Tls. 972,000,000 in Gustoms Returns, Against Tls. 755,000,000
"Foreign Supplies Essential to Fill Local Shortages Following are the more interesting extracts from the—voluminous Maritime Customs trade report for Shamghai for 1926:—Year by year it-grows increasing ly. difficult to reconcile Customs] statistics with the actual course of trade, Seldom have conditions been 40 generally unfavourable as during the 12 months under review, and yet the total value of Maritime Customs trade shows by far the largest increase that has ever been recorded in the course of its history. The nett value rose to 972° million, Haikwan taels, from 765 million la 1925, the previous largest advance in the whole history of Shangh doing 101 million taels in 1920. Unlike that year, which owed its success entirely to a vast import trade, the period under review shows increases for every heading; but a close scrutiny of the figures only reveals one more proof of the truism that statistics by themselves are an unreliable index. Other more hopeful signs of progress, however, ave to be found.
By the end of the third quarter, was generally known: that importation had been much heavier than in the previous year. The Customs collection for the first seven months was more than 6 million {eels larger than in the corresponding period of 1925, and the increase was almost entirely' dye to import duty. during the closing months of the year had little effect on the fin! Fesull. The total figures amounted to 6963 million taels, an advance of 164 million over 1925 and 113) million over 1924, The advance usual, It is said that exporters: have not been faced with such unfavourable conditions for many years, This state of affairs is not Tevealed by the Customs returns, chiefly because the actual quantities of cargo exported were much the same as formerly. In some cases, however, notably, in egg products, prices had risen to such a height that a considerable increase was recorded in the value although the quantity was less.
'A revival of business took place from the end of September, when the fall in exchange was sufficient [to offset the high cost of native produce. Even at its worst, the position of exporters was never so) precarious as that of the impor? firms, for the latter were not only. faced with the same difficulties of transport and taxation, "but were further handicapped by uncertainty, about the future and the constant: fear of their stocks in the interior [being looted. Moreover, the - low rate of exchange worked directly' Jagainst them instead of in_ their favour. The increase in the figures for native imports and. re-exports iwas largely due to the silk trade from Canton. Until the middle October, the boycott in the South' prevented Cantonese merchants; from making use of the usual route via Hongkong, and much silk was brought to Shanghai for disposal. Tea, raw cotton and cotton yarn were other articles which showed a Jconsiderable advance, but as the finer ease in imports and re-was about the same, the net value Jof the trade of the port was hardly, affected. was $0 general among all articles of commerce that only two of the main returns headings had small declines to record, but the increase was by no means evenly distributed, Cereals, raw cotton and woollen goods accounted for half of it between them, Rice and wheat were} the outstanding items, and were imported in large quantities owing to the failure of most native crops. The advance shown by woollen goods was due sin the main toa too optimistic view taken by dealers arly in the year, which eventually alted in disaster, The trade in raw cotton, alone of the three, gives any cause for satisfaction, but here again it is disappointing that, with all the advantages at her disposal, so small a share of the total raw material consumed is supplied by China. Large importations from abroad wore required to enable local mills} to keep active throughout the yea: Other items had Inrge increases to record, but still failed to reach the figures shown in 1924. In most cases, the promise of the opening months, combined with 'x fear that} an extra surtax would shortly be enforced, caused dealers to Jay in heavier stocks than the condition of the market would warrant. Many were unwary enough to ignore the: uncertainties of exchange," and xuifered severe loss from its sudden drop in the autumn. Experience of past occasions did not serve prevent speciation on a large ale, and it is to this more than to any other reason that the general increase portation must be attributed. Few branches of trade were able to report an increased volume of business during the year, factory profit on their transactions.
'A large advance in figures is. als
Text read from the printed page and cleaned; old type leaves the occasional error.