Political Upheaval in 1927: Some Vagaries of Silver:
Inflationary Real Estate Boom: Chief China Port Reviewing the trade situation at! the close of this final decade we see
economic depression had begun to shape a dangerous course, trade here Atter 1931, By Pros Ww The foreign trade of China in the year 1020, showed a net value of Hk, Tis, '972,000,000 as against Hk. Tis, 785,000,000 in 1925. Cotton yarn waa the most conspicuous item, the Success in this trade having been chiefly due tothe grave industrial troubles and the consequent reduced output in 1025, There were large infereases reported in the export of cigarettes and flour to other ports. Of exports to foreign countries only silk showed any considerable pro-ress, With nearly every other class goods, dimculties were experienced tu "transportation and continuously Irregular taxation so handicapped the cost of obtaining, supplies that merchants were obliged to lose in ful-Alling their contracts.
The most heartening feature of the year was the success of Shanghai's Industrial concerns. Cotton and flour mills and silk Matures had good results, the two former benefiting from brisk trade with other ports in China snd. the latter with countries abroad. Had it not been for the grave dif culty with which industrial enterprises had to contend, viz, the grow-Ing prevalence of strikes, the results have been much more one Despite the revolutionary movements that had been afoot throughout the country, the year 1926 broke all previous records in revenue, It me creased by Hk. Ta 6.68449 over 1925, an advance of Hk. Tls. 5,158,000 over the previous record collection. Among imported manufactures, a Startling advance was registered in American "The following com: arative table of cars imported 1025 and 1025 reveals interesting. facts:—
USS. of America 570 Tee No. No. 1905
France 200 3 Briain' =I Sat Ganda, 20 Other Countries 140 ior fod American and French cars both showed phenomenal increases, the fatter having been helped consiger= ably: by" thes fastcheapeningtrane Pobaseo and. kerosene suffered similarly. as 8 Fesult of the disturbed Regarding the Important matter of twonmure and the Telated. subject of ange, the Year 1026 was full of
Sipport of the market client twas, Chinas weigh {hue the sole factor in preventing the Price of sliver from fling to a touch Towers: fate" than ying. "With widespread dlsturbanes all over Shinar she' was unable to absorb th Sarge quantity. of the white" metal that, yas Tequlary arriving. and. the. year saw_an unprecedented. occurrence; a large shipment of silver tras made from' China' tae foreign Pouring Tale Shanghai Banks Government de-its embargo export of silver. The stock of silver carried in Shanghai was estimated "in September to be 5,000,000. higher than at the same time in the year previous. The market here was of such a magnitude that the other silver centres in the world were obliged to follow its ead, Shanghai banks were the reciplents of large quantities of silver pouring in for safe-keeping from the Interior owing to the disturbed conditions. This was basis for increasing their note circulation, and having "done so, they were obliged preserve their holdings to meet the notes In case of need.
"The exchange market experienced wide "fluctuations. French francs Behaved spectacularly, commoning the year at 20 francs to one tach falling Fapidly, and finally touching a low. of 364 to the tael, being nominal at that. 'The gold yen rose steadily throughout the year, from Taels 057% to the yen it rose to a record of Tis, 0.88% on October 20, 1926. On the London and New 'York exchanges, for the same date the lowest rates' were 2/84. and 54s respectively.
It is noteworthy that March 1928 marked the arrival in Shanghai of Lord Willingdon's commission whose purpose was to carry out the British Government's promise in December 1922'to remit the balance of the British share of the Boxer Indemnity and devote it to the mutual benefit of Great Britain and China.
China obtained Customs Tariff Autonomy by January 1, 1929. The effect was to enable her to derive a substantial annual surplus. Inthe Chinese financial re-organization this was the basis of the flotation of domestic loans to the tune of a 1,000,- '000,000 which played an important part in the economic structure and stability of the Nationalist Government. This system of capitalizing Customs "surplus revenue was:
Text read from the printed page and cleaned; old type leaves the occasional error.