By "Beuwwp tHe Scengs."
Never did a nation make a greater muddle of its splendid opportunities than the the war Japan's treaty with China speci-tied that they could do so. Hence the five mills now being erected at Shanghai. One of them will be controlled by Germans. The American Trading Company will control another, and British and Chinese capital the other three. The Chinese themselves have had for some time about 140,000 spindles in operation. The five new mills will increase the number to 350,000. Women and children are mostly employed, at a daily wage of 10 cents in silver, or between 5} and 6 cents in gold. The few men employed are paid but little more. The same. wages practically obtain in the Japan mills. It will be a long while before the Chinese can supply their own wants in cotton manufactures, The Japanese have some 800,000 spindles and are closely ai approaching the time when they will be able to supply their own wants, The Japanese are buying Indian cotton and mixing it with the American article. They used to buy Chinese cotton toa great extent, but grew impatient of Chinese prices and the habit of wettin the cotton to increase its weight. Japan is now competing successfully with America and Europe for China's trade in cotton manufactures, "Chinese cotton is the short staple article and American cotton is imported to mix with it, There are no looms to speak of in China, and it is only turning out course yarns. For this reason the manu. facturers will at the start only cut into the American trade in drills, sheetings, and cotton flannels. 'The trade in finer goods will not perceptibly be affected. By the end of this year, when the five new mills are completed, China will reduce 250,000 pules of yan annually. This is about' the quantity that has been imported for years rom India, and the first big effect of the awakening in this industry in China will be to cut heavily into the Indian trade."
Thus the Chronicle under the headings of New Growth for China. Great Progress since the Late War. Much Encouragement in the Building of Cotton Mills at Shanghai"
G. W. Nol, a prominent Shanghai merchant is at the Palace. Speaking of Chinese commercial affairs yesterday said: "There has been great business activity since the war, especially at Hong. kong and Shanghai. Under the new treat foreigners may import goods. As a result five great cotton mills are going up at Shanghai, under German, British and American supervision, They will probably make 250,000 bales of coarse cotton yarn a year, which is the amount now imported from India.
"Bank stocks have greatly appreciated since the war, in some cases jumping from 73 per cent to 183 per cent. Another encouraging sign is the building of railroads. The road from Peking to Hangchow and from there to Canton will no doubt be built. The Chinese were taught the value of roads by the late war."
Text read from the printed page and cleaned; old type leaves the occasional error.