As regards the imports of foreign goods, the year may be said to have been very satisfactory as re gards the volume of merchandise. This did not, unfortunately, indicate prosperity, and from the point of view of results realized 1920 was a disappointing year. The fear—or hope—of a collapse in prices abroad had exercised a salutary effect on the import trade since the end of the war, but contrary to expectations prices in Europe and America had continued to advance. Importers and dealers, encouraged by a favourable and improving exchange had regained confidence, and a very heavy order business was done up to about China New Year, 1920. The apparently easy and enormous profits in sight had attracted to the mar. ket numbers of new importers and dealers, with little capital and less experience but rich in hopefulness and determination to share the prospective profit, The report then details the misfortunes and their causes which resulted from the spring onwards, and says that the year closed with the market overstocked in fhost lines, with business at a standstill,
Text read from the printed page and cleaned; old type leaves the occasional error.