The setback in Customs at. Shanghai has been more than counterbalanced by the increase of Tls. 1,636,000 at Tientsin and Chinwangtao. After a period of steady, but not very striking growth, this Jarge increase is particularly noticeable. Tientsin is very favourably situated: It receives a good deal of the Shantung trade that would probably, in a more industrial country, find Tsingtao to be natural port.—In Tientsin itself business houses and manufacturing concerns have been opening up freely; the fact that four new bank buildings of generous proportions are now in course of cone struction, is significant, In addition, the trade with Peking and the country beyond, right into the heart of Mongolia, has increased, and is likely to increase further og railway construction is continued, until Kalgan is connected with the Trans-Siberian Railway, when a totally different situation may arise in Tientsin, It is unfortunate that there are no reliable statistics upon which an estimate of the interior trade of China and its variations can be based, but there are certain points upon which more or less definite information is available.
One of China's most crying needs is an improvement in communications, which would seem to be essential if political unity is to be achieved in the future. Recently the chief railways of China have become the playthings of successive military chiefs, and instead of serving" the country as they would were they more complete, have run near to being its greatest curse. 'The year has seen practically no extension of lines, while existing lines have been allowed in many places to reach a dangerous state of disrepair, and rolling stock has suffered very exceptional depreciation. The railways of China' should be extremely. profitable, but 1925 will prove to be an unfortunate year. The figures for the year are not yet complete, but in previous times when traffic has been suspended on account of "wars," the operating revenue has shown a heavy drop. In October and November, 1924, for instance, the revenue was but half that for the corresponding period in 1923. In January, 1925, there was a decrease of $4,250,000 compared with January, 1924. The apa of tref during last autumn 23-24
1924-25
2 a ao",
Text read from the printed page and cleaned; old type leaves the occasional error.