1928-08-13 — Page 11

·MONDAY, AUGUST 13, 1928.

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A BAD YEAR,

(Continued from Page 2.)

THE CH

tributed to swall the tota figures for the year, 'Having considerations in mind, the Be of the actual figures themselves i 2,588,894 in 1920 to Hk. Tl.not without interest. 2,401,734 in 1927, while those col- The total foreign trade of China lected on vessels under the Chin- in merchandise (1.e.,' treasure of ese flag advanced from Hk. Tla. cluded) in 1927 was valued at Hk. 309,716 to Hk. Tls. 347,042. This Tls. 1,991,551,286. This figure re- decrease of Hk. Tis. Increase, although alight, is surpresents a prising when one considers all the 56,964,738 when compared with the dimculties the Chinese mercantile 1926 value of Hk. Tls. 1,988,516,024; marine had to contend with dur- but it is higher than the 1925

value ing the past year.

(Hk. Tls. 1,724,217,881)

The When studying. the individual by some 207 million taels, collection of each port, the offects value of not imports, Ie., gross on trade of the various political, imports less re-exports to foreign military and Communiatic disturb countries, was estimated at Hk. decrease of ances are more clearly seen. Tak- Tls. 1,012,931,824, a

from the ing only the major ports, those over 111 million taels which collect annually over 1 ml 1926 Agure (Hk. Tls. 1,124,221,269), Hon taels, and speaking in round but again an increase on 1925 of numbers, we see Increases at those 65 millión taels, the value of im- ports, which were affected in a ports for that year having been!

The aggre lesser degree, or not at all, by the Hk. Tls. 947,864,944, above-mentioned adverse factors, gate value of Chinese produce ex- and large decreases at those more ported abroad, on the other hand, hes advanced from Hk. Tls. severely affected. Therefore, an increase of Hk. Tis. 280,000 is to 776,362,937 in 1925 and Hk. Tla 1928 to Hk. Tls. be recorded for Harbin, of IIk. 864,294,771 in Tis. 105,000 for Antung, of Hk. 918,619,862 In the year under con- Tls. 341,000 for Dairen, and of alderation..

on

outhern port, is made to appear as an import from Hong Kong,

THE FUTURE.

In concluding his report Mr. de Luca writes:

After having reviewed the trade of China for the year 1927, and having realised how, des pite the multitude of obstacles arising from every quarter, there has been undoubtedly an active! movement of merchandise, what-i ever may have been the profits made, the inclination arises to conclude this report in a hope- ful vein, thereby risking an ae- cusation of undue optimism. It be said that the can at least year closed with somewhat brighter prospects for the future of the trade, thanks to the dras- tle measures against Communism taken by the Government autho rities in various provinces of Chine. One danger may be said to have been averted, if not completely destroyed-the arising from labour disputes and the nefarious activities of paid agitators. But so much remains) to be done, so many obstacles of a political or military nature are yet to be overcome, so much re- construction work is necessary on the railways and elsewhere, that any hope as to better times to come can only be expressed with hesitation, however sin cere may be the desire for China's future welfare. FIGURES FOR PAST 10 YEARS. The net value of the foreign

|

one

Hk. Tis. 716,000 for Tientsin. The 1927 results, in fact, repre- Kinochow,

the other hand, sent an advance of 142 million. fairly insignificant de- taels over the 1925 Agure and of shows a crease of IIk. Tls. 25,000; but Han- 54 milion tacis over that for 1926. kow has declined by Hk. Tls. Whatever may have been the ac 2,240,000 and the enormous de- tual volume of trade, the un- erease of Hk. Tls. 7,000,000 is to favourable balance in China's for- be recorded for Shanghai. Amoy eign trade, as represented by the and Swatów have gained increases excess in the value of imports over of Hk. Tls. 72,900 and Hk. Tls. that of exports, has been reduced trade of China during the past ten 254,700 respectively, but these arc to 94.3 million taels, from 259,9 years is as follows: not sufficient compensation for million taels in 1926 and 171.5) the decline of Hk. Tls. 1,500,000 in million taels in 1926. But, at the

While risk of the collection at Canton.

a tedious repetition, it that, the bulk of the decrease in the re- must again he emphasised venue collection was the result of given the generally abnormal con- the general depression of trade, ditions prevailing in 1927, it is part of it was also caused by a dangerous, not to say Impossible," diversion of trade routes to Irre- to gauge the volume of China's

Agures which havel Igular channels in order to avoid trade by the

the numerous surtaxes, thereby es- just been quoted. caping all Customs control.

.

FOREIGN TRADE.

Hk. Tis.

1918

.1,040,776,118

1919

.1,277,807,092

1920

.1,803,881,530

1921

.1,607,877,976

1922

.1,599,941,683

1923

.1,676,320,303

1924

.1,789,995,145

1926

.1,724,217.881

1928

.1,088,516,024

1927

..1,991,651,286

The 1927 value of imports exceed.

China's trade with Hong Kong during the past three years is as follows; in thousands of Haikwaned that for 1925 by 65 million taels (000 omitted):

1925

1926

1927

Imports. Exports. Hk. Tis. Hk. Tls. 172,789 114,716 119,976 98,802 207,984 169,680

In discussing the value of China's foreign trade during 1927 it is more than ever necessary to take into consideration the various factors which concurred in en- hancing the values of imports as well as of exports. Otherwise the mere figures, taken independently, give surprising results. With re- It has to be remembered of gard to imports, it should be re- course that Hong Kong is a tran- membered that the drop in silver shipment centre for a great por- exchange was the cause of much tion of produce from North. China higher, Haikwan tael values being and from the Yangtze regioas, recorded in the Customs statistics, which, in re-entering China at a while heavier costs of production

In the exporting countries had no small share in increasing the gold! values of these same goods. So far as exchange rates are concern- ed, it will be well to remember that the average aterling rate for Haikwan taels, was 3s. 5%d. in 1925, 3s. 1d. in 1926, and 28. 9.13/16d. in 1927. On the other hand, Chinese produce, by the time it had reached the seaboard for export, had been obliged to cùn- tend with labour exactions, addi-] tional taxes, and difficulties of transportation, resulting in higher values, which naturally have con-

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tacls, but in sterling equivalents at the average exchange rates for each year, the 1927 amount is smaller by £22,676,392. This illus- trates the effect which exchange has on import values, when these are converted into Hk. Tis.

EGYPT'S FUTURE.

PROBLEM OF THE COUNTRY'S POPULATION.

London, Saturday.

The "Financial Times" correspon- dent in Egypt and the Near East, in a long, article on the Nile control and Egypt's future, maintains that Lord Lloyd and Sir J. Maffey, Ibrahim Fahmy.

the Egyptian Minister of Public Works, will shortly meet in London to discuss ways and means of disposing of the Nile floods with a view to solving for another half-century the pro blem of Egypt's population; also materially increasing the country's revenue-earning acreage and thus the cotton output.-Restor.

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