For British firms carrying on business in China, the political development of the past year have had, I need hardly remark a very usual significance. We have been accustomed in the past to view Chinese politics from, I will not say a detached, but at least unimpassioned standpoint. The leven course pursued by foreign trade in, the midst of civil: wars, and political upheavals had become a familiar phenomenon, and even though the progressive ruin of the railways, and disorder of the Pro-[vinces, presented 2 growing menace, consolation could till recently be. found in the annual trade returns, which showed little signs of shrine age.
To-day the position is very differ-lent.
The domestic affairs and for-relations of China have become Jo matter of prime concern for the British merchant, as for all other elements of the foreign community in the country. It is clear to all that at present British interests Jdepend pre-eminently on further Jdevelopments in China's internal and foreign politics which stand at a most critical juncture. In the former sphere we are witnessing the most complete political cleavage, and the most extensive armed cot flict that China has known since the Revolution; in the latter, we are faced an anti-British movement, actively fomented from. Jquarters which are clearly intent Jon damaging our national interests in every possible way, and to the greatest possible extent, subject of the Chinese Government's finances, and" the payment of their foreign obligations, it is a pleasure to be able to note a fresh record in the Customs Revenue collection for 1926 which amounts to 78 million Haikwan Taels, This represents fan increase of 8 million Taels over, ithe 1925 revenue, nearly 6 million of which is, however, absorbed by. the enhanced cost of meeting the foreign gold obligations secured fon the Customs, due to the drop: in the exchange value of silver. Even with the heavy clouds ove hanging the political horizon and the peculiar trials under which British commerce is labouring, we may derive some comfort from the' apparently: irrepressible growth of China's foreign trade, as evidenced by the steady increase in Customs collections, which have actually doubled during the last eight years. This is perhaps a suitable occasion to pay a special tribute to the courage, energy, impartiality and, if I may say so, eminent efficiency displayed by the extremely capable staff of the Chinese Maritime Customs in times of great difficulty, and stress.
Text read from the printed page and cleaned; old type leaves the occasional error.