29th Mar. sac. R. E. Brepon, Commissioner Customs here, has kindly handed us an advance copy of his Shanghai Trade Report for the year 1892 which, with the statistics appended to it, makes up a pamphlet of 63 pages. In his first paragraph headed " Local," while allowing that Shanghai has never been in a sortier plight than at the end of 1892, he indicates that this is "entirely the direct and indirect result of speculations beyond China and outside the ordinary lines of China commerce.... As far as the outcome of the ordinary legitimate commerce of the port is concerned, neither the native nor the foreign business man has any reason to speak harshly of 1892. The value of the year's trade is represented by a somewhat smaller figure than that of 1891, but there is nothing in' it to indicate other than ordinary fluctuations due to no special influences and having no extraordinary significance." The former of the only two comparative tables to be found in the report shows what the diminution in the trade actually was in 1892 18 101, 1890, Uh, Ts, Hk. Ts, Hk, Te oral foreign imports Native produce im-
26 77,889,115 65, 48,199,079 47,374,027, Netva'usofthetrade, foreign and native imports leas origin c++ 62,994,795 65,975,038 92,483,472 tive exports of focat
As Mr. Bredon says, 1891 was a phenomenal year, as is shown also by the following extract from the comparative table of duties collected at Shanghai. We may note that the largest sum collected in any year pre~ vious to 1891 was 'I's. 6,169,784 in 1888
1892, 1891. 1890, Hk. Tis. Hk. Tis, Hk. Tis, Import duty (ex. opium) 2,942,615 3,140,957 2,660,119 Export duty (ex. opium) 1,197,440 1,241,234 829,993 Const. trade (ex. opium) 221,344 239,411 237,556 Opium duty 477,529 581,379 622,697 Tonnage dues 209,986 214.846 166,973 Transit dues 50,143 49,691 54,419 Opium likin 1,272,475 1,415,390 1,393,698
Total...6,971,532 6,832,898 5,864,855
The decline in 1892 was about 'T's. 460,000, of which nearly 'I's. 200,000 was due to the decrease in opium duty and likin.
In dealing with foreign imports Mr. Bredonnotes thereduction, amounting to nearly 30 per cent., in American cottons which he attributes to the large stocks with which the year commenced, the good home market and the rise in the price of raw cotton in the U.S. in the autumn. Indian and Japanese cottons showed a marked increase, and Indian yarn surat least Tls. 13 a picul higher. There was a diminished demand for kerosene oil, and for all metals. Mr. Bredon says nothing about woollens, or the sundries which now make so large a figure in the returns.
Coming to exports we learn that the black tea trade has not improved, though foreign merchants did fairly. well in Shanghai-bought teas. The green tea trade did fairly well all round, and a gradually increasing quantity goes to India, he silk trade has been extremely profitable to the producers and the native merchants, while "the foreign merchants have not done badly." In considering the influence of exchange on the trade, Mr. Bredon concludes "that, generally speaking, cheap silver buys about as much silk as dear." We are glad to see a notice of the development of the export trade in "sundries;" the things that used to be called " muck and truck," but which, thanks to the enterprise of the younger generation of commission agents referred to earlier in the report, and to the decline in exchange, now take so. prominent a position in the export table.
There is not much to notice in Mr. Bredon's remarks on the coast and transit trade. How are ruined by Cninese cheap labour" is shown by Chinese having taken 45,000 out of the 58,000 transit passes issued during the year. In shipping a slight increase is again recorded, and attention is drawn to the gradual increase in the average tonnage of the steamers entering the port. In 1882 it was 760 tons; in 1890, 930; in 1891, 981; and in 1892, 1,022. Turning to the tables to learn the proportion of British to all other tonnage entered and cleared, we find that it was as follows Steam. tons. Sail, tons, British 653. 71,805 3,653,384 Chinese. 1,517,976 89,089 All other flags 1,149,419 58,592
Total...... 6,320,779 219,496
How low freights have been we know well. As regards passenger trafic, Mr. Bredon mentions that though rates have fallen as low as $2 from Hankow to Shanghai, some 700 miles, the steamers' receipts have not fallen off materially, so many more people travelling. " There was an idea," he adds, " that those very low rates would make trouble on the river by rendering it more easy for thieves and other bad characters to travel. I have never had any such expectation, and those who have had it have been, I am glad to learn, disappointed." It is not easy to reconcile this altogether with the following paragraph from Mr, Bredon's report for 1891: "I need only say that a tariff of 25 cents to Ningpo, and $3 to $4 to Hankow and Tientsin, was sufficient inducement to many people to travel, whose remaining at home would have been much more desirable."
The export of gold to foreign countries recorded in the treasure table amounts to nearly Tls. 7,000,000 in value, the import, chiefly frou Chinese
The import of silver, less. than a "third being from foreign countries, was over Ts. 17,500,000, and the export, less than half being to Chinese ports, Tls. 14,200,000. Mr. Bredon tells us that Chinese generally believe that gold has reached its highest point, and have therefore been free sellers.. But in drawing deductions from this table, the warning Mr. Bredon gave two years ago must not be forgotten, that an immense amount of treasure is carried by natives and is imported and exported by junks, on their persons and in their b: e,
of which the Customs can take no cognisauce.
From various causes the deliveries of opium, which were steady in 1891, fell off again in 1892. ''his naturally means that the superseding of the Indian by the native drug is going on again. "'Those morally interested in opium may note that 15,000 odd ounces of morphia were imported during the year." We may add that almost the whole of this is employed in the composition of the anti-opium pills, which ¢he Chinese deludedly take in the hope of curing themselves of the opium habit, The convenience offered by the bonding system is being gradually more appre ciated, and it may before long become a practical grievance that this concession is not extended to the foreign-owned wharves. "The immense increase in the output of the Shanghai Cotton Cloth Conipany is worthy of note, but the concernisnot yetonadividend-payingbasis." Chinese management is the only reason for this. Mr. Bredon mentions the trouble the Woosung Bar has caused during the last six months, but gives no reasons, nor any hope that the Chinese will take any steps to prevent a similar condition occurring again. He is very sceptical as to the Meima having had anything to do with the practicable opening of the so-called Feima Channel, for, he tells us that channel has often deepened before in the same way in the winter; but he allows that it never became practicable before the sinking of the Feima. After mentioning the closing of the New Oriental Bank and the reconstruction, without loss to its clients, of the Chartered Mercanttle Bank, he winds up with the following resume of imports and exports Net foreign imports, market value.
Net imports Deduct duties paid at Shanghai Net imports, minus duty... 19,893,596 Deduct 7% for importers' profit, &e. 1,302,652
Imports, valueatmomentoflanding. 18,501,044
Original exports, market value. Add duty paid at Shanghai Rinay of mares Exports, plus dut ers' profit, &c. bagnhnce 43,166,583 rts, value at moment of ship-
Text read from the printed page and cleaned; old type leaves the occasional error.