Directory_and_Chronicle_1912 — Page 832

CHINA

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That the value of imports should have increased by nearly 45 million taels must seem surprising to anyone who is familiar with the conditions prevailing in certain branches of the import trade. The increase is, in fact, a matter of values, and mainly of opium values, the increase in which alone has added nearly 30 million taels to the "total.' The higher values of cotton goods will go far to account for the remaining 15 million taels. The flourishing condition of the general export trade is the best and most hopeful feature of the statistics, and here the augmentation in value represents for the most part a quantitative increase. Turning to the value of the direct trade with each coun- try, it is found that the trade through Hongkong has increased by 33 million taels; that with Japan direct by 27 million taels; that with Germany direct by 12 million taels;

and that with Russia direct by 6 million taels. Increase is the rule, with the somewhat conspicuous exception of the United States, whose total is smaller by 8 million taels.

Lports -The net importation of foreign opium, 31,358 piculs, shows the re- markable decrease of 13,559 piculs when compared with the importation of 1909, a de- crease shared by the three varieties of Indian, as well as by Persian, opium. The Hongkong prices of Indian opium fluctuated greatly. Speculation had more than doubled prices between the 1st January and the middle of April; then prices fell rapid- ly until September, from which point, with some ups and downs, they improved, closing the year 30 to 40 per cent, higher than at the beginning. In the quantity of native opium passing through the Customs, there is also a marked decrense. The aggregate

yarn,

net inportations at the various ports was in 1909 about 33,000 piculs, and in 1910 only 19,877 piculs, while the supplies of Szechwan and Yunnan drug passing Ichang down- wards fell from 51,817 to 28,530 piculs. Native opium, like its foreign rival, saw great fluctuations in price during the year, and passed through periods of boom, of disastrous reaction, and of recovery. At Chungking, in May, it reached the high figure of Tls. 1,120 a picul, to fall in June to Tls. 640. At Amoy, in the same quarter, it was quoted as high as $1,850 a picul, and as low as $950. The highest quotation reported was $2,160 a picul for Kweichow opium, at Nanning, in the December quarter. The de- ficient supply of American cotton in 1910 appears to be an adequate explanation of the very noticeable decline in importations of European and American cotton fabrics. High prices prevailed for the raw material, and Manchester quotations for piece goods never reached a level suited to the Far Eastern market. This was Japan's opportunity, how- ever. The importations into Japan of raw cotton, drawn chiefly from India and China, were increased by about a million piculs; while Japan sent to China 937,908 piculs of as compared with 674,6-4 piculs in 1909, and 2,389,603 pieces of the leading varieties of piece goods, as compared with 1,396,297 pieces. Indian cotton was plentiful, but its price shared in the general rise, and this may, in part, explain the drop in im- portations of Indian yarn from 1,675,000 to 1,304,000 piculs. Of raw cotton, chiefly from India, 206,000 piculs came in, as compared with 114,000 piculs in 1909. English grey and white shirtings each declined by about 2 million pieces or 50 per cent., while the lead- ing American fabrics, mainly sheetings and drills, fell off by 64 per cent. Against the decline in plain cottons, there is a considerable increase in fancy piece goods. especially in cotton Italians. Among sundry imports, rice, imported mainly at southern ports from Indo-China, Siam, and British India, holds the first place. The quantity import- ed was over 9 million piculs, valued at 31 million taels; and it was inevitable that in a year in which so large a sum had to be paid for outside supplies of the staple food, other and less necessary imports should decline. The imports of sugar, for example, were reduced by 1.2 million piculs, or 22 per cent., representing a value of 5 million taels, and the depression of the times sufficiently explains the difference. In the kerosene oil market it is understood that the rivalry between the two leading importing companies has amounted to war, and this may have had something to do with the in- crease in importations of oil from 145 to 161 million gallons. The growing demand for the native vegetable oils, for export, should, however, have a more powerful and last- ing influence on the kerosene trade as a whole. American oil (96 million gallons) has increased about 14 per cent., while Sumatra oil stands, as it did in 1909 and 1908, at 43§ million gallons. Burma oil, which has been absent from the returns since 1907, reap- pears with half a million gallons, and Japanese oil (19,000 gallons) appears for the first time, but it is probable that circumstances were not favourable to new competitors. Of foreign flour, 144,000 piculs more were imported than in 1909, and this increase, as well as an equivalent decrease in the quantity of native flour distributed coastwise from Shanghai, may be set down to the unsatisfactory supply of native wheat.

Exports.-There was a strong demand for China white silk filatures in Europe and America, and the supply was large. The increase in the export of filatures, as com-