Evening star., 1931-12-28
FAR EASTERN TRADE DECLINES
WERE SHARP DURING PAST YEAR
Reports to Commerce Department Reveal
Widespread Depression-Political Changes
Were Factors in Business Decrease.

wages were reduced. The rice crop was
smaller than in 1880, but prices re-
mained low, although the government
made heavy purchases
Foreign trade for the first 1 months
of the year declined about 20 per cent
in value, but the volume was larger
than in the corresponding period of
| 1880 Exports were valued at 1865
! 100000 yen, compared with 1854 ,000,-
600 yen for the first IL months of 1890.
Imports totaled 1,124OOOOO yen against
LAT 900, 600 yen in 1880.
Import trade in general reflected the
business deflation, contracted buying
power and the tendency to use home
products in preference to imported
goods A larger quantity of raw cotton
was purchased particularly from the
United States, but the value was lower
than in 1880. Idle shipping approached
100000 tons toward the end Of the
year"
Conditions in the other Far Eastern
countries were summarized by Mr.. MOSer
as follows:
I'm India government revenues de-
Clined despite considerable increases in
import duties, while internal disorders,
such as strikes, boycotts and hartals-
used as the weapons of hostile political
%.
The textile industry, owing to increased
protective tariffs and efforts to induce
large consumption of home weaves, was
the most prosperous Of Indian enter
priSeS, and the future outlook of the
cotton textile industry appears fairly
favorable.
In the Philippine Islands exports for
the first 10 months went down q per
cent and imports % per cent. Importer
and bank credits to dealers were eX-
tended only with great caution, and
many old accounts either were liqui-
dated or written off. Imports of iron
and steel and automotive products de-
creased 80 per cent, and cotton piece
goods fell off 20 per cent, although Ja-
pan considerably improved its position
in rayons and other lines at the expense
of American textiles.
Boycott Attempted.
"In the Malaysian territories, includ-
ing the Netherland East Indies, except
for short period of renewed activity
following the moratorium announce
mentS in the United States, business
depression maintained itself throughout
the year. An unofficial boycott of Jap
aneSe goods was attempted by the
Chinese merchants, in whose hands is
GIlC Dulh VI GULllIllOuLLy ulSGllDu LII
these countries, and trade from all gold
standard countries suffered in competi-
ton with the products of non gold
standard countries, following the decline
in the pound sterling. The Chadbourne
plan for international restriction of
Suger output became effective April /, ,
thus insuring a graduated restriction in
Javas sugar production over a five-year
period
In British Malaga business activity
was only about one-third that which
the distributing facilities were organized
to handle. Import duties were imposed
on variety of commodities by the
Federated Malaga States government,
and plans for Malayan customs union
were under consideration at the close of
the year.
Australia and New Zealand under
went one of the most serious Slumps in
their economic history. Extraordinarily
high exchange seriously handicapped
importers throughout the year, and, i'm
ports from gold-standard countries were
impeded further when Great Britain
abandoned the gold standard in Sep
tember. There were some hopeful
signs, however, as the year closed. Crop
and pastoral conditions were reported
as good from both countries, and Sec
ondary industries were increasing in ac-
tivity while exports, stimulated by eX-
tremely favorable exchange, were going
forward in increased volume. The out
look for import improvement, however,
remained extremely problematical.
In practically all countries of the
Far Eastern area, largely agricultural in
their productivity with the exception of
Japan, crop yields generally were re-
ported as unusually good. The lack of
prosperity, therefore was mainly due to
internal difficulties in getting products
to market and to low world demand"