A344
HANKOW
Administrative Areas and the French Concession, had either closed or moved to points up river. Although the beginning of the year under review witnessed a slight improvement in local conditions, thousands of refugees were still roaming the streets in search of food and shelter. Towards the end of the year both the Hankow-Sinyang section of the P'ing-Han Railway and the Wuchang-Yochow section of the Canton-Hankow Railway resumed passenger traffic under certain restrictions. The Hankow-Hwangpei and Wuchang-Kinkow highways were also reopened to traffic. The ferry service between Hankow, Wuchang, and Hanyang, which had suspended operations for about a year since the occupation of Wu-Han by Japanese forces, was resumed in October Several factories, small native banks, and cash shops also commenced business on a restricted scale.
In spite of what is mentioned above, however, the prospects of an early revival of general trade are still very remote. During the year under review the Yangtze River remained closed to general traffic, no steamers being allowed to enter or leave the port with the exception of Japanese craft under naval or military control.
The Customs figures show a total value of direct import and export trade of $100,000 and $21,000 respectively; but these figures represent only goods importéd or shipped prior to the Japanese occupation and not finally cleared in the Customs books until 1939. They bear no relation whatever to the actual volume of trade, the figures of which, as explained above, are unknown. At the moment of writing there are no signs of an early recovery of general trade at this port.
In spite of insufficient rainfall, especially during the latter half of the year, both the spring harvest and the winter crop were generally reported to be good as regards quality and quantity. Although a rough estimate reveals that the wheat and kaoliang crop of this year did not amount to more than 80 per cent of normal yield, the rice crop was satisfactory. It is said that bad it not been for the continuation of hostilities and the consequent disruption of communications along the Han River-which is the main source of supply of rice and other cereals into Wu- Han, --the local demand for these articles wold have been more than fully met and market prices would not have soared,
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No movements of shipping to or from this port were recorded with the exception of Japanese craft under naval or military control and two British steamers which made the round trip from Shanghai but which carried neither general cargo nor ordinary passengers.
Throughout the year the Nisshin Kisen Kaisha maintained a steamer service between Hankow and Shanghai, with stops at Kiukiang, Anking, Wuhu, Nanking, and Chinking. A special permit issued by the Japanese authorities was necessary for cargo or passengers carried by these vessels. As these steamers were treated as "military transports" there is no official record of the total tonnage of such vessels entering and leaving the port,
I
The beginning of this year witnessed no improvement in the local money market, which had been lifeless since the fall of Hankow in October 1938. The Hankow branches of the Chinese banks were moved up river prior to that date, and although temporary offices were maintained in the French Concession here, it is unlikely that they transacted any substantial business. It was not until the latter part of February that several native banks and cash shops made their appearance again in the Hankow money market. The number of these cash shops has steadily increased, and by the end of the year no less than 30 were reported to have resumed business; but their capital is generally small, amounting to $20,000 or $30,000 and their business is confined to the purchase and sale of Japanese ven and remittances of limited amounts to Shanghai, Chungking, etc. Remittances to Shanghai and certain other ports were partly resumed during the year. Rates fluctuated violently, as did also the rate for Japanese military notes, which continued to circulate on the local market.