Though America had a small trade {in those days, the record reveals 1 boycott against American '200ds instituted by the native bureaux of commerce and supported halt-heartedly by the merchant guilds, This rapidly developed according to Mr. LIB. Morse into a national mave= ment through agitation of hot-heads who quired" a smattering of" modern earnings uncorrected by the sobriety. the inned by. harangues. which "comes. from further "study. and
and. all The trade of all nations was advo ly affected, This state of things bore cout the important principle that has libeld true inthe ensuing. years, to quote from the "that injury to the trade of one nation or of one commercial body is certain fo react on others In relations. with them." demonstrating the "solidarity of in-national tr As trading and exchany went hand in band, fluctuations. in silver, then fas to-day, were the worries of merchants. Though the factors affect Ing its eccentric course were only a fraction of those now prevailing, stil dealers with all their careful reckon-Ing found themselves entangled. The same story rung of importers and exporters, Importers, who had settled their exchange for supplies in the rly part of the year, had to com-with others who fixed for goods the latter part of the year at much more favourable rates. Exporters found conditions vice versa with worse rates towards the end of the Year on culstandings. rratle Movement of Prices the conduct of business, merchants, especially Chinese, were obliged to make a special study of the behaviour of exchange or silver, as it largely affected the price of their Jcommodities. Knowing the market of their particular goods was not Jsuicient, and silver being a com-Jmodity. to. Westerners, fluctuating in terms of gold, caused prices to move erratically. The prevalent opinion at the time was that the conclusion of peace would send silver down to its anti-bellum level, but they were disappointed in their expectations and, fon the contrary, its value went ever up to rates higher than during the wi In those days there was no sign of interest being taken in the stabilizaton of exchange; thus, as at present, trade bore the burden of these At the beginning of the year the telegraphic transfer rate on London was' 2/9% and in December the gute stood at 2/10%, parity being ]2/i1%, (AN these are'in relation to the Shanghai tael). Bar silver, respectively, stood at 28%d, and being 29%d. to the ounce—strangely our figures of to-day.
The trade balance for 1905 is shown:
Labi (nations) 'Merchandise imported Hk.w447 Net Import of Treasure'
Loan and indemnities a Invisible" Usbilties 2
Text read from the printed page and cleaned; old type leaves the occasional error.