1t has been frequently stated that British interests in China are trade interests. Our Interests are dependent upon the "Open Door" and "eq? aal opportunity." Though Japanese spoke ye emphasized that the "Open Door" policy will be maintained it is evident from the statements emanating from Tokio that it is not intended that other nations shall enjoy "equal Opportunity" in major development work or industry or even commerce.
Already, as we learn from North China, a Japanese monopoly for wool has been established to the detriment of important foreign interests which have been carrying on this trade for many years The gross discrimination of monopolies in favour of one group need not be stressed, but when that group consists of nationals of an alien. country, the discrimination is far more serious and almost assumes the character of an unfriendly act.
In considering future trade pros: pects and possibilities in Shanghai we must of necessity give close attention to activities in North China and the plans being advocated by the Japanese for the exploitation of the areas occupied by their forces as though it is pisfned that the "Reformed Government of the Republic of China" inaugrated at Nanking shall only have a separate existence until such time as the occupied area in the North joins the occupied areas in Central China when the "Reformed Government" will be merged in the "Provisional Government"—in the meantime it is stated that there will be close cooperation between the two governments, a fact which must be borne in .m. yesterday. achievement of years and crippled business, industry and agriculture in these areas.
To turn from the general to the specific.
For purpose of record the following figures of the trade of China are given. as they serve to emphasize the tragedy that has overtaken this country Jan./Suly 3828
Imports Exports Aug/Dec. Imports ports Jan./Dec. Imports $33,915,520
Text read from the printed page and cleaned; old type leaves the occasional error.