678
CHINA
Unfortunately, his suppression was succeeded by the outbreak of the great war, the effects of which were immediately felt in China, and exports could no longer be financed. Later, when conditions became more settled and cargo was offering, the German and Austrian flags had disappeared, much British and French tonnage had been engaged by their Governments, and neutral steamers had found more profitable employment elsewhere; so that there was such a scarcity of tonnage that in spite of willing buyers and sellers the cargo could not be accommodated. Naturally, in the absence of competition, freights went up, and heavy war risks assisted in reducing possible profit. Moreover, the prohibition of code telegrams, which was carried out without the slightest consideration for the needs of trade, had the effect of stopping any new business, as foreign exporters were unable to explain to their correspondents at home, at reasonable expense, the opportunities for new business brought about by war conditions; and the Chinese, unable to dispose of their products, were obliged to curtail their purchase of imports. With so many drawbacks to healthy commerce from the commencement to the end of the year, it is not surprising that the Customs revenue failed to maintain the advance made to the end of June and that the year ended with a collection smaller by Hk. Tls. 5,052,328 than in 1913. It was, however, larger than in any year previous to 1912, and the greater part of the decrease is accounted for by a loss in opium duty and likin amouuting to Hk. Tls. 3,108,680, leaving only Hk. Tls. 1,943,648 (£.65,227) as the reduced collection on general trade.
While the impossibility of obtaining money from aboard, in consequence of the outbreak of war, had the good effect leading the Chinese Government to rely more upon the national resources, it unfortunately interfered very seriously with railway develop; ment. It has already been abundantly proved that railways are causing a rapid extension of trade, and it is much to be regretted that the completion of those under construction must now be delayed, so that the revival of trade after the war will not be facilitated by them until a later date.
Value in Silver and Sterling of the Foreign Trade of China, 1891 to 1914 :-
Year.
Average Exchange.
1891
1892
1893
3
1894
1895
3
1896
1897
1898
1899*
1990+...
1901
...
1902
1903
...
1904
1905
1906
1907
1908
1909
1910
1911
1912
19138...
1914||...
+
Imports.
Exports.
3
3
KWORK IN WWWNREN20 20 10 10 00 00 00 00 4 4 3
S.
તૈ.
Hk. Tls.
£
Hk. Tls.
£
11
139,661,186
34,333,375
100,947,849
24,816,346
4
140,298,086
30,544,061
102,583,525
22,333,288
11
149,928,703
29,517,212
116,632,311
22,961,986
20
163,897,525
26,206,530
128,104,522
20,483,379
172,853,145
28,268,688
143,293,211
23,434,41
4
209,106,866 34,851,143
131,081,421
21,846,903
113
204.554.227
30,470,055 163,501,358
24,354,889
217,761,975
31,416,701
159.03,149
22,944,422
0%
280,907,296
42,282,402
195,784,832 29,469,696
11
223,791 888
34,734,365
158,996,752 24,677,621
1111/
71
16
280,472,693
41,559,625
169,656,757 25,139,243
335,601,739
43,628,226
214,181,584 27,843,605
343,300,115
45,296,542 348,603,090 49,966.442 234,486.683 458,340,485 68,942,047 227.888,197 414,184,061 422,838,531 68,711,261 264,380,697 396,261,991 52,834,932 417,586.237 54,261,460 462,437,260 62,260,433
214.352.467 28,282,616
34.326,424
34,278,183
68,167,793 236,456.739
38,916,838
42,961,863
276,060,403 35,888,053
338.992,814
44,051,410
380.833,328
51,273,653
473,517,685 63,628,938 377,338,166
50,704,816
471,809,192
72,000,048
370,520,403
56,542,957
570,064,611
86,103,508
403,305,546
60,915,941
546,425,296 74,564,285 345,280,874 47,116,453
It is interesting to observe in this table that an increase in silver values does not always mean an increase in trade when measured in sterling.
* Influence of railways felt. + Boxer outbreak.
Revolution in October. | European war from August. § Rebellion in summer.
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