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“.................................................................................................7
Straw braid......................................................................................................................................................................................................................9
Shipping..................................................................................................................................................9
Local spinning mills ........................................................................................................................................................................................9
Inland waters navigation ........................................................................................................................................................................10
Collection of likin tax ............................................................................................”
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“...dyed, fell off
heavily, this was caused chiefly by the great demand for India,
which raised prices to a point too high for China.
" The cotton yarn business was disastrous in the latter half of Cotton yam.
the year. An unusually large quantity was sent here from
Bombay and Japan, and this, coming into competition with the
6teadily increasing output of the Shanghai mills, caused a fall in
prices, and the result must have been a heavy loss all round.
" Deliveries of Bombay yarn were 10,000 bales over 1897, not-
withstanding the great competition of local ancl Japanese produc-
tion. Bombay must have lost severely, and the local mills are
hoping that in the present year they will be masters of the situa-
tion. There is 110 cloubt that the demand for yarns generally in
China is increasing year by year, and the importation of foreign-
made yarn has not been checked by the increasing output of the
home-made article.
" The trade was also affected by the rebellion in the province
of Ssu-ch'uan, and...”
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“...7 shanghai.
1,000,000/. sterling. Raw cotton, straw braid, filature silk, and
tea are chiefly responsible for this.
The cotton dealers, imagining that the local spinning mills
would have to provide themselves with cotton at any price,
forced the quotations up to such a point that export to Japan
ceased. The Japanese mills,like those of Shanghai, found that it
was less expensive to import raw cotton from Bombay.
The season opened on May 18, but business in black tea was Black tea,
restricted till the second week in July, when a fair business was
done in second-crop Iveemuns: and these have been the only
settlements that have given satisfaction. In common teas business
was very dragging throughout the year, although prices were ] 5 per
cent, over those of last year. In volume it was the smallest for
the last 20 years, the settlements being 37,000 half-chests against
68,000 half-chests the previous season.
The green tea market was subject to unusual depression in Green tea.
consequence...”
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“...and out
having risen from 326,000 tons in 1897 to 576,000 tons in 1898.
This is accounted for by the appearance on the Yangtze of
more river steamers, and there are indications that the Japanese
intend to make a serious effort to secure a portion of the carrying
trade on the great river. #
During the year some 18,000 spindles were added to the exist- ^^
ing mills; but owing to the high price of cotton there was a apjnnitlg
temporary stoppage on the part of some of the Chinese mills mills,
during the autumn. The total number of spindles erected is
313,000, and the number running day by day was not more than
280,000. Most of the mills have left off night work.
The counts most ii; demand are 10's, 12's, and 14's. About
Year. Quantity.
Bales.
1894 ■ •« •■ •• •• 101,800
1895 88,300
1896 71,300
1897 ,, ,, ,, ,, 69,700
1898 57,100...”
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“...50 per cent, over what maybe called
the normal price. At the same time the market was being flooded
with yarn from India and Japan, and the price fell 15 per cent.
The Indian mills suffered severely, but so did the local mills,
who found themselves compelled to sell yarn at less than cost
price.
The Chinese cotton sellers have over-reached themselves; they
believed that by combining amongst themselves they could run up
the price of raw cotton to any point short of forcing the local
mills to cease working. The local mills met the combination by
importing Indian cotton freely, and this kept the Chinese cotton
below a certain level; but it had never entered into their calcula-
tions that they would have to import Indian cotton to spin at
Shanghai: as well might they import the Indian yarn ready spun.
The local mills then threw down the gauntlet to the Chinese cotton
sellers, and formed an association which pledged itself not to buy
raw cotton above a certain figure calculated on the world's...”
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