CHINA
527
Treasure.-The net import of gold, as recorded at the Custom Houses, was valued .at Hk. Tls. 8,847,203, and the net export of silver amounted to Hk. Tls. 20,983,098. In 1916 the figures were Hk. Tls. 11,800,849 and Hk. Tls. 28,678,126 respectively. The silver was mostly sent to India, while all the gold came from Japan in the shape of coin. America sent Hk. Tls. 7,556,833 in silver and Hk. Tls. 100,000 in gold. "The movements between China and Cochin-China about balanced. The violent fluctua- tions in the price of silver during the year, ranging from 35d. per ounce in March to 55d. in September, caused considerable embarrassment to merchants; and, as at the highest rate it became profitable to melt rupees in India, dollars in the Straits and yen in Japan, because the intrinsic value of the coins was higher than their gold exchange value, it was found advisable in India, Japan, the Straits Settlements, Siam, Great Britain, and the United States to prohibit the export of silver except under licence. In China complaints of a scarcity of currency were heard at most of the ports.
Miscellaneous. On the 14th August China made her declaration of war against Germany and Austria, from which date the payment of the German a d Austrian shares of the Boxer Indemnity ceased and the vessels of the two nations lying in Chinese harbours were seized. Chinese labour has been freely exported and has proved a valuable contribution towards the prosecution of the war. The Entente Governments have consented to suspend the payment of the Boxer Indemnity (in the case of Russia to the extent of one-third only) for five years and have also consented to the revision of the import tariff to an effective 5 per cent., and with the receipts from the Maritime Customs and the Salt Gabelle both showing such excellent returns the financial situa- tion in China should be quite satisfactory. The unification of the currency, so urgently necessary, has been receiving the serious consideration of the Ministry of Finance, and the fact that reforms formerly disregarded as of no importance are now intelligent- ly discussed and appreciated warrants the expectation that, so soon as a stable Govern- ment is established and order and tranquillity prevail, China will make more rapid advance along the path of progress and her commerce become of far greater importance in the markets of the world.
Value in Silver and Sterling of the Foreign Trade of China, 1897 to 1916 :-
Year.
Average Exchange.
Imports.
Exports.
S. d.
Hk. Tls.
£
Hk. Tls.
£
1892 1893 1894
4
41
140,298,086
30,544,061
102,583,525
22,333,288
3
...
...
...
...
1895
3
***
1896
1897
1898
1899*...
3
1900+...
3
A
1901
1902
+
1903
1904
1905
1906
...
1907
1908
1909
•
1910 1911..
1912
2
2
2
2
3
3
3
2
2
...
2
...
3
2
...
2
3
234
co co co to NI NI M M N N N EN 60 60 60 NANNMON~~4
11
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
31
172,853,145 28,268,688
143,293,211
23,434,411
3 4 209,106,866 34,851,143
131,081,421
21,846,903
2 111
204,554,227 30,470,055
163,501,358
24,354,889
2 103
217,761,975 31,416,701
159,037,149
22,944,422
OF
280,907,296 42,282,402
195,784,832
29,469,696
11
223,791,888 34,734,365
158,996,752
24,677,621
11
1116 280,472,693
41,559,625
169,656,757
25,139,243
7
335,601,739
43,628,226
214,181,584
27,843 605
73 343,300,115
45,296,542
214,352,467
28,282,616
102
348,603,090
49,966,442
239,486,683
34,326,424
0- 458,340,485
68,942,047
227,888,197 34,278,183
3
3
8
414,184,061 422,838,531 68,711,261 396,261,991
68,167,793
236,456,739
38,916,838
264,380,697 42,961,863
52,834,932
276,660,403
36,888,053
2 7-
417,586,237 54,264,460
338,992,814
44,051,410
8
462,437,260
62,260,433
380,833,328
51,273,653
81
473,517,685 63,628,938
377,338,166
50,704,816
08
8
546,425,296
7
454,475,719
31
516,406,995
1913$... 1914.. 1915 1916
1917
...
313 549,518,774 118,633,090 462,931,630
It is interesting to observe in this table that an increase in silver values does not always mean an increase in trade when measured in sterling.
471,809,192 72,000,048 570,064,611 86,103,508
370,520,403
56,542,957
403,305,546 60,915,941
74,564,285
345,280,874
47,116,453
58,939,820
418,861,164
54,321,057
86,767,390
481,797,366
78,820,156
99,940,188
* Influence of railways felt.
+ Revolution in October.
+ Boxer outbreak. European war from August.
§ Rebellion in summer.