Shortage of Cocoons Result From Japanese Control How the Japanese penetration of Chinese economic life in the interior also affects business in the Settlement in Shanghai is indicated by Chinese reports yesterday which state that on account of the alleged monopolistic control of production and sale of cocoons and silk in Kiangsu and Chekiang some silk filatures in the Settlement have been forced to suspend operations suffering a shortage of cocoons.
It is said that there are 45 Chinese silk filatures newly established in Shanghai because their managers did not want to ce-operate with the Japanese. They had made big profits during the past year but now they have used up the 10,000 piculs of dried cocoons from Chekiang and are experiencing a shortage.
Some filatures have suspended Operations because of this and when ther they will resume operations -in future depends on whether cocoons will be sent to Shanghai, The price of cocoons in Shanghai has gone up by two thirds as compared with the previous quotation. The price for one picul now is $400. There is a tendency to send cocoons to foreign countries for sale. The Japanese silk is said to be flooding the foreign market.
To control the silk business, the Japanese and "puppets" are stated to have organized the Cocoon and Silk Company" which all silk filatures wishing to resume operations in the interior must register. Most silk filatures in Wusih have been brought under its control and those in Tangshi, Shing-shih, and Kashing have suffered the same fate, it is reported.
The silk produced by these silk filatures is bought by a Japanese company and even the distribution of cocoons has been brought under the strict control of the new company. It is forbidden to transport cocoon's to Shanghai and all merchants buying cocoons in the interior must pay taxes. Chinese bank warehouses in the interior where cocoons are stored have been occupied and it means a loss to Chinese bankers.
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