Directory_and_Chronicle_1924 — Page 789

SHANGHAI

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of Japan, the business commenced to increase, and room was found for another small establishment to begin, Messrs. Nicolson & Boyd. Towards the end of the 'sixties Mr. Muirhead retired owing to failing health, and liis business passed over to his former competitors. Meantime, as a number of sailing ships then entered the port, many of which came from the United States, two enterprising American slipwrights, S. C. Farnham and C. P. Blethen, had started, in connection with the "Old Dock," a general shipbuilding and repairing establishment under the style of S. C. Farnham & Co., and this from small beginnings rapidly grew in importance. The opening of the Suez Canal enormously increased the number of steamers visiting the port, and the Japanese daimios of the old régime were seized with a general desire to become steamer owners, so that the trade got a considerable fillip, and in the way of docking and repairs a large amount of local business commenced to spring up, and competition finally became strong. About 1890, both the old partners in S. C. Farnham & Co. having died, their successors conceived the idea of converting the old business into a limited liability company, and this was finally accomplished in 1893. In 1892 another limited liability 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 has become one of the regular industries of the port. Shanghai bids fair to outrival Bombay, soon as the largest manufacturing centre in Asia. The cost of labour during the last five or six years has increased fifty per cent.

The "Astor House" in Hongkew, and the "Palace," formerly known as the "Central," in the British Concession, besides many other houses, give good hotel ac- commodation. 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 Evening News, 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 circulation of 10,000 per day. The Chinese Post Office was organized by the Maritime Customs. The former Municipal Local Post was in 1898 incorporated with it. 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 are also 12,175 passenger and cargo wheelbarrows, and 341 public carriages in the Settlement, besides large numbers outside. Of private vehicles there were licensed, in 1922, 7,728 rickshas, 406 carriages, and 2,723 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 contains, or should contain, 520.43 gr. troy