Owing to over-production of, petroleum throughout the world, prices gradually became more unremunerative during the year and the position lit Hupeh was made somewhat difficult for the older-established distributing organizations by ode cargoes of Russian kerosene being spasmodically "dumped" at uneconoical prices on the various markets through a Chinese distributing organization, the Kwang Hwa Petro-Teum Company. This company purchased a site for installation purposes near to the Asiatic Petroleum Company's. Installation In Hankow and Began to develop it early in the year. seven tanks for the storage of lous petroleum products now been completed and a tin-factory and godowns being still in the course fof erection. Owing presumably to the high value of the US. gold dollar, the two American Compantes preferred to restrict their sales of Kerosene considerably for several months during the year rather than continue to lose money by selling at the low silver dollar prices pre-valling. Market prices remained for most of the year in a chaotic condition: many Chinese speculators who dabbled in Kerosene "burnt their Angers" by it, Towards the end of the year however local prices, sympathy with the world upward price movement and also as a result of financial diMculties incurred by those dealing in Russian oil, hardened a little and trading condi-tons became rather more normal as the business returned to a less remunerative basis. The total offtake of Kerosene in Hupeh province during the year shewed an increase of about 47 per cent over that for 1932, owing to the extremely cheap prices and also owing to the more peaceful and improved political con-Gitions in Hupeh.
Text read from the printed page and cleaned; old type leaves the occasional error.