Directory_and_Chronicle_1924 — Page 631

CHINA

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interior districts for the greater part of the year made their influence felt. feature of the year was the difficulty experienced by American and British manu- facturers in ineeting the competition of both Belgium and Germany in some of the principal export markets for certain lines of steel products. But the continued fall in the exchange value of the mark, with the resulting enhanced cost of living and high wages, soon neutralized the temporary advantage enjoyed while exchange and low costs of labour were in Germany's favour. At the beginning of the year, prospects at Shanghai looked hopeful. The very heavy stocks which had proved such an obstacle to business during 1921 were practically exhausted in the course of 1922, and during the first few months of the year an appreciable amount of business was transacted. As the year advanced, demand from the interior declined considerably, and during its latter part the added influence of the fall in exchange 'caused business to be further restricted. Towards the end of 1922 the Shanghai market again showed signs of life, orders being freely placed for all classes of American and British iron and steel products. The total imports in this group were valued at 49.9 million taels, as against 60.1 million taels in the preceding year. Of this decrease. 4.1 million taels are accounted for by a reduced importation of rails, while 3.2 million taels must be debited to tinned plates.

The rate of progress at which the metamorphosis of China from an agricultural to an industrial state is taking place may well be gauged from the expansion recorded year by year in the figures of the various kinds of machinery imported, principally from America and Great Britain. Although it is not possible to report for 1922 the same phenomenal advance as was registered the year before, when the importation of textile machinery alone rose from 69 million taels in 1920 to 26.7 million taels in 1921, it may be said that the machinery branch of the import trade held its own in 1922 and even exceeded the figures of the year before. Machinery for textile industries was valued at 30.5 million taels in 1922, as against 26.7 million taels in 1921. Agricultural machinery and propelling machinery fell off considerably as compared with 1921, the first from 2.2 to 0.7 million taels, and the second from 5.1 to 2.4 million taels. Of the 30.5 million taels' worth of textile machinery imported, Tls. 15,171,830 worth came from Great Britain, Tls. 6,087,336 from America, Tls. 6,725,264 from Japan, and Tls. 1,822,706 from Canada.

The remarkable advance of the last few years in the importation of electrical materials did not continue in 1922. No doubt the surfeited condition of the market in these articles, resulting from overbuying during the last two years, coupled with the general depression in trade and a falling silver exchange, explains the contraction in the value of electrical materials imported in 1922 to 9.4 million taels. Despite this setback, it need hardly be said here that the continual growth in the use of electrical plant for power and lighting purposes is assured and that there is a bright future in China for electrical machinery, fittings and supplies generally. During the year important contracts were secured for extensions to existing plants at Chefoo, Swatow, and Tientsin, while the power-stations in several other cities, such as Hangchow, Pengpu, and Canton, were all considerably extended, testifying to the increased use of electricity throughout China. An interesting change is gradually becoming apparent in the attitude of buyers of electrical materials, who now lay greater stress than in recent years on efficiency and reliability—a signifi- cant advance on the days when inexperience resulted in the purchase of cheap and unreliable machinery.

Paper. The total importation into China in 1922 of the various kinds of paper was 1,283,166 piculs, the principal exporting countries being Japan, with 478,675 piculs; Sweden, with 179,400 piculs; Norway with 134,219 piculs; America with 107,186 piculs; and Hongkong with 198,986 piculs.

Timber.-A_feature of the year was the almost total stoppage of imports of softwood from Japan, owing no doubt to the cheapness and abundance of Oregon pine, while increase is reported in the volume of imports of softwood into North China and Shanghai from Siberia. The demand during the year for Philippine lumber in the softer varieties must also be noted, The importation of hardwood in 1922 reached about the level of the previous year's volume. Softwood timber was imported principally from the United States (142,012,899 sq. ft.), while hardwood arrived chiefly from Hongkong, Singapore, Japan, and the Philippine Islands.