has earned golden opinions at Canton, a very arduous post at the best of times, but which has given him plenty of opportunities to show that! he is the right man in the right place. His report on the trade of Canton. last year is decidedly cheap at the value put upon it by the presentation of the same values in sterling gives a very different result, the tael having been worth 4s, 10d. in 1891 and 2s. 6d. in 1902; Tout too much must not be made of this, because, as Mr. Scott points out, "the fact remains that the volume of the trade as represented by the quantities involved, especially as regards exports to foreign countries, shows an extensive development: so that, however interesting the sterling returns may be from the standpoint of currency comparison, they do not in reality faithfully represent the growth of the trade, of which in Canton the largest portion is in foreign exports. In Canton, at any rate, the cheap dollar has considerably encouraged exports.
'A part of the improvement in 1902 over 1901 was due to thy general expansion of trade that continues normally year by year; a part to the great increase in the value of silk exported, which has been in the past greatly under-estimated; and the remainder to the transfer of trade from junks to steamers since the control of the Native Customs passed to the Foreign Customs with the consequent abolition of preferential duties on cargo shipped by junks. A still greater movement in this direction, Mr. Scott tells us, would ensue if the Hoppo were deprived of the large amount of control atill left to over the trade, both foreign and native, in native bottoms.
Mr. Scott then recapitulates the advantages given by the transit pose system, but: points cut that they are largely. neutralised by the impositions which the local officials put papen the goode when they reach their destination, and the opposition which
Text read from the printed page and cleaned; old type leaves the occasional error.