The total value of foreign trade was quite considerable—Hk. Taels (674,988,988. Shanghai did 63 per cent. of the whole trade of China. The di proportion of imports to exports ha: greater on increasing. Imports were greater than in 1904 by 20 per cent. land exports were less by 9 per cent. Imports exceeded exports by 43 per cent, in 1904 and by no less than 97 per cent. in 1905. "In this period Great Britain led in imports and Japan in exports.
Opium and cotton yarn occupied considerable portion of the import trade, running into the neighbourhood of fifty millions each. These were handled by the British Indian firms, There was a sensational rise in for~ eign cotton which advanced from 34d. to Md. per Ib. In December. The value of yarn, however, took a drop of 86 per cent."'The circumstance the high price of cotton abroad coinciding with that of a fall in the Shanghai price of cotton was the opportunity for mills in China having 2 busy and profitable year supplying larger proportion of cotton yarn than formerly.
As regards imported cotton yarns, the relative contributions of the principal countries exporting we: India 2% million piculs. Japan million,
Text read from the printed page and cleaned; old type leaves the occasional error.