Directory_and_Chronicle_1937 — Page 774

Directories & Chronicles 香港指南 All

A394

CHUNGKING

being thrice as much as during the previous year. Of coastwise importations, cotton yarn and piece goods constituted more than 72 per cent., cotton yarn alone being valued at 26.4 million dollars, whereas, native cotton piece goods totalled in value 7.5 million dollars.) There were, besides, considerable importations of duty-paid foreign cotton piece goods. Cigarettes doubled in value as compared with 1934. These larger figures are primarily due to the province of Szechwan having been brought within the Consolidated Tax Area. In regard to staple native exports, only wood oil and sugar showed any improvement. The former enjoyed an exceptionally favourable market with greatly enhanced prices. The export of the latter advanced quantitatively about 58 per cent,, mainly due to abundant crops of sugar cane harvested during the up-bound steamers was much in demand, and freight rates rose. Prior to the revival in the shipping trade the Yangtze Rapid Steamship Company went into liquidation, and sold their ships to the, Ming Sung Industrial Company and Messi's. Butterfield & Swire. Trade prospects: were made brighter by further work on the improvement of the Upper Yangtzer River and by the construction of five interprovincial motor roads with Chung- king and Chengtu as centres leading to Kweichow, Changsha, Hankow, Sian and Lanchow The first road has been completed, while work on the remaining four is well advanced. Daily air services were maintained with Changtu and Shanghai. Exchange rates, which opened at Szechwan $1,700 for Shanghai $1,000, fell continuously, closing at Szechwan $1,050 for Shanghai $1,000. which was reduced owing to lack of confidence in the market wood oil, the yield of which was reduced owing to the harmful effect of the long drought; sugar, owing partly to reduced yield and partly to competition from the South China product; and salt, owing to the loss (in favour of supplies from other sources) of its usual market in Hupeh province. Exchange rates in Shanghai, of which mention has been made, opened at Szechwan $1,156 for Shanghai $1,000 rose to Szechwan $1,370 early in Sept- ember, reached a highest point of $1,640 on 1st. November, and closed at $1,420. There was an increase in the number and tonnage of vessels entering and clearing at Chungking, due to an increase in the traffic with Wanhsien for military purposes, Otherwise, the shipping trade had a poor year, freight rates were reduced to an unprofitable level owing to competition for the lesser quantities of cargo available.

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In the case of general cargo, for instance, the rates from Shanghai to Chungking fell from $100 per ton to $40, $3, and $20 in rapid succession. Owing to these drastic reductions, two shipping companies withdrew their vessels altogether from the Upper Yangtze run.

A new and very successful venture in the shipping field was seen in the extension of the Chungking-Kiating service to Chengtu under Inland Waters Steam Navigation Regulations. Some very important undertakings in connexion with the development of the province are now under consideration. One of these concerns the construction of a large cement works on the Kialing River; another concerns a project for a railway line between Chungking and Chengtu; and a third proposal includes in its purview the linking-up of this isolated province of Szechwan and Hupeh in the east, Shensi in the north, and Kweichow in the south by three lines of motor highway centring on the Chungking.

Directory_and_Chronicle_1937 — Page 774

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