Exports from Hongkong to the United States during 1919 depend very largely upon the price of silver, which promises to be high and to tend greatly to restrict exports.

On the other hand, imports of an infinite variety are needed throughout the South China field and will be purchased to the full extent of the country's economic credit.

SHIPPING FACILITIES FOR TRADE WITH UNITED STATES.

The steamship connections between Hongkong and the Atlantic and Pacific coast ports of the United States may be summarized as follows:

TO EASTERN SEABOARD OF UNITED STATES.

The American Asiatic Steamship Co. has monthly sailings, via Suez, Panama Canal, or Cape of Good Hope as circumstances demand. The China Mutual Steam Navigation Co. (Blue Funnel) has had seven boats in this trade sailing via Suez, Panama Canal, or Cape of Good Hope as circumstances demand.

In the summer of 1919 announcement was made of a joint service from Hongkong to New York on the part of the Blue Funnel and the American-Manchurian line of the Ellerman & Bucknell Steamship Co.-providing for a sailing at least once a month, by the Suez or the Panama Canal, at ship owners' option.

Other occasional sailings to New York number approximately 10

a year.

There has been opened in Hongkong a direct agency of the Barber Steamship Co., of New York.

TO SAN FRANCISCO.

The Toyo Kisen Kaisha has eight boats on this service and four on the South American run calling at San Francisco; approximately biweekly sailings.

The Robert Dollar Co. has three boats in addition to four or five chartered boats. The total number of sailings probably does not exceed 10 a year.

The China Mail Steamship Co. has one boat on this run, with four or five trips a year.

The Standard Oil Co. of New York has an occasional boat returning to San Francisco with space for some cargo.

W. R. Grace & Co. have a small number of boats that have been making a number of trips between Hongkong and San Francisco. The Pacific Mail Steamship Co. (under organization of American International Corporation) has three boats giving approximately 12 sailings a year.

The Hawaiian-American Steamship Co. will probably have four boats between Hongkong, Honolulu, and San Francisco.

The U. S. Shipping Board has steamers sailing every 28 days from San Francisco to the Orient and touching at Hongkong.

TO PUGET SOUND PORTS.

The Ocean Steam Navigation Co. (Ltd.) (Blue Funnel) has approximately 12 sailings a year between Hongkong and Vancouver and Puget Sound.

The Canadian Pacific Ocean Services (Ltd.) has about 22 sailings a year between Hongkong and Vancouver.

The Osaka Shosen Kaisha has 24 sailings a year to Puget Sound ports.

The Nippon Yusen Kaisha has 24 sailings a year to Seattle and 4 boats from Hongkong, Manila, and Japanese ports to New York via Panama.

The Royal Mail Steam Navigation Packet Co. ordinarily has about 24 sailings a year to Vancouver and Seattle.

The U.S. Shipping Board has steamers sailing about once a month from Seattle to the Orient and touching at Hongkong.

A number of tramp steamers are also on the run to Seattle, but the departures are irregular.

FACILITIES FOR TRAVEL.

Hongkong is well provided with hotels and boarding houses, and in a general way they are considered to be quite good. The rates per day in the leading hotels average $7 or $8 gold, and monthly rates for two persons average about $125 to $150. The best season for visiting Hongkong and South China is from October to the end of February or the middle of March. The traveling accommodations by sea are excellent, and in normal times quick connections can be made at Hongkong for the Straits Settlements, India, Europe via Suez, the Philippines, and Australia. There are daily boats for Macao and Canton and three or four sailings weekly to Manila. The Kowloon-Canton Railway has good service to Canton, the run of 100 miles taking, on express trains, something less than five hours. The hotels in Hongkong have launches to meet all incoming steamers. Thomas Cook & Sons have a launch. The American Express Co. is located in Hongkong and pays particular attention to the tourist traffic and the forwarding of baggage to America. All Americans traveling to the Orient should have in their possession a passport and other documentary evidence for identification. Passengers, before leaving the United States, will find it a great help if information is obtained from the proper customs authorities regarding the amount of goods, curios, and the like that can be taken back with them without duty charges.

TRADE ORGANIZATIONS IN DISTRICT.

The chambers of commerce in the Hongkong consular district are the Hongkong General Chamber of Commerce, the Chinese Chamber of Commerce, and the Association of Exporters and Dealers of Hongkong.

The Chinese trade guilds are: Hongkong Money Dealers' Guild, comprising the native banks; Wa On Club, or Californian Merchants' Hong, comprising the firms that export goods to the United States; Business Association of the Commission Agents' Guild; Copper and Iron Dealers' Guild; Silk and Satin and Piece Goods Guild; Min Yik Kung Wui, Cotton-Yarn Dealers' Guild; Ginseng, Deerhorn, and Drugs Guild; Foreign Goods Import and Export Guild; North and South Merchants' Guild, comprising firms doing business in imports and exports with Northern Chinese ports, French IndoChina, Straits Settlements, and Java; Raw-Drug Dealers' Guild; Rice Guild; Salt-Fish Wholesale Dealers' Guild; Vermilion and Dye Dealers' Guild.

AMERICAN INTERESTS.

Since the outbreak of the war American trade in the Orient has increased enormously in many lines, particularly in those formerly supplied by Germany, Austria-Hungary, and Belgium, and in certain other classes of merchandise, notably iron and steel, which Great Britain and other European countries have been unable to supply fully because of the situation in manufacturing circles in these countries. Perhaps the most notable development in the oriental trade of the United States has been in iron and steel products, certain lines of hardware, electrical accessories, window glass, glassware, chemical products, tin plate, lead, quicksilver, nails, wire rope, belting, and related articles.

The American manufacturers are now in the Chinese markets and in many lines have obtained a strong foothold, with encouraging prospects for the future, but the restoration of peace in Europe and the return to normal conditions will mean the necessity of meeting competition (which will be very keen) and the natural desire and pressing economic need of those countries, now practically out of the Chinese market, to return with a strong determination to resume their proportion of trade. The United States has obtained trade in many lines through the sheer inability to obtain supplies from former sources, and under the circumstances it seems imperative that American firms should use every effort to consolidate their trade.

Irrespective of the abnormal conditions prevailing in Europe, the Chinese trade during portions of certain recent years was below normal in some lines and above normal in others, because of purchases by Japan of war material for Russia; but upon the resumption of a settled status of affairs there will be an increased demand for many lines of goods which the United States should supply advantageously even in the face of European competition. The purchasing power of the Chinese people is small individually, but the volume of trade collectively in the cheaper grades of goods will be tremendous, and it only remains for Americans to determine whether they will meet these conditions as well as or better than European countries. In a general way the stocks on hand in Hongkong and South China and in the Orient generally are much depleted, and the opportunity for American manufacturers and exporters to redouble their efforts to capture this trade is unprecedented. It is unfortunately true that many American manufacturers who now have a considerable export trade to China are in no way attempting to consolidate their trade and intimate that when the domestic trade increases the exports to China will be discarded for the apparently more profitable trade at home, with fewer risks and less unusual demands. Other exporters are not in a position to care for the volume of trade in China offered at present, but those who have obtained a foothold ought to follow up the advantages already obtained even in the face of domestic demands or the business in South America.

GENERAL TRADE SUGGESTIONS.

One of the important features of American development in foreign trade in recent years, and particularly since the outbreak of the war, is the increasing disposition of American concerns to establish their own branch houses or send out their own agents into the foreign