Directory_and_Chronicle_1918 — Page 674

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CHINA

This caused so much deposit that dredging operations were rendered extremely difficult, and steamers were obliged to discharge at the mouth of the river. Lower freights across the Pacific for a time assisted the export of hides, skins, cotton, and wool, which are discouraged from going to European ports by the embargo on re-export.

Straw braid, hemp, and jute were in good demand. All Japanese cotton goods were still coming in freely, having an advantage in freight over similar goods from Europe and America, and Chinese cotton cloth was making headway.

But

Revenue. The total collection during 1916 was Hk. Tls. 37,764,311 an increase of Hk. Tls. 1,016,605 as compared with that for 1915. In import duties there was an in- crease of Hk. Tls. 1,118,630 and in export duties an increase of Hk. Tls. 1,102,905. coast trade duties were less by Hk. Tls. 118,307; transit dues, by Hk. Tls. 101,659; and tonnage, dues by Hk. Tls. 72,068. Opium duty decreased by Hk. Tls. 260,796, and opium likin by Hk. Tls. 652,100. These figures may, under the abnormal circumstances prevailing, be regarded as eminently satisfactory.

Foreign Trade-The value of the direct foreign trade was Hk. Tls. 998,204,361-the highest on record and Hk. Tls. 124,867,478 above the figure for 1915. To this increase imports contributed Hk. Tls. 61,931,276 and exports Hk. Tls. 62,936,202.

But imports were still nearly 54 millions below 1913, and their greater cost in gold, due to shortage of labour and high freight and insurance, prohibits inference that the increased value as compared with 1915 necessarily points to a corresponding expansion in the volume of trade, although the rise in the gold value of silver was of service in easing off silver prices. On the other hand, the fact that exports, notwithstanding the high exchange, heavy freights, and an embarrassing lack of cargo space, rose to a value exceeding all previous records by nearly 63 inillions and doubled the figures for 1906 shows that the return of normal conditions will be accompanied by a great expansion of trade.

(a.) Imports.-The silver value of the cotton goods imported again fell from Hk. Tls. 150,004,210 to Hk. Tls. 136,679,386, but the average rate of the exchange during the year having been 3s. 313d., as against 2s. 7d. in 1915, the sterling value rose from £19,453,671 to £22,673,116. Turning to quantities, we find a serious falling off in American and British piece goods. Japanese shirtings, jeans, and T-cloths increased considerably; but Japanese sheetings, drills, and cotton cloths appear to have felt the competition of the Chinese mills. Fancy muslins, plain cotton prints (especially Russian), turkey reds, yarn-dyed cottons, crimps and crêpons, velveteens, Japanese cotton blankets, and handkerchiefs, and towels all improved. Indian yarn lost about 100,000 piculs, and Japanese yarn lost a similar amount. Woollen and cotton mixtures were in greater demand, and the trade in woollens was brisk. The import of gunny and hessian cloth was more than doubled. Metals showed a considerable increase over the figures for 1915. Among sundries may be noted buttons, cigarettes, coffee, window glass, hosiery, machinery, vegetable oils, paper, railway materials, electrical appliances, sugar, timber (softwood), and tobacco as having been purchased in large quantities. American kerosene oil receded to 108 million gallons from 128 millions in 1915; Borneo, to 10 millions from 23 millions; and Sumatra, to 19 millions from 30 millions. On the other hand, Japanese kerosene rose from 1,226,263 to 6,405,400 gallons; Russian, from 857,155 to 1,047,372 gallons; and other kinds, from 19,800 to 1,509,383 gallons. The net decrcase was 37.7 million gallons, caused by the high cost due to heavy rates of freight which made kerosene (except the inferior oil from Japan) too dear in com- parison with native illuminants such as bean oil. No aniline dyes or artificial indigo were imported, and as a consequence, sapanwood more than doubled in quantity. Electrical materials and machinery are wanted in increasing quantities every year, as are also photographic materials, printing and lithographic materials, railway materials, safes, soap, motor cars and cycles, bicycles, and wines and spirits a fair indication of the spirit of progress.

(6) Exports.--Chinese woven sheetings, drills, and nankeens showed satisfactory progress and are evidently finding an extending market. There was a decrease of about 20,000 piculs in the quantity of antimony exported, but the gain in value amounted to over 7 millions of taels, and more than six times as much antimony ore was sent away as compared with the exports in 1915. Copper rose from 45,000 to 564,000 piculs. Iron ore was less in quantity but higher in value. Lead and lead ore, quicksilver, and various unclassed minerals and ores were exported in greater quantities. White alum was in good demand. Egg albumen and yolk as well as eggs, hemp fibres, flour (especially wheat), dried fruits, lard, meats, bean oil, wood oil, skins and hides, straw braid, tallow, timber (softwood), and wax showed improved demand. Shelled ground- nuts are gradually taking the place of the unshelled, the gain in freight being con- siderable. There was a reduced export of beans and cereals. Sesamum seed showed

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