It is perhaps rather too soon to attempt to measure the results of this recent Congress. From the fact that the real object of the President, Dr. Pirelli, in inviting China tothe Conference was not achieved, it might be argued that no useful purpose was served. To my mind, however; the Congress achieved three very useful objects Which may be summarized as fol-
In the first piaes the com meetings and discussions, at which representatives of every nation were present, served to educate the delegates and bring forward every possible point of view.
Secondly, the fact that the Chinese have decided to form u National taxation combining to shorten stocks and raise prices in general to an unattractive level. Despite these drawbacks, good business was done in certain' commodities.
'The position in Hankow, however, was very different. The' recovery here was slow, but, says the report, even the most confirmed optimist. could hardly have expected a sudden return to the nounal after such events as occurred in Hankow in 1927; mer did any such miracle occur. But those who, during the closing months of that year, discern-of the tide and prophesied days to come were abund-justified by the reaction of Better years have been known; but so good a year, following on such dislocation of trade and finance as marked its predecessor, was quite beyond expectation. In the best of years the revenue of the pert has only slightly exceeded 53 million Maikuan taels. In 1927 it fell to less than three millions, and in 1928 it stood at 5.1 millions, while the value of trade amounted million taels, as contrasted 7 million taels in 1927. Last year, in briefly reviewing the trade of Hankow, it was considered a matter for surprise that a business was done, 4 A Surprising Improvement Committee of the International Chamber of Commerce is extremely important since this means that in fature China will be' able to participate in the work of the Chamber, and that China will now fall under the scope of the Chamber's acti ties.
Thirdly, as a result of the discussions in Amsterdam, several of the European nations who had not much direct commercial or financial interest in the affairs of China were better able to appreciate the views put forward by such countries as the US.A. and Great Britain, European countries, for instance, who had conceded certain of their former rights in China were made see that theft position at the present moment might not be the same if they were suable to utilize the rights still maintained by their European neighbours.
The Congress was certainly a great step forward in the history international commerce, and the results of this pioneer work—will undoubtedly be shown in "future years.
This year it is again a matter of surprise that so much business was. done, and the observer is once more left in admiration of that unconquerable optimist, the China merchant. Normaley has not yet been attained, but much ground has been recovered, and the blessings of peace are well illustrated here, as in the case of many other ports whose history remains to be considered. Firms that. the events of 1927 had compelled to suspend operations reopened their decors, merchants and others return-jed to resume their duties, and Hankow settled down to business once more.
There wore obstacles in the path of progress, not all of them without precedent, Piracy and banditry, sometimes near at hand, but more often in the interior, affected the exchange of commodities to some extent; the previous year's happenings had created a feeling of nervousness as to the future, the result of which iwas seen in curtailed demand from Hunan and West China, which Hankow is ordinarily accustomed supply, and limitation of local stocks to immediate needs. A prolonged spell of dry weather in the latter part of the year seriously affected crops -and necessitated an embargo on the export of grain.
Increased taxation in the interior had also to be considered, in its relation to the outward movement of native produce, The will to trade, however, triumphed over all discouragements. oth imports and experts showed a remarkable recovery. The value of imports. from foreign countries and Hongkong rose to nearly three times the previous year's tigure—dyes, metals, machinery, and motor vehicles contributing mest largely to this improvement. Military" requirements and extended communications by land created the last-mentioned demand, The note struck in regard to other lower Yangtze ports is not so cheerful. Kiukiang, we read, suffered from heavy taxation and the activities of Communists in the me terior of Kiangsi province. Wuhu showed an improvement, as did Nan-hath the revenue in Ulus city was ing, as was only to be expected,
hardly a third of the normal figure, due to stoppages on the Tient Pukow Railway. The prospects of the prospects practically nil Every year finds the port receding further from navigable waters and ultimate isolation seems inevitable, save at enormous expense. The deteriora tion of the Grand Canal is another cause of Chinkiang's probable elimination from the list of important stations on the river. In summary, the lower Yangtze ports seem during 1928 to have made unexpectedly fine recoveries from the depression caused by the war of 1927.
Text read from the printed page and cleaned; old type leaves the occasional error.