A4
CHINA
no agreement being arrival at. The Dalai Lama visited Peiping in 1921 and was received in audience by President Hsu Shih-chang.
FOREIGN TRADE IN 1936
VALUE OF TRADE
The following table gives the value of the foreign trade of China for the years 1934, 1935 and 1936, as published in the Returns. Figures for the years prior to 1933 included Manchurian trade with abroad.
I-VALUE OF THE FOREIGN TRADE OF CHINA, 1934-36
Net Imports Exports
Total
Excess of Imports
1934 Million $
1935 Million $
1,030
919
535
576
1,565
1,495
495
343
1936 Million $
941
706
1,647
235
...As will be seen from the above, the net value of the trade of China, im- port and export, expressed in terms of standard dollars, was for 1936 $1,647 million, as compared with $1,495 million during 1935. Imports rose from $919 million to $941 million, an increase of 2.4 per cent, while exports improved from $576 million to $706, or by 22.6 per cent. In connexion with these dollar figures it should be noted that, subsequent to the Government's monetary reforms of November 1935, the average equivalent of the gold unit was for the year 1936 $2.26, as compared with $1,866 for 1935, and that in consequence the dollar valuation of imports was higher by approximately 20 per cent on this account solely, while, at the same time, exports enjoyed a corresponding advantage from the comparatively lower dollar. The table which follows illustrates the adverse balance of trade during the past 27 years since 1910:
VALUE OF THE FOREIGN TRADE OF CHINA LESS THE MANCHURIAN TRADE WITH ABROAD, 1910-36
Adverse Imports. Exports. Balance of
rade
Adverse
Year
Year
Imports. Exports. Balance of
Trade..
Million $ Million $ Million $
Million $ Million
Million $
1910...
649 503
146
1923.
1,251 888
383
1911..
650
482
168
1924.
1,389 878
511
1912...
644
485
159
1925...
1,242 876
366
1913...
788
523
265
1926...
1,473 934
539
1914.
780. ·449
331
; 1927......
1,298 980
318
1915.
619
546
73
1928:
........
1,530
1,047
483
1916..
678
612
66
.1929..
1,620 1,070
550
1917.
697. 570
127
· 1930...........¡¡¿....
1,723 944
779
1918....
707 .587.
120
1931..
2,002 915
.1.087
1919.
785
.739
.: 46.
1932...
1,524 569
955
1920.
997
614.
383
1933...
1,345
.612
733
1921...
1,233)
698
535
1934 oreja? 1,030
535
495
1922.
이
1,234. 764 520
919
576
343
:
Feb
235
1935. 1936 941 706
Successive annual reductions during the past years of $132 million, $222 million, $238 million, $152 million, and $108 million have reduced China's adverse balance of trade from: its highest figure of $1,087 million in 1931 to $235 million only for the year under review. In other words, the adverse balance in China's merchandise account has been reduced by 78.4. per cent since 1931 Admitting that the adverse balance for 1936 would have repre- sented a higher figure had smuggled imports been recorded, the figure of $235 million may, on the other hand, be reduced by $24.5 million of export duty, which should be added to the outward statistics to obtain the true f.dibu
: