1920-1930
71
461
Trade & Industries.-Exchange opened at 3/- and steadily advanced to 3/8 at end of September, when it fell sharply to 3/2, recovering subsequently; the rate stood at 3/4 on 31st December. Violent fluctuations were again experienced in the yarn market, but importers as well as Chinese dealers did a fairly profitable trade. The piece goods trade was adversely affected by the disturbed conditions in China, up-country dealers fearing to keep large stocks. Manchester prices increased considerably during the year and little new business was placed, European importers continuing to draw on their old stocks bought at lower prices. There was a steady advance in the prices of woollens, new stocks of which were for the most part unobtainable. In the Sundries trade Japan continued to be the chief source of the supply, war restrictions rendering most of the regular lines unobtainable in Great Britain and the U.S.A., Australia supplied many wants, food-stuffs in particular, in a restricted manner. The year was a very poor one for the flour trade, owing to high prices and lack of tonnage. In February the Japanese Government put an embargo on the export of flour, except under special licence, and difficulty was experienced in getting flour from Australia as freight space was very limited. Imports of flour amounted to only 706,509 bags, of which 42,500 bags came from Japan, 312,009 from Australia, and 322,000 from Shanghai. The slump in the opium market continued during the year. The unsettled state of the neighbouring province seriously hampered the sale of kerosene in the interior, especially in Hainan, the Luichow Peninsula, and Yeungkong. The metal trade was very profitable during the first half of the year, but the news of the Armistice knocked the bottom out of the market and resulted in the cancellation of a large number of orders. Little business was done in the soy trade as stocks were very low owing to shipping difficulties which prevented the arrival of molasses. Shipments of bristles were much above normal, due almost entirely to war requirements. Buyers in both
1920-1930
71
461
Trade & Industries.-Exchange opened at 3/- and steadily advanced to 3/8 at end of September, when it fell sharply to 3/2, recovering subsequently; the rate stood at 3/4 on 31st December. Violent fluctuations were again experienced in the yarn market, but importers as well as Chinese dealers did a fairly profitable trade. The piece goods trade was adversely affected by the disturbed conditions in China, up-country dealers fear- ing to keep large stocks. Manchester prices increased considerably during the year and little new business was placed, European importers continuing to draw on their old stocks bought at lower prices. There was a steady advance in the prices of woollens, new stocks of which were for the most part unobtainable. In the Sundries trade Japan continued to be the chief source of the supply, war restrictions rendering most of the regular lines unobtainable in Great Britain and the U.S.A., Australia supplied many wants, food-stuffs in particular, in a restricted manner. The year was a very poor one for the flour trade, owing to high prices and lack of tonnage. In February the Japanese Government put an embargo on the export of flour, except under special licence, and difficulty was experienced in getting flour from Australia as freight space was very limited. Imports of flour amounted to only 706,509 bags, of which 42,500 bags came from Japan, 312,009 from Australia, and 322,000 from Shanghai. The slump in the opium market continued during the year. The unsettled state of the neighbouring province seriously hampered the sale of kerosene in the interior, especially in Hainan, the Luichow Peninsula, and Yeungkong. The metal trade was very profitable during the first half of the year, but the news of the Armistice knocked the bottom out of the market and resulted in the cancellation of a large number of orders. Little business was done in the soy trade as stocks were very low owing to shipping difficulties which prevented the arrival of molasses. Shipments of bristles were much above normal, due almost entirely to war requirements. Buyers in both
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