The Washington herald., 1921-08-22

With decreasing imports and ex-
ports but an improved financial sit
uation, economic conditions in Au-
stralia are reported by Trade Com
missioner A. W. Ferrin in his
monthly cablegram from Melbourne
under date of August l6. as much
improved over the previous month.
Exchange has advanced to s3.65 to
the pound sterling and this will
naturally help both the financial
and banking situation. Bank loans
as well as checking and savings de-
posits show an increase. Credits In
general are less difficult to nego-
tiate. The total bank. clearings for
Melbourne and Sydney from jan
uary to August show q decrease
of fS5. 200, 900 as compared with the
same period for last year.
stocks In Good shape.
Both the imports and the exports
for July show a decrease due to the
extraordinary heavy stocks import
ed in the early part of the year un-
der declining market conditions.
The total imports from America for
the fiscal year were valued at f35.-
0O0, 900, while the total exports to
that country for the same period
were approximately fs.OV0,000.
Stocks Of import merchandise are
generally well proportioned to the
demand, but there are 100000
worth Of cotton hose and corsets
In bond awaiting a final tariff de-
cision. The Australian senate has
recommended reduction amount
ing to about one-half the duty as
sessed on these shipments and II
this recommendation is accepted by
the representatives OF the owners
the goods will be released. II not,
the importers will return all the
goods to the country OF origin. EX-
port stocks on hand are also in
good proportion to the demands.
Prices OF export manufactured
products are ruling about the same
as for the same period last month.
Wheat and Wool shipments.
About $4,000. 900 bushels Of wheat
had been shipped from Australia UP
to August ofth is year. The wool
shipped during July totaled lS4.653
bales. and prices for August sales
have slightly advanced. This ac-
tlvity in the export market should
be reflected i'm an increased demand
for import goods. AS a result OF
these movements, the demand for
shipping space is normal and the
outward tonnage available is suf-
fcient for the demand. Freight
rates. however, have advanced to
65 shillings per ton on wheat ship
ments in parcels.
CHINA.
An iu,nrnyipp dsmand in tho in =
terror for foreign goods and a more
satisfactory financial condition, to-
gether with notable German activ-
ity but an otherwise quiet foreign
trade, are the outstanding economic
conditions in China during the
month, according to the monthly
cable from Commercial Attache
JuIean Arnold dated at Pekin Au-
gust l6. With the American dollar
worth s1.9s Mex. compared to a
value of $l.2s Mex one year ago,
the export of Chinese products is
naturally active. The telegraphic
transfer rate on New York is 65Js
cents per Shanghai tael. while the
Shanghai banks stock of silver has
decreased to 100000 Mex. as
compared with s66,OOO,o0O Mex. one
year ago.
Foreign Trade.
Imports and exports are generally
quiet although German purchases of
hides, gallnuts, beans, wood oil and
antimony are showing exceptional
activity. The declared exports from
China to the United States for the
first half of 1921 amount to $780,
000. 900 United States gold. which is
only As per cent of the first half of
last year. On account of the de-
cline in exchange. the volume of
this merchandise is probably only
% per cent less. The Canton ex-
ports of raw silk to the United
States last month amounted to over
S3,e0O,000 United States gold
Higher rices of raw products in
general are predicted.
Heavy losses amounting up to so
per cent on piece goods are still in
terfering with the movement of the