526
CHINA
Foreign Trade.-The value of the direct foreign trade was Hk. Tls. 1,012,450,404- the highest on record and Hk. Tls. 14,246,043 above the figure for 1916. Reduced to sterling at the average rates of exchange for the two years, the figures work out to £165,587,546 for 1916 and £218,573,277 for 1917 an increase in sterling of £52,985,731. Judging the trade from the tael values, the point of view from which the Chinese merchants regard their transactions, imports were higher than in 1915 and 1916, while exports were lower than in 1916. An examination of the list of imports shows that not only values but quantities were higher, while in the case of exports it will be found that the smaller values of only two articles, tea and sesamum seed, more than cover the deficiency. As special and temporary causes were responsible for the reduced export of these two articles, the statement is justified that the foreign trade of China showed astonishing vitality under most unfavourable conditions.
(a.) Imports. The silver value of the cotton goods imported rose from Hk. Tls.. 136,679,386 in 1916 to Hk. Tls. 158,950,267, an increase in sterling of over £11,600,000. In shirtings sheetings, drills, and jeans the progress made by Japan was very marked, and there was a distinct improvement in qualty. Japanese grey shirtings rose from 686,472 to 1,621,525 pieces; grey sheetings, from 1,921,687 to 2,616,284 pieces; drills, from 976,502 to 1,411,451 pieces; and jeans, from 1,251,706 to 1,452,169 pieces. Japanese T-cloths rose from 743,501 to 915,591 pieces, and Japanese cotton cloth, from 86,148, 562 to 106,647,420 yards; cotton blankets, from 350,342 to 663,268 pieces, and towels, from 1,406,109 to 1,612,359 dozens. American sheetings fell from 353,735 to 65,033 pieces; drills from 8,709 to 2,925 pieces; while jeans rose from 755 to 3,573 pieces. The falling off in English goods was not quite so noticeable, the most serious decline being white shirtings, from 3,158.534 to 2,234,926 pieces. Both Indian and Japanese cotton yarn fell off, the latter probably caused by the strong demand from Russia. Plain cotton prints were in favour and rose from 395,549 to 1,497,174 pieces, partly to fill the gap caused by the almost comple disappearance of prints from Russia that had been doing so well of late years. All coloured goods seem to have been in greater demand, no doubt becaue of the difficulty in obtaining dyes. Woollen and cotton mixtures show an increase under every heading, and the trade in woollen goods showed an advance that was hardly to be expected considering the rise in prices; while miscellaneous piece goods also did well. The import of metals was slack. The import of flour nearly trebled, and gasolene rose from 685,906 to 1,183,895 gallons. Locomotives- and tenders were valued at Hk. Tls. 3,578,114, as against Hk. Tls. 14,186,819 in 1916. The use of motor-cars is increasing, and it is to be wished that the Chinese would realise that the provison of good roads for the use of motor traffic, would do much to develop the trade now kept back through want of means of communication. The total value of sundries was Hk. Tls. 348,822,886, as compared with Hk. Tls. 336,523,314 in 1916.
(b.) Exports.-The advance made in the local manufacture of cotton goods is strikingly indicated by the following figures, but it must be understood that the vast bulk of these goods are used in the country and that the export figures give no idea of the real volume of the trade. Grey shirtings have risen from 260 pieces in 1915 to 21,504 pieces in 1917; sheetings from 2,494 to 38,806 pieces; drills, from 3,422 to 38,001 pieces; and native fancy cloth, from 298,148 to 499,553 pieces. With encourage- ment from the Government, there would be a vast development of this industry. Nearly all metals were exported in greater quantities.
Shipping. The total tonnage entered and cleared was 86,907,049 tons, or 1,113,052 tons less than in 1916. This does not appear at first sight a drop of much importance, but even in 1914, when the tonnage amounted to 97,984,213 tons, great difficulty was experienced in finding accommodation for the cargo offering, and freights had risen in consequence. The Shipping table gives the total of the tonnage entered and cleared at the Custom Houses and includes the coast and river traffic, and there were only 22,125,945 tons available for foreign trade. From this must be deducted the tonnage plying between Hongkong-Kowloon and Macao-Lappa, viz., 3,374,761 tons, leaving only 18,751,184 tons for carrying imports and exports between China and foreign countries, which is about 2 millions of tons less than in 1916. This amount of tonnage is quite inadequate, and the scarcity, combined with high freights and heavy war risks, places trade under great restrictions. British tonnage showed a decrease of 2,264,356 tons; French, of 11,346 tons; Norwegian, of 161,868 tons; Russian, of 115,885 tons; and Danish, of 64,496 tons. There was an increase in American tonnage of 325,242 tons; in Italian, of 13,933 tons; in Dutch, of 248,444 tons; in Japanese, of 347,812 tons; and in Portuguese, of 69,960 tons. That conditions were profitable to shipowners was shown by the fabulous prices paid for the few vessels that were parted with.