'The Customs revenue of Shanghai, excluding famine relief surtax, increased by Hk. Tls. 6,682,443 over 1035, an advance of ik: Te. 6158 wer the previous record col-Tection, 'The: yeaty indeed, maybe said to have broken all' previous records, for not only vas this increase the largest ever made in the history of Shanghai, but the revenue, with its Hk. Tls. 32,700,000, took a larger percentage of the total collection for China. Shanghai's share has risen considerably since the beginning of the century, when was about 31 percent. Prom 1920 onwards, it has kept an average of 37.6 per-cent., but this year it amounted to no less than 40.2 per cent. Converting the total re-[venue into sterling at the Customs but, though Shahg"{monthly exchange rates makes the increase comparatively insignificant ~-#5,235,000, as against $5,055,000 fin 1924." This is due to the decline fu-value of silver, the average rates for the two years-being 6.32 and 1545; respectively. The sudden fal in exchange during the closing months of 1926, however, had little effect on the revenue.. The colleen tions for November and December, when the Customs rates of exchange were at their highest, were smalller than for any other month except The success of the year was due to brisk import trade during the earlier months, and by the end of July the gain in revenue had alread; amounted to Hk, Tls, 6,300,000 over the corresponding period of 19% the total increase for the yel five-sixths were contributed by port duty, and larger importation were general among the articles of commerce.
Shipping's Recovery Shanghai's shipping recovered from its set-back of the previous year and established a new record, both in the tonnage and number of vessels entered and cleared. The period, however, was not perhaps 80 successful as the figures would [seem to indicate. Although Shanghai was happily spared any re. petition of the grave labour trouble which had embarrassed shipping during 1925, fighting and political jsturbances throughout the country feaused more hindrance than in previous years. The important trade centres of Tientsin and Ha Jkow were partially closed at one time or another by warfare, while the southern ports never" fully recovered from the peculiar position that had already existed there for six months at the opening of the year, Furthermore, throughout the period the dislocated communications of the interior continued to prevent large quantities of produce from reaching the seaboard. Export cargo in consequence was seldom sufficient for the number of offering. Matters improved tower the end of September, when the fall in exchange gave exporters some much-needed assistance, but the Mott satisfactory business of the year was due to foreign goods, }which were imported in unusual quantities, more perhaps than the prevailing conditions would sect to warrant, Of the more concrete kind >t, ficulties with which shipping was beset, piracy was the most serious, This menace thas deen steadily growing for some years, but during past 12 months it reached pitch quite unprecedented in Chincee Waters. Apart from attacks. on junks and launches, that have often been reported in the neighbourhood, fewer than five Shanghai coastal steamers on a regular service were pivoted, and in only one instance—the now famous one of the ste.
Sunning—was the attempt not completely successful, On turning to the statistics for the year, there is much of interest to be found, The total figures. 88,328,420 tons—show an advance of 8,088,574 tons over the previous year, or a million more than in 1924, and place Shanghai in the of the first six or seven principal ports of the world, Of this increase, the British flag contributes the largest share, with a rise of 1,650,- '000 tone, though even this figure is not sufficient to recover the loss it] sustained in 1925. The difference that is still outstanding, some '800,000, tons, when compared with 1924, is due to decreased cos: shipping. The Chinese flag. experienced a drop of 172,000 tons in {ts total figures for coast shipping and the still more serious one of year. This was entirely due to civil warfare in the Yangtze Valley early. jin September; commandeer that Chinese ste Tun as far as Kiukiang, and later were forced to close down their Yangtze service. The China Merchants Steam Navigation Ca, had 13 out of 31 steamers com; including seven of their rive ind eventually, on December 5, in view of the heavy losses they were incurring, decided to suspend bu ness altogether. No more of their vessels sailed during the rest of the year.
The history of Japan's shipping lis one of steady increase.
Her total! tonnage has. advanced each year, (with the: exception of a small setback during the months following the earthquake), from 6.15 million tons in 1920. to 9.88 tons for the year under review. This is almost entirely due to her ocean shipping engaged in foreign trade, the actual figures in millions of tons for. the five years being:—1022, 4.37 tons 1923, 4.87 tons; 1924,.6.18 - ton 1825, 6.73 tons; 1926, *6.44 ton whereas the difference between the combined "tonnage for Japanese coast and river shipping in 1926 and 1922 does not amount to 300,000 tens. A very adequate proof is thus provided, not only that Japan's ever-increasing flow of trade with China is being carried by vessels Jot her own flag, but also that her inbing is offering stern competition for the trade of other couatries, Comparing the figures for 10% and 1926, it is seen that countries th smaller shipping interests are dually taking a larger share, No fewer' than four flags, namely the Dutch, French, German and Norwegian, with less than 200} in 1020, hat of _more that £600,000 tons since tht time, Piece Goods Slums In a summary of particular trad the report states that the, year'
Jappointment to all those concerned in it, the more so as the opening months had almost encouraged optimism. Little sign of improvement was to be seer before the clare of 1925, Continued fighting in the North had put an end to trade in that quarter, and there was no life in the Yangtze and Szechuan markets. With the beginning of new year there appeared a change for the Letter, but, unfortunately, the promise was only partially fol:
The Customs statistics for the total importations of cotton piece goods show an increase of 184 million Haikwan taels over 1925, but 4 decrease of Hk, Tls. 1,800,000 when compared with the figures for 4924, Most classes of piece goods made good the heavy. loss they sustained in 1925. English white shirtings, however, still have a groat deal of ground to recover, in spite of an advance of Hk. Tis, 667,000" during the year under review, the total value of importations amount ing ely to Mk..Ms. 18,118,000, against Hk, Tis,—19)069,000 before, Tie heavier ineteases ite to be seen under white, dyed ud printed sat teen drills, which together total more than 34 million Venetians, cambrics, warp-fryed saiteensy hoi nate? hose woods not recorded under any special heeding all have considerable rises to record.
Most. people are well aware of the steady growth of Japanese trade, but it may not be so generally known how rapid this advance has been. The special advantages which Sepanese manufacturers and_merchants enjoy are obvious. Chempness of labour, proximity to Chinn, jand greater intimacy with the customs of the people with whom they deal are all factors which enable them to offer very formidable competition. To these natural advantages must be added comparative freedom from the grave industrial unrost- which hampered their main rival during they under review. Japan was thus able to benefit to the full from the low cost of raw cotton. But there are other' reasons as well to account for their success. Not least of these is the painstaking energy shown by Japanese manufacturers in ad-their products to the need of the consumers. While they eontinue to improve the quality of thei foods, fresh channels are constantly explored, and kinds of cloth, which a few years ago they would not have attempted to make, are now offered on the market at very re senable prices. Japanese piece goods do not appear at the auction: The method of the merchants is to without dealers and middlemen possible and to make The most noticeable increase was in printed piece goods, which were nearly double the previous year's figures—Hk. Tis, 9,788,000, as against Hk. Ts, 5,052, 000, Japan's share of the total importations of this class of goods rose from 62 per cent, in 1925 to more than 80 per cent. The most pro-finment items were printed sateen drills, with an iner Ts.
Text read from the printed page and cleaned; old type leaves the occasional error.