-A446
I
SWATOW
million dollars as against 59.8 million for the previous year; coastwise import- ations of Chinese merchandise, 66.4 million dollars as against 70.9 million; direct exports to foreign countries, 15.9 million dollars as against 17.8 million; and coastwise exportations of Chinese produce, 16.6 million dollars as against 17.8 million; and coastwise exportations of Chinese produce, 16.6 million dollars as against 12.6 million dollars. As regards the first section of trade covered by these figures, some of the reasons for the heavy decline in the value of direct purchases from abroad have been indicated already, and it may be stated at once that much of the reduction was along lines that should bring benefit to the country for instance, the decreased cost to the port of foreign foodstuffs (10 million dollars as against 42 million in the preceding year) represents a saving in the right direction. An important item in this foodstuff group is rice, a commodity in which the district is not self-supporting. Imports of this cereal declined quantitatively by 50 per cent. and in value by 75 per cent., arrivals from abroad amounting to 1.2 million quintals valued at 8.7 million dollars as against 2.4 million quintals valued at 35 million dollars in 1933. By the end of February, direct importations of kerosene oil became unprofitable owing to high taxation and competition from the products of the Canton refineries, and, in quick succession, sugar and cement were declared to be monopolies, so that interport movements of all three of these important items took the place of the previous direct trade from abroad. As will have been seen, the total value of the direct exportations to foreign countries also registered a decrease, but only to the extent of a little over 10 per cent.; while the value of the coastwise shipments, which include a great deal of cargo that eventually finds its way abroad via Shanghai, increased by over 30 per cent.,. being the only section of trade to show any improvement at all. In the case of the direct foreign exports, weakness of the markets in Siam and the Straits Settlements was responsible for the lesser shipments of fresh eggs, fresh oranges, canned fruit, groundnut oil (against which a heavy duty was imposed in the Straits), garlic, and paper, but on the other hand,
the other hand, there was a noteworthy increase in demand for white alum, fishing nets, and drawn-thread work. This latter product is the principal handicraft of the port, and the increase from 3.9 to 5.2 million dollars in the value of the foreign business done during the- year under review was one of the few gratifying features of the export trade. Improved coastwise shipments of this staple to Shanghai, where a large, per- centage of it is repacked from abroad, also contributed to the increase in the total value of the coastwise exportations already referred to, but the rise in the value of the sugar shipments from 5 million to 8.3 million dollars was of still greater significance in this connexion. Exchange fluctuations between Swatow and Hongkong dollars ranged between Swatow $1,099 to $1,382 per Hongkong $1,000, and the rate on Shanghai varied from Swatow $970 to $1,120- per Shanghai $1,000. The developinent of roads in this district continued to make progress. Full details are not yet available, but the following roads are known to have been opened to traffic during the year: the Swatow-Changmutou highway; the Tsungkow-Changmutou highway; the Swatow-Meihsien highway besides seven sections of various other roadways in the district.
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