638
CHINA
"Opium increased in consumption from 51,920 to 54,117 piculs. The consumption of Bengal opium increased from 34,195 to 38,953 piculs, owing to the lower reserve price placed upon it at the auction sales in India; while Malwa and Persian fell from 17,725 to 15,161 piculs, the consumption being restricted from the competition of the lower priced Bengal drug, and the still lower-priced opium of Chinese origin. At the end of the year, upon the issue of the anti-opium regulations, prices fell all round about 5 per cent. for Malwa and 8 per cent. for Bengal.
"Cotton manufactures were imported to the value of Hk. Tls. 152,727,845 net, which was 16 per cent. less than in 1905, but was 19 per cent. more than the highest previously recorded import, that of 1903. Plain fabrics (undyed shirtings, sheetings, T-cloths, drills, and jeans) were imported, in comparison with previous years, in the following quantities:-
1902.
Pieces...18,710,469
1904.
12,640,084
1905.
27,724,980
1906.
20,247,123
Of these plain fabrics, supplies came from the principal producing countries in the following proportions:—
Great Britain, pieces......8,109,020
America
Japan
India
11
11
""
1904.
..3,703,548
607,313 183,461
1905.
13,548,025
12,566,093
780,580
650,636
· 1906. 10,785,227 8,544,165 733,436
85,003
To the import of 1906 the English mills contributed 13.3 per cent; the American, 42.2 per cent.; the Japanese, 3.6 per cent.; while the India product was reduced to small proportions.
"The cotton piece goods import trade was marked by many vicissitudes. Those importers who avoided all gambling in exchange, or whose unavoidable gambling, was based upon foreseeing a totally unexpected continuance of a rising exchange were in a better position than others who formed the majority. Holders of stocks from earlier importations were not only burdened by storage charges on millions of pieces, and insurance and interest on tens of millions of taels of value, but found themselves as well with their stocks laid down at higher silver equivalents than those of importers of later date; from this handicap, however, some relief was obtained from the fact that most were in the same position, importations in the second half-year being much reduced, and from the further fact that the great bulk of the importations of 1906 were of cloths under contracts made early in 1905 at prices based on the then low cost of the raw material. The China trade has had a hard struggle during the past year, and must have suffered heavily but for the opportunity of low prices offered just at the period when, by general consent, the time had come to replenish stocks.
"Cotton yarn was imported in quantities about equal to the import of 1905; to the total, 2,541,222 piculs, Indian mills contributed 1,840,235 piculs, and the Japanese 654,371 piculs. The Japanese product was 27,071 piculs less than in 1905; but it must be noted that shipments of cotton yarn from Japan to Manchuria for the twelve months ended 31st December amounted to 49,621 piculs, while the Newchwang direct import from Japan during the year was 1,972 piculs. The proportion of the value of cotton yarn to that of all cotton manufactures, which had fallen from a general average of about 50 per cent, to 36 per cent. in 1905, rose again to 42 per cent. in 1906. This product suffered from over supply equally with woven fabrics, and more than piece goods from the effects of exchange, since contracts had not been made so long before. Stocks of imported yarn at Shanghai increased from 215,466 piculs at the end of 1904 to 365,498 piculs at the end of 1905.
"In metals, copper has not only resumed its normal condition as an article of import, but no less than 96,264 piculs of ingots have been restored to the Western markets, leaving a net import of only 60,518 piculs, against 973,472 piculs in 1905, all kinds of copper, except wire, being included. There were no other significant changes in metals, the total value of which fell, with the reduction in copper, from Hk. Tls. 45,428,998 to Hk. Tls. 17,289,855.
"Rice imported from abroad increased from 2,227,916 to 4,686,452 piculs, a relatively small increase in view of the prevailing distress. Rice bran also increased from 1,746,181 to 1,879,268 piculs,
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