Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-11-07
Commercial Progress in China.

The following is portion of paper
in Putnams Magazine for November:
Probably there is no people in the
world that can be called nation of shop
keepers more justly than the Chinese.
Thousands upon thousands of them are
engaged in petty trade, and the competi-
ton is very keen. OF course, where
there is an active traffic the profits are
small, and anything that can assist the
prompt delivery of merchandise aud the
speedy transmission of intelligence,
money, credits, or the merchant himself,
is certain to be brought into full use For
the first few years the steam vessels 10
Chinese waters were owned by foreigners,
who derived large profits from the native
trade; but very soon the Chinese mer-
chants conceived the notion of purchas-
Jog steamers and running them on their
own account. No accurate statistics are
at hand of the number of foreign steam
ers now in China, but we'll informed par
ties estimate the burden of American
coasting and river vessels at upward OF
thirty thousand tons, while that of other
nationalities is much larger. Steam
boats, with burden of more than ten
thousand tons, are now owned by Chinese
merchants, and about half that quantity
is the joint property of Chinese and
| foreigners. In managing their boats and
watching the current expenses. the
Chinese are quite equal to the Eaglish
and Americans, and sometimes display
an ability to carry freight upon terms
that are ruinous to foreign competitors
Foreign systems of banking and insu-
rance have been adopted, and work sue
cessfuly. The Chinese had a mode OF
banking long before the European ma
tion possessed much knowledge of 6nan-
cial matters; and it is claimed that the
first circulating notes and bills of credit
ever issued had their origin during til
monetary pressure at Pekin. But they
we're so unprogressive that, when inter-
course was opened with the Western
world, they found their own system de-
fective, and were forced to adopt the
foreign innovation. Insurance com-
panies were first owned and managed by
foreigners at the open ports, and as soon
as the plan of securing themselves against
loss by fire and other casualties was un-
derstood by the Chinese merchants, they
began to form companies on their own
account, and carry their operations to
the interior of the empire, where foreign
trade had not penetrated. All the intri-
cacies of the insurance Businessmen
to the form alton of fraudulent companies,
with imaginary officers, and an explosion
at propitious moment-sre fully under-
stood and practced oy the Chinese.
By the facilities which the advent of
foreigners has introduced to the Chinese,
the native trade along the rivers and
with the open ports has largely increased
Ia this respect China has only followed
the rule that everywhere prevails where
men engage in commercial pursuits. On
the rivers and along the coast the steam
ers and native boats are actively en-
gagged, and the population of the open
ports has largely increased in conse-
Quence of the attractions offered to the |
people of all grades and professions The |
greatest increase has been in the foreign |
trade, which, from small beginnings, now
amounts to more than nine hundred mil |
lions of dollars annually. As this is all |
from the open ports it naturally follows |
that the domestic trade tributary to
those ports by means of the numerous |
canals and rivers, and coming from a
population of more than four hundred |
millions of people. must be enormously |
large. Where formerly dozen or more
vessels crept into Canton during each
year, there are now hundreds Of ships
and steamers traversing the ocean TO
and from the accessible points of the
coast of the great Eastern empire,
America has large share of this COM
merce with China, and from the little be-
ginning in 1876, she has increased her
maritime service, until she now has
feet of sailing ships second to none 10
the world, and a line of magnificent
stesmers plying regularly across the
broad Pacific, and bringing the East in
closer alliance with the West than it has
ever been before.
Railways will naturally follow the
steamboat, aud an English company is
now arranging to supply the Chinese
with a railway system to connect the
principal cities, and especially to tap the
interior districts, where the water com
munications are limited Railways in
India, where the population is dense,
have been found profitable, aud the pro-
moiefs Of the scheme are cou6dent they
will prove equally so in Chins. There is
no system of mail Communication in
China; the Government transmits intel
ligence by means of couriers, and when
have occasion to communicate
with pers hs at distance, they make use
Of private expresses Foreign aud native
merchants doing an extensive business
keep swirl steamers, which they use as
dispatch boats, aud sometimes send them
n hundreds or thousands Of dollars ex-
pense TO transmit single messages. IL
has happened that, on = sudden change
Df markets, two or more houses in Hong
Kong or Shanghae have dispatched boats
n the same momen', and some iuterest-
ng and exciting races are recorded in
he local histories. Some OF the native
spend large sums Of money in
,urchasisg and maintaining their dis
Ds'ch boats. aud occasionally, vhen busi-
iess is dull. they get up private races, on
shieh respectable anounts Of cash are
taxed !.