Okolona messenger. (Okolona, Miss.) 1900-current, 1903-02-11
.CHINA'S FOREIGN TRADE.

N%tZ Al menC processes itself unable to pay
- ~ in gold the instalIment OF the Box.
y IN er indemnity now due, because the
rBA>,fz& market value Of silver is materially
%AIC% lower than it was at the time when
the arrangements for the indemnity now due,
were made. She offers to pay in gold, how
ever, provided she is permitted to collect customs
duties at the treaty ports in the yellow metal Let
as see What her customs revenue would amout to
should the request be granted.
The latest trustworthy statistics relating to the
foreign commerce OF China are set forth in report
for the year 1901 by Mr.. J. W. Jameson, British
Commercial Attache at Pekin He shows that
from 1895, when it amounted TO little more than
S27O, 900, It had increased by the close OF 1901
to about 5000, 900. To this total the imports
contributed little less than 5000, 900 OOO That is
to say, II the customs duties, including the sum
payable In lieu Of the likin In and- transit dues
be computed at about 10 per cent, the revenue II
payable IN gold, would be about e2O, 900, 900. The
aggregate indemnity, it will be remembered, which
the foreign Powers were to receive by way Of DANA.
ges for the Boxer Outrages was e337, 500, 900. 1t
follows that the whole Of the customs revenue, il
payable In gold, would be equivalent to about per
cent. OF the indemnity. But the Boxer indemnity
does not BY any means represent the whole Of
China's foreign debt She owed some money before
her war with Japan, and when that contest ended,
she assumed q new Indebtedness OF e187, ,5OO, 900.
In the case OF that debt, also, an annual provision
for interest snd sinking fund must be made. 1t is
hard to see where the money is to from, unless
during the next few years her imports should be
sigually augmented. Is there prospect of such an
increased
We have seen that, b,tween 1896 and the close Of
1901 the total foreign trade OF China including, OF
course, both exports and imports, increased nearly
S45 OOO, 600. During that period, however, the i'm
ports from the United Kingdom fell OF more than
S6, 100000, aud the exports thither by nearly e1
100000. The trade with Hong Kong and India, on
the other hand, increased but the returns in rela
tiOn to Hong Kong are deceptive, because large
quantities OF Chinese produce sent thither from
Canton and other ports in southern China for trans
shipment to other localities in the Middle K ngdOm.
Imports from the United States during the period
named have increased by 1880, 900, and the ex-
ports from China to the United States by upwards
OF $4,000, 900. The imports from Japan have in
creased more than SlO,OO0,00O in five years. If
from the United States and Japan alone the imports
we're to 60 increasing at the rate observed in the
quinquennium to which we have referred China g
revenue from customs would be materially en-
larged.
1t is doubtful, however, whether the increase
will continue. In 1900 the Importation of Japanese
yarn into China 40 per cent smaller than it had
been 10 the proceeding year. Then, again, it re-
mains to be seen whether access to the Manchurian
Market whittier the major part of the imports from
the United States has gOne will not be seriously
impeded by the Russian occupation of the large
towns on the line OF the Manchurian branch of the
Siberian railroad. Moreover, there is reason to
think that the purchasing power OF the Chinese will
be sensiby diminished by the heavy internal taxes
on domestic industry and trade, taxes required for
the support of the imperial and local admnistra-
tiOns, which are now cut off from the lkin as we'll
as from the custom duties levied at trea ty ports
The last named two sources of revenue, as we have
seen, are inadequate to meet the annual charges in
cident to the additions made to Chinas foreign debt
in the last ten years, increasing that to an aggre-
gate of 1915, 200, 900.
The more carefully the fiscal resources of China
are examined the more reasonable appears the
course adopted by, our State Department. which,
alone of the foreign creditors concerned in the Box
er indemnity, has shown a disposition to relieve
China from the additional burden imposed by the
recent fall in the market value Of silver II the
other creditors insist upon the payment Of the in
demnity according to the letter OF the agreement,
and, at the same time refuse to permit custom
duties to be collected in gold, It seems probable
that the Pekin Government will have to aeknow-
ledge itself bankrupt In that event the whole
Chinese question may be TeOpened and it is to be
feared that some Of the POwers-Russia, Germany
and France-may demand q fresh cession Of terri
tory in lieu OF the money due