It has already been seen that the Jexport of locally—manufactured: goods, particularly cotton yarn, was far greater than in the previous year. The good results shown by Shanghai industrial concerns' were the most encouraging feature of the whole period. Cotton and floor mills and silk filatores were the most muccesefal, the two former enjoying Drisk trade with other! ports: in China and the latter with foreign countries. Ail these enterprises, however, were fortunate having certain: unusual favourable circumstances, without which @heir year's working" would have been very different. Even as it was, the net profits were by no: eans pro-Hportionate to the increase in output. Cotton mills, as has already been remarked, benefited from the general shortage of supplies during the previous plentiful stocks of raw material enabled them to enjoy the inerensed slemand while it lasted, and the earlier months were accordingly very successful, but towards the end of the year immediate requirements of up-country markets were satisfied, and buyers were not! Jattracted even by the abnormally low level of prices which was offer allure of crops in many parts lof the country and the general high cost of rice proved very advantageous to flour mills. Demand was particularly strong from the North, where great difficulty was experienced in obtaining sufficient supplies 6f wheat. Silk features owed their success entirely to the fall in exchange. The opening months of] the year were not very promising. and it was not until Septembar, when the sudden drop in silver! Dogan, that Inrge orders were! received from abroad. Results exports of local origin increased by 87 million taels over the previous year, two-thirds being contributed by. shipments, of local to"other ports in Chit yarn was by far the most Drominent tom, and the success this industrial trouble and con sequent reduced output of 192 Exports of cigarettes and flour to titer ports also recorded a large increase. Of the trade with foreign countries, silk was the only article to show any considerable measure of success. In neatly every other class of goods, difficulties of traneportation and constant irregular {taxation made the cost of obtaining supplies $0 excessive that merchants were often. unable to full. thei the year's working would have been far better for all industrial enter-if it had not been for one grave difficulty with which they had to contend. This was the growing, prevalence of strikes. Workers Sometimes seemed disposed to listen to agitators and declare strikes over questions that could probably have Deen settled by arbitration. In some eases, indeed, they actually stopped work before any demands had been made; but, on the other hand, many, real hardships had to be faced by the average labourer during the year, chief of witch were the high ecet of rice and depreciated copper Unlike the two previous years, Shanghai during 1926 did not suffer from warfare in her immediate contracts without loss. At the same time, competition from other countries was Keener even than neighbourhood. The period, indeed, may be regarded as one of unusuni quiet, which stands out in welcome!
Text read from the printed page and cleaned; old type leaves the occasional error.