single exception was established June when consent was given to the remittance from the accumulated 7 in the Shanghai Customs its of the sum of $1,180,171.65,
ne from all ports at that time the quota estimat-under hostile Poen towards the HELL He July tabialment of the Loan of 1913 payable the former month. In con-of these adverse factors the National Government proved insufü- cient Y. cover the full service of the loans "(including the Reorerin Indemnity secured on the Loan of 1913) and the
Customs revenue. With scrupulous regard for their obligations, however, the Government advanced the sum Of $689,268.30 required to make up the deficiency from funds derived from other sources, thus enabling the full service of those obligations to be met both in regard to that part of the cost apportionable to districts still under the Chinese Government's full control and that due from those districts under Japanese occupation. The total cost of meeting these foreign obligations during the year under review, namely, $77,958,675.98, "differed little from the 1987 figure of "$76,911,283.76, due to the fact that the necessary foreign currency amounts were, with certain minor exceptions, provided throughout the "period from the national foreign "exchange reserves at the fixed official rates. A total sum of
r required for the service of EM to provide the full 1,248.50 was also handed over the year to the National "Loans. Fund' Administrative
tosa loans secured on the revenue, the funds for this being derived in their en-nu advances made by the of principal and i ler the Consolidation As regards imports, it is somewhat remarkable that in the conditions prevailing the gross gold unit value, vs shown in the table immediately below, should have declined by only slightly over 7% per cent, from G.U. 421 million to G.U. 389 million. More interesting, however, is the shift in trade, both by country of origin and port of entry. A cursory glance al these figures will show that while imports into Shanghai fell in value from G.U. 2245 million to G.U. 1189 million and to Yangtze Ports from G.U. 30.96 million to G.U. 2.66 million, imports into Tientsin ana the Northern Ports increased from G.U. 64 million to G.U. 1386 million.
A further glance at these prelim-mary figures—which will be available in more analyzed form in succeeding volumes of Trade Returns—shows that while the percentage of Japanese imports into Tientsin and the North increased by approximately 50 per cent. and remained steady in Shanghai, the reverse was the case in the Yangtze Valley and in Central and South China, where Japanese imports as recorded by. the Customs tended to decline to negligible quantities. At Canton and Southern Coast and West River Ports it will be seen that the total value of imports increased from G.U. 91.3 million to G.U. 1211 million.
Text read from the printed page and cleaned; old type leaves the occasional error.