the value of the total trade Taels 118,046,381 and Jaels was 125,844,901 respectively. It will be seen that as our trade with our most important market, China, is concerned there has been a considerable increase during the last four years.
I have the honour to be My Lord Marquess, Your Lordship's Most Obedient Humble Servant, William Robings
# Enelen.
The Daily Press.
HONGKONG, MARCH 23RD, 1893.
THE foreign trade of China for last year, when we were all talking about bad times, reached the highest value yet recorded, namely, Tls. 237,684,728, as against Tls. 234,951,712 in the previous year and Tls. 214,237,961 in 1891. Mr. Korsch in his report says "That the exceptionally high aggregate values of the trade of 1891 should have been maintained with a decrease in revenue and in the quantity of staple goods landed and shipped is ascribable to the great depreciation in the gold value of silver, which enhances the market value of imports and allows of higher prices being paid for exports destined to gold-currency countries without adding to the laying-down cost." We find this inference only partially warranted by a reference to the figures.
Opium, for instance, is not affected by the exchange difficulty. The importation of the drug during the year showed a falling off of 6,663 piculs, with a corresponding decline in revenue, whereas the value only fell from Tls. 28,333,156 to Tls. 27,418,152, higher prices having ruled during the year.
If we turn to Shirtings, as an example of a leading import from a gold using country, we find that the total quantity - grey, white, and dyed - was 9,133,342 pieces as compared with 9,035,413 pieces in the previous year, while the value rose in a slightly higher ratio, being Tls. 16,664,341 as against Tls. 16,281,720.
During the last few months there has been a marked improvement in the price of piece goods, due, however, not so much to exchange as to the cotton strike in Lancashire. How little influence exchange has on the silver prices of the leading imports into China may be seen from the figures given in the very interesting letter of Mr. WETMORE on the currency question, published at Shanghai.
Notwithstanding the enormous increase in the value of gold, the silver prices of most articles have fallen. Grey Shirtings, for instance, being quoted at Tl. 0.90 to Tl. 1.25 per piece in September last as against Tl. 1.65 to Tl. 1.69 twenty years ago.
In woollens, Mr. Korsch's theory holds good, a smaller import having given a higher value, but when we turn to metals, we find that in several of the leading articles, values have ruled rather lower than higher in 1892 as compared with 1891.
Coal, again, shows an increase both in quantity and value, but this is an import which, like opium, is not materially affected by exchange, the great bulk of it coming from Japan.
There is a very large increase in the value of unenumerated sundries, from Tls. 7,981,491 in 1891 to Tls. 9,475,296 in 1892. We find it difficult to believe that the whole of this is accounted for by increased cost without any increase in quantities, but in the absence of details, we are left to conjecture on this point.
The figures given by Mr. Korsch in his report under the head of "revenue" do not all appear to tally with the figures in the table on page 5. The total decrease in revenue is stated as Tls. 928,967, which corresponds with the table.
To this decrease, Mr. Korsch says, each division of receipts, with the exception of export duties, has contributed, and he mentions coast trade duties as having fallen by Tls. 62,588, whereas according to the table, there appears to have been an increase of Tls. 83,184.
It is not so easy to check the figures given in the report with reference to the import duties, as Mr. Korsch has separated the duty on opium from the remainder, which is not done in the table.
Taking the figures in the report as correct, however, import duties fell by Tls. 237,970, which Mr. Korsch takes as indicating a lessened volume of trade, notwithstanding that the total value has increased, the increase in value being put down to the supposed enhanced prices due to the appreciation of gold.
But we find that while opium, cotton goods, woollen goods, miscellaneous piece goods, and metals have together fallen in value from Tls. 93,674,204 to Tls. 92,256,547, this falling off has been more than made up by the increase in sundries, the value of which has risen from Tls. 40,829,599 to Tls. 42,344,651, and as most of the principal sundries showing an increase come from silver countries, the exchange theory seems to fall to the ground, and we are forced to the conclusion that notwithstanding the falling off in revenue, there has actually been an increase in the volume of trade.
The decrease in revenue, on this theory, is to be accounted for by the fact of the increase in the trade having run in channels which happen to yield smaller returns to the Customs.
The bearing of the figures on the trade of Hongkong can hardly be correctly appreciated until the reports and returns from Kowloon and Canton are published, but we find from the totals given in the returns attached to Mr. Korsch's report that the trade of both places shows a substantial increase as measured by values, that of Canton having risen from Tls. 38,482,592 in 1890 and Tls. 45,957,092 in 1891 to Tls. 46,348,707 in 1892; while Kowloon's trade has risen from Tls. 35,548,258 in 1891 to Tls. 35,741,982 in 1892, these figures, however, being considerably below those for 1890.
But seeing that changes in the Likin duties cause trade to tend sometimes towards one channel and sometimes towards the other, a more correct comparison will be arrived at if we take the trade of Canton and Kowloon together; the addition gives us the following figures: - in 1890, Tls. 77,074,724; 1891, Tls. 81,505,350; 1892, Tls. 82,090,639.
These totals, it must be confessed, show a very satisfactory increase.