Directory_and_Chronicle_1923 — Page 624

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CHINA

those from Germany at Tls. 131,492. It will thus be seen that international competi- tion is keen in this field, and in this Germany is effectively assisted by the depreciated nature of its currency, which is of great advantage in those cases where the raw material is obtained in the country, but where the raw products have to be imported the exchange benefit is to some extent neutralised. The Customs figures for the importation of electrical materials and fittings are 13.2 million taels for 1921, which is a noteworthy advance over the 6.3 million and 5 million taels recorded for 1920 and 1919 respectively.

Exports.-Chinese produce exported abroad in 1921 represented a value of Hk. Tls. 601,255,537, equivalent, at 3s. 11d., to £118,841,914. There was here a similar increase for the year 1921 in the Haikwan tael total and decrease in the sterling equivalent, as already drawn attention to under "Imports," the decrease in this case amounting to 65 million pounds, while the total in Haikwan taels, as compared with the previous year, registered a rise of 59.6 million taels. A boom in prices, a great shortage of the silk crop, and the burning at Shanghai in March of a number of godowns, causing a loss of about 3,000 bales of steam filature silk and 25,000 piculs of cocoons, are the three outstanding features of the silk market in China during the year 1921. Prices were well maintained throughout the year, increases in the prices of tussore silk being specially notable. It is satisfactory to be able to report that the 1921-22 tea season is regarded as having been generally a good one for all concerned. Old stocks were cleared up, and fair prices were realised. Generally speaking, the China tea trade is in a bad state if compared with former years, even though its downward course was arrested by the good season of 1921-22. In sanctioning the extension for another year of the remission of export duty on all teas sent abroad, which was to expire on the 10th October, 1921, the Chinese Government has taken a step in the right direction, but the differential duty of 2d. per pound against China tea levied by Great Britain still constitutes a great handicap. The total exportation of beans from China increased from 10.3 million piculs in 1920 to 11.5 million piculs in 1921. After displaying a steadily increasing figure during the last few years, the total exportation of all kinds of cereals receded from 12.3 million piculs in 1920 to 6.1 million piculs in 1921. The decrease is divided among all the articles comprising the cereals group, but marked reductions were recorded under the headings millet and kaoliang, which fell from 3 million to 0.7 million piculs; rice and paddy, which diminished from 312,000 to 35,000 piculs; and especially wheat, which came down from a total of 8.4 million piculs in 1920 to only 5.2 million piculs in 1921. This set-back may be attributed, amongst other reasons, to reduced crops, brought about by climatic conditions and various disturbances, and, in the case of wheat, to the larger quantity which is required for home consumption on account of the rapidly increasing number of flour mills now operating in China. In fact, the growth of the Chinese milling industry is an interesting phenomenon of the industrialisation of this country. It is reported that more than 125 modern flour mills have so far been built in China. The cotton crop for the season 1921-22 is reported to have been a fairly good one in the Chekiang, Hupeh, Shensi, Chihli, and Shantung provinces, but a disastrous one, owing to adverse climatic conditions, in the Kiangsu province, both as regards quantity and quality. It is estimated that the year's yield of cotton is about 30 to 40 per cent, below last year's crop. Raw cotton exported from China increased from 376,230 piculs in 1920 to 609,481 piculs in the year under review; of this amount, 561,106 piculs went to Japan. The beginning of the year saw Indian cotton at such low levels that Chinese spinners found it cheaper to purchase Indian cotton, resulting in several lots changing hands, the importations from India in 1921 amounting, to 981,136 piculs, as against 418,964 piculs in the previous year. American cotton, owing to the low prices ruling at the time it was contracted for, could likewise be profitably imported into China in prefence to the local product, importation from America amounting in all to 516,676 piculs in 1921, comparing with 34,049 piculs in 1920. The sesamum crop was below that of last year, owing to excessive rains, floods, and unfavourable climatic conditions. It is estimated that the yield did not exceed 50 per cent. of a normal one. The trade, as a whole, was not a satisfactory one, and exportation from China diminished from 2,056,240 piculs in 1920 to 1,480,547 piculs in 1921, which is about half the amount of 2,838,504 piculs recorded in 1919. The export of iron ore recorded an important decline from 11,292,407 piculs in 1920 to 8,517,162 piculs in 1921; antimony ore decreased by some 3,000 piculs and in 1921 stood at 19,459 piculs. Lead ore, however, registered a remarkable advance from 39,534 piculs in 1920 to 102,110 piculs in the following year; while zinc ore was