Toports Our Retrosvect for 1871 must herr tivo phases, one of congratulation ase of imports, and one of ad not bec'. o! a more judi-tse hom> energy thereby
cious character. It was hoped that, through the opening of direct telegraphic communication with Europe, home shippers of Manchester goods might have been taught to be carefal as to accumulation of stocks on this side; just as China merchants were formerly lectured as to increasing stocks of, and partial absence of demand for, Tea in England. But China advices this season seem to have been utterly neglected, as the year has closed on Shanghai merchants, leaving them with a stock of goods never yet reached in the China trade, and witha demand which, in spite of rising prices at home, is quite problematical If there is any subject for congratulation, it is that the Transit dues quostion has been fairly settled, thanks to the exertions of an active Consul. Too much importance can hardly be attached to this fact, nor to the benefit which will, through it, accrue to the. importers of foreign manufactures, It may take time to get the machinery into working order, bat once: this done, the benefit to foreign trade. will be distinctly visible. The very fact of Chinese being able to send foreign goods into the interior under @ pass issued by their own Government, is a subject for congratulation, anda step in the right direction. Had we more vigorous Ministers at Pekin, the wedge might be still farther inserted, and permission obtained for small draft but roomy steamers to convey European goods up the great canals and second class vers, to the trade centres of new districts.
The floods which occurred during the summer at Tientsin have, by Chinese merchants, been stated as the cause of the slack demand for Piece Goods which existed in Shanghai during the autumn. There may be some trath in this, but we incline to the belief that the "flooding" was more of Maunfactnred Goods than of water, and thatthe extra presence of the latter element did not greatly influence the market.
The increased use'of the Suez Canal has been a prominent feature of the Import business of 1871, and even the oldest conservatives have come to recognise its advantages. Freights, thanks to good and wholesome competition, have been kept at a moderate standard; and merchants have, in many instances, been enabled to realise profits and quick returns, where, by sailing vessels, loss might have ensued. But, taken all round, it may be fairly doubted whether the underwriters have not been the chief gainers by the change in transit. Their " particular average claims" have been a mere bagatelle, their "total losses" almost nil; while, on the other hand, the unfortunate merchant has had to bear the brunt of.'
Text read from the printed page and cleaned; old type leaves the occasional error.