Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1918-07-03
China Enjoying
Prosperity Such as
Never Before Kno,Un

The Ionmkong and Shanghai Bank
ing Corporation, in it's annual review
of world trade. calls attention to the
unprecedented prosperity that China
is experiencing. Notwithstanding the
many d;sahi, ties, such as foreign ex-
change fluctuations, political disturb
ances, floods and shortage of tonnage,
trade in China has on the whole beer
Very satisfaotc tory for both foreign and
native merchants. On account of the
grea. demand for all kinds of products.
China has been able to export an I'M
usually large quantity Of cotton. GER
calls, wool, oils, and hides, even despite
the higher rates for exchange, freight,
and insurance.
"In former years." the banks re-
port says, "a high level of exchange
tended to curtail exports from China,
but this was not so in 1917, and Euro
pean and American buyers have been
able to pay the prices asked from this
side. It Is to be noted also that Amer
lea has consumed large quantities OF
Chinese produce which before the war
found q market only in Europe. The
result has been that the native ner-'
chant has received higher prices for
most of his produce than he has done
for many years past. He has, there
fore, been able to pay the higher
prices reuired for imported commod-
tiles; and considering the difficulties
exerienced in the supplying markets,
the trade in piece goods and other i'm
ports has been satisfactory.
THE risks and difficulties INSOFAR
able from the interchange Of COM
modities, already greatly increased
by war conditions, have been intensi-
fed, and the strain borne by mel
chants and bankers, with their de-
pleted STATS in carrying on the busl-
ness, Of the country IN maintaining the
supplies essential to- the prosecution
of the war, and at the same time in
steering clear Of financial trouble. has
been arduous and severe.
From financial point Of view, the
past year was even a more prosper
GUS one for China than its predecessor.
The total maritime customs collection
for 1917 was 2S.177,00O haikWan taels,
equivalent, at the average rate Of ex-
change of as. S 13-16d., to ES,241,S57,
(s40, 100000 United States go,d) as
dSdlISI q SOllCSS1ol Aoh Vic PiSNAObs'
year Of 37,7G4OOO haikwan taels,
equivalent at the rate of IS. 49, 16d.,
to e6,264.49e, (s3O,4s6,175 United States
gold.) -"
THE net salt revenue collection paid
into the group banks during the year
1917 amounted to s70.627,249, local
currency; from which, after discharg-
ing all liabilities and maintaining a
fixed reserve Of $10.0O0,O0O, an amount
Of no less than .$6S,613.37O (including
contributions received from the mari
time customs) was released to the free
use Of the Chinese government.
I'm addition, China has now entered
upon negotiations with its allies for
the revision Of the customs tariff to
an effective s per cent, which may be
expected to result in a substantial In.
crease to the revenue. The country's
revenue is also gaining by the slow
but gradual Improvement In railway
earnings. The earliest of them III
which we were interested, the Shang7
Matchmaking railway, is now more
than paying its way. After meeting
all its current expenses, including ths
payment Of interest on it's debt in
sterling the accounts for 1916 show a
surplus Of about G17,0Ot."