CHINA
571
likewise able to show an improved position, having increased to 197,222 piculs in 1921, as against 150,729 piculs in the preceeding year. The trade in vegetable oils during the year was disappointing, not to say unprofitable. Prices in the consuming markets of the world were below producing costs, due in great part to the large stocks held by speculators and carried over from 1920, while in China, owing to growing consumption of oils by the Chinese, supplies for export were scarce and prices generally too high to allow of profitable export. The markets for hides in Europe and the United States were very depressed throughout the year, and at the close prices were at the lowest levels recorded for many years past,
Shipping and freight.-An increased total tonnage of vessels entered and cleared at the Maritime Customs, which, bearing in mind the stagnant state of the China mar- kets during 1921, causes misgivings as regards the financial results obtained. Perusal of the table shows that Great Britain has fully maintained her position and is again facile princeps in the matter of tonnage, which now stands at 42.3 million tons, against 40.3 million tons in 1920. The Japanese flag succeeded in adding 3-5 million tons to her last year's aggregate and now registers a total of 31.7 million tons; Chinese shipping comes next with 27.1 million tons, which is an increase of 3.4 million tons as compared with 1920-no account being taken of junks, which totalled another 4.7 million tons,-while the American tonnage dropped from 4.7 to 4.5 million tons. French vessels.entered and cleared recorded å healthy increase of 368,779 tons as com- pared with the previous year, standing at 1,221,758 tons in 1921, closely followed by the Dutch flag, which more than doubled its tonnage, thus reaching 1,145,255 tons in 1921, as against 558,820 tons in 1920. Portuguese tonnage likewise made excellent progress from 98,864 to 212,750 tons. The German flag appears again for the first time since 1917, with four vessels aggregating 2,216 tons. A pronounced over supply of tonnage and a lack of cargo offering were the main features of the freight market in 1921.
Treasure.-Treasure imported from foreign countries during 1921 was valued at Hk. Tls. 119,047,690 and the exportation amounted to Hk. Tls. 103,073,745. As regards gold, 19.95 million taels' worth arrived from Hongkong and Macao and 9.37 million taels from Siberia and by far the larger part of these consignments is reported as having arrived in the form of gold coin, Silver, which was mostly in the form of bars and sycee, is recorded as having been received chiefly from Europe, America, Hongkong, and Macao. It is interesting to note that the total imports and exports of gold into China during the last decade nearly balance, the surplus importa- tion amounting only to 2.5 million taels. Out of 114 million taels' worth of gold exported during the last two years 68 millions went to Japan. The movements of silver present a different aspect, the excess of imports over exports during the same period of 10 years amounting in this case to 175 millions.
Value in Silver and Sterling of the Foreign Trade of China, 1892 to 1921 :—
Year. Average Exchange.
Imports.
Exports.
s. d.
Hk. Tls.
£
Hk. Tls.
£
1892
1893
...
1894
1895
...
1896
1897
1898
1899*.
4
140,298,086
30,544,061
102,583,525
22,333,288
***
3
3
3
2
...
...
3
***
1900+...
1901 ...
3
...
2
...
1902
2
1903
2
..
1901
...
1905 1906
3
...
**
A
1907 1908
3
2
190 00 00 CDDON WWNN GO GO DO DO
2231
3 111
149,928,703
29,517,212
116,632,311
22,961,986
2
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
4
209,106,866
34,851,143
131,081,421
21,846,903
113
204,554,227
30,470,055
163,501,358
24,354,889
2 108
217,761,975
31,416,701
159,037,149
22,944,422
0
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
280,472,693
41,559,625
169,656,757
25,139,243
71 335,601,739
43,628,226
214,181,584
27,843 605
74
343,300,115
45,296,542
214,352,467
28,282,616
2 102
348,603,090 49,966,442
239,486,683
34,326,424
458,340,485 68,942,047
227,888,197
34,278,183
3 3
00 09 00
414,184,061
68,167,793
236,456,739
38,916,838
3
8
422,838,531 396,261,991
68.711,261
264,380,697
42,961,863
...
52,831,931 276,660,403
36,888,053
* Influence of railways felt.
+ Boxer outbreak.