Directory_and_Chronicle_1922 — Page 814

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SHANGHAI

company, the Shanghai Engineering and Dock Company, entered the field, and com menced to build a large and more commodious dock than had up to that time existed in the place. They had, however, under-estimated the cost, and the new dock having met with a mishap, the Company found itself in financial straits. Overtures were made, with the result that the two concerns amalgamated. Finding themselves now in possession of nearly all the docking facilities of the port, the idea of combining all in one large concern presented itself, and negotiations were commenced with Nicolson & Boyd, the partners of which, finding that they would now have increasing difficulty in carrying on in face of the superior advantages possessed by their competitors, consented to an amalgamation; and the style of the new combination was changed to S. C. Farnham, Boyd & Company, Limited, with a nominal capital of upwards of five and a half million taels. Practically the new firm had the complete command of the market, possessing all the dry docks and all the machine shops of any size. The capital, it was generally considered, was too large; at all events it seems to have tempted to over-speculation, and, as not infrequently happens in similar cases, there was found a disposition on the part of the business men to go elsewhere. Outsiders soon commenced to find openings for competition, and the result was the winding up of the old company, and the formation of a new one in 1906, under the title of the Shanghai Dock and Engineering Co., Limited. By another company the dock owned by the Chinese Government at the Arsenal at Kao Ch'ang Miao has been acquired under competent European management, and forms a formidable competitor; while one or two private firms have started to undertake ship- building and engineering on a large scale, and with well-equipped works. From the well-appointed local yards a number of ocean-going steamers of considerable tonnage have of late years been turned out, which in their general style are fully equal to European-built vessels, so that steel and iron shipbuilding may be considered as one of the regular industries of the port. Shanghai bids fair to outrival Bombay soon as the Jargest manufacturing centre in Asia.

The "Astor House" in Hongkew, and the "Palace," formerly known as the "Central," in the British, besides many other houses, give good hotel accommodation. There are six daily newspapers: the North-China Daily News, the Shanghai Times, L'Echo de Chine, and China Press, morning; the Shanghai Mercury and the Shanghai Gazette, evening; and the weeklies include the North-China Herald, Celestial Empire, The Union, Finance and Commerce, The Far Eastern Review, Shipping and Engineering, The Sunday Times and Lloyd's Weekly. There are upwards of a dozen native daily papers These are sold at the prices of ten and eight cash, equal to about a farthing. Some of. them have a eirculation of 10,000 per day. In one matter, that of postal accom- modation, Shanghai is over-supplied, much to the disadvantage of the resident com. munity, there being British, French, American, Japanese, Russian, and Chinese Post Offices. The latter was organized by the Maritime Customs and is at present being conducted under the auspices of the Board of Communications. The former Municipal Local Post was in 1898 incorporated with it. It undertakes the transmission of small sums of money and accepts the registration of letters. It will probably be some years before the difficulties inevitable in a country like China are overcome, and foreigners are, justly or unjustly, doubtful as to the inviolability of their correspondence. China has been admitted to the Postal Union. Shanghai was made a port of Registry for British ships in 1874. All foreign hongs and even private houses have to give themselves fancy Chinese names, by which only they are known to the natives. The system is, however, found to have its conveniences. The number of jinrickshas has been temporarily limited to 8,000; there were

were also 9,136 passenger and cargo wheelbarrows, and 278 public carriages in the Settlement besides large numbers outside. Of private vehicles there were licensed, in 1920, 7,373 rickshas, 539 carriages, and 1,899 motor-cars.

The currency of Shanghai is the tael weight of silver-equal to 579-84 grains troy, of fineness 0.916, but reckoned at 98. That is to say, an actual weight of 98 taels is counted as 100. The Shanghai tael thus eontains, or should contain, 520.43 gr. troy of pure silver, but varies owing to the crude methods of assay. This is, however, the mean. The silver known as "sycee" is cast into "shoes" of fifty taels, more or less. The foreign banks issue notes of the value of one dollar and upwards for both taels and dollars. Smaller transactions are conducted in clean Mexican dollars, or equivalent dollars from the various provincial mints, smaller subsidiary provincial silver coins and copper cash. There are twenty-eight foreign and numerous native banks in the Settlement, no fewer than 17 being added to the latter in the first half of 1920.