Directory_and_Chronicle_1917 — Page 770

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CHINA

ing districts reports came of short crops of cocoons. In the Canton districts floods caused immense damage, and the price of silk was forced up to $900 per picul. While the war caused a diminution of consumption in Europe, and brought about a scarcity of skilled workmen and also of dyes, which prevented orders for silk piece goods from being filled, the entry of Turkey into the war cut off supplies from the Levant and Central Asia, and the participation of Italy also checked business. Demand from America was strong, and it was only due to unfortunate climatic conditions that the export was not greater. All the Chinese inerchants connected with the trade did extremely well.

The tea market opened in Hankow on the 15th May, a week later than in 1914, and the season proved the most profitable one in the history of the port. Buyers were anxious to secure as much as possible, and quantity was more considered than quality. The commonest teas that brought from Tls. 12 to 17 in 1914 were eagerly taken at Tls. 32, and the largest profits were made in the lower grades, the best qualities yielding inore modest gains. It is said that the Chinese dealers made 100 per cent. on their purchases of the first crop, and the second crop also fetched handsome prices. Quality was above the average. The same remarks apply to the Kiukiang and Foochow markets. In July the adverse effects of the low rouble exchange began to be felt, and there was a cessation of buying for Russia, which reduced prices considerably, until in November a renewed demand for the balance remaining in stock somewhat raised them again. The total exports from China were; black tea, 771,141 piculs, as against 613,296. piculs in 1914; green tea, 306,324 piculs, as against 266,735 piculs; brick tea, both black and green, and tablet tea also showed satisfactory advances. The Chinese dealers are very hopeful about the prospects of the trade for 1916, but if they would insist on an improvement in cultivation and manufacture they would find it yield more profitable results than even the cessation of the war, upon which they base their hopes. As a matter of fact, the size of the stocks in London, and a lowered consumption, together with the great rise in the silver exchange and in freights, make it very improbable that the 1916 season will be as prosperous for them as its predecessor, and they are likely to be rudely disappointed in their expectations of equally good prices and to find, on the contrary, that their profits will be on a much more moderate scale.

Shipping. -The tonnage of steamers entered and cleared amounted to 84,641,227 tons, being 6,485,013 tons less than in 1914. Sailing vessels showed a total of 6,021,778 tons and a loss of 836,195 tons. These figures include the tonnage of Chinese shipping, which amounted to 18,655,411 tons for steamers and for sailing vessels of foreign type and 5,503,598 tons for junks. Throughout the year there was more cargo offering for foreign ports than could be accommodated by the available tonnage, although a certain number of Japanese, Norwegian, and Chinese steamers were diverted from the coasting trade to the more profitable employment. The Indo-China Steam Navigation Company removed a few of their regular coasting steamers to southern trades, but the China Navigation Company and the China Merchants' Company ran their steamers. mostly on the usual routes, while the China Navigation Company employed several additional vessels on the coasting trade. All steamers on the coast and on inland. waters were kept very busy, and rates of freight advanced. The demand for tonnage for Europe, America, and Australia was much in excess of the supply, and the export trade was, in consequence, considerably curtailed. There was a diminution in American tonnage of about 200,000 tons, in British of about 1,500,000 tons, in Danish of 24,000 tons, in French of 337,000 tons, in Japanese of 120,000 tons, in Russian of 32,000 tons, in Portuguese of 150,000 tons; while the Austrian flag disappeared and German tonnage fell from 4,026,493 to 58,263 tons, represented by small steamers plying on inland waters. The Dutch flag improved by 100,000 tons and the Swedish by 29,000 tons. Norwegian and Chinese remained about the same, except that there was a falling off in the junk trade.

Treasure.-Exchange ruled low at the commencement of the year, opening in Shanghai at 2s. 2 d. for the tael. It gradually rose to 2s. 4d. until July, when a drop of one penny took place until the middle of August. From that date it rose steadily, with a sudden jump of threepence in the last half of November, and the ended with the tael at 2s. 7d., a rise of nearly 20 per cent. during the year.

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Miscellaneous. About 15 years ago a training college was established in Shanghai by the Japanese, known as the Tungya Tungwên Shu-yüan, which was assisted by Government funds. The students, of whom there are at present about 300, are specially trained for work in China. The college course lasts for three years, and 900 students have already passed through and are now at work in different parts of China, pushing their country's commercial interests. A large site has been secured at Siccawei, and