Directory_and_Chronicle_1938 — Page 519

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progress as a supplier, double her shipments, supplying during the year 559,255 litres of kerosene oil, 354,866 litres of lubricating oil, and 177 metric tons of liquid fuel. Partly due to the currency reforin, as mentioned above, which tended to make Chinese produce cheaper in the world market, and partly due to the economic sanctions applied by the world League of Nations against Italy, which has long been a powerful competitor of Chefoo's hand work articles drawn-thread work, cross stitch work, em A broideries, lace and trimmings were in conspicuous demand, and exports during the year amounted to $2,619,543, which proved to be the highest figure on record, Con trary to the general anticipation that trade in hair-nets would fall off, this speciality of Chefoo improved, and 709,744 gross were exported. While trade with Germany in this article declined owing to financial conditions, demand in England, the United States of America, and France revived Silk pongees continued to do well, and 160,490 kilogrammes left, the port, mainly for Hong Kong, Great Britain, and various British Colonies, Fresh fruits, however, declined, which was accounted for by the fact that Dairen and Manchuria were no longer an open market for Chefoo's A perishable produce. With an excellent crop at home and a firm demand in the world market, the groundnut trade experienced another prosperous year in 1936. Prices locally and abroad were so favourable that both farmers and dealers found them- A selves profitably remunerated. Handpicked groundnuts were quoted in June at $17 per quintals, which is perhaps the highest price on record, market prices were brought down a little by the new crop towards the end of September, but an upward trend was soon noticeable, with a record quotation of $16 per quintal at the close of the year of other staples, mention may be made of hog casings, fishery products, and vermicelli, exports of which were also brisk during the year? A comparatively poor U harvest in the Shantung wheat-producing districts, coupled witli rumours of a food shortage during October and November and a fear of another ice blockade, caused a near panic in the cereals market, which was eased by large importations of Anhui vice and Manchuria wheat. Shipping companies reported, a successful year, as the?) demand for space was uniformly good. A decrease in the number of vessels belonging to non-Conference companies permitted an increase of 40 per cent in coastwise freight rates. Thus the shipping companies were able to indemnify them- selves to a certain extent for the heavy losses suffered during the unprecedented: ice # conditions which prevailed here and at other northern parts earlier in the year, and which disorganised; shipping in, Chefoo Harbour for 36 days. Passenger traffic was heavier than during 1935 despite the restriction placed on the iniigration of Chinese into the so-called state of "Manchukuo." On tho 30th September the work of the Chefoo Silk Improvement Commission, which had been previously curtailed, was completely stopped, and all divisions of the Commission were closed down. This was due to lack of funds a condition resulting from the cessation of the voluntary tax, which # exporters had previously paid in lieu of Customs duties on shipments of silk destined for foreig markets., During December the formation of a new Commission to súp- plant the old was authorised by the Government, and the Sericulture and Filature Improvement Commission of the National Economic Council and the Shantung Provincial Government were committed to the supply of the necessary funds. The new Commission is to be known as the Chefoo Sericulture and Filature Improve ment Commission, and is to consist of three members-the Superintendent of Cus- toms, a representative of the Silk.Commission of the National Economic Council, and the Commissioner of Reconstruction Bureau of the Provincial Government. The new organization will take over the work and the properties of the old Commission, Improvements to Chefoo Harbour, as planned for some time past, were started during the montli of October, when the newly purchased diedger was delivered to the Chefoo Harbour Improvement, Commission, When the work is finished in an estimated time of approximately two years a large section of the harbour will have been deepened to 20 feet, thus creating additional berths for coastwise ships, permitting ocean vessels to manoeuvre with greater ease, and enlarging the Junk Anchorage.

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