Directory_and_Chronicle_1936 — Page 395

CHINA

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tively small decrease in the value of this section of trade entirely or even chiefly to disabilities inherent in this country's internal situation, since the result for the year cannot be dissociated from the economic situation univer- sally existent at the present time: A close relationship naturally exists between the present value figures for the outward trade and the present "depression" prices for such produce as China habitually disposes of in foreign markets, and, as the quantitative statistics for the year were quite impressive, it would seem that the slightly lower statistics are no indication that the country is failing to adjust domestic costs to present world market conditions, quite the reverse. The existence of this quantitative demand, which obviously

which obviously would have been much stronger if it had not been partially smothered by governmental restrictions in other countries, raises hopes for some recovery in world prices in⚫ the near future. Indeed, some evidence of this was seen in the second half of the year under review, quotations being 50 per cent, higher than in 1933 for beans, 35 per cent. higher for sesamum seed, 40 per cent. higher for cotton-seed oil, 50 per cent. higher for cotton-seed cake, 57 per cent, higher for groundnuts, while considerable advances were noticeable for oil seeds in general as well as for such specialities as bristles, wood oil, antimony, and wolfram ore. Some of these higher prices, however, undoubtedly were due to special conditions arising out of the drought which afflicted Europe and America, and, until a more normal recovery in demand sets in and bargaining for the last possible stiver becomes a thing of the past, the fact should not be overlooked that success in international markets will depend on the cheapness of the national price structure, and that in this respect China has many advantages over other Countries. It goes without saying that these advantages must be capitalised to the full, as cheap production and marketing are economic necessities of the times, and, if the price of silver continues to advance in the artificial manner witnessed during the year under review, merchandise from this country may have to meet the additional handicap of an adverse exchange rising unsymme- trically vis-à-vis commcdity prices.

HISTORICAL

The year 1900 will ever be memorable in the history of China for the "Boxer" rising. Details of this great social and political upheaval may he found in preceding volumes of this Directory. The object of the rising, which was confined to the North, was the extermination of foreign native Christiaus and people known to be associated with foreigners. The Legation Quarter at Peking was besigned for two months by the Boxer rabble and the Imperial troops, the occupants being reduced to the verge of starvation. Troops were poured into China by all the European Powers, America and Japan, and it was not before 20,000 foreign troops had fought their way to the capital that the siege was raised. Over 250 Europeans were murdered during the rising, and it was estimated that over 10,000 natives perished, most of them being Christians or the kinsmen of Christians.

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In November, 1908, occurred the death of the Emperor Kwang Hsu, fol- lowed a day later by the death of the Empress Dowager Tzu Hsi. This was unexpected, and there was consequently much suspicion for a time regarding the cause of the dual demise. The public were soon satisfied, however, that the deaths were due to perfectly natural causes. Dying childless, the late Em- peror Kwang Hsu, acting in obedience to "the benign mandate" of the Empress Dowager Tzu Hsi, designated as he lay dying a son of Prince Ch'in, his brother, as his successor to the Throne. At the time of his accession the new sovereign was barely three years of age, and Prince Ch'un was appointed to act as Regent during the Sovereign's minority. The events of the past ten years had convinced Tzu Hsi, who had been the virtual ruler since 1895, that the salvation of the country lay in a complete reformation of the Gov- ernment. Accordingly, from being a reactionary of the worst type, she tutional government and tock steps to initiate the change. In her valedictory