568
CHINA
Value of Trade.-It will be noticed
that the result of China's foreign trading has again been on the wrong side, the adverse balance for 1922 amounting to Tls. 290,000,000. The movement of treasure also showed an excess of imports amounting to Tls. 40,000,000, so that on these two accounts the unfavour- able balance was not less than some Tls. 330,000,000.
The value of exports to Hongkong increased 17.1 million taels, while Singapore took fewer goods from China in 1922 to the value of 4.1 million taels. Imports from British India, on the other hand, advanced 7.8 million taels; but imports from Great Britain dropped 4.6 million taels, which is offset by an increase in exports to Great Britain of 7.6 millions. Imports from Germany continued to grow and were valued in 1922 at 24.7 million taels, as compared with 13.3 and 5.4 millions in 1921 and 1920 respectively. The value of imports from France came to 4.6 million taels, against 9.6 millions in the preceding year; cxports to France, however, record a satisfactory increase of 16.8 million taels. Imports from Japan increased 21 million taels and have now reached 231 millions, which is nearly double the amount of the pre-war year 1913. Imports from the United States lost ground to the extent of 6.8 million taels, but exports to the United States were 97.9 million taels in 1922 as compared with 89.5 millions in 1921. It should be borne in mind that, owing to the fluctuation in the average gold value of the Haikuan tael, which in 1913 equalled 3s. 94d., in 1921 3s. 11d., and in 1922 3s. 9d., an entirely different aspect may be presented by a country's trade relationship with China when the tael values are converted into the currency of the country concerned.
Imports. Although the value of net foreign imports during 1922 showed an increase of Hk. Tls. 38,927,211 over 1921, owing to the fall in exchange the total in sterling was £1,903,954 below the 1921 figure. This improvement in the total import values is satisfactory as far as it goes. In considering the figures and volume of goods imported into China, however, it behoves one to remember the fact that, owing to the special conditions in which trade is carried on by foreign importation houses, who as a rule do not sell direct to the people, but dispose of the goods to Chinese dealers or middlemen, the quantities shown in the Customs statistics of trade do not necessarily imply that all commodities enumerated have found buyers and been absorbed by the country or even been taken delivery of by the dealers. Large stocks of all sorts of articles at the Treaty Ports testify that such is unfortunately not the case, and although it is gratifying to be able to say that stocks are gradually being disposed of the disturbed state of large potential purchas- ing districts in the interior necessarily acts detrimentally in this direction. regards values, it should be remarked that, owing to the downward tendency of prices, especially during the early part of the year, a decreased total value assigned to a certain article does not per se connote a decreased volume of trade in the goods concerned.
As
With regard to cotton goods, the Report states that it is generally agreed that the year 1922 was again an unprofitable one for the piece goods trade. The promise of a speedy improvement in the situation, held out at the close of 1921, did not materialize, chiefly owing to the absence of demand from the interior, where political strife and the resultant unsettled state of the country nipped in the bud any desire· to replenish up-country stocks on anything better than a hand-to-mouth scale. An improved demand during March proved to be shortlived, and it was only towards the last quarter of the year that the market hardened and prices appreciated. Not- withstanding this gloomy picture of the result of the year's trading from the merchant's standpoint, Customs returns show that imports in 1922 exceeded those of 1921.
A greatly reduced demand for cotton yarn from the interior provinces of China, caused no doubt by the disturbed state of the country, depressed the market, which was weak during the first part of the year, with the price of yarn declin- ing steadily from early spring to the end of September, the decrease amounting to Tls. 40 per bale for the better counts. Owing to high prices of cotton, a number of Chinese mills decided to limit their production by curtailing working hours. This gave stimulus to the market, resulting in firmer prices at the close of the year. The total importation of yarn in 1922 amounted to 1,219,486 piculs, principally Japanese (785,906 piculs) and Indian (347,237 piculs.)
The metal trade in general suffered from the universal trade slump, and in this, as in other branches of China's trade, the unsettled conditions prevailing in the
Page 630Page 631