Directory_and_Chronicle_1920 — Page 657

CHINA

589

Mr. J. F. Oiesen, Statistical Secretary of the Maritime Customs, in his report of the Foreign Trade of China for 1918, says:-

General. The numerous disabilities due to the Great War in Europe, which had hampered trade in China during the preceding three years, continued in full force in 1918, with a steady tendency to increase both in number and in baneful effect. Amidst the uproar of a world in arms China herself was bleeding internally from civil strife, which tortured and partly laid waste some of the largest and fairest provinces in the land. Brigandage of a very serious nature-so serious at times as actually to stop railway traffic-was સ Scourge in many sections. The seasons appear to have been propitious and crops abundant, producing an unusually high degree of prosperity and well-being almost everywhere except in the areas immed- iately affected by the civil war.

Notwithstanding the extraordinary and grievous drawbacks under which nearly all mercantile transactions had to labour, the value of the direct foreign trade of China for 1918 was the highest on record, the total being Hk. Tls. 1,040,776,113, and an increase of Hk. Tls. 28,325,709 over that for 1917. Though this result was due to the universal advance in prices and in spite of extensive shrinkage in the quantities of merchandise handled, it yet serves as striking evidence of the vigour and elasticity of China's trade. Further, it serves as an earnest of the development that may be looked for with the return of peace and normal conditions the world over.

Silver prices were high throughout the year and varied from 42 d. to 493d. The demand rate of exchange for the Shanghai tael ranged from 4s. 2ğd. in January to 5s. 64d. in September, after which it dropped away again to 5s. 14d. in December. The average exchange value of the Haikwan tael was 53. 3d., as against 4s. 3d. in 1917.

Revenue. The total collection for 1918 was Hk. Tls. 36,345,045, as compared with Hk. Tls. 38,189,429 in 1917, or a decrease of Hk. Tls. 1,844,384. But if converted into terms of gold at the average rate for the year of 5s. 3 d. to the Haikwan tael, as against 4s. 34d. in 1917, there was a gain amounting to £1,362,287. And as the principal part of the Customs revenue is absorbed in the service of loans and other gold payments abroad, the Chinese Government was actually a large gainer on the year's outturn when changed into gold.

Foreign Trade.-As stated above, the value of the direct foreign trade in 1918 was Hk. Tls. 1,040,776,113, the highest on record and Hk. Tls. 28,325,709 above the total for 1917. Reduced to sterling at the average rates of exchange for the two years--4s. 318d. for 1917 and 5s. 3 d. for 1918-the figures work out to £218,573,277 for 1917 and £275,100,977 for 1918, yielding an increase in sterling of £56,527,700.

Imports.-The trade in cotton piece goods was conducted under adverse conditions throughout the year. It is unnecessary to dwell on the shortage of supplies caused by the continuance of the war, the disturbed state of China, and the scarcity of money, for these conditions had already become established in 1917. The rise in exchange naturally assisted the piece goods trade; on the other hand, it checked the export of Chinese produce needed to cover the cost of imports. But the prime cost of goods in Europe and America-in some cases five times as great as before the war-with the addition of enormous freights, is sufficient to account for the decrease in imports from Western countries, while most of the Japanese lines also show heavy decreases, due to the increased cost of production in Japan and shortage of shipping. Chinese dealers in piece goods proceeded very cautiously with their operations and, with the diminished business handled, did very well, exchange having been in their favour; but the importers had to contend with the impossibility of obtaining replacing prices for their goods. Towards the end of the year a large business began with Siberia, mostly in goods for summer use, such as prints and white shirtings. During the past five years the imports of the principal plain cottons, namely, grey and white shirtings, sheetings, drills, jeans, and T-cloths, have been as follows:-

British American..

Japanese

1914 Pieces

10,472,890

1915 Pieces 7,591,478

1916 Pieces

1917 Pieces

1918 Pieces

1,040,100

637,646

7,727,806

5,717,168

5,453,573 413,184 5,588,895

4,397,411 71,531 8,45,816

2,634,432

100,854 7,007,488

117,900

202,121

346,920

649,725

678,529

Other kinds

Total........

19,358,696 14,148,413 11,802,572 13,164,483 10,421,303