Directory_and_Chronicle_1940 — Page 785

AMOY

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A403

to the suspension of bus traffic, while the enforced inactivity of Chinese-owned motor and power vessels, especially since May, accounted for a decrease in imports of liquid fuel, the same applying to the drop in lubricating oil. Imports of kerosene oil, on the other hand, were well sustained at 5.3 million litres owing to the absence of smuggling. A marked drop in the import of molasses from 19,016, to 907 quintals was an indication of the depression in the local samshu and soy industries. Sugar imports also declined in quantity from 26,932 to 3,368 quintals due to high exchange and the competition of the native product. During the greater part of the year the Yee Tsoong Tobacco Distributors, Limited, and the Nanyang Brothers Tobacco Company continued to import cigarettes manufactured and tax-paid in Hongkong, im- portations from Hongkong being valued at $192,000 as compared with $27,000 during 1937. Cigarette paper declined in valued from $93,400 to $1,200, with, the import of common printing paper, mainly from Germany, Norway, Canada, Sweden and Japan, declining also in value from $154,000 to $113,000. Cotton piece-goods, woollen goods and yarn all suffered, with the importation of artificial piece-goods, mainly of Japanese origin, falling to negligible quantities. Metals and minerals, electrical meterials and fittings likewise declined, with salt herrings, mostly of American provenance, declining in quantity from 10,045 to 4,712 quintals.

4,712 quintals. Heavy importations of foreign rice were due to domestic restrictions, the quantity imported during the year being 72,363 quintals as against 21 quintals only. Wheat flour im- ports similarly increased from 6,917 to 31,553 quintals. Under coastwise imports there were marked declines under all important headings: yellow beans from 68,712 to 30,561 quintals; wheat flour from 136,264 to 60,012 quintals; rice from 64,959 to 25,106 quintals; beancake from 177,124 to 17,596 quintals; groundnut oil from 18,405 to 10,670 quintals; and cigarettes from 10,513 to 4,706 quintals, this last item being affected by importations from Hongkong.

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Exports to foreign countries declined in value by 30 per cent as compared with the previous year. Decreases were noticeable in all the principal items excepting oranges and fresh fruits. Crops in the interior were excellent, oranges showing an increase of 22,689 quintals or more than 180 per cent, while other fresh fruits also advanced from 3,462 to 8,176 quintals. Black and green tea fell from a value of $657,000 to $388,000, due partly to the existing situation and partly to exchange restrictions in force on shipments abroad. Paper under all categories declined, the chief item, joss paper, falling in value from $1,533,000 to $1,074,000. Exports to Hongkong were generally disappointing, but movements of cargo to Manila and other South Sea ports were fairly satisfactory, fresh fruits being of main interest to shippers. Under exports coastwise, sugar rose from 31,736 to 115,348 quintals, mostly for Shanghai and Wenchow; fresh oranges from 37,222 to 49,429 quintals; and dried lichees from 2,959 to 6,643 quintals,

During the early part of the year the currency situation remained unaltered, only bank-notes issued by the four Government banks being current on the market. Following the local hostilities, surplus stocks of bank-notes were either destroyed or shipped to Hongkong, resulting in some monetary stringency until reimportations of Chinese notes were made by foreign banks to remedy the situation. After May Japanese yen notes made their appearance and have since been made a medium of exchange on the Amoy side, Chinese merchants, however, generally preferring their own currency. The exchange rate between the standard dollar and the Hongkong dollar remained steady throughout January and February. Thereafter the exchange dropped con- tinuously, reaching St. $192-Hongkong $100 in October, with the lowest rate in December being St. $1981 – Hongkong $100.