Manager for China:
E. Lester Arnold Day and Night What the eventual consequences of the conflict will be it is, as yet, too early to predict, nor is it possible to compute the material losses involved. It is, however, obvious that with hostilities assuming the magnitude of a general—albeit undeclared—war, involving the invasion of several provinces, a blockade of the China coast to Chinese shipping, the closure of the Yangtze River, the practical isolation of Shanghai, and the bombing of lines of communication, a temporary halt has been called to the period of increasing prosperity noticeable since the depression of 1932, In view of the conditions prevailing, the year's review can be considered as covering normal trade and Customs revenue for a period of seven months only, ie., to the end of July. In this report, therefore, to illustrate better the disastrous effects of hostilities upon China's trade for the last five months of the year, key tables have been so made out to allow of comparison between the periods January to July and August to December for each of the years 1936 and 1937.
Text read from the printed page and cleaned; old type leaves the occasional error.