Directory_and_Chronicle_1923 — Page 623

CHINA

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excluded) totalled Hk. Tls. 1,507,377,976, as compared with Hk. Tls. 1,303,881,530 in 1920. In 1921 exports contributed Hk. Tls. 601,255,537 and imports Hk. Tls. 906,122,439, the corresponding figures for the preceding year being Ĥk. Tls. 541,631,300 and Hk. Tls. 762,250,230. There was therefore an increase in the value of exports of 69.6 million taels and in the value of imports of 143.9 million taels. In 1921 imports from Great Britain into China show a considerable increase, amounting to 18.2 million taels, but exports to Great Britain from China declined 14.9 million taels in value as compared with the previous year. As regards Japan, imports into China fell off by 18.8 million taels; exports to Japan, on the other hand, advanced 30.2 million taels. Imports from and exports to the United States registered enhanced values in both directions, the increase in imports amounting to 32.6 million taels and in exports to 22.4 million taels. Germany was able to record a notable recovery, her imports into China rising from 5.4 million taels in 1920 to 13.3 millions in 1921, while exports to Germany likewise increased during the same year from 1.8 million to 6.8 million taels.

Imports.-The net value of foreign imports during 1921 came to Hk. Tls. 906,122,439, equivalent, at 3s 11d.--the average rate of exchange for the year, to £179,100,763. The tael value exceeded the previous year's value by Hk. Tls. 143,872,209, but, owing to the fall in exchange, this year's sterling total remains £79,746,711 below the 1920 figure. It would not be safe to conclude from the greatly enhanced tael value of this year's imports into China that this branch of the trade was a lucrative one, showing handsome returns on the capital invested. In reality the liabilities carried over from 1920 by most importers, Chinese and foreign, as the result of that year's crisis, were such as to make extreme caution a condition of vital importance for the continued existence of many business houses,

A survey of the piece goods trade of China for the year 1921 presents less startling features than it fell to our lot to report when reviewing the situation in this important branch of the import trade at the close of 1920. At the opening of this year, in common with most lines of imported goods, stocks on hand in Shanghai, Tientsin, and other important centres were exceptionally heavy, with demand practically non-existent and the trade in a bad way generally as the result of a combination of circumstances fully explained in last year's report. The first point of importance, therefore, is to consider the quantities imported during the year 1921. Perusal of the Import tables which follow this report will show that the value of cotton goods imported in 1921 is given as Hk. Tls. 208,662,426, as against a total value of Hk. Tls 246,813,429 for the preceding year. As prices are useless in these times for purposes of comparison, it is more accurate to turn to the actual mumber of pieces imported shown in the following table:--

British American

Japanese

Other kinds

1920

1921

Pieces

1913

Pieces

Pieces

11,705,426

2,281,123

5,784,026 563,583

3,489,093

626.233

5,716,594

7,035,458

5,815,965

91,714

54,567

448,530

13,437,634

Total............19,794,857

10,379,821

A decrease of 51,940 piculs in the importation of cotton yarn as compared with 1920 brings this year's total down to 1,273,438 piculs, valued at Hk. Tls. 67,012,866. British yarn remained practically stationary at 13,571 piculs; Indian yarn receded considerably, dropping from 661,633 piculs in 1920 to 516,880 piculs in the year under review; while Japanese yarn increased from 611,249 to 701,208 piculs. The year 1921 is reported as having been a period of steady trading in yarn, the tone in the market throughout having been much healthier than in 1920.

All kinds of machinery recorded considerable increases during 1921 as compared with former years. Machinery for the textile industries made remarkable strides. advancing in value from 6.9 million taels in 1920 to 26.7 million taels in 1921, Agricultural machinery more than doubled (from 1 million taels in 1920 to 2.2 millions in 1921) and so did propelling machinery, which increased from 2.4 million to 5.1 million taels. Of the total value of 26.7 million taels mentioned above as having been imported during the past year, Tis. 11,16,313 represents the imports from Great Britain; Tls. 7,471,520 worth came from the United States; imports from Canad amounted to Tls. 4,293,692, while those from Japan were valued at Tls. 3,622,553 and