Directory_and_Chronicle_1933 — Page 631

SHANGHAI

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into bankruptcy. Although a demand may be expected to arise for manufactured goods to replenish damaged stocks, the deplorable state in the interior makes the out- ! look gloomy for any immediate revival of trade on a large scale. The Government exerted their utmost efforts to put an end to red activities by an extensive military campaign but although successes were achieved over a period of some months, these operations unfortunately were interrupted by the need of troops elsewhere, and this menace to trade has not yet been removed. The anti-Japanese boycott movement is another factor that has seriously disturbed the market of Shanghai. According to an authoritative estimate, the losses incurred by Japanese merchants up to the end of December amounted to about Tls. 185,000,000. Chinese merchants declined on account of the boycott to carry through their purchase agreements, and banks refused payment where funds had been deposited againt bills of lading, with the result that goods had to be stored locally until an adjustment took place Approximately 700,000 tons of such cargo lay in Shanghai alone, with about 100,000 tons at other ports, and many tons of perishable cargo were entirely spoiled or considerably damaged through delay or refusal to accept delivery. In shipping, being unable to secure passengers and cargo, the different Japanese lines trading in Chinese waters or between China and Japan were forced to lay up numbers of their vessels and maintain skeleton services only. At the same time Chinese merchants inevitably sustained heavy losses from confiscation of their stocks and the cancellation of business, and many thousands of Chinese were thrown out of employment. An immediate hardship imposed upon Chinese in- dustries was the cutting off of supplies of raw material. Many weaving factories using cloth from Japan, had to close down until substitute materials arrived from other sources. The total loss on both sides must have been very great. The total value of imports from foreign countries during the year (including goods afterwards re-exported to Chinese ports, Hongkong, and abroad) amounted to over 833 million Haikwan taels, as against 680 million taels in 1930, an increase of 22 per cent. It will be realised, however, that allowance must be made for the further depreciation of silver and for the general fall in commodity prices abroad before attempting to measure trade by the silver value tables. The value of exports (including re-exports) to foreign countries declined again, the decrease amounting to 35 million taels. Over-production abroad and the resulting depression in trade is partly accountable for this, but under-production in China owing to the floods and other internal troubles had also something to do with it. No doubt the low silver exchange helped the trade to some extent, but, on the other hand, costs on this side were enhanced by transportation difficulties, destruction caused by the floods, and bandit exactions. Chinese produce of local origin exported to Chinese ports increased by 19 million taels as measured by value. This section of trade has been helped by the abolition of likin dues and certain other forms of internal taxation, besides being place in a much better position by the policy adopted in drawing up the new Import Tariff on foreign goods.

With regard to shipping, entrances and clearances under General Regulations aggregated approximately 38 million tons, an increase of 0.9 million tons. Entrances under these regulations amounted to 19 million tons, and entrances under Inland Waters Regulations (consisting to a large extent of ocean-going steamers plying on the coast) amounted to 2 million tons, so that the total tonnage entering the harbour during the year 1931 was 21 million tons, which figure places Shanghai on an equal footing with Osaka as seventh on the list of the great ports of the world in point of tonnage.

SHANGHAI TELEPHONE COMPANY

By the Franchises dated August 5, 1930, Shanghai Telephone Co. was "To Convert the System from Manual to Automatic in Two Years."

The opening of the West Central Office on March 26, 1932, marked the completion of all the new Telephone Exchanges planned for construction in the International Settlement and French Concession and on that date the entire Telephone Exchange System in the International Settlement and French Concession was working An- tomatic; more than four months in advance of the time set out in the two franchises.