•
April 1, 1896.]
CHINA OVERLAND TRADE REPORT.
durable homespun cloth as the flimsy European fabrics so enhanced in price by the appreciation of gold. This explanation accounts for the large shipments, which attained 36,600 piculs, valued at Hk. Tls. 1,343,000, as compared with less than half that quantity in previous years. It is alleged, and with much reason, that the high price of imported cottons has stimulated the manual weaving industry throughout China, where looms have increased in number and with them the consumption of Indian yarn. Akin to the textile industry is the weaving of mat- ting, of which material the unsurpassed quan- tity of 483,400 rolls was exported from South China, chiefly to the United States. Certain staples, such as straw braid, ngar, hair, and hides, exhibit a slight falling off as comparel with the figures of the previous year; but this loss is fully balanced by the shipment of several new products which so-called cheap silver makes it profitable to send to the West. Amongst these additional exports are bristles, sesamum seed, tallow (both animal and vegetable) and white wax, in which commodities considerable capital is invested. Tin from the Yunnan mines to the value of Hk.Tls. 812,800, representing 40,800 piculs, was exported to Hongkong through the Mengtsz Customs.
(c) Re-exports.The large increase in the value of re-exports to foreign countries is mainly due to the altered returns treatment of the trade with Formosa, which is regarded as foreign traffic'since the cession of that island to Japan; hence the conspicuous increment cre- dited to that country. Formosa tea re-exported from Amoy to the United States accounts for the enormous advance in reshipments to America
SHIPPING.
the coast or home trade, 14,018 vessels, of
of Chinese produce, but particularly silk and its products, tea, cotton, firecrackers, skins, matting, oils, and other commodities taken by gold-standard countries. Sericulture is now the leading industry in China since tea has gradually receded to a subordinate position. The total shipments of white, yellow, and wild silk, besides that reeled in steam filatures, known commercially as "China Filatures," reached the high figure of 110,620 | picals, or a gain of 11,100 piculs as compared with the export of 1894. This excess is the result of improved demand for yellow silk and filatures," which variety is now classed separately in the returns, in order to have data wherewith to observe the development of this rapidly expanding industry established at Canton and Shanghai, from which ports the entire quantity of filatures was shipped, Canton sending 20,719 piculs and Shanghai 6,276 piculs, the latter quantity being the outturn of the numerous local steam filatures. Orders for cocoons, mainly from France, Italy, the United States, and Japan, exceeded all previous demands; and of silk piece goods, other than pongees, the markets abroad took no less than 20,500 piculs, or 4,100 piculs, estimated at Hk. Tls. 2,930,000, more than in 1894. The fact that in 1885 the export of silk and satin goods, including pongees, only attained 10,280 piculs, against the present 23,120 piculs, affords a better idea of the increase in the consumption of these rich and elegant fabrics since they have been cheapened by low exchange. In connection with the silk industry it is worthy of note that the steps initiated by the Inspector-General to implant in China the Pasteur system of detecting and era- dicating disease in silkworms have succeeded in the Kwangtung province, to which sub- ject allusion is made in the Canton report. In the export of tea of all kinds the gain is insignificant, being only 3,300 picals. From Russia there was a strong demand, and the purchases of black tea, at exceptionally high prices, both for the Odessa market and for trans- mision via Kiakhta, were the largest on record, the total aggregating 384,300.piculs, as against 327,900 pieuls in 1894; yet the considerable increase from this source was insufficient to make good the falling off of over 150,000 piculs in the export of black tea to Great Britain and the United States, which have become larger consumers of China teas than the United Kingdom. Compared with the total in 1894,ment and commercial account demanding sea the export of black tea shows a diminution of 93,000 piculs; green tea, ап advance of 10,700 piculs, due to larger shipments to England and America; brick tea and its congener tablet tea, an increase of 85,800 piculs and 2,800 picula respectively, the de- mand for these varieties continuing to expand and the shipments being unprecedentedly large. A similarly conspicuous expansion has taken place during the last five years in the export of black tea for Russia-Odessa and Siberia the figures for the year reaching 384,300 pienls, against 287,900 piculs in 1891. During the same period the export of black and green tea to the United Kingdom fell from 409,300 piculs in 1891 to 250,400 piculs, being a decrease of 158,900 piculs. In 1885 the direct shipments to Great Britain aggregated one million piculs. Although the price of raw cotton rose, the export was nearly 150,000 piculs greater than that in 1894 and totalled 896,000 piouls. Japan took 744,000 piculs, against half a million in the previous year; whereas ship- ments to Europe declined from 104,000 piculs in 1894 to 32,000 piculs in 1895, a less favourable exchange affecting the laying-down cost in the West. Perhaps no trade has shown such un- paralleled rapid developments as that in skins for clothing and rugs, consisting principally of the tanned and untanned pelts of dogs, goats, sheep, and lambs, the value of the shipments during the year increasing over 100 per cent. This extraordinary advance, fostered by the de- preciated gold price of the tael, will be more clearly exhibited by giving the value of the ex- porta for the past five years :-1891, Hks. Tls. 881,000; 1892, Hk. Tls. 1,315,000; 1893, Hk. Tls. Exports, valus at moment of ship-
1,299,000; 1894, Hk. Tls. 1,681,000; 1895, Hk. Tls. 2,649,000. A no less remarkable expansion is observable in the demand for nankeens, which are required by Chinese labourers abroad, who now find it as cheap to buy this more
In connection with the foreign trade, the total arrivals at ports of entry were 4.265 vessels, aggregating 4.292,334 tons. against 4,059 vessels, of 3,804,688 tons, in 1894; with 10,560,806 tons, as compared with 14,770 entries, totalling 10,995,406 tons, during the preceding year; and the total tonnage entered and cleared summed up 29,737.078 tons, or 115,000 more than in 1894. Of the coast trade tonnage inwards. 8,127,097 tons were under foreign flags, the balance being Chinese. Freight was abundant and profitable, the cargoes of rice from the Yangtsze on Govern-
|
transport for over 14,600,000 picnls, or, say, 869,000 tons dead weight. Nearly all the coasting lines increased their fleet by several
steamers.
TREASURE.
The recorded movements of gold and silver bullion between China and foreign countries were a net export of gold of Hk. Tls. 6,624,000 (£1,083,000), or about half the value of ship- ments in 1894, and a net import of silver of Hk. Tls. 36,685,000, which is more by, say, Hk. Tls. 10,400,000 than in the year before.
6. Values.-The estimated value of the foreign import and the export trade, exclusive of bullion, is calculated in the same way as in the report for 1890]:-
Net imports, market value Deduct import duty Deduct opium duty
.4,500,300 ,5,643,200
Hk. Tls. ,171,696,715
10,143,500
Imports, less duty, etc..
.161,553,215 Deduct 7 per cent. for charges, etc... 11,808.725
Imports, value at moment of landing 150,244,490
Exports to foreign countries, market
value
Add duty, estimated at.
Add 8 per cent. on market value for
charges, etc,
ment..
143,293,211 5,940,085
11,463,457
.160,696,753
H. KOPSCH, Statistical Secretary.
Shanghai, 14th March, 1896.
281
CHINA SUGar refininG CO.,
LIMITED.
The eighteenth annual meeting of the shareholders in the China Sugar Refining Co., Limited,
was held at the offices
of the General Agents, Messrs. Jardine, Matheson & Co., at noon on the 27th March. Hon. J. J. Bell-Irving presided, and were also present-Hen. E. R. Belilios, Messrs. F. A. Gomes, D. R. Sassoon, St. C. Michaelsen, C. S. Sharp (Consulting Committee), J. Barton (Secretary), R. C. Wilcox, W. A. Cruickshank, K. McK. Ross, G. C. Cox, F. Henderson, R. Inglis, J. McG. Forbes, G. M. Bain, J. R. Michael W. J. Gresson, A. P. McEwen, A. C. Coutts, Ho Tang, and Ho Fuk,
The SECRETARY read the notice calling the meeting.
The CHAIRMAN-Gentlemen, with your per- mission I propose to treat the report and ac counts as read. It is a matter of great regret to the Consulting Committee and the General Agents that the report now before you is so un- satisfactory. The unfortunate result of last year's operations was due to a combination of adverse circumstances such as have been un- known in the previous history of the Refinery, and which it is hoped will not again have to be encountered collectively. A perusal of the report will have informed you of the principal causes which led to the loss on working, but with reference to two of them, viz., the enhanced laid down cost of raw sugar owing to the fall in exchange, and the loss on forward contracts for Java sugar, I should like to say a few words in further ex- planation. With regard to exchange, you are aware that in the beginning of 1895 rates fell to the very low level of 18. 114d. per dollar, and this at a time when the Refinery had to take delivery of and pay for its requirements for the ensuing four or five months' working. This resulted in a smart loss, which was increased by world to a point very considerably below those the decline in the price of sugar all over the
at which the larger portion of the Company's purchases of Java raw sugar was contracted for. The Refinery depends upon the Java crop for its principal supplies and it has been the practice of the Company, in common with other buyers, to contract some considerable time ahead for its requirements in order to guard against the risk of being undersupplied. That this policy is generally a wise one, in addition to being almost necessary, is shown by the satisfactory margins on sales during past years up to the end of 1894, which have enabled the Company to declare larger dividends than could otherwise have been earned. The dividend for 1889, which reached the handsome figure of 25 per cent., was materially assisted by the Refinery's forward contracts. In spite of the unfortunate experience of 1895, it is not deemed expedient to depart from a system which, prior to that year, has given good results, and with the approval of the Consulting Committee the General Agents have made contracts for the 1896 Java crop, which, as the market at present stands, should improve the position of this year. I may
mention in this connection that latest advices from Java announce that three-fourths of the Java growing crop has already been sold, and you will thus readily understand how we are compelled to make forward contracts for sugars, some of which may not pass through our Refinery until many months after purchase. Another source of disappointment has been the Company's sales in America. These, usually a source of profit, were attended during 1895 by difficulties arising from the arbitrary nature of the United States tariff, and an attempt on the
part of the American Sugar Trust to drive the Hongkong refineries out of the field. The im- portance of retaining our hold upon a market which constitutes one of our regular outlets, and to supply which we are provided with specially adapted machinery, must be apparent to you all. I am pleased to say an improvement in the situa- tion is this year reported by our San Francisco agents. These causes, gentlemen, combined with a short water supply and the curtailment of de- mand for the Refinery's products consequent on the war between China and Japan, prevented the Company from keeping in its regular markets except at a loss, and it was only as the year drew to a close that the outlook became