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THE  CHINESE  EMPIRE
chandise  only,  passing  through  the  various  Custom  Houses,
imports  exceeded  exports  in  1901  by  27  per  cent.,  in  1902
by  28  per  cent,  and  in  1903  by  31  per  cent  ;  in  1904  the
excess  increased  to  43  per  cent.,  and  in  1905  to  no  less
than  97  per  cent.,  but  in  these  two  years  the  greatly  increased
import  trade,  apart  from  any  question  of  increased  absorptive ­
  power  by  the  people,  was  largely  financed  by  remittances
to  maintain  the  Russian  and  Japanese  armies  in  the  field,
rendering  the  conditions  of  trade  abnormal.  The  year
1903  must  then  be  taken  as  the  last  normal  year.  Outside
the  maritime  Customs,  statistics  are  unknown  in  China,
and  all  that  can  be  done  in  seeking  information  is  to  adopt
a  reasonable  working  hypothesis,  and  on  it  to  base  a  conjecture. ­
  With  this  serious  limitation,  an  attempt  *  has
been  made  to  investigate  the  different  liabilities  and  assets
of  international  indebtedness  as  for  1903.
Liabilities.—The  first  is  the  visible  liability  of  merchandise ­
  imported,  valued  at  Tls.310,453,428,  to  which
must  be  added  bullion  and  coin  imported,  Tls.37,000,000  ;
in  the  last  is  included  an  estimated  sum  of  Tls.10,000,000
brought  back  in  cash  in  the  pockets  of  returning  emigrants,
but  the  treasure  movement  is  obscured  by  the  fact  that
China  must  return  as  foreign  all  movement  to  and  from
Hongkong,  the  financial  centre  for  South  China.  Then
we  have  Tls.44,210,000,  the  annual  charge  for  loans  and
indemnities  for  1903  at  the  exchange  of  that  year.  For
invisible  liabilities  it  is  estimated  that  Tls.4,320,000  were
spent  for  the  maintenance  of  Chinese  legations,  consulates,
and  students  abroad  ;  and  that  the  net  profits  of  foreign
residents,  merchants,  and  others,  and  of  foreign  shipping
and  insurance  companies  amounted  to  Tls.22,750,000.
A  further  sum  of  Tls.5,000,000  is  added  as  the  possible
value  of  war  material  not  included  in  merchandise.  The
total  so  estimated  is  Tls.423,733,428.
Assois.—  J  he  merchandise  exported  was  Tls.236,205,162,
and  bullion  and  coin  Tls.33,046,000,  including  as  before
‘  An  Inquiry  into  the  Commercial  Liabilities  and  Assets  of
China  in  International  Trade,”  by  H.  B.  Morse.