Directory_and_Chronicle_1937 — Page 380

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CHINA

no agreement being arrival at, The Dalai Lama visited Peiping in 1921 and was received in audience by President Hsu Shih-chang.

FOREIGN TRADE IN 1935.

VALUE OF TRADE

The following table gives the value of the foreign trade of China for the years 1933, 1934 and 1935 as published in the Returns. Figures for the years prior to 1933 included Manchurian trade with abroad.

I-VALUE OF THE FOREIGN TRADE OF CHINA, 1933-35

Net Imports Exports

Total

1933 Million $

1934 Million $

1935 Million $

1,345

1,030

919

612

535

576

1,957

1,565

1,495

733

495

343

Excess of Imports

are not

The downward trend in the value of China's trade gives cause for some. anxiety, the total value of foreign trade showing a further decline of $70: million, or 4.5 per cent., as compared with the previous year's figures. The value of the import trade declined by a further $111 million, or 10.8 per cent.,¦ but there is a satisfactory increase of $41 million, or 7.7 per cent., in the value of the export trade. The adverse balance was further reduced, amounting to $343 million, or $152 million less than the previous year. Enough has been' written to show that the causes for this general decline in trade alone inherent in

in the Chinese situation. On the contrary, considering the many adverse outside

outside influences from which China has suffered, more unfavourable results might have been anticipated. Furthermore, in lamenting the decline in the

the decline in the value of China's foreign trade, it should not be overlooked that the value of world trade is relatively in no better state, being estimated for the year 1935 at 35 per cent. only of that for the year 1929 the last pre-depression. year in most countries, whereas the total value of China's foreign trade for 1935 still represents 55 per cent of the figure. recorded for 1929. On the whole, given stable exchange and some iniprovement in world conditions, it is not unreasonable to hope for some recovery in 1936. The table which follows illustrates the adverse balance of trade during the past 26 years.

i

VALUE OF THE FOREIGN TRADE OF CHINA LESS THE MANCHURIAN TRADE WITH ABROAD, 1910-35.

Adverse

Year

:

Imports. Exports. Balance of

Trade.

Year

Adverse Imports. Exports. Balance of

Trade.

Million $ Million $ Million $

Million $ Million

Million $.

1910....

1911.....

649 503-

146..

1923.

1,251 868

383

650

482

168

1924.

1,389 878

511

1912.

1913....... 1914....

......

1915. 1916..

644.

485

159

1925

1,242 876

366

788

523

265

1926.

1,473 934

539.

.780

449

331

1927.

1,298 980

318

619

546

73

1928..

1,530

1,047

483

. 1

678. 612

66

1929.

1,620

1,070

550

1917.

697

570

127

1930..

1,723

944

779

}

1918.

•

707

1.587

120

1931

2,002

915

1,087

1919.

1920.

785

739

46

1932.

1,524

569

955

997

614

383

1933.

1,345 612

733

1921.

1922.

1,233 1,284

698

535

1934.

1,030 7535

495

764

520

1935..

919 576

343

In determining China's adverse balance of out-payments in her trade account during recent years it is of interest to refer, as in last year's report,

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