Of great importance too was the: manner in which last year Shanghai Fevestablished itself' as the" main manufacturing and supply depot for such parts of the interior as can be Teached (and these are many). {oF countries (urthh 'A clear indication of the growth of this industrial activity seen in the consumption of electricity [supplied by the' Shanghai Power Company which at the end of the: year approached the record output. This was in spite of the fact that Chiese factory owners, still left unoccupied and unworked important plants in the Northern and Eastern parts of the Settlement, While there is a. strong undercurrent of optimism in_ commercial and industrial circles in Shanghai, we must emphasize that so long as the. administrative problems of Greater Shanghai are unsettled there will be reasons for dissatisfaction about the situation there. A welcome first step has recently been taken to tide ove. the present indeterminate period, but much remains to be done. the difieulties of commu feat ions, the lower purchasing power of the dollar, and the disorganization Of the Banking system in many parts the interior, this increase isnot Fonarded ax excessive. A rear deal of valuable agricultural and industrial place in West sion of the note eireual nding the establishment nets hat li remarzble how well the gear many adverse circum: unsatisfactory situation the Federal Reserve Ban! in North China Curther deteriorated after March 10, when the use of tender notes farmed with to make an-Other new issue of notes. These tions were in themselves sullicient undermine confidence. Moreover, to the existing kee merchant require ments for exchange to cover imports, fs already mentioned, was added ther pressure in the early summer by an even more vigorous demand for import goods, andi particularly for raw colton, This was in turn followed.
so often happens, by rumours and Jemands for exchange. AS could higher levels.
as How as fof the European war pulsion of feeling and, with export outlook, the end of Showed a steadier trend. the backsry reason (0 its purpose.
Text read from the printed page and cleaned; old type leaves the occasional error.