The value of exports showed slight improvement from $835 million in 1934 to $576 n for the year lurider review, which, considering the Jgeneral world depression and. the many adverse factors affecting China fin particular, is distinctly encourag-'The reductions in the Export iff, effective from June 1924, have Ino doubt assisted in some degree 10 this result, but the most hopeful fea~ ture remains in the demand for many Jof China's principal contributions 10 [world economy and the likelihood of its expansion as year pass.
Several groupings showed improved figures as compared with the previous year, textile fibres, in particular, having recovered by $226 million and taking the premier position, Increases appear under all headings of this group with the exception of ramie, the increase of '$11.7 million under silk and $65 mil-ion under raw cotton being particularly noticeable. Under animals Jand animal products most headings have held their place, there being increases of $1 million under bristles Jand- of $1.8 million under eggs Jand egg products. The improved export of Wood oil is noteworthy, amounting in value of $154 million, while the improvement under oils (others) is over $10 million. Under seeds there was a marked of $21 million, the export of groundnuts, shelled, being valued at $64 million and sesamum seed at '$116 million more than the previous year, the former going in increased {quantities to the Netherlands, France, Moly, and Germany and the alter to the United States of America, Italy, and Japan. There is an increase of $128 million under ores, metals, and metallic products, $6" mullion which appears for tin and $38 milfion under antimony. Other ores and Embargo on Gold The embargo placed on the export of gold from China in May 1930 still remains in force. Net shipments made on Government account amounted to $18.7 million as_com-
Dated with $51.6 million during 1934, million during 1933, and $1003, jon in the year 1932, The most striking feature of the gold and silver table given in the Survey is the decline in the net export of silver, which amounted to $59.4 million only as compared with $250.7 million the previous year. Of the total gross exports of silver valued at $704 million, $675. million were exported to the United States of America during the month of December to assist in the stabilization of Chinese exchange. It will be seen that China has suffered no loss on liber silver account during the year under review, although the drain by smuggling continued until the nation~ alization of the molal and the fall in world price, Exchange rates continued to hag. behind the silver parity of the dollar, with the inevitable result that smuggling of the merat continued. Considerable uneasiness prevailed on the market throughout the year, due (o China's diminishing currency' reserves and uncertainty in regard to the measures the Govern ment might adopt lo conserve its resources, Rumours of devaluation caused. speculators to take an active Interest in exchange, and a more less from the dollar took place, resulting in forward mar= gins widening, The situation be-Jeame acute in October, and the climax iwas reached in early November, when the Government announced the nationalization of silver and the adoption of a managed currency. The official Shanghai exchange rate on London opened on January 4, at 18. 43id,, rose to 1s. 344d. on May clined to 1s. 2°44. on November 4 on. promulgation of the Government Decree nationalizing silver. and closed at the same figure on Decem= ber 31. On New York the rate oper ed at 344 cents, rising to 41 cents, on May 1, and closing at 2944 cents at the end of the year. Similarly, on Lyons the rate opened at Franes 8.13, id closed at Franes 446, after reach= ing a high point of Franes 640. in June. On Yokohama the opening, rate was Yen 119, rising to Yen 14334, and closing at Yen 102%,
Text read from the printed page and cleaned; old type leaves the occasional error.