I will refer later on to political conditions in China. It is gratifying that the collections of the Mari. time Customs have exceeded all records in spite of the very serious obstacles to trade which were in evidence last year. In Hongkong our industries are prospering—land values have risen to undreamt-of heights owing to the steady influx of Chinese from the neighbouring provinces and to a situation to which I shall presently refer. Unfortunately brigandage and piracy continue to prevail in the neigh.
uring provinces of Kiwangtung and Kwangsi, hampering the free movement of imports and exports, External trade is suffering greatly in consequence, Business in the North, though greatly hampered by unsettled conditions in the great Northern provinces, was not altogether with. out encouraging features. There was a fair demand in the markets of the world for China's varied products and the situation of imports
Text read from the printed page and cleaned; old type leaves the occasional error.