Directory_and_Chronicle_1939 — Page 535

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SHANGHAI

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$510.8 million as compared with $555.2 million; coastwise importations of Chinese merchandise, $436.5 million as against $436 million; direct exports to foreign countries, $404.7 million as compared with $362.3 million; and coastwise exportations of Chinese produce, $434.5 million as against $462.7 million. Shanghai's share in the net total foreign import trade of the country declined from 58.74 per cent in 1936 to 53.37 per cent in the year under review, with the percentage of exports declining also from 51.21 to 48.24 per cent. The net value of Shanghai's foreign imports was $508.8 million as compared with $553.1 million in 1936, a decrease of $44.3 million, or 8 per cent, while the net value of exports to foreign countries was $404.4 million as against $361.4 million, an increase of $43 million, or 11.89 per cent. The total net value of Shanghai's foreign trade was therefore $913.2 million as compared with $914.5 million, or a decrease of 0.14 per cent. The excess of net foreign imports over net foreign exports, which stood at $191,694,281 in 1936, was reduced in 1937 to $104,448,714. During the year Shanghai continued to show the usual import surplus until September, when exports began to exceed imports. For six months in succession, i.e., from February to July, the total value of the foreign trade of Shanghai exceeded $100 million. July was the record month, with imports valued at $77.6 million and exports at $52.9 million, or a total trade value of $130.5 million. In October imports had fallen to $8.6 million and exports to $14.2 million, or a total of $22.8 million. In December there was a slight improvement, imports being valued at $13.8 million and exports at $18.5 million, or a total value of $32.3 million.

Under foreign imports showing increases, the more important groupings were metals and ores, with a gain of $25 million; wool and manufactures thereof, with an increase of $6 million; grey cotton piece goods, and books, paper, etc., with increases each of some $4 million; and silk and manufactures thereof, with an increase of $2 million. Those imports of which the value declined included raw cotton, yarn, and thread, with a loss of $19 million; miscellaneous metal manufactures and dyes, with losses respectively of $8 million and $7 million; and the three groups-cereals and flour; candles, soap, oils, etc., and timber, each with losses of some $3 million. The net increase of $43 million in the value. of foreign exports as compared with 1936 was due to an increase of $18 million under the heading of ores, metals, and metallic products; while oil, tallow, and wax, and animals and animal products showed increases each of over $10 million. Textile fibres advanced by $7.5 million; hides, leather, and skins, by $4.5 million; and sundries, by $3 million, respectively. Decreases occurred in Shanghai's foreign exports as follows: cereals and cereal products, over $5 million; yarn, thread, plaited and knitted goods, over $4 million; seeds, over $3 million; piece goods, over $2 million; and tea, over $1 million.

As a result of the various currency reforms and the various emergency measures adopted by the Government upon the outbreak of hostilities, the stability of the currency was maintained throughout the year. Commodity prices continued to improve, the wholesale price index for Shanghai rising steadily from 118.8 in December 1936 to 126.1 in June 1937, but declining to 125.8 for July, the last month for which figures are available. Though for Shanghai the year ended in disaster, the prosperity enjoyed in its early months afforded ample evidence of the stimulus given to trade by political unity, financial stability, and improved purchasing power.

Comparison with the statistics for 1936 shows an all-round decline of 30 per cent in overseas, coastal, and inland shipping. Vessels entered from, and cleared for, abroad under General Regulations totalled 2,410 in number and 11,319,386 in tonnage as against 3,424 vessels, representing 16,207,205 tons, in 1936. British-flag vessels continued to lead with a total of 3 tons, followed by Japanese-flag vessels with 2.7 million tons and American-flag vessels with 1.3 million tons. Vessels under the French flag totalled 938,451 tons and under the German flag 835,435 tons. Vessels entering from, and clearing for, Chinese open ports under General Regulations numbered 9,596, with a total tonnage of 10,991,057, as against 13,057 vessels, wit a tonnage of 15,603,054, in 1936. British- flag vessels again took the lead with a total of 4.25 million tons, followed by 3.5