Owing to political unrest in China, and also to a very general desire on the part of the Chinese to speculate in gold while exchange was so high, great quantities of silver were sent from the provinces to Shanghai, and the exchange banks, to cover the purchases of gold and assisted by the exchange, which was below the parity of silver, exported sycee and dollars in large quantities. Foreigners also remitted freely for investiment in war loans and in the way of subscriptions to war funds. Much silver is reported to have been sent from Yunnan to Burma for safekeeping during the political disturbances in the province. The result was a scarcity of silver that was felt every where, from north to south and from east to west. The restriction of credits caused great inconvenience to merchants, and all silver securities fell in value. Everywhere money was tight, and a deficiency of subsidiary coinage was complained of, the situa- ation being aggravated by the melting down of copper coins for export in the form of copper ingots. The imports of gold were valued at Hk. Tls. 19,903,117, of which Hk. Tls. 3,463,910 came in the shape of coin from America through the United States Post Office. The exports of gold were worth Hk. Tls. 8,102,268, leaving a net import of Ik. Tls. 11,800,849. Among the exports, no less than Hk. Tls. 6,018,488 went to Hongkong and Macao, and it is probable that the bulk of this amount remains in Chinese hands. The net export of silver amounted to Hk. Tls. 28,678,126, the chief demand coming from Europe, India, and Vladivostock. By the end of the year the silver held in the banks in Shanghai had fallen from Shanghai Tls. 39,439,000 and $17,500,000 to Shanghai Tls. 22,859,000 and $14,550,000. There is reason to think that more gold was imported than came under the cognizance of the Customs, and it is known that many Chinese have purchased sterling drafts which they are holding in anticipation of a fall in exchange.
Miscellaneous. Notwithstanding the political disturbances during the year, the revenue from the Salt Administration increased again and amounted to nearly 72 million dollars--a very striking example of what reorganisation can do for revenue and an indication of what might be accomplished in other directions.
Value in Silver and Sterling of the Foreign Trade of China, 1897 to 1916 :- Year. Average Exchange.
1892
1893
1894
1895
1896
...
Imports.
Exports.
...
S. d. 4 4 3 111
Hk. Tls.
£
140,298,086
30,544,061
Hk. Tls. 102,583,525
£
22,333,288
149,928,703
29,517,212
116,632,311
22,961,986
3
28
163,897,525
26,206,530
128,104,522
20,483,379
3
3
4
...
2 113
2
...
108
172,853,145 23,268,688 209,106,866 34,85',143 204,554,227 30,470,055 217,761,975
143,293,211 23,434,411 131,081,421 21,846,903 163,501,358
24,354,889
31,416,701
159,037,149
22,944,422
3 01
...
280,907,296
42,282,402
195,784,832
29,469,696
3
223,791,888
34,734,365
158,996,752 24,677,621
...
2 11191/9 280,472,693
41,559,625
2
...
335,601,739
43,628,226
169,656,757 25,139,243 214,181,584 27,843,605
* Influence of railways felt.
† Boxer outbreak.
1897 .
1898
1899*... 1900+... 1901 1902
...
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