(Incorporated in Hongkong)
549 Szechuen Road Telephone 15510 or approximately one-twelfth of the former figure. The Survey points out in this respect that "while there has been little difference in the percentage of exports to imports as expressed in dollars or gold units, it will be noticed that the reduction in the adverse balance has been caused rather by a decline in the value of imports than by a growth in the volume of exports. Before, therefore, a trade balance in commodities can be struck, even with a reduction in imports by the promotion of native industries, there must be a considerable improvement in the export trade. The lifting of the world depression, together with the investigations being carried out with a view to relieve international trade from some of its many restrictions, were raising hopes of world economic recovery in which China would, no doubt, have participated. The effects of the present hostilities will, however, postpone at least temporarily the possibilities of such participation though—given peace—China's recuperative powers may well reduce the time required for recovery." That is a happy note upon which to leave further consideration of China's trade as dealt with in the Survey. It serves to justify one of the contentions of this journal that the future of this country in general, and of Shanghai in particular, should not be regarded with too pessimistic an eye. It is true that neither of them has suffered quite so severe a blow as has been administered by these hostilities, but the resilience of the country and this port, justifies confidence that, when it is possible to get back to work, recovery will be just as rapid as it was after the 1932 troubles.
Text read from the printed page and cleaned; old type leaves the occasional error.