New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-07-17
China's Import
Figures Reveal
Large Increases
Volume and Value of Pur.
chases Higher Despite De.
preston; Fall in Silver
Disastrous in Many Wave

China's import trade figures fo- ,oso
Just published by the Chinese Marin,
: Customs, show n steady increase - ~
volume OF most commodities and a, :.
crease IN the value of many. a, ~
pared with preceding years IT,.
growth IN China's import trade 49,,
ever, has taken place in period -
acute trade depression throughout ~.
~orld and IN many instances reaects
an arrifciaily active cond tor. unwar.
ranted By the basic economic condi.ion-
or the actual demand Of China for 't fn-'
eign imports 'V'-
According to statistics prepared h,
the Far Eastern Division Of the r. ~
reau OF Foreign and Domestic Cor-
merce the fall in silver was N lcii more
drastic and far-reaching in its err
nonilc results than the difference !,
the average values Of the haikwan tasi
for 1919 s1,39) and 1920 si.243 ind.
Gates. These values are the resplt ~
averaging such hign silver ralues ~
the haikwan tael as those fer tne earl,
part Of 1920 9s. Sd, about SIS an
February II, 1920 with the very mnch
lower values recorded in the latter mar.
OF the year IS. I'D. about 1892, on
December %. 1920.
Overtrading Proves Disastrous
The trade boom Of the early part q.
1920 led 10 overspecula tion and OVER
trading and accentuated the depressior
which followed The movement ~
comm ODDITIES III China. however. cor
tinued even after the reaction mad 50.
IN during May, 1890, owing 70 deliv
cries made on large orders placed at
the zenith Of the trade boom.
The reduction Of the use of silver
for monetary purposes on the CONT
nent Of Eurone was the PRINCIPAL cause
of the drop In the world price OF that
metal, and the effect on China's i'm
pert trade was, Is usual two-fold in
character. Not only had the Chinese
Spectator merchant overhougnt on a
high silver market and satiated the
commodity market. but with The sud-
den fall in value Of silver's purchasing
power in gold-standard countries
double check on imports resulted.
The principal groups OF China's i'm
ports, cotton, wooden and miscellaneous
piece goods show substantial gains
both in volume and in value for 1920, i.
as compared with 1919. The satisfactory
business Of the early spring of 1920
tempted many new foreign firms some
American) to book orders and carry on
a business out Of proportion, in some
instances. to their financial resources.
Contracts Are Upheld
Many Chinese merchants mad neg
lected TO settle their exchange in ad-
vance, and heavy losses resulted from
stocks coming in which had been pur-
chased abroad at a high silver rate
and had to be sold on market i'll
which silver had deprecated to half
its value of a few months previous.
Agitation for Wholesale reputation
Of written contracts resulted. which
was stopped by the decisive action OF
the British and the American chambers
Of commerce in declining to associate
themselves with any movement threat
ening the sanctity of the written cor
tract. The continued deliveries against
these orders and the somewhat bright
ened situation toward the end of the
year, due to small stocks in the inte-
rior, were factors which produced the
net increases in imports.
The same forces which caused the
collapse in the piece-goods market at
fected in similar way the trade in
M tas and minerals. At the END OF
the year the markets in the ports were
loaded with large stocks at prices about
100 per cent above replacement costs
ne noneXlStence OF stocks III the IN
terror, however, must sooner or later
cause these stocks to move, the speed
of their movement being determined by
the willingness Of owners to sacrifice
profits to liquidation OF capital
Many of the commodities listed un-
der "sundres" show decline in volume
accompanied by an increase in value.
as in the case of kerosene. sugar, and
lubricating oils; other items, such as
cigarettes. raw cotton, coal, timber, FISH
and paraffin, show an increase in both
volume and value; while in many items
where quantities are not given, such as
machinery, aniline dyes, electrical ma
terials, motor cars. building materials
and chemical products, substantial IN
creases in value Of imports are re-
corded. In comparatively few items are
declines in both volume and value re-
corded. oo,
AS whole the increase of 7o'ooo,OVV
haikwan taels IN imports of "sundries
largely manufactured gooas
produced in large quantities IN the
United States.