590
CHINA
And during the same period fancy piece goods, such as cotton prints, turkey red cottons,. black, coloured and figured cotton italians, venetians, lastings, and poplins have been imported in the following quantities: 1914, 5,791,034 pieces; 1915, 3,464,913 pieces; 1916, 3,589,144 pieces; 1917, 5,071,896 pieces; 1918, 4,345,144 pieces.
The cotton-spinning industry in China had another prosperous year, and additional mills will be erected as soon as the necessary machinery is available from abroad; this, however, is hardly likely to be supplied for some years.
The silver value of the cotton goods imported fell from Hk. Tls. 158,950,267 in 1917 to Hk. Tls. 151,380,423, yet that represents an increase in sterling of £5,698,271. An examination of the list of imports shows that there was а heavy decrease in quantities of plain piece goods. English grey shirtings- fell from 1,539,347 pieces in 1917 to 690,566 pieces in 1918. Japanese grey shirtings, from 1,621,525 to 949,676 pieces; Japanese sheetings, from 2,616,284 to 2,227,102 pieces (but the value rose from Hk. Îls. 9,511,122 to Hk. Tls. 10,660,583); English plain white shirtings, from 2,234,926 to 1,544,075 pieces; Japanese drills, from 1,411,451 to 929,522 pieces. Japanese jeans again rose from 1,452,169 to 1,964,052 pieces. Plain cotton prints, which had risen from 395,549 pieces in 1916 to 1,497,174 pieces in 1917, fell to 839,469 pieces in 1918. Poplins, both coloured and figured, were higher than in 1917, Yarn-dyed cottons fell from 16,757,954 to 8,508,374 yards; Japanese cotton crape, from 1,507,590 to 72,383 yards; and Japanese cotton cloth, from 106,647,020 to 83,872,769 yards. Metals rose from a value of Hk. Tls. 25,137,741 to Hk. Tls. 37,637,111. The total value of sundries was Hk. Tls. 355,002,030, as compared with Hk. Tls. 348,822,886 in 1917.
Exports.-There was a set-back in the export of locally manufactured cotton piece goods. This was not due to a diminished output from the mills but to the larger demand in China caused by the smaller arrivals and high prices of foreign fabrics, as already noted under "Imports" Whether China can become a large exporter of cotton goods may be open to question, but it does not seem over hazardous to predict, in view of the abundance of raw cotton and of cheap labour in China, that the domestic product must ultimately oust the foreign. Exports of cotton yarn were about equal in quantity but of twice the value compared with the previous year. The total export of both domestic and wild raw silk was 124, 954 piculs, valued at Hk. Tls. 74,681,926, as compared with 125,820 piculs and Hk. Tls. 79,148,603 in 1917. The tea trade of China in 1918 was the most calamitous on record to both Chinese and European dealers. The losses experienced by teamen in 1917 and the very small advances made by Chinese banks resulted in low prices up-country and the low prices caused short supplies, as the leaf of part of the first crop and practically the whole of the later crops was either left unpicked or used for Chinese consumption. The total crop for export in 1918 was about 150,000 piculs, compared with 260,000 piculs in 1917 and 330,000 piculs in 1916, but the supplies were more than adequate to the demand, as 50,000 piculs remained unsold in March, 1919.
Shipping-There was a further heavy decline of tonnage entered and cleared. The total for the year was 80,247,706 tons, or 6,659,343 tons less than in 1917. British ton- nage suffered the most, with a decrease of 3,664,848 tons. There was only one sailing of British vessels in the first mouth of the year. The situation became worse after the British Government requisitioned tonnage for special cargo on the 31st January, so that merchants were unable to obtain space for general cargo of any description. The rate by Japanese lines was 1,200s. per ton net for general cargo and 1,000s. for cereals to Mar- seilles. These rates were practically prohibitive, and no relief was available even after the Armistice, as the British Government still continued to control shipping, while Japanese vessels were few and far between. Freight rates to America at the beginning of the year were at G. $55 per ton weight or measurement, but freights across the Pacific were slack, owing to uncertainty as to United States Government Import Regulations and the difficulty of obtaining import licences. In March there was a rush of cargo upon the receipt of advice that import licences would be refused after the 15th of the month. After that date freights were raised to G. $60 per ton for general cargo, and the uncertainty owing to continual changes being made in the American Import Regulations caused stagnation in trade. In July this was accentuated by the rise in exchange, but enough cargo offered to keep the rates up to G. $60 until September, when competition by outside steamers from Singapore compelled the Transpacific Bur- eau at Hongkong to lower rates to G. $50. The issue of entirely new regulations in Oct- ober resulted in cargo from Shanghai dwindling almost to vanishing point. After the signing of the Armistice there was a further reduction to G. $40, but in spite of this little cargo offered, the restrictions not having been withdrawn at the end of the year.