A416
SWATOW
The value of nearly all the main Chinese imports declined; two commodities, however-beancake, with a value of $11 million, and cotton yarn, valued at $6.6 million-arrived in greater quantities. The value of native rice and paddy declined from $12.2 million to $11.3 million. Other native goods which are usually imported in large quantities but which in 1937 arrived in decreased amount were beans, wheat flour, cigarettes, cotton piece goods, and tin ingots. Of exports abroad, linen drawn-thread work and embroideries advanced in value from $11.2 million for 1936 to $16.6 million for 1937. In creased planting and excellent crops were responsible for a 44 per cent in- crease in the export of fresh oranges, while exports of garlic totalled 150.393 quintals as against 125,586 quintals. At the end of July the value of domestic exports for 1937 exceeded the corresponding figure for 1936 by half a million dollars, but in each subsequent month a decrease was recorded. Exports coast- wise of sugar fell from a value of $16.3 million to $12.3 million, but the value of oranges despatched coastwise rose from $600,000 to 1,300,000. Values of other commodities exported coastwise for the year were much the same as in 1936 or showed slight increases.
Very little industrial development took place during the year. The drawn thread work and embroidery industry, which makes so very considerable a contribution to both the import list and the export list, continued to expend. In its main features this is still a "cottage" industry, and it has expanded from very small beginning in a comparatively short period of time. The native kerosene oil refineries have had a bad year, and some of them are said to be in difficulties. The Kityang Sugar Central reports a rather poor year's business. The local "Tiger Balm Medicine" factory increased its production and its staff pay-roll during the year. Local fruit can naries report very fair business. Little building or construction took place during the year, but an iron bridge over the Han River, to connect the railway station with the town, was completed in July, and new premises for the Kwangtung Provincial Bank were opened to business in December.
The total tonnage of vessels entered and cleared at the port in 1937 was 4,924,963 tons, a decline of 1,704.979 tons on the figures of the previous year, which is explained by the fact that Chinese and Japanese flag vessels ceased to frequent Swatow after declaration of the Japanese sea blockade in August. Freight and passenger rates were generally raised during the year. Passenger traffic to Singapore and Penang fell off in consequence of a reduction of the Straits Settlements immigration quota. Coastal steam and motor launch traffic was suspended in August because of the Japanese blockade.
Under instructions from the Ministry of Finance, a fixed official rate of exchange of National $ Swator $1.20 was enforced locally from the 1st July and maintained thereafter throughout the year. Towards the end of the year signs of depression-in the form of unemployment, closing of shops, and reduction of purchasing power generally-were beginning to be evident. This depression is of course due in the main to the Sino-Japanese conflict, but poor harvest in the neighbouring interior have contributed to it.
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