1938-01-08 — Page 5

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THE CHINA MAIL, JANUARY 8, 1938.

BUSINESS DEPRESSION CASTS SHADOW OVER SHANGHAI'S PROSPECTS

The grim shadow of a

been

ac-

business in Chekiang and Kiangsu overrun depression of unprecedented by war, the silk market in Shang-

at a

standstill. Export over hai is magnitude casts its gloom

small trade of Chinese silk has Shanghai as the big and businessmen of the city survey slackening rapidly and the their trade losses in closing their books for the year of 1937.

While the full story of the des- truction of factories, the loss business and the insolvency

on the New York market has caused a drastic decline of prices.

cumulation of stock

The artificial silk

trade which of of was a profitable one before the out-

many shops and firms is still un-break of the war, is now going through one of its worst depres told, every merchant and.

The lack of markets

every

has man in the street realises only too sions. well how the war has hit his brought about a sharp decline in

As they ring out prices. pocketbook.

the business year of 1987,

they

look into the new year with little hope that the trade conditions in

the city will materially improve to SOVIETS TRANSPORT erase the figures in red ink which LIVE FISH BY PLANE to-day dominate their ledgers.

Many Face Insolvency

Their machines, factories

shops destroyed by

·

and

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war, many businessmen and industrialists are

A trial consignment of facing the prospects of insolvency. Others who have plants and stores sterlet in a chilled condition sent inside the foreign-controlled areas, by air from Saratov as part of the found that they have done no ap-experiments now being conducted August. to apply anabiosis in fish tran- preciable business since The stringency of money, the lack sportation has been received in A similar shipment was of raw materials and the curtail- Moscow. ment of outport and interior mar-sent rom Saratov to Leningrad re- the kets as a result of dislocation of cently, when 50 per cent of transport are the well-known rea- fish came to life after a 57-hour

air journey and was immediately COLOUR sons for the sad trade conditions.

A resent survey published by put on the market.

"This method of transporting the Journal of Finance and Com- merce reveals that Shanghai's fish is very promising, as it makes trade during August to November transportation of live fish possible decreased by no less than 69 per not only by air but in an ordinary cent as compared with the figures railway car," declared K. Kamed- bekov, assistant director of the All- of the preceding four months.

From April to July, the figures Union Fishing and Oceanography whose instructions show, the city's total business re- Institute on turns were $452,662,652. A rapid these experiments have been under- downward spiral started im-taken. mediately after the outbreak of the Shanghai war and as a result, the total trade of the city between August and November amounted to $138,413,523. The drop, in com- parison with the preceding four months, amounts to $314,249,129, or 69 per cent.

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Gift By Shipowner

Mr. Joseph H. Jacobs, Drastic decline was also regis-known London shipowner and tered in the city's export trade. broker who, in celebration of his the From April to July, Shanghai sold 70th birthday, has presented to countries abroad goods to the Nelson's writing desk to value of $176,714,405. During the nation, has been collecting Nel-

son relics for some years. months from August to

relics November, the export trade fell to His previous gifts of

include sideboards, serving $89,930,393. This represents a drop tables, wine coolers, a Bible, and of 52 per cent.

a dirk. Some have been restor The city's import business was similarly affected by the war. Be-ed to the Admiral's cabin in tween April and July, the total im HMS Victory, and others are now in the National Maritime port trade was $275,948,247. The

Museum, Greenwich. following four months from Au-

war

Most of them were disposed

fore

chapel

gust to November saw imports of in Portugal after the Battle! plunged to 354,483,130, or a drop of Trafalgar, to enable the of 80 per cent as compared with cabin of the Victory to be con- the previous four months.

verted into a mortuary Chinese and foreign store owners for Nelson's lying-in state. of the city also found that the

Except that the original chairs sharp decline in purchasing power have never been found, the has made a big dent inefr sales. Admiral's cabin in the Victory They found that the geral situais now in the same condition as tion is a sad contras with the

at the date of Trafalgar. boom prevailing shorny before the

war

Silk Business Härd Hit

According to a Chinese report, silk business was particularly hard hit. With the silk producing areas

Mr. Jacobs is chairman and Joint managing director of John 1. Jacobs and Co., Ltd., of St. Helen's-place, E.C., and is also on the board of the Molasses and General Transport Co., Ltd, and Oil and Molasses Tankers Ltd.

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