The outlook for Shanghai from a commercial point of view was not a very hopeful one at the beginning of last year. The political horizon was too clouded to allow of any but the most pessimistic anticipations in regard to trade prospects in the immediate future. Among other causes which were instrumental in bringing about this undesirable state of things may be mentioned the disruption of all credit and banking facilities in the north, the uncertainty as to the cessation of hostilities, and the doubts in regard to the intentions of the Court to return to Peking or not. It must be borne in mind also that the increase in duty levies; the floods, pestilence, and destitution in the Yangtze Valley, together with wild rumours intended to "bear" markets, might all have reasonably been expected to militate against any very encouraging results in connection with the trade and industries of this great commercial centre; and yet in spite of all these hindrances, we learn from the Shanghai Trade Report for the year 1901 by Mr. H. i Hobson,' the Commissioner of Customs, that the season proved a financially successful one for most branches of commerce, and no failures of any moment occurred in either foreign or native mercantile circles. No doubt, too, the news later on that the Imperial Court had actually started on its return to Peking helped to bring an eventful year to a satisfactory conclusion, The total value of the trade during the year was only Hk. Tls. 6,178,943 net less than that of the record year 1999, the figures being respectively, Hk. Tls. 124,604,719 net for 1899 and Hk. Tls. 118,425,776 net for 1901. These latter figures show again of 20 per cent in net value over those of 1900 and 90 per cent net over those of the first year of the decade. This result, taking all things intoconsideration, cannot we think be looked upon as a very unsatisfactory one, exceeding as if probably does the expectations of those who were the
Text read from the printed page and cleaned; old type leaves the occasional error.