The annual report of the Commissioner of Customs upon the trade reports, Mr. G. C. F, Holland, Acting Deputy missioner, drew up the report, which states that the growth of trade in recent years has been satisfactory, but quite incommensurate with the multiplication of firms. The smaller volume of business handled by each house represents! not only lower total profits in pro-Portion to that decreased volume, but also a smaller margin of profit consequent on the cutting of prices caused by keen competition.
The year 1913 was one of anxiety and deferred hopes. The outlook was scarcely promising; there was no recognized government and the large stocks of piece goods caused some anxiety, although this accumulation was the natural effect of the unrest consequent on the re volution. In the early part of the year the Chinese dealers agreed to the strict limitation of the usance of native bank orders, and this resulted in quicker turnover of cash by the native banks. The latter bad beea reduced from 132 more or less unsound and speculative institutions existing in 1910 to some eighteen, and these were considered safe by the foreign firma, who accepted their orders without hesitation, Another encouraging factor was the known scarcity of imports of all descriptions in the inland marts, especially in West China, where little, if any, trade had been transacted since the spring of 1911.
The Revolt and Trade.
By March the tone of the local market was good, a large business was being done and the high rate of exchange ruling kept prices steady and facilitated deliveries of old stocks, with " small margin of profit instead of the anticipated lasa But this satisfactory state of things did not last. The lack of interport banking facilities began to be severely felt, and the rumours of impending disturbances contributed further to check the spurt of the preceding months, became more and more gloomy until fighting began. An enormous a mount of silver then poured into the foreign banks for safe custody, much of this being transferred by de Positors in native banks A severe tightening of the money market was the inevitable consequence and financial conditions were most unsatisfactory. After the collapse' of the revolt there was renewed ity and by September a fair business was doing, but there was considerable financial stringency even at the close of the year.
The report states that locally much material progress was made. The number of building" erected in 1913 was the greatest since 1907, the new buildings being larger and loftier than formerly.
During the year a rule was made by the Customs that all invoices produced at the Customs must be certified correct by a responsible member of the importing firm. A further innovation was the opening of an Invoice Office where confidential invoices and contracts are scrutinized by tthe Customs in private office, A Record Revenue, The report continues: It appears somewhat anomalous that in a year commonly regarded os bad for business the total revenue should exceed that of the previous record year, 1906, by more than one and half million Hk, taels and that of 1912 by nearly three millions Hk. taels. With the single exception of coast trade duties, which very slightly declined, every heading showed an increase. The most import elution,. which advanced by portant improvements were in im-
nearly two millions, or over thirty per cent., and in transit dues, where the increase was almost thirty-three per cent. Tonnage dues showed a rise in sympathy with import duties, representing a gain of
Text read from the printed page and cleaned; old type leaves the occasional error.