“K”. Walking Shoes in Tan or Black Cult
$19.50, $21.00.
"K" Brogan Shoes in Tan
Willow Calf
$22.50, 325.00.
"K" Lorne Shoes, Tan Cal with Stout double soles $26.50
K Shoes
Sho like miklings, need Strong foendations. Some shoes look all right in the shop, but directly yen pat them on they give all directions and look shabby at once.
Every shoe is built upon the firm foundation of a strong, tough insole.
K shoes therefore keep their shape and will NATI
any solings, Next time get K shoes
„HONGKONG AGENTS
THE HONGKONG DAILY PRESS, TUESDAY, JULY STH, 1024
Mackintosh
& CO., LTD.
MEN'S WEAR SPECIALISTS. Alexandra Building. Des "Faux Road.
GREEN ISLAND CEMENT CO., LTD.
Best Portland Cement
SHEWAN, TOMES & CO.,
GENERAL MANAGERS,
HONGKONG.
UNUSUAL OPPORTUNITY for A SHORT TIME ONLY
A Select Assortment of
DRAWN WORK
LACES
At 20 BELOW ACTUAL COST
AT
'DO BE CHAIRFUL" COMPANY
51, Queen's Road Central:
JUST ARRIVED
WOOLLEN BATHING COSTUMES
THE WING ON CO., LTD.
IHONGKONG.
BACK from the MARKET SALE
IN FULL SWING.
A Purchasing Trip Abroad has equiped Our Store with the Best and Newest Goods. We are offering them at Bargain Prices.
YEE SANG FAT CO.
CHINA'S FOREIGN TRADE
1
IN 1923.
INCREASE OF OVER TLS. 76,000,000.
BRITAIN. EASILY · LEADING IN TONNAGE.
REVISED IMPORT TÄRIFF FAILED TO PRODUCE THE EXPECTED ENHANCED REVENUE.
JAPAN STILL LEADS IN TRADE, "DESPITE BOYCOTT,
THE PRINCIPAL PORTS.
"The report then gives some brief notes on each of the ports, from which the fol lowing are selected :--
rates.
of the Upper Yangtsze. The value of the trade on 1923 fell off as compared with the previous year, mostly accounted for under imports.
The revente collected in 1923 amounted |Tis. 2,382,114.. In our report an the for- to 230 million Haikwad tacks, as com- eign trade of China for 1899 it was esti parvel with 21.0 millións in 1922, the pated that the revision of the Import former gure being almost 38 per cent, of | Tariff would benefit China to the extent the total collection of the Maritime Cus-:) of some 8 million Haikwan tuels. The tous for that year. Import duties ad- actual adenneo in revenus collection de- vanced by some 1,4 million taels, reach-rived from import duties, not quite 26 ing to teillion taçla, assisted by the new million tacks, therefore falls far short of Import Tari which was enforced from expectations. And this comparatively January 17th, 1023," Export duties in meagre result, notwithstanding the intro- grensed from 4.1 to 4.5 million taels, and duction of the ingreased tariff, is aggrav- coast trade duties and tounge also show.ated By the fall in the sterling exchange, ol some improvement. Shipping pros. which, of course, means that China ro he]
"quires more silver tacle to meet her gold
fiabilities abroad. Reduced to sterling at.. the average rate of exchange of as. d., the 1923 total Customs revenue under all beads of collection comes to £11,047,004, which is only £51,172 more than the sam collected în 1994
The number of" steamers entered and cleared rose from 15,600 in 1999 to 16,97 in the year under review, with a total tonnnge of 27,2180548 and 20,CON ng tons respectively. The five Powers registering the highest tonnage at Shanghai in. 1 were Great Britain (10,704,620), Japan (1,607,714), Chimi (3,041,2870), America
It is manifest from the preceding re- marks that the Revised Import Tarif bas and France (794,975), the not brought to China, the chanced res NO. Weing the next nation on the venue hopel. For, In order, to ilustrater list, with as, 707 tons. These figures do the importunes, which the Maritime Cas not include sailing vessels enterdil`and | toma collection has on this country's cleared. which in, 109 numbered (1,589, | ability to meet the foreign obligations | aggregating 318,988 tons.
charged therepit, a chart has been pre- As regard furçika genuis imported, we pared showing clearly for the period 191 may notesthat the pive goods trade for to 1923 inclusive the relation between (ay the year 1993 is reported to have been the combined Maritime and Native Cus somewhat letter than the past two years. toms groas venue (excluding famine The value of cotton goods imported from relief surtax), (b) the combines Maritime alrond was 700 million Haikwan taels, as and Native Customs net revenue, ie, re against 99.6 millions in the preceding venue available for loan and indemnity year. ftaw cotton imported fell from 1.30 service, and (c) the analants paid fran million, piquls in 1922 the 37 millions in combined Maritime and Native Customs & the following year, although the total net revenue for Joan and indemnity The ex- value increased from 36.3 to 45.8 million obligations charged thereon, tacla
Cigarettes and kerosene dil ad-planations accompanying the chart show vanced, while sugar fell of from 2.00 to how the different curves have heen enl 201 million piculs. Machinery, it is to culated, and as both Haikwa taels, an be regretted, registered a serious decline, the steching equivalents are given, the in- from 3 million tacks in 1999 to 131 mi fucce exercised by the exchange rates mect hor foreign is in 1921. Amongst exports of Chinese China's ability to produer, silk, tea, raw cofton, and sesalfabilities at once hecomes apparent.
There are several factors which have inung seed all registered important in-
renses, tea-rising from 82,421 pints in contributed to bring about the disappoint- 1 to 546.461 piculs in 1993, and raw ng results exhibited by the. 10 revenue cotton from 279,264 to 452,7 piculs. The collection The depression in trade gener- export of wood oil and egg albumen and ally is still world-wide and has impeded yolk fell off. The output of Chinese fac and retarded the eagerly looked for re- tory products is steadily increasing, and covery; the grave disorders and resulting here shirtings. cement, hitches, aoin unrest and insecurity which prevail and bricks and tiles should be mentioned throughout China" as "the natural con- comitant of factional strife and civil war-
lchang also reports ubstruction by the us having been imported into Shanghofare are not conductive to a healthy ex- Warring factions of the free navigation from other Chinese ports in, enhance paasion of trade; the boycott of Japanese quantities during the year under review,
goods, which was actively maintaine FOOCHOW, AMOY AND CANTON, during the first part of the rear, and the "At Foochow the political situatione udearthquake disaster in Japan have all versely affected trade conditions and rene nation's commerce.
helped of stifle the progress of the dered inerchants rautions in 'their trade policy. The Japanese lyratt wasmmed an deure form towards the middle of the graz.
to
السن
a result
FORLIGY TRADE.
Mr. J. W. 1. Ferguson, Statistical At Wanhsien the year "pened well, hut Secretary to the Chinese Maritime Cus-reficwal of military activities and the toms, in his review of China's foreign placing of the district under martial law trade in 13 just published says:--- soon created a feeling of insecurity, which "Trade is stili, languishing and many did not fail to react on the local mar. of the economie anil political problemskets, resulting in the usual tightness of bequeathed us by the War remain un- solved. General confidence in the future.
money and soaring of prices te pruhih so necessary as a prelimitiary step to sud tivé heights. It is satisfactory to be able cessful trading, is still lacking. The Euro- to state that wood oil, which is Wan peau situation is far from settled, and this hsien's staple artele of export, had a fair fact cannot but exereise buneful in-season. A keen demand from Hankow face on the state of all markets. The supported prices, and but for the unstable instability of the foreign excharges cun- local conditions experts would have shown tinued to introduce an additional element still better results. Wood eit shipments of risk in international trade transactions, in bulk increased and would seem to in- while an orgy of depreciation threatened dicate the trend which these shipment to destroy the purchasing power of the will take in the future. It is noticed that currency unit in several countries. But the despatching of merchandise through in spite of the fact that the year 1993 the Post Office by parcel post is on the revealed few hopeful signs, the outlook increase, no doubt because of the greater generally for 1994 is not regarded as quite spcurity afforded, silk and valuable medi unfavourable Bountiful Earvests in vari cines exported and piece goods imported ous parts of the world should have a making use in particular of this mode of steadying effect, and meanwhile it may transportation. Keen competition in be taken for granted that the best brains shipping resulted in lowering of freight in the commercial and hanking world are Combining in an endeavour to clear a way ofit of the present difficulties."
TLS. 78,000,000 TRADE INCREASE.
In spite of the still unsettled state of the country, the foreign trade of China, in 1923 was valued at Hk. Tls.
Peace and tranquillity are reported from 1,576,220.3033, which represents an increase Shati, The Customs revenue collected at
As regards the collection at the indivi af Hk. Tls. 76,378,720 over the preceding this port showed an appreciable advance
tributed 37.5 per cent of the total re- duni
parts, we note that Shanghai con- year's total The revenue collected by over the year 192 The boycott of Japan the laritisie Customs offices also exceed ese goods, which was energetically press-
Trasle conditions at Amoy proved satis
yenuc, as compared with 26.91 per rent. eil the 19 total, the increment in this ed in July, began to abate in August and factory for the first three months of the
in the preceding year. Tientsin, Dairen, case being Ilk. Tis, 1,870,001. The value conipletely did away shortly after. A year, despite the disturbed politien situ and Hankow all registered decreases, the of imports declined by about 2 million humper cotton rrop canibined with high tion. The import trade, especially with collection at these important treaty ports bacls, but exports inefcased by nearly 100 prices stimulated exports Beans, wood foreign countries, was brisk. there being gregating 28.31 per cent., which is about million tacks. These figures speak for oil, and silk registered increases, but the a notable improvement in the importation from 5.33 per cent, in 1995 to 6.05 per per cent. less tham in 1929, Canton rose themselves. They prove abundantly that, market for nutgalls and walnuts was weak. figures of cotton and woollen piece goods,
otwithstanding all appearances to the
eent. during the year under review, which The import trade at Hankow declined The brott of Japanese goods was deis explained by the fact that merchandise contrary, China's trade is stili torging persistently during the year. The ex-clared at Amoy from April 8th and was hitherto carried hy native junks, which ahead and that the export trade has done nation is found chicly in the inter-carried out with great vigour until can do not came under the control of the Well even though adverse circumstances ruption of river communication between celo towards the end of the year. The Maritime Customs, is increasingly being dise in the inland districts. Trade in gen to civil strife, while the banditry
11 princes due ingetation of Japanese goods having forwarded by steamer, owing to the dis eral was comparatively dalk during the
lessness prevalent in the different districts cott, Britishrine Breves of the by-turbed state of the Canton delta, and is greater part of the years Prices in all round Hankow and the anti-dapanese nets of Chinese factories supplied the hut brought ander, the cognizance of the markets actuated considerably, and the boycott until stopped towards Septeraher deficiency, Foreign eandies and coment
Custores. Although, as shown above, the louinating tere in business was caution added their quota in depressing the im- suffered in a marked degree from com. {anguine hopes entertained at the time in everything.
port trade. Exports, however, were able petition with similar Chinese, goods, but when the Revised Import Tariff was pate
into force were not realised. it now ap maistain
salstantial increases were recorted in steady inprovement. Owing to slow arrivals from the interior manures, kerosene oil, and sugar-white. Pears that the revision was both timely and an insistent demand frame America, refined, and candy.
and necessary. Indeed, without the in- prices for wood o yere foreed up to qu
For Canton nad district the year 1995 and schedule the 1923 receipts douht- nusual level, reaching in April the ex-was a trying and difficult one. Troops would have been considerably below While the export trade at Tientain was treme figure of Tis. 39 per pieni, although from Yunuan and Kwangsi took posses-
the preceding year's total. carried on under favourable conditions, at this point only a small quantity sion of Canton in the early part, of the more especially during the latter part of changed hands. Before the War jaiegs year. Throughout all the ensuing vicissi The total fureign trade of China in the year, the same cannot be said of im ranged between Tia and Tix 22. The todes of the 1923 campaigns the position merchandisë (zz., trensure excluded). în ports Biece goods still suffered from quantity of wood oil exported during 103 was that Dr. Sun Yat-sen was able to 19 was valued at Hk. Fis: 1,078,320,20, the 1920 difficulties. High prices at pro- did not vary greatly from the feares of hold Canton against his opponents. It which is Hk. Fla. 26,378,72) in excess of ducing centres prevailed throughout the the preceding year.
is easily understood that military move the preceding year's total. It is aatis year," while the earthquake in Japan,
ments of the kind which took place in factory to be able to point to this steady which is reported to hart destroyed some turbances and military operations for the year could not fail to hamper trade and markable resiliency of China's foreign The year was free from political this part of the province throughout the advance, which proves once score the re 95 per cent of that country's spindles, port of Kiukiang, Abountiful ce crop to restrict commercial transactions to a trade in the face of advance circun added to the uncertainty of the situation. brought prosperity to the Eiangsu pro- minimum. The situation was much ag stances, economic as well as political. An important feature of the expert trade vince. The embargo on the export of rice gravated by the general Inwlessness which This augmentation of the figures of 1923 was the crisis which developed in the was raised in July, but it was not until prevailed, resulting in wholesale robbery over 1922 follows an increase of the latter, local cotton market at the beginning of late in the year that prices justified ex-and piracy. All this was the cause of year over 121 or $2.6 million taels, whilst the last quarter of the year and which port on a large scale. In spite of heavy uncertainty and of serious losses to legiin 121 the 1920 totals wer exceeded by persisted throughout the remainder of the taxation in the interior of all native pro-timate trade, often followed by suspension 203.5 millions The total value of net year under review. The situation assum- duce, which seriously basleppod ite offusiness. The revenue collected by the porta, he grass imports less ra ed a serious aspect when it became known transportation, trade was brisk and show Canton Maritime Customs during 1923 exports of foreign produce to foreign that the Chinese commission agents were ed satisfactory results; profits cre pot amounted to Hk. Th. 3,842,0s, which countries, endeavouring to evade their obligations large, it is true, but neither were there represents a net increase of over Hk. Tis. 923,402,887, and the aggregate value of hy the repudiation of forward contracts any bankruptcies to be reported. The net 377,000 as compared with the previous exports of Chinese produce abroad for the supply of cotton entered into with value of the trade passing through the year. Causes contributing to this satis totalled Hk. Tis. 750,017,416. This resalt foreign exporters. Their object in doing Maritime Customs amounted to 61 million factory result were. firstly, the success so will be clear when it is mentioned that tatis, which is some 17 millions in excessful operation of the Revised Import Tariff, China's adverse balance of trade in 1923 of the year's foreign trading has reduced previous to the gathering of the 1923 of the previous year's total cotton.crop some 100,000 piculs had been
some Ik. TIs 400,000 of the above-mon- to 170 million taels, which may be com contracted to be delivered in September, SHANCHAL AN UNSAFE CRITERION. tioned excess falling under the heading paged with an unfavourable balance of at the average price of about Tla. 28 per pical Owing to a sudden demand from Shanghai, owing to its position as the Sgures. These gains are explained by the with a debit balance year after year, it It need bardly be mentioned here that duties are also ahead of previous years in 1991. Au Chinis's trade account ofones of import duties. Export and coast trade 290 million tacts in 1929 and 300 millions Japan, prices rose unexpectedly to the premier port of the Far East and the marked tendency of Chinese cargo to be is worthy of notice that the situation ha record height of Tle. 42 in October. It principal trade centre where all commer became accordingly more profitable to cial activities Gnally converge, and in conveyances in the hope of escaping the although it is doubtful whether the year sent by steamers instead of by native been improving during thay last few years, dispose of the cotton at spot prices to most cases are financed from, is, of course, various dangers and exactions which buyers other than those who had origin-aubject to a greater degree than the other set local trade routes a result of the from China were greatly stimulated and 1910-when, owing to the War, exports ally contracted for delivery of the gooda, treaty ports in China to the direct in disordered state of affaire. and a general attempt on the part of the fluences, be they benefal or beacficial, shows an increase in tononge of over 30, resulting in an excess of imports over
Shipping imports from abrond very much restrict Chinese dealers to withdraw from their of the economic factors and causes which per cent, accompanied by a decrease in exports of one 16 million tacks only-- obligations was the result Shipping either binder or promote the development the number of ships. Unfortunately, this will ever in equalled again. reached the record figure of 3.85 million of the world's trade. Disturbances of the higher total does not denote increased The direction of China's foreign traile tons, the British flag lending with 1.2 economic equalibrium at the producing or prosperity, as many of the coasting steam in thousands of Haikwan taels ( million tons against a Japanese tonnage consuming centres in Europe, Amerien, orers bring cargo under charter and depart omitted) is shown in the following table: of 1.20 million. The Chinese and German clsewhere soch affect Shanghai both th its empty. flags both advanced. A remarkable in imports and exporta. On the other hand,
-1023. crease in the importation into Tientsin of disquieting conditions, which upset up-
THE REVISED LIPORT TARIFF
Hk. Tia. Hk. TM. foreign four and wheat calls for special ply and demand at the treaty ports in the that dealing with Customs Bevenue, ë
Hongkong unsi 248,083 175,6 One of the not interesting sections is notice Import of cigarettes also gained interior and which forthwith are reflected grund, but sugar, electrical materials, in the, Custom atistics of merchandise much was expected in some quarters from and dyes declined. Among exports, the Handled Incally, are not in the same the Revised Import Tariff, which came continued increase in the number and degree apparent at Shanghai, which, se
Tato force on January 17th, 1923, it is of vale of carpeta and rugs exported from the great entrepot for goods itaported interest to examine what the effect was North China to America is of interest. from abroad and exported from China, of this measure on the total revenue col- Furs and skies also did well as compared may have ordera or contracts extending lected by the Maritime Customs offices with the previous year.
over several months, or even years in during the year 182. It may be recalled Civil war, which prevailed almost con- the fulfilment of which imports may con that the object of this revision of the tinuously throughout the year, greatly tinue to arrive and staple exports already Customis schedule of import duties was to hampered the development of trade in the stored locally continue to leave the coun- make these duties equivalent to an effer Chungking district. Trade became well try irrespective of conditions actually tive & per cent ad valorem, and a rich nigh impossible, as the transport of mer obtaining at the points of esential con- revenue barvest was confidently looked, chandise was constantly interfered with sumption or original supply. These cir forward to by some. What now were the It is not to be wondered at, therefore, cumstances tend to make trade conditions actual results achieved! The total re that the importation of foreign goods at Bhanghai an unsafe criterion for judg-venue for 1993 amounted to II, TIs. showed substantial decreases. The exceping the prosperity of the country in gen- 83,504,251. If the famine relief surtax tion whn kerosene oil, which registered Cral It stands to reason, however, that which was collected during 1021 and 18ze an important advance over the previous in the long run all occurrences which are is eliminated. this figure represents an per year's fures. The export trade did not detrimental or propitions to the country inerente of Hk Tle: 4,570.001 over 1922 fare badly Bristles were satisfactory, at large will without fail react on the and exceeds the 1921 total by Hk. Tis with firm prices; sugar, and wood oil also commercial situation at this important 9,041,007. To this increase of Hk. Th did well.:
treaty port.
4,870,001,Import duties contributed Hk.
amounted to HK.
199
Maco........
etc. Singapore, Straits, 7
6,230
(0,214
$7,029
13,000
British Indin Great Britain
55,211
Daich Indien
Germany Netherlands Belgium
Franc
Italy ..........
8.05 12.099
120,307,207
32,156-
71,016 3,908 8,511
10,870 2,75%
17,549 20,57%
· 9,735 9,46R Russia and Siberia 10,203 -31,00% Korea. 11:35 30,251 Japan(incl. Formown), 211,021 "109,617 Carinda
10,327 2,001 U.S.Anel Hawaii) 154,449 120,804 Other countries-
20,350 27,084
Total
Less re-exports to for cigu countries
Net: total
-$13,01
752,917
2211.
023,403 762,917