Japan's foreign trade returns for the nine months ended September, compared with the same period last year, present an interesting array of increases and decreases. The figures show an "unfavourable" balance, and do not, as in the recent past, show that ' excess of exports that is commonly considered the surest index of g trade, says the Tokio correspondent of "The Times."
While a decade ago the national turnover in foreign trade was only a hundred millions sterling, the aggregate imports and exports for nine months this year were valued at nearly £200,000,000. An examination of the details shows some phenomenal developments—truly so for a country which began to buy and sell with other lands practically within the memory of living men, and whose people until quite recent times were ignorant, not to say contemptuous, of the methods of commerce.
Sitx v. Corron Exports.
The first point that now attracts notice in the trade returns is the coming battle for pride of place in the export list. Frou the very beginning, raw silk has been Japan's chief staple export commodity, in the production of which she leads the world, but cotton fabrics, thanks to the great war, have come to assume a dangerous position, and, with silk, are far in advance of any other goods Japan sends abroad. There is no question that within a few years cotton exports will far exceed those of silk, providing always the politician acts tintaics good international rela-wisdom and restraint, and
tions. We have only to consider tke vast equatorial market for cheap cottons lying at Japan's very door to appreciate the truth of Those who make a study of foreign trade tendencies have observed that in the last quarter of each year there is invariably a great excess of exports from Japan, while imports always predominate earlier in the year. During the war, it was noted, this tendency received a check, but it is hoped the old order will be restored in order to reduce considerably the import balance as it stood on September 30 last, of over Y.200,000,000.
Tue Boycorr 1x Cuina-
In addition to the general upset caused by the armistice, which to j many came as a calamity, and the arrival of an entirely new set of conditions that had not been foreseen, the'boycott in China, and further south, has hit Japan hard. The lesson will not lost on Japan, but for the current quarter she must inevitably suffer heavy loss, which will help to turn the last quarter's balance against her. One estimate says the effect of the boycott has been to reduce Japan's
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