A highly interesting commentary on the trade of Shanghai during the year 1920 is contained in the report of the Statistical Secretary fof the Chinese Maritime Customs, He says:
In spite of the good prospects and. optimism that prevailed Shanghai during the early part of year, from a commercial poi of view the past 12 months cannot be said to have been satisfactory. As the year progressed, optimism faded, failures of harvests were rife, and droughts and famine devastated wide areas. Spasmodic outbreaks and constant threats of war, with s inevitable complement of inters [ference with trade by Tand and river, tended to unsettle markets and to shake commercial confidence. AS final factors came the sudden and unprecedented fall in the value of Iver and the sensational slump on New York and local stock markets.
The only relief ta this gloomy retrospect was the cal estate mar-Ket, which experienced one of the most satisfactory periods of trading on record, The total tonnage of vessels enter= Jed and cleared amounted to 35,869, 560 tons, an increase of approxims ately 1.35 million tons over the figures of 1928, marking yet another high record, The most noticeable drop—over 800,000 tons—is found in the Chinese figure, which repre ents a low record, and it is inter esting to note that the steady increase of the German flag has again continued.
Much of the improvement in the cotton piece goods trade recorded in 1028 was maintained, and, apart from a week's break in the sales in December, the auctions were carried on continuously throughout the year, though at one time the weekly quantities were reduced, The year witnessed tremendous building activity, especially in the Foreign, Settlements, and importations of Oregon pine constitute a record over all previous years, but the end of the year saw the heaviest stocks this Jover held, the re probably. ing that freight rates have, early autumn, been exceptionally low.
Although the period under re" view was one of the worst that has been experienced in the woollen goods trade, it is interesting to not that there is an increasing: demand for woollen underwear" and other articles of attire and if this demand continues to increase by Jeaps and bounds bei doit in the pi years, the value of this trade will soon bee come quite substantial.
Business in artificial silk as a whole unsatisfactory, since even a slight improvement on the Europ an markets which took place in the spring could not be sustained dur ing the second half of the During the first three or four months fresh orders for paper were being placed fairly regularly, but since then very few orders of any size have gone through, and until the end of the year new business was practically non-existent.
Competition in the dye trade was, even keener than heretofore. new feature was the much-heralded importation of small lots of the valuable dyes, such as are used in print-works and machi dye-houses, but at the moment. thi forms but a negligible part of the total import.
The market in heavy industrial chemicals was brisk though ham} ed by disturbances in the interior, and there is strong reason for belief that, given peace and tranquil-definite boom in these goods is likely to occur, The sugar market during the first eight months of the year was normal. Subsequently, increased imports and the fall' in the price of silver engendered a very unsound and unhealthy influence, and it is stated that sugar merchants "in Shanghai suffered losses amounting. to anywhere between two million jand four million taels. At the close of the year the market was weak on account of the large stocks held, and prospect for 1930 are distinct The year has been a period of exceptional profits for local cotton mills, To such an extent was demand good that for months buyers were apportioned yarn as it' was made, and. many orders have been
Text read from the printed page and cleaned; old type leaves the occasional error.