This state of affairs is for marked when turning to the central const ports. We are asked first to look at Shanghai, the distributing centre for China—incidentally, one of the greatest ports in the world, with a combined population of nearly three million souls,—with high expectations, and we find two things firstly, a revenue collection which, though only slightly above the out: standing figure of 1926, is nevertheless a record, and, secondly, proportion of imports so high as to require some explanation. The ox-planation is simple enough. Apart from the question of supply and demand there was the prospect of am increased tariff to be introduced early in 1929, of the nature of which Shanghai had ample warning. was only natural, then, that large stocks should be inid in while lower rates prevailed. Whether this will reduce importations in 1929 or not depends entirely on developments in China—that is, on the continuance of peace and the acceptance of the new tariff as the one and only charge commodities throughout the country.
Conditions in Shanghai were undoubtedly better than in 1927. There were strikes, sometimes ser-fous ones, but the agitator had less scope than in the previous year. Kidnapping, hows remains a serious menace to the wealthier Chinete resident, although the Settlement police effected some very important captures, and me deed, one particularly dangerous gang was broken up. In general, the forces of law and order gathered strength during the year, but every now and then incidents curred to show that the criminal element is far from extinct, 'The increase under imports was of so general a nature that it is ie ult to select any' article for special mention. Cotton piece goods were well in demand in the Yangtze Valley, but less so in North China, owing to unsettled conditions there.
The anti-Japanese boycott also had to be reckoned with, The metal trade was extremely brisk until the December quarter, when demand sagged, probably through a sur-in the interior, and dealers were left with large stocks on their hands. A demand for dyes of all kinds and-for sulphate of ammonia for fertilising purposes is to be noted. Kerosene oil had a compara ively dull year, attributed to overstocks. Prices for foreign raw cot ton ruled somewhat high, s0 that. the native staple proved the more. popular.
Exports were, on the whole, disappointing.' The high prices asked certain eases, lack of demand from America, where low. prices ruled. and an unfavourable
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