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Trade in China was bad for the first six or seven months of the year but greatly improved during the latter half of the year.
Cement Manufacture.-Despite the importation of Cement from Europe and elsewhere, the demand for the local product continued strong throughout the greater part of 1923. Towards the end of the year, however, the accumulation of imported Cement had the effect of forcing prices down to a lower level, and with continual shipments of Cement arriving, the prospects for 1924 are not so favourable as they have been for the past 3 years.
Cotton.-American Cotton fluctuated considerably during 1923.
The year opened with quotations from 15d to 15¾d per lb. which before the end of January had reached 16¾d per lb.
At the end of March prices had declined and during May were reduced to 14d.
June, however, saw a substantial advance, 17¾d being quoted,
The beginning of August registered the lowest value during the year i.e. 13.40d.
Afterwards the market showed firmness and the price advanced to 18¾d in September, and reached the highest value of the year at the end of November i.e. 21.99d.
During December prices fluctuated between 18¾d and 21¼d and the year closed with quotations between 20¼d and 21½d.
Rope Making. The demand for Manila Cordage was fairly good throughout the year, and the total turnover shows an improvement on that of the previous twelve months. The demand from India was seriously affected by the political cry for preference to native goods, the enquiries from Burmah also fell off owing to the preference for Wire Rope on the oil fields. But on the other hand this was offset by a better demand from Japan.
(ii).-Under Chinese Management.
Chinese Paper.-The exports—48,000 piculs—approximated closely to those of 1922.
Feathers.-There was a good demand during the first half of the year, and £166,000 worth were exported, principally to the United Kingdom.