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CHINA
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(Hk. Tls. 57,807,065 and Hk. Tls. 42,855,565 respectively) showing a loss of 27 per cent. Fancy Cotton Goods increased slightly, from Hk. Tls. 16,074,032 to Hk. Tls. 19,320,246, quantities being relatively unchanged. Cotton Yarn increased from 2,447,971 to 2,738,448 piculs, a rise of 12 per cent. in quantity, but with an increase of 23 per cent. in the value. The large importations of 1902 left on the importers' hands large stocks of the main staples; the low exchange ruling in the winter of 1902-03 made the silver price such that the Chinese middlemen were slow in operating, the general stringency of the money market throughout the year, especially in the North, still further restricting sales.
The loss is shown in Grey Shirtings (35 per cent. less), White Shirtings (13 per cent. less), and English T-Cloths (14 per cent. less), as well as in American Sheetings (40 per cent. less) and Drills (11 per cent. less). The product of the Japanese mills are the only fabrics which make an exception, increase in these being manifested all along the line, Japanese 7-Cloths, Drills, Sheetings, Cotton Flannel, and Cotton Cloth all having been imported in larger quantities. To fill the void caused by the general reduction in fabrics, Yarn came forward in larger quantities; but here also Japan reaped the benefit, having increased its sales from 522,408 to 831,406 piculs, while Indian Yarn just held its own at 1,880,911 piculs, and English spinnings declined a half, to 16,829 picule; it is to be noted, however, that importers' stocks of Indian Yarn were a third less at the close of the year than in January. Woollens call for little comment, their value remaining unaltered at Hk. Tls. 3,965,898. Lastings and Long Ells increased and Spanish Stripes and Broadcloth diminished in quantity. Metals increased in value by 50 per cent., a general increase being observable in quantities as well. Among Sundries the item which should attract first attention is Rice, the import of which from abroad was less than a third of the 1902 importation, the entire demand (except 181,784 piculs for Amoy) being for the industrial province of Kwangtung; the superabundant crops of the Yangtze Valley and of Kwangtung itself sufficiently explain the reduction in the amount. Kerosine Oil, 84,998,335 gallons, was less than in 1902 by 5 per cent., but of a value (Hk. Tls. 15,723,929) greater by 36 per cent. Except for a reduction from 742,270 to 574,615 gallons in Borneo Oil, the loss falls entirely on the American product, which was less by 31 per cent. in quantity, but with nearly the same value; Russian Oil increased 35 per cent. and Sumatra 18 per cent. in quantity, and each nearly doubled in value. Here, too, as in the case of Cottons, we see that, in a general enhancement of prices, it is, in China, on the most expensive articles that the millions effect their first economies. Sugars declined a fourth in quantity and value, the most marked loss being in the Brown qualities. Foreign Flour, a luxury for the well-to-do in China, was less by a fourth, its place being filled by the product of recently established flouring mills grinding Chinese wheat. Cigars and Cigarettes and Wines, Beers, and Spirits increased a fourth in value. Morphia fell to but little more than half the 1902 figures-a subject for congratulation were it not probable that 1902 saw large quantities rushed in to avoid the increased duty. Machinery shows a healthy increase; and 8 million taels worth of Railway Plant came in, mainly at Tientsin and Kiaochow, with import of lesser amounts at Newchwang, Hankow, Canton, and Mengtsz. Coal increased to 1,402,700 tons, stocks at the end of the year having been filled up from apprehension of impending war.
"The total value of Exports was Hk. Tls. 214,352,467, practically the same as in 1902. China's chief asset for meeting her international obligations is Silk and its products; these in the sixties contributed a full half to the total value of the Export trade, but in 1903 constituted no more than 35 per cent. of the whole. The high prices ruling throughout 1902 affected the trade of the following year; dealers held out for the prices they had obtained before, and were encouraged in this by a deficiency in the output of the district supplying Shanghai. European and American markets were not such as to justify the prices demanded in China; and a combination of high prices and short supply of Cocoons, the extravagant views of the middlemen, the rising exchange through the summer and autumn, and falling Western markets, all co- operated to curtail shipments from China. The loss fell most heavily on Shanghai, shipments from Canton having been nearly up to 1902 figures, either because dealers there were more ready to meet the adverse market or because of the better yield of the mulberries and worms. Thus, while Native reeling of White Silk fell from 37,426 to 19,341 piculs, less by 18,085 piculs, shipments from Shanghai alone were less by 18,262 piculs; and Steam Filature reelings fell from 50,557 to 43,979 piculs, a loss of 6,578 piculs, to which Shanghai contributed a loss of 3,401 picule. Tea shows the most considerable increase of all the exportable products of China, in Black and Green Leaf and in Brick Tea as well. The quality of Kiukiang Teas (especially of Keemun) is
Original from UNIVERSITY OF MICHIGAN
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