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The effect of the Sino-Japanese hostilities upon the economic status of Shanghai

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THE EFFECT OF THE SINO-JAPANESE H O ST IL IT IE S
UPON THE ECONOMIC STATUS OF SHANGHAI
A T h e s is
P re s e n te d t o
t h e F a c u l t y o f t h e C o l l e g e o f Com m erce
and B u s in e s s A d m in is tra tio n
In P a r t i a l F u lfillm e n t
o f t h e R e q u ire m e n ts f o r t h e D e g ree
M a s te r o f B u s in e s s A d m in is tr a tio n
by
L o u i s M c K e n zie L a u r i e ,
Ju n e 1941
Jr
UMI Number: EP43152
All rights reserved
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This thesis , written by
LjQ yiS..M Q K EN ZIE..IA U RlE,...JBJ»..............
under the direction of h.% 3. Faculty Committee,
a n d a p p r o v e d by a l l its m e m b e r s , has been
presented to and accepted by the Council on
Graduate Study and Research in partial fulfill­
m e n t of the r e q u ir e m e n ts f o r the d e g r e e of
Dean
Secretary
Date..
Faculty Committee
Chairman
n jf *
O
( R
I
■*s
TABLE OF CONTENTS
CHAPTER
X.
PAGE
INTRODUCTION .
T h e p r o b le n t
.
.
.
.
.
.
.
.
.
..........................
• » * • • - » • « ■ » «
S ta te m e n t o f t h e p ro b le m
Im p o rta n c e o f t h e
.
• .
. . . . . . .
s t u d y ..............................
M e th o d o f p r o c e d u r e
.
The I n t e r n a t i o n a l S e ttle m e n t
.
.
. .
.
5
..........................
6
.
. . . . . . . .
C o n d itio n s a t b e g in n in g o f h o s t i l i t i e s
T h e e x t e n t o f p r o p e r t y d am a g e
III.
II
. . .
.
10
12
.
12
. . . . . .
14=
. . . . . . . . .
19
. . . . . . . . . . . . . . . . . .
25
T he l o o t i n g o f p r o p e r t y
Sum m ary
9
.
INDUSTRIAL LOSSES AND PROPERTY DAMAGE
8
8
. . .
..............................
The p la n o f p r e s e n t a t i o n
II.
.
. . . . . . . . .
The G r e a t e r S h a n g h a i M u n i c i p a l i t y
Sum m ary
5
.
The E x tr a - S e tt l e m e n t R oads a r e a *
The F re n c h C o n c e s s io n
2
2
. . . . . . . .
o f Shanghai
X
1
. . . . . . . . . .
R e v ie w o f s o u r c e m a t e r i a l
B rie f d e s c rip tio n
.
* .
1
INDUSTRIAL R E C O V E R Y ........................
R e s u m p tio n o f o p e r a t i o n s
. . . . . . . . .
-25
. . . . . . . . . .
27
. . . . . . . . . . . . .
29
M ovem ent t o new a r e a s
G e n e ra l re c o v e ry
2:5
ii
CHAPTER
IT .
PAGE
F a c t o r s h a m p e r in g r e c o v e r y . . . . . . . .
32
S u m m a r y .........................
53
LIVING CONDITIONS
.
.
* .
. . . . . . . . . . . . .
P o p u la tio n in c r e a s e
35
. . . . . . . . . . .
M e asu re o f w o rk e rs * w e l l - b e i n g
35
. . . . . .
36
. . . . . . . . . . . .
45
. . . . . . . . . . . . . . . . .
47
SH IPPIN G . . . . . . . . . . . . . . . . . .
49
R io ts and s t r i k e s
Sum m ary
V.
* .
T h e W hangpoo C o n s e r v a n c y B o a rd
. . . . . .
50
T he J a p a n e s e s e i z u r e o f d r e d g i n g e q u ip m e n t
51
N e g o tia tio n s f o r t h e re s u m p tio n
o f d re d g in g
..............................
T h e W hangpoo boom
. . . . . . . . . . . .
54
E f f e c t o f w ar r i s k
. . . . . . . . . . . .
55
E ffe c t o f h o s tilitie s
S h an g h ai s h ip p in g
S um m ary
V I.
52
on t o t a l
. . . . . . . . . . .
56
. . . . . . . . . . . . . . . . .
58
FOREIGN AND DOMESTIC CO M M ERCE..............................
60
T rad e c o n d itio n s in 1937
60
I m m e d ia te e f f e c t o f t h e h o s t i l i t i e s
T rad e c o n d itio n s in 1938 .
.
.
C o n t in u e d d i s r u p t i o n o f t r a d e
T ra d e c o n d it i o n s in 1939
R e co v e ry . . . .
...
.
.
.
.
60
.
.
63
. . . . .
63
. . . . . . . . .
66
.....................
. . . . . . .
66
lii
CHAPTER
PAGE
Act v e r s e f a c t o r s
..................... * .........................
T rad e c o n d itio n s in 1940
.
.
S i t u a t i o n u n s a t i s f a c t o r y ......................
Sum m ary
¥11.
.
75
BANKING AND FINANCE . . . . . . . . . . . . .
. . . . .
E f f o r t s to m a in ta in exchange r a t e
T h e H u a - H s in g c u r r e n c y
.
78
................................
. . .
S um m ary . . . . . . . . . . . . . . . . .
¥111.
REAL ESTATE
81
84
. . . . . . . . . .
84
T ren d o f t h e m a rk e t . . . . . . . . . . .
85
r n R e n ta l v a l u e s
. . . . . . . . . . . . . .
Sum m ary .....................
IX .
80
82
.........................
B u ild in g c o n s tr u c tio n
77
77
. . . .
R e p a tria tio n o f c a p ita l to S hanghai
75
73
........................... ' ...........................
I m m e d ia te e f f e c t o f h o s t i l i t i e s
71
91
. . . . . . . . . . . .
92
SUMMARY AND CONCLUSIONS . . . . . . . . . . .
S um m ary . . . . . . . . . .
* . . . . .
.
95
95
C o n c lu s io n s . . . . . . . . . . . . . . .
96
BIBLIOGRAPHY . . . . . . . . . . . . . . . . . . . .
99
APPENDIX
. . . . . . . . . . . . . . . . . . . .
102
LIST OF TABLES
TABLE
I*
PAGE
F a c t o r i e s O p e n e d i n t h e C e n t r a l a n d W e s te r n
d is tric ts
o f S h a n g h a i fro m O u tb re a k o f
H o s t i l i t i e s u n t i l E n d o f 1 9 3 7 ................................
II.
C o m p a ris o n o f I n d u s t r i a l E m p lo y m e n t i n
S h a n g h a i,
III.
1935, 1937, 1938
. . . . . . . . . .
38
a n d R e a l W ages o f S h a n g h a i
W o r k e r s , 1 9 3 1 -1 9 3 9
. . . . . . . . . . . .
40
G e n e r a l I n d i c e s o f Wage R a t e s a n d A c t u a l
E a r n i n g s o f S h a n g h a i W o r k e r s ,1 9 3 1 -1 9 5 9
V I.
30
I n d ic e s o f A c tu a l E a r n in g s , C ost o f
L iv in g ,
V.
. . . . . . . .
C o st o f L iv in g I n d e x o f S h a n g h a i W o rk e rs,
1 9 2 6 -1 9 3 9
IT .
28
,
.
41
T o ta l T onnage o f S h ip s E n te re d a n d C le a re d
a t S h a n g h a i w ith P e rc e n ta g e T o ta l o f
a l l C h in a ,
V II.
. . . . . . . . . . .
1937
02
V a lu e a n d P e r c e n t a g e o f S h a n g h a i* s
D i r e c t F o r e ig n T r a d e , 1 9 3 3 -1 9 3 9 . . . . . .
IX .
57
M o n th ly V a lu e o f F o r e i g n T r a d e a t
S h a n g h a i,
V III.
1 9 3 3 -1 9 3 9
64
V a lu e a n d P e r c e n t a g e o f S h a n g h a i 's I m p o r t s ,
E x p o r ts , and T o ta l T rad e
S te rlin g } ,
1 9 5 6 -1 9 3 9
.
(in Pounds
..........................................
65
TABLE
X.
PAGE
S h a n g h a i *s I m p o r t s a n d E x p o r t s ,
1936, 1939,
i n T e rm s o f S t a n d a r d D o l l a r s , O pen M a r k e t
D o lla rs and Pounds S te r lin g
X I.
S h a n g h a i 's I m p o r t S u r p l u s e s ,
. . . . . . . .
1 9 3 6 -1 9 3 9 ,
6?
In
T e rm s o f S t a n d a r d D o l l a r s , O p en M a r k e t
D o lla rs , and Pounds S te r lin g
X II.
68
P e r c e n t a g e I n c r e a s e s i n C h in a a n d S h a n g h a i
T r a d e C om pared b y Y e a r s ,
X III.
. . . . . . . .
1 9 3 6 -1 9 5 9
. . . .
69
E x ch an g e R a te s f o r C o n v e rs io n P u r p o s e s ,
1 9 3 6 -1 9 3 9 . . . . . .
. . . . . .
103
LIST OF FIGURES
FIGURE
1.
PAGE
C o st o f L iv in g In d e x o f S h a n g h a i
W o rk e rs, 1 9 2 6 -1 9 3 9 , G e n e r a l a n d
G ro u p I n d e x N u m b e r s .........................
2*
42
I n d e x N u m b e rs o f C o s t o f L i v i n g ,
Wage R a t e s , A c t u a l E a r n i n g s ,
a n d R e a l W ages o f S h a n g h a i
W o rk e rs, 1 9 3 0 -1 9 3 9
3.
. . . . . . . . . . .
43
C o s t o f L i v i n g I n d e x N u m b e rs a n d
P u r c h a s i n g P o w e r o f M oney i n
S h a n g h a i,
4.
1 9 2 6 -1 9 3 9
Map o f S h a n g h a i
.....................
.............................
. . . . . .
44
104
CHAPTER I
INTRODUCTION
I.
S in c e th e
THE PROBLEM *
sum m er o f 1 9 5 7 , w hen t h e S i n o - J a p a n e s e
h o s t i l i t i e s w e r e e x t e n d e d f r o m N o r t h C h in a t o
Shanghai a re a , th a t
c ity ,
in c lu d e th e
one o f th e le a d in g t r a d i n g c e n te r s
o f t h e w o r l d , h a s s u f f e r e d n o t o n l y p r o p e r t y d am a g e a m o u n t­
in g to m illio n s o f d o lla r s ,
e c o n o m ic l i f e
b u t h a s h a d t o m o d ify i t s
e n tire
t o a c c o r d w i t h new an d e v e r c h a n g in g c o n d i­
t io n s and in f lu e n c e s .
S ta te m e n t o f t h e p ro b le m .
I t w as t h e p u r p o s e o f t h i s
s tu d y t o d e te rm in e th e r e s u l t o f th e S in o - J a p a n e s e h o s t i l i ­
tie s
th e
a s r e g a r d s t h e p r e s e n t e c o n o m ic s t a t u s o f S h a n g h a i a n d
c i t y r s o u tlo o k f o r th e f u t u r e ,
C o n s i d e r a t io n w as l i m i t e d ,
b e g in n in g w ith th e d a te o f t h e
th e re fo re , to
th e p e rio d
o u tb re a k o f th e h o s t i l i t i e s
i n t h e S h a n g h a i a r e a , A u g u st 1 3 , 195 7 , and c o n c lu d in g a t
th e
e n d o f 194.0, a l t h o u g h ,
in
som e i n s t a n c e s ,
y e t a v a ila b le f o r th e l a t t e r y e a r.
d a t a w e re n o t
N a tu ra lly , m a te ria l fo r
p r e v i o u s y e a r s w a s i n c l u d e d w h e re n e c e s s a r y f o r c o m p a r a t i v e
p u rp o se s and f o r th e e s ta b lis h m e n t o f t r e n d s .
T he s tu d y w as l i m i t e d
tra tiv e
a re a s th a t
s tric tly
c o m p ris e t h e
t o th e th r e e a d m in is ­
c i t y o f S h a n g h a i.
Ho a t t e m p t w a s m ade t o
o m ic f a c t o r s a l t h o u g h ,
in v e s tig a te
o th e r th a n econ­
o f c o u r s e , p o l i t i c a l i n f l u e n c e s w e re
i n h e r e n t i n t h e p r o b l e m a n d c o u ld n o t b e i g n o r e d .
A ny r e f ­
e r e n c e t o th e m , h o w e v e r , a r e m e r e l y f a c t u a l a n d w e re i n c l u d ­
ed o n ly i n s o f a r a s t h e y w e re n e c e s s a r y i n
e c o n o m ic p h a s e o f t h e
c la rify in g
som e
s itu a tio n .
I m p o r t a n c e o f t h e s t u d y . T he s t u d y i n v o l v e d a c u r r e n t
s i t u a t i o n w ith r a m i f ic a t i o n s e x te n d in g t o
d u s t r i a l c e n te r s o f th e e n t i r e w o rld .
f r o m a n a c a d e m ic p o i n t o f v i e w ,
phenom ena o f a m a jo r t r a d i n g
it
th e t r a d e and i n ­
B u t m o re i m p o r t a n t ,
c o n c e r n e d t h e e c o n o m ic
c e n t e r r e c o v e r i n g fro m v i o l e n t ­
l y d e s tr u c tiv e w a rfa re w ith in i t s
te rrito ry ,
and a tte m p tin g ,
w h ile p a r t i a l l y o c c u p ie d b y th e m i l i t a r y f o r c e s o f an a c t i v e
b e llig e r e n t, to p ro te c t i t s
its
e c o n o m ic l i f e
n e u tr a l s t a t u s and to r e a d ju s t
u n d e r new a n d d i f f i c u l t
M e th o d o f p r o c e d u r e .
c irc u m s ta n c e s .
T he s t u d y w as c o n d u c t e d p r i m a r ­
i l y b y m eans o f l i b r a r y r e s e a r c h , t h e r e s o u r c e s
o f T he U n i ­
v e r s i t y o f S o u t h e r n C a l i f o r n i a L i b r a r y a n d T he U n i v e r s i t y o f
I n t e r n a t i o n a l R e la ti o n s L ib r a r y f i r s t b e in g e x p lo re d c a r e ­
f u lly fo r p e rtin e n t m a te ria l.
T he L o s A n g e l e s c i t y L i b r a r y
a n d t h e e x c e l l e n t C la r e m o n t C o l l e g e s L i b r a r y w e re t h e n c o n ­
s u lte d
and fo u n d t o
c o n t a i n m uch o f v a l u e t o t h e
s tu d y .
B ut
f o r t h e l a t e s t an d m o st p e r t i n e n t d a t a i t w as n e c e s s a r y t o
s e e k th e w i l l i n g a id o f th e L ib r a r y o f C o n g re ss and th e B u re au
3
o f F o r e i g n a n d D o m e s tic Com m erce o f t h e U n i t e d S t a t e s D e­
p a r t m e n t o f C om m erce.
F u r t h e r u s e f u l d a t a w e re s e c u r e d fro m
t h e A m e ric a n C h am b er o f C om m erce i n S h a n g h a i a n d f r o m t h e
I n f o r m a t i o n S e r v i c e o f t h e C h u n g k in g G o v e r n m e n t.
T he d a t a f r o l a a l l t h e s e
s o u r c e s w e re c a r e f u l l y c h o s ­
en w ith re g a r d t o t h e i r d i r e c t b e a r in g upon th e
in d u s tria l,
c o m m e r c ia l a n d f i n a n c i a l c o n d i t i o n s p r e v a i l i n g i n S h a n g h a i
fo llo w in g th e
o u tb re a k o f h o s t i l i t i e s .
T he d a t a w e re t h e n
a s s e m b le d u n d e r a p p r o p r i a t e h e a d i n g s a n d a n a l y z e d t o t h e
end t h a t
c o n c l u s i o n s m ig h t b e d r a w n .
S e le c tio n
o f th e m a te r ia l and th e a n a ly z a tio n o f th e
f i n d i n g s w e re f a c i l i t a t e d
b y th e in v e s tig a to r * s f i r s t
k n o w le d g e o f t h e s i t u a t i o n b a s e d u p o n t e n y e a r s *
hand
re s id e n c e
i n t h e F a r E a s t b e tw e e n t h e y e a r s 1 9 2 9 a n d 1 9 3 9 .
II.
REVIEW OF SOURCE MATERIAL
D u r i n g t h e y e a r s s i n c e S h a n g h a i w as o p e n e d t o
t r a d e , a g r e a t num ber o f b o o k s h a v e b e e n w r i t t e n
e v e ry p hase o f th e
e ity * s l i f e ,
fo re ig n
c o v e rin g
m any o f t h e m e x c e l l e n t ; b u t
f o r b a ck g ro u n d m a t e r i a l r e g a r d in g t h e h i s t o r y ,
d e v e lo p m e n t
a n d p e c u l i a r p r o b l e m s o f S h a n g h a i , t h e w o rk s o f J u s t i c e
F e e th a m ^ a n d W i l l i a m C ra n e J o h n s t o n e 2 w e r e o u t s t a n d i n g .
^ R i c h a r d F e e t ham , R e p o r t t o t h e S h a n g h a i M u n i c i p a l
C o u n c i l ( S h a n g h a i ; N o rth .-C h .in a D a i l y News' a n d H e r a l d , L t d . ',
1 9 3 1 J , 5 v o l s . i n 1 , 655 p p .
£ W i l l i a m C ra n e J o h n s t o n e , T h e S h a n g h a i P r o b l e m ( S t a n ­
f o r d U n i v e r s i t y : S t a n f o r d U n i v e r s i t y P r e s s 7 ' IS fc 1/ ) , 326 p p .
A ls o n o te w o r th y , n o t o n ly f o r b a c k g ro u n d m a t e r i a l , b u t a s a
s o u r c e o f m u ch p e r t i n e n t d a t a f o r t h e y e a r s 1 9 3 7 a n d 1 9 3 8 ,
w as t h e w o rk o f F . 0 . J o n e s .
3
B ut f o r th e e n ti r e p e rio d
u n d er c o n s id e ra tio n , th e a n n u a l r e p o r ts o f th e S hanghai
M u n ic ip a l C o u n c il’ p ro v e d i n v a l u a b l e .
E x tre m e ly u s e f u l ,
as
w e l l , w e r e t h e C h in a Y e a r B o o k ( s ) , ^ a n d t h e y e a r l y r e p o r t s
g
o f t h e A m e r ic a n C o m m e r c ia l A t t a c h e i n S h a n g h a i
C h in a I n s p e c t o r a t e
o f C u s to m s .
7
and th e
I n a d d i t i o n , m uch p e r t i n e n t
d a t a w e r e f o u n d i n t h e n u m e ro u s p a m p h l e t s p u b l i s h e d b y t h e
A m e ric a n I n f o r m a t i o n C o m m itte e i n S h a n g h a i a n d b y t h e C h in a
I n f o r m a t i o n P u b l i s h i n g C om pany i n C h u n g k in g .
T h e p e r i o d i c a l s m o s t e x t e n s i v e l y e m p lo y e d i n t h e s t u d y
w e r e t h e C h in a W e e k ly R e v ie w a n d t h e F a r E a s t e r n S u r v e y .
T he
® F . G. J o n e s , S h a n g h a i a n d T i e n t s i n (S a n F r a n c i s c o ;
A m e ric a n C o u n c i l , I n s t i t u t e o f P a c i f i c R e l a t i o n s , 1 9 4 0 ) ,
182 p p .
^ S h a n g h a i M u n ic ip a l C o u n c il, R e p o r t( s ) f o r t h e T e a r
1 9 5 7 , 1 9 5 8 , a n d 1 9 5 9 a n d B u d g e t ( s ) f o r the~ T ear~~ l9*58V 1 9 3 9 ,
a n d 1 9 4 0 ( S h a n g h a i ; N o r t h - C h i n a .D a i l y Mews a n d H e r a l d , L t d . ,
1 9 3 8 , 1939 and 1 9 4 0 } , 3 v o l s , , 444 p p . , 465 p p . , an d 414 p p .
5 C h in a T e a r B o o k ( s ) ( S h a n g h a i : N o r t h - C h i n a D a i l y
Hews a n d H e r a i d , L t d . , 1 9 3 6 a n d 1 9 3 8 ) , 5 1 0 p p . a n d 5 9 5 p p .
® O f f i c e o f t h e A m e ric a n C o m m e rc ia l A t t a c h e , C h in a
A n n u a l E c o n o m ic R e p o r t ( s ) f o r 1 9 3 7 , 1 9 3 8 a n d 1 9 5 9 ( S h a n g h a i ) .
^ C h i n a , I n s p e c t o r a t e G e n e r a l o f C u s to m s , T he T r a d e o f
C h in a , a n n u a l r e p o r t s , 1 9 5 5 -3 9 ( S h a n g h a i: P r i n t e d . a n d p u b ­
l i s h e d a t t h e S t a t i s t i c a l D e p a rtm e n t o f t h e I n s p e c t o r a t e
G e n e r a l o f C u s to m s .
f o r m e r i s a S h a n g h a i w e e k l y n e w s p a p e r o f m an y y e a r s s t a n d i n g ,
e d i t e d a n d p u b l i s h e d b y J . B* P o w e l l , a n A m e r ic a n a u t h o r i t y
on C h in e s e a f f a i r s .
It
i s w e l l know n f o r i t s
fe a rle s s re p o rtin g .
The l a t t e r p e r i o d i c a l i s a f o r t n i g h t l y
r e s e a r c h s e r v i c e p u b l i s h e d : I n Hew Y o r k .
It
is
a c c u ra te and
e d ite d by
R u s s e l l M. S h im a n a n d i s a n o f f i c i a l p u b l i c a t i o n o f t h e
A m e r ic a n C o u n c i l , I n s t i t u t e
a te d .
o f P a c if ic R e la tio n s ,
In c o rp o r­
W ith s u c h s p o n s o r s h i p , a n y m a t e r i a l c o n t a i n e d t h e r e i n
can be a c c e p te d a s th o ro u g h ly r e l i a b l e .
Jo h n A h le rs ,® f i n a n c i a l e d i t o r o f t h e S h a n g h a i E v e n in g
P o s t a n d M e r c u r y , f r e q u e n t c o n t r i b u t o r t o t h e C h in a W e e k ly
R e v ie w a n d a u t h o r o f a n u m b e r o f b o o k s a n d p a m p h l e t s o n t h e
c u rre n t s itu a tio n
i n C h in a , h a s p r o v id e d a v o lu m in o u s am ount
o f a u th o rita tiv e m a te ria l an d , as a r e s u lt,
and c ite d
h a s b e e n q u o te d
f r e e l y th ro u g h o u t th e s tu d y .
H I.
B R IEF DESCRIPTION OF SHANGHAI
O pened t o f o r e i g n t r a d e
o n N o v em b er 1 4 , 1 8 4 3 ,
in a c ­
c o r d a n c e w i t h t h e B r i t i s h - C h i n e s e T r e a t y o f N a n k in g , S h a n g h a i
h a s g ro w n t o b e t h e
c h i e f p o r t o f C h in a a n d t h e f i f t h
p o r t in th e w o rld .
The c i t y
a d m in is te re d a r e a s : th e
is
c o m p o se d o f t h r e e
g re a te s t
s e p a ra te ly
I n t e r n a ti o n a l S e ttle m e n t, th e F re n c h
® Jo h n A b le r s (S e e b i b l i o g r a p h y f o r c o m p le te l i s t
w o rk s c o n s u l t e d ) .
of
6
C o n c e s s io n and t h e G r e a te r S h a n g h a i M u n i c i p a l i t y .
A c c o rd in g
Q
t o t h e C h in a T e a r Boole,
th e p o p u la tio n f ig u r e s a re a s
fo llo w s :
I n t e r n a t i o n a l S e ttle m e n t
1 ,1 4 9 ,4 4 5
F r e n c h C o n c e s s io n
4 7 7 ,6 2 9 ^
G re a te r S h an g h ai M u n ic ip a lity
T o ta l
In th e
1 ,9 2 5 ,1 2 7 ^
3 ,5 5 2 ,1 9 9
c o m b in e d f o r e i g n a d m i n i s t e r e d a r e a s o f S h a n g h a i
t h e r e w e r e , i n 1 9 3 5 , 2 0 ,6 7 9 J a p a n e s e , 1 4 ,8 4 5 R u s s i a n s , 9 , 6 0 3
B ritis h e rs ,
an d 3 ,8 0 8 A m e ric a n s .
E o t in c lu d e d in th e B r i t i s h
f i g u r e a r e 2 ,3 9 5 B r i t i s h I n d i a n s
The I n t e r n a t i o n a l S e ttle m e n t.
The I n t e r n a t i o n a l S e t ­
t le m e n t i s g o v e rn e d i n a c c o rd a n c e w ith t h e L and R e g u la ti o n s
firs t
1898.
d ra w n u p i n 1 8 4 5 , a n d s i n c e a m e n d ed i n 1 8 5 4 , 1 8 6 9 a n d
The o r i g i n a l S e ttle m e n t c o n s i s t e d o f 150 a c r e s on t h e
m uddy b a n k , o f t h e W hangpoo R i v e r , f o u r t e e n m i l e s a b o v e i t s
c o n f l u e n c e w i t h t h e Y a n g tz e e s t u a r y .
In t h i s a r e a , s e t a s id e f o r fo re ig n re s id e n c e ,
o u t­
r i g h t p u r c h a s e o f p r o p e r t y w as i m p o s s i b l e , b u t p r o v i s i o n w as
® C h in a Y e a r B o o k , O p. e i t . ,
1935 c e n s u s .
S e ttle m e n t R o ad s.
1936 c e n s u s .
P ro b a b ly 1955.
15 T
..
L oc. c i t .
1958, p . 294.
In c lu d e s f o r e ig n e r s r e s id in g
on e x tr a -
m ade f o r r e n t a l i n p e r p e t u i t y ,
a n n u a l la n d r e n t .
n u al e le c tio n
s u b je c t t o th e paym ent o f
T he L a n d R e g u l a t i o n s p r o v i d e f o r t h e a n ­
o f a M u n ic ip a l C o u n c il,
o f n o t m o re t h a n n i n e
n o r . l e s s t h a n f i v e m e m b e rs , t o b e v o t e d u p o n b y f o r e i g n e r s
who a r e h o l d e r s i n p e r p e t u i t y o f l a n d v a l u e d a t 5 0 0 t a e l s ^ 4
o r m o re,
o r b y h o u s e h o l d e r s who a r e p a y i n g r a t e s on a n a n n u a l
r e n t a l o f n o t l e s s th a n 500 t a e l s .
to
D u rin g r e c e n t y e a r s , d u e
t h e p r e p o n d e r a n c e o f C h in e s e r e s i d e n t s i n t h e S e t tl e m e n t,
fiv e
C h i n e s e m em b ers h a v e b e e n a d d e d t o t h e
C o u n c i l , m a k in g
a t o ta l o f fo u rte e n .
As t o
f o r e i g n m em b ers o n t h e C o u n c i l , t h e r e h a s b e e n ,
f o r a num ber o f y e a r s ,
a t a c i t a g re e m e n t t h a t t h e n in e f o r ­
e i g n m em b ers s h o u l d c o n s i s t o f f i v e B r i t i s h e r s , tw o A m e r ic a n s
a n d tw o J a p a n e s e , t h i s b e i n g a f a i r r e p r e s e n t a t i o n o f t h e
in te re s ts
in v o lv e d .
T he J a p a n e s e , h o w e v e r , h a v e come t o
th a t a la rg e r re p re s e n ta tio n is
trie d
to
e le c t a th ir d
d u e th e m a n d , i n 1 9 3 6 , t h e y
c a n d id a te .
T he a t t e m p t w a s n o t a b l y
u n s u c c e s s f u l due t o a r e c o r d v o te p o lle d by th e B r i t i s h
A m e ric a n r a t e p a y e r s .
1937, th e ir e f f o r ts to
W ith t h e
fe e l
and
c h a n g in g c o n d i t i o n s s in c e
g a i n f u r t h e r c o n t r o l h a v e b e e n m uch
m o re i n s i s t e n t , a n d i n m any w a y s s u c c e s s f u l , a l t h o u g h t h e y
have f a ile d
t o g a i n a n y m o re s e a t s on t h e C o u n c i l .
-j *
T a e l , a C h i n e s e w e i g h t ( 1 - 1 / 3 0 2 . ) a n d m o n ey o f
a c c o u n t.
No l o n g e r u s e d f o r t h e l a t t e r p u r p o s e , b u t f o r m e r l y
a b o u t s e v e n ty - f iv e c e n ts , U. S . c u rre n c y .
In re g a rd to a re a , th e r e have b een th r e e
th e o r i g i n a l 150 a c r e s , th e l a s t
age a t p re s e n t to
5 ,5 8 4 *
e x te n s io n s t o
in 1899, b rin g in g th e a c r e -
15
The E x tr a - S e ttle m e n t lo a d s a r e a .
U n d e r t h e L an d R e g u ­
l a t i o n s , p r o v i s i o n w a s m ade f o r t h e p u r c h a s e o f l a n d o u t s i d e
th e S e ttle m e n t a re a f o r th e p u rp o se o f b u ild in g r o a d s , p u b lic
g a r d e n s , and p l a c e s o f r e c r e a t i o n .
U nder t h i s a u th o r ity
n u m e ro u s e x t r a - S e t t l e m e n t r o a d s h a v e b e e n c o n s t r u c t e d a n d ,
f r o n t i n g th e m , h a v e b e e n b u i l t b o t h b u s i n e s s a n d r e s i d e n t i a l
e d ific e s ,
ro ad s.
som e o f t h e
f i n e s t hom es i n s h a n g h a i b e i n g o n s u c h
By a rra n g e m e n t w ith t h e
C h in e s e , u t i l i t i e s
a r e p r o v id e d fro m t h e S e ttle m e n t a n d ,
s e rv ic e s
in r e tu r n , th o s e r e s id ­
in g on e x t r a - S e t t l e m e n t r o a d s p a y t a x e s t o t h e M u n ic ip a l
C o u n c il.
T he F r e n c h C o n c e s s i o n . F o r a n u m b e r o f y e a r s e f f o r t s
w e r e m ade b y t h e B r i t i s h
to
a n d A m e ric a n o f f i c i a l s
in Shanghai
h a v e t h e F r e n c h c o m m u n ity ^ o i n th e m a s a p a r t o f t h e
I n t e r n a t i o n a l S e t t l e m e n t , b u t t h e y r e m a in e d a d a m a n t i n t h e i r
d e s ire
f o r a s e p a r a te ly c o n tro lle d a r e a .
T h is s ta n d w as due
p a r t l y t o t h e f a c t th e y c o n tr o l le d a lo n g s t r e t c h
o f v a lu a b le
r i v e r f r o n t a g e w h ic h i t w as d e s i r e d t o p l a c e a t t h e
d is p o s a l o f th e
s t e a m s h i p co m p a n y o p e r a t e d b y t h e
^ 5 C h in a T e a r B o o k , O p. c i t . ,
1936, p . 458.
e x c lu s iv e
C o m p ag n ie
0
d e s M e s s a g e rie s I m p e r ia le s .
Thus-* i n a c c o r d a n c e w ith , t h e
t e r m s o f t h e T r e a t y o f W hampoa, s i g n e d o n O c t o b e r 2 4 , 1 8 4 4 ,
b e tw e e n F r a n c e a n d C h i n a , t h e F r e n c h C o n c e s s i o n w as b r o u g h t
i n t o b e in g an d o f f i c i a l l y p ro c la im e d in 1 8 6 6 .
The C o n c e s s io n l i e s t o t h e
o rig in a lly
c o n s is te d o f a b o u t 140 t o
s i n c e b e e n e x te n d e d t o
its
s o u th o f t h e S e ttle m e n t and
150 a c r e s , b u t i t
i n c l u d e 2 ,2 2 5 a c r e s .
16
has
In a d d itio n to
l o n g w a t e r f r o n t , w i t h n u m e ro u s w h a r v e s a n d g o d o w n s , a n d
a la r g e b u s in e s s d i s t r i c t ,
it
h a s an e x te n s iv e and w e ll
d e v e l o p e d r e s i d e n t i a l s e c t i o n w h e re a p p r o x i m a t e l y h a l d t h e
f o r e ig n p o p u la tio n o f th e e n tir e
c ity liv e s .
T he g o v e r n m e n t o f t h e F r e n c h C o n c e s s i o n d i f f e r s
th a t
o f th e S e ttle m e n t in t h a t i t
is
fro m
a d m in is te re d b y th e
F r e n c h C o n s u l - G e n e r a l , a s s i s t e d b y a n a d v i s o r y b o d y o r com­
m i s s i o n c o m p o sed o f e i g h t e e n m e m b e rs , f i v e
T he G r e a te r S h a n g h a i M u n i c i p a l i t y .
S h a n g h a i M u n ic ip a lity w as c r e a te d
N a t i o n a l i s t s o c c u p ie d S h a n g h a i.
J u ly 14, 1927, i t
d ire c t
o f th e m C h i n e s e .
T he G r e a t e r
i n M a rc h , 1 9 2 7 , w h en t h e
U n d e r a n O r g a n ic Law o f
w as m ade a S p e c i a l M u n i c i p a l i t y u n d e r
c o n t r o l o n t h e C e n t r a l G o v e rn m e n t i n N a n k i n g .
T he
M u n ic ip a lity f la n k s b o th f o r e ig n m u n ic ip a l a r e a s and con­
t a i n s a b o u t 508 s q u a re m ile s o f t e r r i t o r y ,
1 6 I b i a *. P* 4 6 1 .
17 I b i d .,
p. 462.
7 in c lu d in g th e
10
o l d C h in e s © c i t y o f M a n ta o .
It
i s a d m i n i s t e r e d b y a M a y o r, a p p o i n t e d b y t h e C e n t r a l
G o v e r n m e n t, a n d t e n a d m i n i s t r a t i v e
o rg a n s; th e S e c r e ta r ia t,
t h e B u re a u s o f S o c i a l A f f a i r s , P u b l i c S a f e t y , F i n a n c e , P u b l i c
W o rk s , E d u c a t i o n , P u b l i c H e a l t h , L a n d A d m i n i s t r a t i o n , P u b l i c
U tilitie s ,
and th e P e a ce P r e s e r v a tio n A d m in is tra tIo n *
F o rm e d a t t h e t i m e t h e C h i n e s e w e re b e n d i n g e v e r y
e f f o r t to w a rd t h e a b o l i t i o n o f e x t r a t e r r i t o r i a l i t y
I n C h in a ,
t h e p u r p o s e w as t h a t e v e n t u a l l y t h e G r e a t e r M u n i c i p a l i t y
w o u ld s u p p l a n t t h e I n t e r n a t i o n a l S e t t l e m e n t a n d t h e F r e n c h
C o n c e s s io n .
c ity ,
E la b o ra te p la n s f o r th e
in c lu d in g a b e a u tif u l c iv ic
w a y w hen t h e h o s t i l i t i e s
c r e a t i o n o f a m o d e rn
c e n t e r , w e re w e l l u n d e r
o f 1937 c o m p le te d t h e d e v a s t a t i o n
o f m uch o f t h e a r e a w h ic h h a d b e e n p a r t l y l a i d w a s t e b y t h e
sam e f o r c e s i n 1 9 3 2 .
N a t u r a l l y t h e C e n t r a l G o v e rn m e n t« s
p l a n s f o r a b s o r p t io n o f t h e f o r e i g n a d m in is te r e d a r e a s w e re
b ro u g h t t o an u n tim e ly end b y w hat h a s t r a n s p i r e d , b u t s im i­
l a r p la n s h av e s in c e b e e n v o ic e d b y th e p u p p e t a d m i n i s t r a t io n
s e t u p i n t h e M u n i c i p a l i t y b y t h e n ew J a p a n e s e - s p o n s o r e d
N a n k in g G o v e r n m e n t.
S um m ary.
B rie fly
s u m m a r i z i n g , t h e p r o b l e m w as t h a t o f
a s c e r t a i n i n g t h e e f f e c t u p o n t h e e c o n o m ic s t a t u s o f S h a n g h a i
o f t h e S i n o - J a p a n e s e h o s t i l i t i e s w h ic h b e g a n I n A u g u s t, 1 9 3 7 .
L i b r a r y r e s e a r c h w a s t h e m e th o d e m p lo y e d i n s o l v i n g t h e
p ro b le m , an d o f f i c i a l and s e m i - o f f i c i a l r e p o r t s and c u r r e n t
11
p e r i o d i c a l s w e re t h e p r i n c i p a l s o u r c e s o f d a t a .
w as l i m i t e d t o t h e t h r e e
th e
T he s t u d y
a d m in is tra tiv e a re a s t h a t
c i t y o f S h a n g h a i , n a m e ly , t h e
c o m p ris e
I n te r n a tio n a l, S e ttle m e n t,
t h e F r e n c h C o n c e s s io n a n d t h e G r e a te r S h a n g h a i M u n i c i p a l i t y .
The p l a n o f p r e s e n t a t i o n . F o llo w in g t h e
c h a p te r,
re s u ltin g
in tro d u c to ry
e v i d e n c e o f i n d u s t r i a l l o s s e s a n d p r o p e r t y d am ag e
fro m t h e a c t u a l h o s t i l i t i e s
h as been p re s e n te d .
T h is w as su c c e e d e d b y t h e f i n d in g s in r e g a r d t o
in d u s tria l
r e c o v e r y a n d t h e f a c t o r s h a m p e r in g t h a t r e c o v e r y .
C lo s e ly
a llie d
w ith t h e s e p h a s e s o f t h e p ro b le m w as t h e q u e s t io n o f
liv in g
c o n d itio n s ; t h u s , th e n e x t p o s i t i o n h a s b e e n g iv e n
to a tre a tm e n t o f t h i s .
The f in d in g s in v o lv in g s h ip p in g ,
f o r e i g n an d d o m e s tic
c o m m e rc e , b a n k i n g a n d f i n a n c e , a n d r e a l e s t a t e h a v e b e e n
p re s e n te d in th a t o rd e r,
iz in g th e
e n tire
f o l l o w e d b y a f i n a l c h a p t e r su m m ar­
s tu d y and s e t t i n g f o r t h th e
c o n c lu s io n s .
CHAPTER II
INDUSTRIAL LOSSES AND PROPERTY DAMAGE
C o n d itio n s a t b e g in n in g o f h o s t i l i t i e s .
few y e a r s
J u s t p r i o r t o th e 1937 h o s t i l i t i e s ,
D u rin g t h e
S h an g h ai had
w i t n e s s e d a n u n p r e c e d e n t e d l y w id e a n d v a r i e d i n d u s t r i a l
g ro w th .
The s t r a t e g i c p o s i t i o n o f t h e
c i t y w ith r e l a t i o n
t o t h e d e n s e l y p o p u l a t e d Y a n g tz e T a l l e y ,
c o u p le d w i t h i n ­
c r e a s i n g o p t im i s m i n r e g a r d t o a m o re s t a b l e a n d p r o s p e r o u s
C h in a , w as h a v in g a m o st s a t i s f a c t o r y
e n te rp ris e .
E ven t h e
h o s tilitie s
e f f e c t upon in d u s t r ia l
c o m p a ra tiv e ly s h o r t - l i v e d
o f 195S h ad n o t a f f e c t e d t o
th e g e n e ra l fe e lin g
Jap an ese
an y s e r io u s d e g re e
o f c o n f i d e n c e i n S h a n g h a i 's i n d u s t r i a l
g r o w th .1
C o n d i t i o n s h a d b e e n i n c r e a s i n g l y im p ro v e d s i n c e
O c to b e r,
1 9 3 6 , w hen a n u n u s u a l l y g o o d c r o p h a d b e e n h a r v e s t e d
in th e p ro v in c e s .
fe lt firs t
T he r e s u l t i n g
in c re a s e d
s p e n d i n g p o w e r w as
i n t h e . S h a n g h a i c o t t o n m i l l s w h ic h b e g a n t o w o r k a
f u l l tim e d a y an d n i g h t s c h e d u le .
As w a s t o b e e x p e c t e d w i t h
in c r e a s e d p ro d u c tio n , la b o r d is p u te s a ro s e and s e v e r a l s t r i k e s
w e re c a l l e d .
p ro m p tly ,
H o w e v e r, t h e d e m a n d s o f t h e s t r i k e r s w e r e m e t
f u r t h e r i n d i c a t i n g a f e e l i n g o f c o n f i d e n c e on t h e
1 O f f i c e o f t h e A m e ric a n C o m m e rc ia l A t t a c h e , C h in a
A n n u a l E c o n o m ic R e p o r t f o r 1 9 3 7
(S h a n g h a i: J a n u a ry 3 1 ,
1 9 3 8 } , p . E l.
13
p a rt of in d u s tria lis ts .
S in c e t h e
m o re w o r k e r s t h a n a n y o t h e r s i n g l e
in c re a s e d
s p e n d in g pow er o f th e s e
c o t t o n i n d u s t r y e m p lo y s
i n d u s t r y i n S h a n g h a i, t h e
o p e r a t i v e s c r e a t e d a dem and
f o r m o re c o n s u m e r g o o d s w i t h t h e r e s u l t a n t s t i m u l a t i o n o f
s m a ll f a c t o r i e s p ro d u c in g th e s e p r o d u c ts .
D u rin g t h e
e a rly
p a r t o f 1 9 3 7 t h e r e w e r e n u m e ro u s p r o p o s a l s f o r new i n d u s t r i a l
2
u n d e r ta k in g s an d t h e e x p a n s io n o f e x i s t i n g p l a n t s .
3
The f i g u r e s
th a t
f o r th e f i r s t
in d u s tria l a c tiv ity
h is to ry .
s e v e n m o n th s o f 1 9 3 7 sh o w
i n S h a n g h a i w as t h e h i g h e s t i n i t s
A s c o m p a re d w i t h t h e
c o rre s p o n d in g p e rio d
in 1936,
c o tto n y a rn p ro d u c tio n had in c re a s e d t h i r t y p e r c e n t,
th ir te e n p e r c e n t,
and cem ent f o r t y p e r e e n t .
P o w e r C om pany, w h o s e l o a d i s
flo u r
The S h a n g h a i
c h ie fly in d u s tr ia l,
in
e a rly
A u g u s t w a s a t a p e a k o f 1 3 0 ,0 0 0 k . w . a s c o n t r a s t e d w i t h
2 0 ,0 0 0
k .w .
Ju st a f t e r th e
H o w e v e r,
com m encem ent o f h o s t i l i t i e s .
im m e d ia te ly f o llo w in g t h e L u k o u ch o u i n c i d e n t
i n F o r t h C h in a , e v e n b e f o r e t h e
f e e l i n g becam e g e n e r a l t h a t
t h e f i g h t i n g m i g h t i n v o l v e t h e S h a n g h a i: .: a r e a ,
b a d ly sh a k e n .
3
As a r e s u l t ,
c o n f i d e n c e w as
f r o m t h e e n d o f J u l y o n w a rd ,
t h e r e b e g a n a s t e a d y m ovem ent f o r t h e r e m o v a l o f m a c h i n e r y
a n d e q u ip m e n t f r o m t h e H angkow a n d Y a n g tz e p o o d i s t r i c t s .
2 S h a n g h a i M u n ic ip a l C o u n c il, R e p o rt f o r t h e Y e a r 1957
an d B u d g et f o r th e Y ear 1958 ( S h a n g h a i: N o rth -C h in a D a ily
N ews a n d H e r a l d , ' l t d . , 1 9 3 8 } , . p p . 2 1 - 2 2 .
3
O f f i c e o f t h e A m e r ic a n C o m m e rc ia l A t t a c h e , 0 £ . c i t . ,
p . 22*
When h o s t i l i t i e s b r o k e o u t o n A u g u s t 1 3 , o p e r a t i o n s c e a s e d
e n tire ly
in th o se a re a s an d ,
lo w e d , a l l f a c t o r i e s
in th e
c r i t i c a l days th a t f o l­
i n t h e W e s te rn , N o r th e r n an d C e n t r a l
d i s t r i c t s a l s o w e re c l o s e d .
The e x te n t o f p r o p e r ty dam age. S e v e r a l e s tim a te s h a v e
b e e n m ade o f t h e e x t e n t o f t o t a l p r o p e r t y d a m a g e .
F . C. J o n e s
c i t e s t h e A s s i s t a n t C o m m e r c ia l A t t a c h e f o r t h e U n i t e d S t a t e s
a t S h an g h ai a s e s tim a tin g d ir e c t
in d u s tr ia l lo s s e s a t Shanghai
a t S t a n d a r d $ 3 5 0 ,0 0 0 ,0 0 0 ^ a n d o t h e r p r o p e r t y d e s t r u c t i o n a t
S t . $ 8 0 0 , 0 0 0 , 0 0 0 , m a k in g a t o t a l o f S t . $ 5 5 0 , 0 0 0 , 0 0 0 .
fig u re s
T hese
in c lu d e S t . $ 5 0 ,0 0 0 ,0 0 0 i n g o o d s d e s tr o y e d o r l o o te d
f r o m w a r e h o u s e s i n H ongkew a n d Y a n g t z e p o o , a f u r t h e r
S t . $ 5 0 ,0 0 0 ,0 0 0 i n l o s s e s o f h o u s e h o ld e f f e c t s ,
g e n e r a l m er­
c h a n d is e an d f i x t u r e s , a n d S t . $ 1 5 ,0 0 0 ,0 0 0 i n m a c h in e ry an d
o t h e r p r o p e r t y rem o v ed b y t h e J a p a n e s e f o r c e s fro m t h e
o c c u p ie d a r e a s .
C h in e s e a u t h o r i t i e s
c i t e m u eh h i g h e r f i g u r e s ,
f r o m S t . $ 8 0 0 ,0 0 0 ,0 0 0 t o S t . $ 4 , 4 5 0 , 0 0 0 , 0 0 0 .
ra n g in g
T he B u r e a u o f
S o c ia l A f f a ir s o f th e G re a te r S h an g h ai M u n ic ip a lity s t a t e s
t h a t 5 ,2 5 5 f a c t o r i e s w e r e d e s t r o y e d b y s h e l l i n g , b o m b in g o r
fire ,
and th a t th e
e x t e n t o f d am ag e i n G h a p e i w as 1 0 0 p e r
^ S e e A p p e n d ix f o r c o n v e r s i o n t a b l e .
^ F . C. J o n e s , S h a n g h a i an d T i e n t s i n (S a n F r a n c i s c o :
A m e r ic a n C o u n c i l , I n s t l W E e o r P a c i f i c R e l a t i o n s , .1 9 4 0 ) ,
p . 87.
15
c e n t,
i n Y a n g tz e p o o a n d H o ngkew , s e v e n t y p e r c e n t , a n d i n
6
N a n ta o , t h i r t y p e r c e n t .
A c h e e k m ade b y t h e
I n d u s t r i a l S e c tio n o f th e S h an g h ai
M u n i c i p a l C o u n c i l ^ i n D e c e m b e r, 1 9 5 7 ,
w as p o s s i b l e t o
sh o w ed a s n e a r l y a s I t
d e te rm in e a t t h a t tim e t h a t i n t h e N o rth e rn
and E a s te r n s e c t io n s o f th e
I n t e r n a t i o n a l S e ttle m e n t t h a t :
A t o t a l o f 9Q5 u n d e r t a k i n g s , m o s t l y o f s m a l l s i z e ,
a n d e m p lo y in g a t o t a l o f 5 0 ,8 6 8 w o r k e r s , w e r e f o u n d t o
have b een t o t a l l y d e s tro y e d b y f ir e *
In a d d itio n , i t
w as c a l c u l a t e d t h a t t h e p r e m i s e s o f p o s s i b l y som e 1 ,0 0 0
C h in e s e f a c t o r i e s a n d w o rk s h o p s , i n c l u d i n g b o t h l a r g e
a n d s m a l l p l a n t s , h a d b e e n d a m a g ed m o re o r l e s s s e r i o u s l y .
I t w as n o t p o s s i b l e t o s t a t e t h e c o n d i t i o n o f t h e c o n ­
t e n t s , b u t i t w a s know n t h a t i n som e o f t h e l a r g e r m i l l s
m a c h i n e r y h a d b e e n r e n d e r e d u s e l e s s a n d w o u ld r e q u i r e
r e p l a c e m e n t b e f o r e t h e m i l l s c o u ld w o r k . E v id e n c e o f
d i s t u r b a n c e a n d l o o t i n g o f f a c t o r i e s w a s com m only n o t e d *
I t w a s, t h e r e f o r e , a ssu m e d t h a t n o n e o f t h e s e 1 ,0 0 0
p l a n t s w o u ld r e - o p e n a t a n e a r l y d a t e .
In co n seq u en ce, th e I n d u s t r i a l S e c tio n r e p o rte d t o th e
C o u n c i l i t s v ie w s t h a t v i r t u a l l y o n l y f o r e i g n ow ned I n ­
d u s t r y w o u ld p h y s i c a l l y b e i n a p o s i t i o n t o o p e r a t e .
O n ly tw o f o r e i g n ow ned p l a n t s o f a n y s i z e , a n d t h e s e J a p a n e s e ,
w e r e f o u n d t o h a v e b e e n c o m p l e t e l y d e s t r o y e d , t h o u g h m any
h a d b e e n s t r u c k b y s h e l l s a n d e x t e n s i v e r e p a i r s w o u ld b e
n e c e ssa ry .
F o r e i g n f a c t o r i e s w e r e , i n som e c a s e s , i s l a n d s
i n a s e a o f d e s tr o y e d C h in e s e e n t e r p r i s e .
I n a d d i t i o n , th e w id e s p re a d d e s t r u c t i o n o f d w e llin g s
i n t h e E a s t e r n d i s t r i c t w o u ld , i t w a s f e l t , m ake d i f f i c u l t
t h e h o u s i n g o f t h o s e w o r k e r s who c o u ld b e e m p lo y e d i n
p r o x im ity t o t h e i r w o rk .
Thus a t th e end o f th e y e a r, th e p ro s p e c t f o r th e
p o s s i b l e r e - e m p lo y m e n t o f m an y s k i l l e d w o r k e r s w a s f a r
fro m b r i g h t .
ft
W i l l i a m W. L o c k w o o d , J r . , " S h a n g h a i F a e e s U n c e r t a i n t y , "
F a r E a s te r n S u rv e y , 6 :2 7 6 -7 8 , D ecem ber 1 , 1 9 5 7 .
7
~
■
S h a n g h a i M u n ic ip a l C o u n c il, 0 £ . c i t . ,
8 L oc. c i t .
p.
22.
T h e "b u lk o f p r o p e r t y d am ag e w a s s u f f e r e d b y t h e
C h in e s e f i r m s , w ith f o r e i g n f i r m s e s c a p in g c o m p a r a tiv e ly
lig h tly .
H o w e v e r, a s p o i n t e d
J a p a n e s e l o s s e s w e re h e a v y .
h a rd e st h it,
o u t b y A t s u k i E a w a s h im a , 9
T h e i r s p i n n i n g m i l l s w e re t h e
d am ag e t o th e m a m o u n t i n g t o
o v e r T e n 7 0 ,0 0 0 ,0 0 0
a n d a c c o u n t i n g f o r a b o u t s e v e n t y p e r c e n t o f t h e t o t a l dam ­
age to
Jap an ese p ro p e rty .
l o s s e s w e re a l s o g r e a t .
J a p a n e s e s h ip p in g an d w a reh o u se
T he l a r g e s t v i c t i m w a s t h e N l s s h i n
K i s e n K a i s h a , t h e m a j o r i t y o f w h o se s h a r e s a r e h e l d b y t h e
O s a k a S h o s e n K a i s h a a n d t h e N ip p o n Y u s e n K a i s h a .
th e o n ly J a p a n e se fir m
e n g a g e d i n t h e Y a n g tz e T a l l e y t r a d e
p r i o r t o th e b e g in n in g o f h o s t i l i t i e s .
c o n flic t,
T h i s w as
As a r e s u l t o f t h e
it
lo s t s ix o f i t s
s ix te e n v e s s e ls o p e ra tin g out
o f S h a n g h a i.
F iv e o f t h e s e ,
v a l u e d a t Y en 6 , 7 0 0 , 0 0 0 , w e re
su n k by t h e C h in e s e .
In a d d itio n ,
b u i l d i n g s a n d g o o d s w e re l o s t ,
1 0 ,0 0 0 ,0 0 0 .
w a re h o u se s and o th e r
r a is in g th e t o t a l to
o v e r Y en
S m a ll i n d u s t r i e s a n d o t h e r t y p e s o f b u s i n e s s
acco u n t fo r th e
l o s s o f a n o t h e r Y en 1 4 , 0 0 0 , 0 0 0 , m a k in g a
g ra n d t o t a l J a p a n e s e p r o p e r ty l o s s in and a ro u n d S h a n g h a i o f
som e Y en 9 4 , 0 0 0 , 0 0 0 .
I n M ay, 1 9 3 8 , t h e
I n d u s t r i a l S e c tio n o f th e S h an g h ai
A t s u k i K a w a s h im a , MS h a n g h a i C o n f l i c t C o s t s J a p a n e s e
o v e r Y en 1 0 0 , 0 0 0 ,0 0 0 P r o p e r t y L o s s , " C h in a W e e k ly R e v ie w ,
8 3 :8 , D ecem ber 4 , 1 9 3 7 .
17
M u n ic ip a l C o u n c i l ^ p u b lis h e d
lo s s e s
a d e ta ile d
re p o rt o f p ro p e rty
i n t h e w h o le S h a n g h a i a r e a , a n a l y z e d b y t r a d e s a n d
-
c o m p ile d f r o m i n f o r m a t i o n o b t a i n e d f r o m t r a d e a s s o c i a t i o n s .
T h i s w a s m o re c o m p l e t e t h a n t h e i r r e p o r t o f t h e p r e v i o u s
D e ce m b er.
W ith r e f e r e n c e t o
Jap an ese m ill lo s s e s ,
it
w o u ld
a p p e a r f r o m t h e f o l l o w i n g t h a t A t s u k i K a w a s h im a Ts f i g u r e
of
Y en 7 0 , 0 0 0 , 0 0 0 w as u n d u l y h i g h .
T e x t i l e P l a n t s . C o t t o n s p i n n i n g a n d w e a v in g m i l l s .
Of t h i r t y c o t 't o n m i l l s o f C h i n e s e o w n e r s h i p i n t h e
S h a n g h a i a r e a , s e v e n c o n t i n u e d t o w o rk t h r o u g h o u t t h e
h o s t i l i t i e s ; t h e r e m a i n i n g 2 3 w e re m o re o r l e s s dam ­
aged o r re n d e re d in a c tiv e .
Of th e t h i r t y Ja p an e se m ills in th e S hanghai a re a ,
o n e w as p a r t i a l l y d e s t r o y e d a n d o n e d a m a g e d .
N one o f t h e s i x B r i t i s h
to any e x te n t.
c o t t o n m i l l s w a s d a m ag ed
T h e r e l a t e d C h i n e s e ow ned d y e i n g i n d u s t r y s u f f e r e d
g re a tly .
1 9 0 c o n c e r n s , l a r g e a n d s m a l l , w e re r e p o r t e d
by th e tr a d e a s s o c ia tio n to have been d e s tro y e d .
F i f t e e n o u t o f f i f t y k n i t t i n g p l a n t s w e re d e s tr o y e d
t h o u g h n i n e m a n a g e d t o m ove m a c h i n e r y b e f o r e d e s t r u c ­
tio n o f th e b u ild in g s .
One o f t h e s e d e s t r o y e d w a s a
Japanese p la n t.
S i l k f i l a t u r e s , w ith th e e x c e p tio n o f one w ith in th e
d e f e n s e p e r i m e t e r , w e re a lm o s t a l l d e s t r o y e d .
O f a n , e s t i m a t e d 4 0 0 s m a l l s i l k w e a v in g p l a n t s
S h a n g h a i a r e a , p o s s i b l y 3 0 0 w e re d e s t r o y e d .
in th e
0 S h a n g h a i M im ic ip a l C o u n c il, R e p o rt f o r t h e Y e ar
1938 a n d B u d g e t f o r t h e Y e ar 1959 (S h a n g h a i: N o rth -C h in a
D a i l y H ew s a n d H e r a l d , L t d . , i '9 3 9 } , p p . 2 7 - 2 8 .
18
C h e m ic a l P l a n t s . N in e l a r g e c h e m i c a l p l a n t s w e r e d e s ­
t r o y e d , in c lu d in g th o s e p ro d u c in g n i tr o g e n p r o d u c ts ,
n i t r i c a c id , b le a c h in g pow der and h y d r o c h lo r ic a c id ,
i n d u s t r i a l a lc o h o l, a r t i f i c i a l so y a b ean s a u c e , oxygen
and a c e ty le n e g a s , and o th e r p ro d u c ts .
S o a p W o rk s . T h e r e w e r e h e a v y l o s s e s i n t h e s o a p
in d u s try " !
s T x .l a r g e p l a n t s w e re c o m p l e t e l y d e s t r o y e d .
One J a p a n e s e p l a n t w a s b u r n e d o u t .
The l a r g e s t B r i t i s h
p l a n t s u f f e r e d som e d am ag e b u t w a s e a r l y a b l e t o r e s u m e
o p e ra tio n s .
P a p e r an d P r i n t i n g s F iv e p a p e r p l a n t s becam e a t o t a l
l o s s ; f o u r t e e n s u f f e r e d l o s s t o a m o re o r l e s s s e r i o u s
e x t e n t ; f o u r o n l y w e r e a b l e t o com m ence o p e r a t i o n s a f t e r
t h e p a s s i n g o f i m m e d ia te h o s t i l i t i e s .
Two o f t h e l a r g e s t p r i n t i n g a n d p u b l i s h i n g e s t a b ­
l i s h m e n t s s u f f e r e d c o n s i d e r a b l e d a m a g e ; a t h i r d re m o v e d
i t s o p e r a t i o n s t o H o n g k o n g . Two J a p a n e s e p l a n t s w e re
d e s tro y e d .
Some 2 0 0 p l a n t s o f s m a l l s i z e i n t h e S h a n g ­
h a i a r e a w e re d e s t r o y e d .
T o b a c c o . O f 1 8 l a r g e C h i n e s e ow ned t o b a c c o p l a n t s ,
e i g h t w e re c o m p le te ly d e s t r o y e d .
One f o r e i g n c o m p a n y 's
f a c t o r i e s s u f f e r e d d am ag e w h ic h w a s , h o w e v e r , e a r l y
,
re p a ire d .
F lo u r M i l l s . O f 15 i n th e S h a n g h a i a r e a ,
d e s tro y e d *
e i g h t w e re
T im b e r M i l l s . T w e n ty ^ tw o o f t h e l a r g e r C h in e s e
p l a n t s , a l l o u t s i d e t h e S e t tl e m e n t, w e re d e s tr o y e d o r
s e v e r e ly dam aged.
One l a r g e B r i t i s h a n d o n e J a p a n e s e
p l a n t w e re d e s t r o y e d .
F o u r m a tc h s p l i n t f a c t o r i e s w e r e
d e s tro y e d .
E n g i n e e r i n g a n d M a c h in e W o rk s. One l a r g e d o c k a n d
e n g i n e e r i n g w o r k s , a l a r g e i r o n w o r k s , a p r i n t i n g m a­
c h in e r y m a n u fa c tu rin g p l a n t and a s c i e n t i f i c in s tr u m e n t
p l a n t w e r e a l l b a d l y d a m a g e d . H u n d r e d s o f s m a l l m a­
c h i n e r y s h o p s w e re c o m p le te ly d e s t r o y e d .
C o n su m e r g o o d s .
O f 35 f o r m e r l y w o r k i n g r u b b e r s h o e
f a c t o r i e s 7 s i x o n l y w e re a b l e t o r e s u m e o p e r a t i o n s ,
in
t h e S e t t l e m e n t a n d o n t h e o u t s i d e r o a d s , 11 w e re c o m -,
p le te ly d e s tro y e d .
A bout o n e - h a lf o f th e 26 g l a s s f a c t o r i e s
S h a n g h a i a r e a w e re d e s t r o y e d .
in th e
19
T h e r e w e re f a c t o r i e s m a k in g c o n s u m e r g o o d s , i n c l u d ­
in g a t i n c an com pany, e d u c a t i o n a l s u p p ly com pany,
r a m i e f i b r e co m p an y a n d o t h e r g o o d s w h ic h w e r e a l s o
d e s t r o y e d . 1 ^T he l o o t i n g
o f p ro p e rty .
C h in a W e e k ly R e v ie w ,
h o s tilitie s
th e
12
As p o in te d o u t b y th e
t h e m o st s e r i o u s r e p e r c u s s io n o f th e
i n S h a n g h a i , a n d o n e w h ic h b a d e f a i r t o
in d u s tria l lif e
o f th e
c rip p le
c i t y i n d e f i n i t e l y , w as t h e r e ­
m o v al o f m a c h in e ry an d s c r a p i r o n fro m t h e
in d u s tria l d is ­
tric ts .
T he C h i n e s e b la m e d t h e J a p a n e s e w i t h a t t e m p t s t o
th ro ttle
th e fu tu re p r o s p e r ity o f th e
c i t y and w ith o u t­
r ig h t th ie v e ry .
A r e a s i n t h e Y a n g tz e p o o d i s t r i c t s h o u s e d som e o f t h e
w o r l d 's f i n e s t m a c h i n e r y ,
in c lu d in g e la b o ra te to o ls f o r th e
m a n u fa c tu re o f c o u n tle s s p r o d u c ts ,
b e in g t e x t i l e s ,
som e o f t h e m o re i m p o r t a n t
r u b b e r goods and c i g a r e t t e s .
FO t o n ly s c r a p
urns t a k e n , b u t a l l t y p e s o f m e t a l f a b r i c a t i o n f r o m b o i l e r s
dow n t o
s m a ll m o to r s .
G angs o f C h in e s e c o o l i e s u n d e r J a p a n ­
e s e d i r e c t i o n w e re s e e n a t t h e r e m o v a l w o r k .
M o st o f t h e
m a t e r i a l w as t a k e n fro m C h in e s e f a c t o r i e s , a lt h o u g h a fe w
f o r e i g n e r s r e p o r t e d t h e l o s s o f m a c h in e ry .
T he a m o u n t o f
s u c h re m o v e d m e t a l h a s b e e n e s t i m a t e d a t 1 0 0 ,0 0 0 t o n s , w i t h
a v a lu e o f s e v e r a l m i l l i o n C h in e s e d o l l a r s .
1 :L
^
t
L oc. e i t .
C h in a W e e k ly R e v ie w , 8 4 : 1 9 , M a rc h 1 9 , 1 9 3 8 .
20
A p p a re n tly , th e J a p a n e se c o n s id e re d t h i s lo o tin g
ju s tifie d ,
s i n c e t h e sam e j o u r n a l q u o t e s t h e T o k y o A s a h i a s
e s t i m a t i n g t h e a m o u n t o f t h e s p o i l s a t 8 0 ,0 0 0 t o n s *
N o t o n ly w e re f a c t o r i e s an d s h o p s l o o t e d h u t b o th
C h in e s e and f o r e i g n r e s i d e n c e s a s w e l l .
H in g e s ,
door lo c k s ,
b r a s s b e d s t e a d s , a n d m a r b le to p p e d w a s h - s ta n d s w e re ta k e n *
T h e r e m o v a l o f m a c h i n e r y f r o m C h i n e s e ow ned f a c t o r i e s
Y a n g t z e p o o , H o ngkew , W a y s id e , C h a p e i , a n d N a n ta o w as s o com­
p le te th a t,
i n m o st c a s e s ,
c o m p le te r e p l a c e m e n t w as n e c e s s a r y
b e f o r e r e o p e n in g c o u ld b e c o n s id e r e d .
H ongkew w a s t h e v i c t i m o f s t i l l a n o t h e r k i n d o f l o o t ­
in g .
A t t h e tim e t h e
fig h tin g
s ta rte d ,
t h e r e w e re p r o b a b l y
5 0 ,0 0 0 t o n s o f s t o c k s o f s t e e l p r o d u e t s i n t h e h a n d s o f d e a l ­
e r s in t h i s
s e c tio n
o f th e c ity *
L o cal a u th o ritie s
c o n te n d
t h a t n o t m o re t h a n t w e n t y p e r c e n t o f t h i s w a s s a l v a g e d .
l o s s o f 4 0 ,0 0 0 t o n s ,
v a l u e d a t som e f i f t y
The
U. S . d o lla r s p e r
t o n o n t h e a v e r a g e , w o u ld a l o n e r e p r e s e n t a l o s s o f U . S .
$ 2 ,0 0 0 ,0 0 0 .
T h e 1 0 0 ,0 0 0 t o n s o f t h e t y p e o f m e t a l s p r e v i o u s ­
l y m e n tio n e d w e re e s t im a t e d t o b e w o r th a p p r o x im a te ly tw e n ty
U. S . d o lla r s p e r to n ,
o r an a d d i t i o n a l U. S . $ 2 ,0 0 0 ,0 0 0 .
T h e C h in a W e e k ly R e v i e w ^ q u o t e s t h e B r i t i s h ow ned
N o r t h - C h i n a D a i l y N ew s a t t h e h e i g h t o f t h e l o o t i n g a s
fo llo w s :
13 Ibid., pp. 19, 25
in
SI
I n v ie w o f t h e h o p e t h a t r e h a b i l i t a t i o n w i l l s o o n b e
s e t . a f o o t i n S h a n g h a i , t h e r e m o v a l o f e s s e n t i a l m a c h in ­
e r y , w h ic h a t n o t i m e c o u l d b e c o n s i d e r e d a s m e re s c r a p
i r o n , t h e c a r r y i n g o f f o f m a c h i n e r y w h ic h c o u l d b e p u t
in to o p e ra tio n a g a in , r e p r e s e n ts one o f th e e r u e le s t
b lo w s w h ic h c o u l d b e d i r e c t e d a g a i n s t t h e f u t u r e p r o s ­
p e r i t y o f t h e p o r t . . . I t m u st b e a p p a r e n t t o t h e
Jap an ese th a t a p ro sp e ro u s S hanghai i s ju s t a s e s s e n tia l
f o r th e m a s i t i s f o r t h o s e C h in e s e an d f o r e i g n i n t e r ­
e s t s w h ic h a r e b e i n g p l a c e d i n s u c h g r a v e p e r i l b y a
p e r f e c t l y in c o m p re h e n s ib le p r o c e d u r e .14
T h e A m e r ic a n ow ned S h a n g h a i E v e n i n g P o s t a n d M e r c u r y ,
a s q u o te d b y t h e
on th e
sam e j o u r n a l , w r o t e e v e n m o re f o r c e f u l l y
s u b je c t:
We w i s h t o a s k how s u c h c o n d u c t ( t h e r e m o v a l o f m a­
c h in e ry and m e ta ls ) ean b e sq u a re d w ith o f f i c i a l Ja p a n ­
e se a s s u r a n c e s t h a t th e r e i s in te n d e d t o b e no c o n f i s ­
c a t i o n o f C h in e s e b e lo n g in g s s a v e i n c e r t a i n s p e c i a l
i n s t a n c e s i n v o l v i n g C h in e s e c l o s e t o o r i n t h e g o v e r n ­
m e n t o r o t h e r w i s e d eem ed g u i l t y o f l e a d e r s h i p I n C h in a * s
r e s i s t a n c e t o J a p a n . . . . th e f a c t s a r e so w id e ly
k n o w n , a n d f o r t h e m a t t e r o f t h a t , t h e r e a r e s o m any
f o r e i g n v i c t i m s o f t h e sam e a c t i v i t i e s , t h a t we d o u b t i f
th e y w i l l be d is p u te d .
When i t co m es t o s u c h p r o p e r t y
o f im m e d ia te m a r k e t a b l e v a l u e a s , f o r e x a m p le , c o t t o n
f ro m w a r e h o u s e s , t h e r e i s o n l y o n e w o rd f o r u n a u t h o r i z e d
s e i z u r e a n d r e m o v a l , a n d t h a t w o rd i s t h e f t . 1 5
In a d d itio n to th e
and i t s
tra n s fe r to
th e Ja p an e se ,
s e iz u re
o f m a c h i n e r y a n d e q u ip m e n t
J a p a n e s e p l a n t s i n e i t h e r - J a p a n o r C h in a ,
i n m an y i n s t a n c e s ,
a n d t u r n e d th e m o v e r t o p r i v a t e
s e i z e d w h o le p l a n t s i n t a c t
Japanese I n te r e s ts ,
ju s ti­
f y i n g t h e i r a c t i o n u n d e r t h e v a g u e f o r m u l a o f nS i n o - J a p a n e s e
e c o n o m ic c o o p e r a t i o n .* *
14 L o c. c i t ,
15 Ibid., p. 25
T he t h e o r y b e h i n d t h i s w a s t h a t t h e
22
m o re e f f i c i e n t J a p a n e s e w e re e n t i t l e d t o
a g r a t u i t o u s wh a l f -
I n t e r e s t " a s c o m p e n s a t i o n f o r m o re e x p e r t m a n a g e m e n t.
T he
c u s t o m a r y m e th o d w a s f o r t h e J a p a n e s e m i l i t a r y t o a l l o t
C h in e s e p l a n t s t o
l a t t e r to a rriv e
c e rta in
J a p a n e s e firm s *
**or n o t t o
a rriv e ” a t
le a v in g i t
to th e
som e p o s t f a c t u m
ttu n d e r s t a n d i n g ” w i t h t h e C h i n e s e o w n e r s .
I n t h i s w ay m o st
o f t h e C h in e s e c o t t o n m i l l s i n t h e J a p a n e s e - c o n t r o l l e d p a r t s
o f S h a n g h a i w e re i n d i v i d u a l l y t u r n e d o v e r t o t h e l e a d i n g
Ja p a n e se c o tto n i n d u s t r i a l c o n c e rn s .
know n i n w h ic h J a p a n e s e p r i v a t e
p la n t f o r a re a s o n a b le p ric e *
O n ly o n e I n s t a n c e i s
i n t e r e s t s p u r c h a s e d a C h in e s e
and in t h i s
case a fo re ig n
d i p l o m a t i c o f f i c i a l ow ned a l a r g e b l o c k o f s h a r e s .
I n m o st
c a s e s p a y m e n t w a s n e i t h e r o f f e r e d n o r m ade b y t h e p r i v a t e
Jap an ese firm s .
Among t h e t y p e s o f e n t e r p r i s e s e x p r o p r i a t e d
w e r e c o t t o n m i l l s a n d w e a v in g p l a n t s ,
f a c t o r i e s , m a tc h f a c t o r i e s ,
s i l k f i l a t u r e s , cem ent
c h e m ic a l p l a n t s ,
can n ed fo o d ­
s t u f f f a c t o r i e s , m e t a l p l a n t s , m a c h in e s h o p s , d o c k y a r d s ,
w a re h o u s e s , w h a rv es an d s h i p s .
I n m any i n s t a n c e s t h e
W e s te r n - o w n e d I n d u s t r i e s .
Jap an ese a ls o d i r e c tl y a s s a u lte d
In th e S hanghai a re a ,
a s w e ll a s
e l s e w h e r e , m an y p l a n t s ow ned b y W e s t e r n - r e g i s t e r e d
c o m p a n ie s ,
The American Information Committee, Chiha Exploits
tion Company, Un-Limited (Shanghai: The American information
Committee, 1939T, pp. 17-18.
25
e s p e c i a l l y H o n g k o n g - r e g is te r e d c o m p a n ie s , w e re c o n f i s c a t e d
by th e Ja p an e se ,
A f t e r n u m e ro u s B r i t i s h p r o t e s t s ,
som e o f
t h e s e p l a n t s w e re r e t u r n e d t o t h e r i g h t f u l o w n e r s o n l y a f t e r
a y e a r o r m o re.
In o th e r c a se s, th e
a r e a s u n d e r t h e i r o c c u p a tio n t o
d u s trie s .
J a p a n e s e c lo s e d th e
a l l n o n -Ja p a n e se fo re ig n
An e x a m p le o f t h i s w a s t h e f i e l d
d is trib u tio n .
in ­
o f e l e c t r i c pow er
A l l W e s te r n -o w n e d i n d u s t r i e s w e re d e p r i v e d o f
fre e access to th e ir
c u s to m a ry s o u r c e s o f ra w m a t e r i a l s i n
th e J a p a n e s e - c o n tr o lle d a r e a s , w h ile
c o m p e ti n g J a p a n e s e
f i r m s w e r e f a v o r e d w i t h a m p le s u p p l i e s a s a r e s u l t . 1 7
Sum m ary.
S h a n g h a i,
I n su m m a ry , t h e f o r e g o i n g f a c t s r e v e a l t h a t
3 u s t e n t e r i n g u p o n a p e r i o d w h en b o t h p o l i t i c a l a n d
e c o n o m ic i n f l u e n c e s a u g u r e d t h e g r e a t e s t p r o s p e r i t y i n t h e
p o rt* s h is to r y ,
s u d d e n l y b e c a m e , i n t h e sum m er o f 1 9 3 7 , t h e
s c e n e o f in te n s iv e and d e v a s ta tin g w a r f a r e .
I n d u s t r i a l a n d o t h e r p r o p e r t y l o s s e s fro m f i r e ,
i n g a n d l o o t i n g , a m o u n te d t o h u g e s u m s .
T he b u l k o f t h e
d am a g e w a s i n t h e n o r t h e r n a n d E a s t e r n a r e a s a n d t h e
s u f f e r e r s w e re t h e
c h ie f
C h in e s e p l a n t o w n e rs a n d C h in e s e w o r k e r s ,
a lth o u g h f o r e ig n e r s ,
In d u s tria lis ts ,
s h e ll­
i n c l u d i n g J a p a n e s e b u s i n e s s m en a n d
d id n o t escap e s e r io u s l o s s .
F o llo w in g
1 7 J o h n A h l e r s , W e s te r n I n t e r e s t s U n d e r F i r e (C h u n g ­
k i n g : T h e C h in a I n f o r m a t i o n P u b l i s h i n g C om pany, 1 9 4 0 ) , p . 2 0 .
24
a c tu a l h o s t i li t ie s
i n S h a n g h a i, p r a c t i c a l l y no C h in e s e p l a n t s
w e re a b l e t o re su m e o p e r a t i o n s i n t h e s e a r e a s .
The m o st s e r i o u s r e s u l t o f t h e h o s t i l i t i e s w as t h e
rem o v al by th e
p la n ts in th e
J a p a n e s e o f m a c h in e ry a n d s c r a p
in v a d e d a r e a .
in d u s tria l l if e
o f th e
c ity
T h is th r e a te n e d t o
ir o n fro m th e
c rip p le th e
in d e fin ite ly .
A n o t h e r o u tc o m e o f t h e h o s t i l i t i e s w h ic h p r o v e d e x ­
tre m e ly c o s tly to th e
of e n tire p la n ts
te re s ts .
th is
C h i n e s e f a c t o r y o w n e rs w a s t h e
s e iz u re
i n t a c t and t h e i r o p e r a tio n b y Ja p a n e s e i n - .
W h ile f o r e i g n f i r m s d i d n o t e x p e r i e n c e m u ch o f
s o r t o f a c t i o n , th e y s u f f e r e d a lo n g w ith th e
C h in e s e
fro m J a p a n e s e i n t e r f e r e n c e w ith t h e flo w o f raw m a t e r i a l s
fro m t h e
v e rte d to
Jap an .
c u s to m a ry s o u r c e s , w h ile t h e s e m a t e r i a l s w e re d i ­
Jap an ese p la n ts
i n o c c u p ie d C h in e s e t e r r i t o r y an d
CHAPTER III
INDUSTRIAL RECOVERY
R e s u m p tio n o f O p e r a t i o n s .
T he S h a n g h a i M u n i c i p a l
C o u n c i l R e p o r t 1 s t a t e s t h a t .b y t h e m id d l e o f S e p t e m b e r , 1 9 5 7 ,
o n l y a b o u t a m o n th a f t e r t h e b e g i n n i n g o f h o s t i l i t i e s ,
B r i t i s h an d C h in e s e c o t t o n m i l l s
i n t h e W e s te r n a n d E x t e n ­
s io n R oads a r e a s h ad resu m ed o p e r a t i o n s .
te m p te d o n ly d a y s h i f t s ,
At f i r s t th e y a t ­
b u t , a s c o n fid e n c e g r a d u a l ly r e ­
t u r n e d , t h e y w e n t b a c k t o n i g h t w o rk a s w e l l .
p l a n t s w e re i n t h e
th e
im m e d ia te v i c i n i t y
Some o f t h e s e
o f Soochow C re e k o v e r
w h i c h b o m b in g p l a n e s w e re f l y i n g a t a l l h o u r s o f t h e d a y .
Thus i t
re q u ire d
c o n s id e ra b le
women o p e r a t i v e s t o
c o u ra g e on th e p a r t o f th e
c o n tin u e a t w o rk .
danger is illu s tr a te d
T h a t t h e y w e re i n r e a l
b y t h e f a c t t h a t tw o bom bs f e l l J u s t
o u ts id e one la r g e m i l l ,
w re c k in g a r a i l l e s s t r o l l e y - c a r and
k i l l i n g a l l th e o c c u p a n ts .
T o u r s h e l l s f e l l on a n o th e r c o t ­
t o n m i l l J u s t a t t h e t i m e s h i f t s w e re b e i n g c h a n g e d .
t h o u g h t h e r e w e r e som e 2 ,0 0 0 w o r k e r s on t h e
tim e ,
t h e r e w e re n o c a s u a l t i e s .
A l­
com pound a t t h e
R e p a i r s w e re m ade s p e e d i l y
a n d t h e p l a n t w as i n o p e r a t i o n w i t h i n t h r e e d a y s .
The r e ­
Shanghai Municipal Council, Report for the Year
1937 and Budget for the Year 1958 (Shanghai: North-cJTiha
Daily News and Herald, Ltd., 1938)', pp. 21-22.
26
s u m p t io n o f o p e r a t i o n s i n t h e s e a r e a s w as t h e m o s t i m p o r t a n t
f a c to r in r e s to r in g b e tte r c o n d itio n s .
Some 2 0 ,0 0 0 w o r k e r s
w e r e g i v e n e m p lo y m e n t a n d i t w a s e s t i m a t e d t h a t a s m an y a s
1 0 0 ,0 0 0 p e r s o n s w e re s u p p o r t e d b y t h e i r e a r n i n g s .
g
The I n d u s t r i a l S e c tio n o f t h e C o u n c il e x e r t e d s t r e n ­
uous e ffo rts
i n e n c o u ra g in g th e
I n m o st i n s t a n c e s t h e
s m a lle r f a c t o r i e s t o re o p e n .
c h ie f o b s ta c le
i n t h e w ay o f t h e i r r e ­
s u m p t io n o f o p e r a t i o n s w a s t h e l a c k o f t r a n s p o r t a t i o n
itie s .
To a l l e v i a t e
duced to
th is
fa c il­
s i t u a t i o n , t h e o w n e rs w e r e i n t r o ­
s h i p p i n g c o m p a n ie s w h ic h w e re c a r r y i n g o n a m o d i­
f i e d t r a d e w i t h t h e Y a n g tz e p o r t s .
d iffic u lty
A n o th e r l e s s
s e rio u s
a t t h e . t i m e w as t h e l a c k o f s u f f i c i e n t r a w o r
p a r t i a l l y m a n u f a c t u r e d m a t e r i a l s w h ic h h a d p r e v i o u s l y b e e n
s e c u r e d o u t s i d e S h a n g h a i.
th e
I t w a s p o s s i b l e i n m an y c a s e s f o r
I n d u s t r i a l S e c tio n to a s s i s t
l y p ro d u ce d s u b s t i t u t e s .
p ro v is io n o f s k ille d
in th e p ro c u re m en t o f l o c a l ­
A s s i s t a n c e w as r e n d e r e d a l s o
in th e
w o rk e rs f o r c e r t a i n e n t e r p r i s e s and in
th e lin k in g to g e th e r o f a ll i e d
tra d e s .
As a r e s u l t o f t h i s
c o o p e r a t i o n , b y t h e e n d o f D e c e m b e r, 1 9 3 7 , t h e n u m b e r o f r e ­
e m p lo y e d h a d r i s e n
f r o m t h e S e p te m b e r f i g u r e
o f 2 0 ,0 0 0 t o
5 0 ,0 0 0 .
H o w e v e r, i n t h e E a s t e r n s e c t i o n , w h e r e m uch o f t h e
f ig h tin g to o k p la c e , th e
2 Ibid., p. 22
s i t u a t i o n w as c o n s i d e r a b l y l e s s
27
h o p e fu l.
P r io r t o th e h o s t i l i t i e s ,
b e e n e m p lo y e d i n t h i s
a re a .
a b o u t 1 3 5 ,0 0 0 w o r k e r s h a d
T he I n d u s t r i a l S e c t i o n ' s
check
a t t h e e n d o f D e c e m b e r i n d i c a t e d t h a t n o m o re t h a n 4 0 ,0 0 0
c o u l d h o p e f o r e m p lo y m e n t i f a n d w hen o p e r a t i o n s w e re re s u m e d
th e re .
And t h i s m axim um c o u l d b e a t t a i n e d
re m a in in g f a c t o r i e s
th e
o p e ra te d a t th e
sam e d o u b l e s h i f t s
t o n o te t h a t
o n ly i f
a l l th e
sam e c a p a c i t y a n d w i t h
a s fo rm e rly u s e d .
It
is
s ig n ific a n t
i t w a s e s t i m a t e d t h a t n o m o re t h a n 3 , 0 0 0 w o rk ­
e r s c o u l d b e e m p lo y e d i n C h in e s e - o w n e d e n t e r p r i s e s
in th e
d is tric t.
M ovem ent t o
c h a p te r,
n ew a r e a s . A s m s p o i n t e d
even b e fo fe h o s t i l i t i e s
b eg an an e x te n s iv e
out in th e l a s t
a c t u a l l y b ro k e o u t, th e r e
ex odu s o f s m a ll e n t e r p r i s e s ,
fro m th e
a r e a s c o n t r o l l e d b y t h e J a p a n e s e , t o t h e C e n t r a l a n d W e s te r n
a r e a s o f th e S e ttle m e n t i n c l u d i n g t h e w e s te r n E x te n s io n R oads
s e c tio n *
T h e r e w e r e a l s o som e a d d i t i o n s i n t h e N o r t h e r n d i s ­
t r i c t in s id e th e B r itis h
d e fe n se s e c t o r .
I n som e c a s e s t h e s e
new p l a n t s t o o k o v e r p r e m is e s p r e v i o u s l y o c c u p ie d b y f a c t o r ­
i e s w h ic h h a d m oved t o t h e i n t e r i o r .
The I n d u s t r i a l S e c tio n
re p o rts th a t:
Two h u n d r e d s i x t y - s i x f a c t o r i e s e m p lo y in g 4 , 2 8 6 w o rk ­
e r s m oved i n t o t h e W e s t e r n , 1 3 8 w i t h 2 ,0 8 5 w o r k e r s i n t o
t h e C e n t r a l , w h i l e 1 8 w i t h 2 1 3 w o r k e r s cam e i n t o t h e
N o rth e rn d i s t r i c t — a t o t a l o f 422 e s ta b lis h m e n ts w ith
584 w o r k e r s .3
The c l a s s i f i c a t i o n
o f t h e s e e n t e r p r i s e s an d in fo rm a ­
t i o n r e g a r d i n g th e m I s sh o w n o n T a b l e I .
3 Ih id .,
p.
23.
TABLE I
FACTORIES OPENED IN THE CENTRAL, AND WESTERN DISTRICTS
OE SHANGHAI FROM OUTBREAK OF H O S T IL IT IE S *
UNTIL END OF 1 9 3 7 4
Type o f e n te r p r is e
W o o d w o rk in g
F u r n i t u r e m a n u fa c tu re
M e ta l i n d u s t r i e s
M a c h in e ry a n d m e ta l p r o d u c t s
B r ic k s , G la s s
C h e m ic a ls
T e x tile s
C lo th in g
L e a th e r, R ubber
F ood, D rin k s , T obacco
P r in tin g , P a p e r, E tc ,
S c i e n t i f i c and m u s ic a l in s tru m e n ts
O th e r i n d u s t r i e s
T o ta ls
^ A u g u s t, 1937
F a c to rie s
opened
W o rk e r s
e m p lo y e d
5
4
IS
119
3
36
15
23
12
30
107
2
54
96
43
154
1 ,5 2 7
30
499
295
280
241
715
1 ,7 2 8
70
906
422
6 ,5 8 4
G e n e ra l R e co v e ry .
m ent i n
T h e re w as a s u r p r i s i n g
im p ro v e ­
i n d u s t r i a l o p e ra tio n s d u rin g th e y e a r 1 9 3 8 ,
By t h e
e n d o f t h e y e a r , S h a n g h a i 's i n d u s t r i a l p r o d u c t i o n h a d r e ­
tu rn e d to p o s s ib ly f o r ty - f iv e to
h o s tility
c a p a c ity .
fifty
per eent o f p re ­
T h i s r e c o v e r y w as a t t r i b u t e d
f a c t t h a t t h e m ed iu m a n d s m a l l s i z e d
to
th e
C h in e s e e n t e r p r i s e s
w h ic h h a d s a l v a g e d t h e i r e q u ip m e n t f r o m J a p a n e s e o c c u p i e d
a r e a s h ad resu m ed o p e r a t i o n s i n o t h e r p a r t s o f t h e S e t t l e ­
m ent and i n t h e F re n c h C o n c e s s io n .
C o m m u n ic a tio n s w e r e r e ­
s to re d
im m e d ia te h i n t e r l a n d
to a c e r t a i n e x te n t w ith th e
of
S h a n g h a i? t h u s i n c r e a s i n g t h e am ount o f s u p p l i e s a v a i l a b l e
an d f u r n is h in g a m a rk e t f o r t h e i r p ro d u c ts *
F u rth e rm o re , th e
p u rc h a s in g pow er o f S h a n g h a i i t s e l f had in c r e a s e d m a t e r i a l l y
due t o
p a rts
th e la r g e
o f th e
i n f l u x o f w e l l - t o - d o r e f u g e e s fro m o t h e r
c o u n try .
d a m a g ed C h i n e s e p l a n t s
A n u m b er o f undam aged o r s l i g h t l y
in th e o c c u p ie d p a r t s o f t h e S e t t l e ­
m ent a l s o h ad b e e n re c o m m is s io n e d , f o r t h e m o st p a r t u n d e r
Jap an ese a u s p ic e s .
W h ile s p e c i a l a r r a n g e m e n t s w e re m ade
w h e reb y go o d s p ro d u c e d
to ry s t i l l
in su ch f a c to r ie s
c o n tro lle d by th e
c o u ld e n t e r t e r r i ­
C h i n e s e G o v e r n m e n t, t h e p o l i c y
o f t h e l a t t e r w as. t o d i s c o u r a g e t h e u s e o f s u c h p r o d u c t s .
T h e C h i n e s e G o v ern m en t: e n d e a v o r e d r a t h e r t o e n c o u r a g e t h e
d is m a n tlin g o f p la n ts in t e r r i t o r y th r e a te n e d b y in v a s io n
30
TABLE II
COMPARISON OF INDUSTRIAL EMPLOYMENT IN SHANGHAI,
1935, 1937, 1938”
B is H m s
1935
(D e c e m b e r)
h0 . o f
w o rk e rs
1937
(D e c e m b e r)
No* o f
w o rk e rs
1938
(D e c e m b e r)
N o. o f
w o rk e rs
A re a o f h o s t i l i t i e s :
E a s te rn
1 0 6 ,0 0 0
1,000
8 2 ,0 0 0
A re a f r e e fro m
h o s tilitie s :
N o rth e rn
C e n tra l
W e s te rn
T o t a l t o n e a r e s t 1 ,0 0 0
1 4 .0 0 0
5 ,0 0 0
4 6 .0 0 0
1 7 1 .0 0 0
300
20.000
^ 1 , 5 o6
1 3 .0 0 0
9 ,0 0 0
7 4 .0 0 0
1 7 8 ,0 0 0
W e s te rn -E x tra S e ttle m e n t
a re a (w ith in d e fe n se
p e rim e n te r)
F ig u re n o t
a v a ila b le
P o s s ib ly
2 9 .0 0 0
F ig u re n o t
a v a ila b le
P o s s ib ly
5 ,0 0 0
To n e a r e s t 1 , 0 0 0
200.000
(P o s s ib ly )
2 7 ,0 0 0
(P o s s ib ly )
2 3 7 ,0 0 0
7 Shanghai Municipal Council, Report for the Year
1958 and Budget for the Year 1939. (Shanghai:NOrth-china
Dally News and “Heraid, Ltd. , 1939), p. 31.
31
R
a n d t h e i r m o v em en t t o
The v a s t l y
in d ic a te d
S o u th w e s t o r ? fe s t C h i n a .
im p ro v e d c o n d i t i o n s
c l e a r l y on T a b le IX .
in 1938 o v e r 1937 a r e
I t w ill be seen th a t th e
t o t a l n u m b e r o f w o r k e r s e m p lo y e d i n
in d u s tr y d u rin g t h a t
y e a r e x c e e d e d , b y 3 7 ,0 0 0 , t h e n u m b e r f o r 1 9 3 5 , a f a i r l y
n o rm a l y e a r .
T h e s u r p r i s i n g l y l a r g e n u m b e r e m p lo y e d i n
th e a re a o f h o s t i l i t i e s
by th e
i s a c c o u n te d f o r , t o a l a r g e
Jap an ese o p e ra tio n o f t e x t i l e
f o r m e r ly C h in e s e .
d e g re e ,
m i l l s , m any o f th e m
A ls o c o n s p ic u o u s i s t h e v a s t i n c r e a s e
i n t h e W e s te r n D i s t r i c t a n d t h e Y f e s te r n E x t r a - S e t t l e m e n t
R oads a re a due t o th e
th e
i n f l u x o f re fu g e e - i n d u s t r i e s fro m
o c c u p ie d a r e a .
The i n d u s t r i a l r e c o v e r y t h a t b e g a n i n 1 9 3 8 c o n tin u e d
a t an a c c e le ra te d
sp eed d u rin g th e f i r s t
s i x m o n th s o f 1 9 3 9 .
I n t h e W e s te rn D i s t r i c t an d t h e W e s te rn E x tr a - S e t t l e m e n t
R o a d s a r e a m an y l a r g e a n d m ed iu m s i z e d e n t e r p r i s e s , t h e
c o n s t r u c t i o n o f w h ic h h a d b e g u n i n t h e p r e v i o u s y e a r ,
in to p ro d u c tio n .
d iv e rs ifie d ,
cam e
T y p e s o f m a n u f a c t u r i n g , b e c a m e m uch m o re
an d new i n d u s t r i e s to o k bn im p o r ta n t p r o p o r t i o n s .
Among t h e s e
e n te rp ris e s ,
a c c o r d i n g t o t h e A m e ric a n
C o m m e r c ia l A t t a c h e i n S h a n g h a i , 6 w e re t h o s e f o r t h e m a n u f a c 6 O ffic e
A n n u a l E c o n o m ic
p . 6.
O ffic e
E c o n o m ic R e p o r t
p p . 1 2 -1 3 „
o f t h e A m e ric a n C o m m e rc ia l A t t a c h e , C h in a
R e p o r t f o r 1.958 ( S h a n g h a i : J a n u a r y 3 0 , 1 9 3 9 } ,
o f A m e r ic a n C o m m e rc ia l A t t a c h e , C h in a A n n u a l
f o r 1939 (S h a n g h a i: F e b r u a r y 1 5 , 1 9 4 0 ],
32
tu re
o f:
1 . I n d u s t r i a l c h e m ic a ls , in c lu d in g h y d r o c h lo r ic a c i d ,
g la u b e r s a l t s , a lc o h o l, g l y c e r in e , r e d le a d , le a d o
a c e t a t e , and z in c s u lp h a te
2 . P h a r m a c e u tic a ls , p a t e n t m e d ic in e s and se ru m s
3 . C o s m e tic s , s o a p s , a n d t o o t h p a s t e s ( f a c t o r i e s f o r t h e
m a n u fa c tu re o f t o o t h p a s t e tu b e s a n d a d a i l y o u tp u t o f
110, 000}
4 . P e p p e r m i n t o i l a n d c r y s t a l i z e d m e n t h o l a n d s o d iu m
g lu ta m a te .
5 . C la s s m a n u fa c tu re o f a l l k in d s ,
c o n ta in e r s f o r c o s m e tic s
in c lu d in g g la s s
6 . T h e rm o s b o t t l e s
7 . Lamp b u l b s
8 . E le c tric
fan s
9 . F la s h lig h ts
10* E n a m e l w a r e
1 1 . P a p e r and p a p e r p ro d u c ts
d a i l y c a p a c i t y o f 07 t o n s )
(a g g re g a tin g a t o t a l
1 2 . C ig a re tte s
1 3 . B is c u its and c o n fe c tio n e ry
F a c t o r s h a m p e r in g r e c o v e r y .
O
Due t o t h e f i r s t
fa ll of
e x c h a n g e In J u n e , q u i c k l y fo llo w e d b y a n o th e r i n J u l y , t h e r e
w as a d e f i n i t e
s la c k e n in g o f i n d u s t r i a l a c t i v i t y .
I n som e
c a s e s p r o j e c t e d e n t e r p r i s e s w e re a b a n d o n e d , a n d i n o t h e r s
com m encem ent o f o p e r a t i o n s i n b u i l d i n g s c o m in g t o
® L oc.
e it.
c o m p le tio n
33
w e re p o s tp o n e d .
The s h a r p r i s e
in p ric e s
o f ra w m a t e r i a l s ,
due p a r t l y t o th e a d v e rse ex ch an ge r a t e and p a r t l y t o
u la tiv e
o p e ra tio n s ,
not pay,
ia ls
in to
q u i c k l y p r o d u c e d a s i t u a t i o n w h e re i t
f o r t h e tim e b e in g a t l e a s t s
fin is h e d g o o d s.
In a d d itio n ,
a c q u ire m e n t o f ra w m a t e r i a l s ,
th e
in
o u tb re a k o f th e
c o n n e c tio n w ith th e
m any o f th e m b e i n g d e f l e c t e d
t o t h a t a r e a f o r w ar p u rp o s e s .
o f th e
d id
t o m a n u fa c tu re m a te r­
w ar in E u ro p e I n c r e a s e d t h e d i f f i c u l t y
th e r e s t r i c ti o n
sp ec­
A n o t h e r b lo w t o
i n d u s t r y w as
i m p o r t o f c e r t a i n c o m m o d i ti e s i n t o
t h e B r i t i s h S t r a i t s S e t t l e m e n t a s a w a r m e a s u re -.
m a rk e ts h ad t o be fo u n d .
T h u s, new
Some s u c c e s s w a s a t t a i n e d
in g p r o d u c ts n o t p r e v io u s ly e x p o rte d t o
f o u n d t h e i r w ay t o S o u t h A f r i c a ,
In d ia ,
and even t o
in s e l l ­
a n d som e g o o d s
t h e A m e ric a s .
The o u tlo o k w as h a z a r d o u s , h o w e v e r, an d i n d u s t r y a t t h e en d
o f 1 9 3 9 , a l t h o u g h s t i l l p r o s p e r o u s i n m any f i e l d s ,
Q
l i t t l e e n co u rag e m en t f o r f u r t h e r e x p a n s io n . *
S u m m ary .
S u m m a r iz in g ,
e r i n g t h e d am ag e t o
i s n o te w o rth y t h a t ,
c o n s id ­
i n d u s t r i a l p r o p e r ty i n S h a n g h a i and th e
o th e r h a rd s h ip s i n f l i c t e d
c i t y 's
It
c o u ld f i n d
a s a r e s u lt o f th e h o s t i l i t i e s ,
th e
i n d u s t r i a l r e c o v e r y d u r i n g 1938 a n d 1939 w as a lm o s t
p h e n o m e n a l.
T h is r e c o v e r y w as a c c o m p lis h e d p a r t l y b y re m o v a l
® Shanghai Municipal Council, Report for the Year 1959
and Budget for the Year 194=0 (Shanghai': North-ChiHa Daily
News and Herald, ltd., 1940), p. 53.
34:
to
n ew a r e a s n o t u n d e r d i r e c t J a p a n e s e i n f l u e n c e , a n d p a r t l y
b y th e re s u m p tio n o f p l a n t o p e r a tio n s b y t h e
Ja p an e se in th e
im p o rta n t E a s te r n and n o r th e r n i n d u s t r i a l a re a s *
R e c o v e ry c o n tin u e d a t an a c c e l e r a t e d
sp eed d u rin g th e
f i r s t m o n th s o f 1 9 3 9 , b u t w i t h t h e f a l l i n e x c h a n g e v a l u e o f
th e
C h i n e s e e u r r e n e y , w h ic h , b e g a n i n t h e e a r l y sum m er o f t h a t
y e a r, th e
in c r e a s e d p r i c e s o f e s s e n t i a l im p o rte d ra w m a t e r i a l s
m ade m a n u f a c t u r i n g a m uch l e s s p r o f i t a b l e f o r m o f b u s i n e s s
e n te rp ris e .
M uch o f t h e i n d u s t r i a l r e c o v e r y h a d b e e n d u e t o t h e
o p e n i n g u p o f n ew m a r k e t s i n S o u t h A s i a t o r e p l a c e t h o s e l o s t
i n t h e Y a n g tz e T a l l e y d u e t o
th e
c o n tin u in g Ja p a n e se b lo c k a d e .
B u t w i t h t h e a d v e n t o f t h e E u r o p e a n w a r , m any o f t h e s e n ew
m a r k e t s w e re c u r t a i l e d
im p o rt o f c e r t a i n
due t o r e s t r i c t i o n s p la c e d upon th e
c o m m o d itie s i n t o B r i t i s h - A s i a t i c t e r r i t o r y .
T h u s, th e l a t e s t d a ta a v a i la b l e
s itu a tio n
sh o w e d t h a t t h e
in S h a n g h a i w as e x tre m e ly h a z a rd o u s .
in d u s tria l
CHAPTER 17
LIYXKTCr CONDITIONS
C lo s e ly a l l i e d w ith th e s t a t e
i s t h e p ro b le m o f t h e
o f S h a n g h a i’s in d u s tr y
C h in e s e w o r k e r .
When i t
t h a t i n t h e b e s t o f tim e s m any, i f n o t m o s t,
liv e
is re a liz e d
o f t h e p e o p le
o n a l e v e l n o t f a r re m o v e d f r o m s t a r v a t i o n ,
it
e a s ily
c a n b e i m a g in e d how d i s m a l h a s b e e n t h e i r l o t s i n c e 1 9 3 7 .
A d d ed t o t h e t h o u s a n d s o f u n e m p lo y e d S h a n g h a i r e s i ­
d e n t s , w e re t h e th o u s a n d s o f r e f u g e e s fro m o u t l y i n g
a r e a s , who p r e f e r r e d s l o w s t a r v a t i o n
c e rta in tie s
in v a d e d
in S hanghai to th e un­
o f r e s i d e n c e i n t h e i r fo rm e r hom es.
And e v e n
a s e m p lo y m e n t b e c a m e m o re g e n e r a l i n t h e l a t t e r p a r t o f 1 9 3 7
a n d d u r i n g 1 9 3 8 , m uch o f I t w as i n p r e m i s e s i l l - e q u i p p e d
i n d u s t r y and th u s c o n d u c iv e t o
th e
c lim a x , w as t h e
fre q u e n t a c c id e n ts .
s tu p e n d o u s r i s e
in p r ic e
fo r
To c a p
o f a l l th e
n e c e s s a r ie s , p r i n c i p a l l y due t o th e r a p id ly d e p r e c ia tin g
v a l u e o f t h e C h i n e s e d o l l a r w h ic h b e g a n i n J u n e ,
a ls o a g g ra v a te d t o
th e
a la rg e
d e g re e by th e
1939, b u t
in te rfe re n c e
of
Ja p a n e se w ith f o o d s tu f f s e n te r in g th e I n t e r n a ti o n a l
S e ttle m e n t and th e
F re n c h C o n c e s s io n .
P o p u la tio n i n c r e a s e . As I n d i c a ti v e
cau sed by th e
w ritte n
o f t h e p ro b le m
i n f l u x o f C h in e s e r e f u g e e s , t h e f o l l o w i n g ,
in A p r il,
1940,
is
s ig n ific a n t:
36
T he p o p u l a t i o n o f t h e f o r e i g n - c o n t r o l l e d p a r t o f t h e
i n t e r n a t i o n a l S e ttle m e n t an d th e F re n c h C o n c e s s io n i s
a r o u n d 3 * 8 m i l l i o n a t t h e p r e s e n t t im e *
In 1936, a
p e a c e f u l y e a r , i t w a s a r o u n d 1 * 5 m i l l i o n f o r t h e w h o le
o f th e I n t e r n a t i o n a l S e ttle m e n t and th e F re n c h C onces­
s io n .
I n 1938 i t r e a c h e d a p e a k o f 5 m i l l i o n , m a in ly
a s a r e s u l t o f t h e i n f l u x o f r e f u g e e s fro m G r e a te r
S h a n g h a i a n d f r o m o t h e r s e c t i o n s o f t h e Y a n g tz e d e l t a .
D u r i n g 1 9 3 6 t h e r e w a s i n r e f u g e e cam p s a n a v e r a g e o f
5 0 0 ,0 0 0 p e r s o n s ; i n 1 9 3 9 , 3 0 ,0 0 0 t o 5 0 , 0 0 0 .
D u rin g
1 9 3 9 i n d u s t r i a l e m p lo y m e n t r e t u r n e d t o p r e w a r .l e v e l s
b u t q u i t e e v i d e n t l y t h e am ount o f l a b o r a v a i l a b l e f a r
e x c e e d e d t h e p r e w a r s u p p l y a n d r e f u g e e c am p s accom m o­
d a t e d a m e re f r a c t i o n o f t h e s u r p l u s .
T h o u g h som e o f
t h e r e f u g e e s w e re w e a l t h y , t h e v a s t m a j o r i t y w e re i n ­
d i g e n t a n d m an y o f th e m u n e m p lo y e d . . . .
M e a s u re o f w o r k e r s * w e l l - b e i n g .
B e in g c o g n i z a n t o f
th e g r e a t n eed f o r s c i e n t i f i c a l l y p re p a re d d a ta c o n c e rn in g
th e liv e lih o o d o f th e
c i t y * s C h in e s e w o r k e r s , t h e
In d u s tria l
S e c t i o n o f t h e S h a n g h a i M u n i c i p a l C o u n c i l 2 b e g a n som e y e a r s
ago t o
th a t
c o l l e c t a n d c o m p ile p e r t i n e n t s t a t i s t i c s
i t w as p o s s i b l e t o
liv in g ,
p u b l i s h i n 1939 i n d i c e s on c o s t o f
a c tu a l e a rn in g s and r e a l w ages.
d ic e s in to
To b r i n g t h e s e i n ­
l in e w ith th e p re s e n t s i t u a t i o n ,
w as c h a n g e d f r o m 1 9 3 0 t o
tie s
t o th e end
th e b a se p e rio d
1 9 3 6 ,- th e y e a r b e f o r e t h e h o s t i l i ­
b r o k e o u t a n d a n o r m a l o n e f r o m e c o n o m ic , s o c i a l a n d
p o l i t i c a l v ie w p o in ts .
The a d o p tio n o f t h i s
y e ar as th e b ase
1 R o b e r t W. B a r n e t t , "’S t a r v a t i o n , Boom a n d B lo c k a d e I n
S h a n g h a i," F a r E a s te r n S u rv e y , 9 :9 8 - 9 9 , A p r il S 4 , 1 9 4 0 .
2 S h a n g h a i M u n ic ip a l C o u n c il, R e p o rt f o r t h e Y e ar 1939
and B u d g et f o r t h e Y e ar 1940 (S h a n g h a i: N o rth -C h m a D a ily
News, a n d H e r a l d , L t d . , 1 9 4 0 1 ', P P . 4 8 - 5 0 .
3?
fu rn is h e d th e b e s t b a s is
a fte r h o s tilitie s
w ith th o s e p re c e d in g t h a t tim e .
A ta b u la tio n
o f th e s e v a rio u s in d ic e s r e la ti n g to
w o rk e rs* w e ll- b e in g i s
th e
sam e d a t a i s
III.
f o r c o m p a r is o n o f d a t a d u r i n g a n d
show n o n T a b l e s I I I ,
I T a n d Y, a n d
g r a p h i c a l l y p r e s e n t e d on F i g u r e s I ,
I t w i l l b e n o te d t h a t th e c o s t o f l i v i n g
1 9 3 9 w a s 2 G 3 .2 5 .
s in c e ,
I I and
in d e x f o r
H o w e v e r, t h a t d o e s n o t g i v e a t r u e p i c t u r e
f o r t h e f i r s t f i v e m o n th s o f t h e y e a r p r i o r t o t h e
f a l l in th e exchange r a t e ,
b e tw e e n 1 5 0 a n d 1 6 5 .
t h e f i g u r e r e m a in e d f a i r l y
B ut a f te r th a t i t
ro se ra p id ly ,
i n g 2 8 3 .2 3 f o r S e p te m b e r a n d 3 0 4 .0 6 f o r D e c e m b e r.
q u e n tly , th e p u rc h a s in g pow er o f th e d o l l a r ,
s te a d y
re a c h ­
C o n se­
w h ic h w a s 4 9 . 2 0
f o r t h e y e a r , w a s o n l y 3 5 .3 1 i n S e p te m b e r a n d 3 2 .8 9 i n D ecem ­
b e r , a d e c r e a s e o f 6 7 ,1 1 p e r c e n t c o m p a re d w i t h 1 9 3 6 ,
A s w as t o b e e x p e c te d , a num ber o f w age i n c r e a s e s w e re
n e c e s s a r y d u r in g 1 9 3 9 , e s p e c i a l l y to w a rd t h e end o f t h e y e a r ,
w i t h t h e r e s u l t t h a t t h e a c t u a l e a r n i n g s i n d e x f o r 1 9 3 9 w as
1 1 9 ,0 9 a s c o m p a re d w i t h 9 2 . 3 8 f o r 1 9 3 8 a n d 8 4 . 8 3 f o r 1 9 3 7 .
D e s p ite t h e s e w age i n c r e a s e s , h o w e v e r, t h e d i s p r o p o r t i o n a t e
ris e
in th e c o st o f liv in g r e s u lte d
in th e r e a l w ages o f th e
w o r k e r s r e a c h i n g t h e e x t r e m e l y lo w f i g u r e
o f 5 8 .5 9 f o r t h e
y e a r ," w h ic h m ean s t h a t i t w as c o n s i d e r a b l y lo w e r t h a n t h a t
d u r i n g t h e f a l l a n d w i n t e r m o n th s .
TABLE III
GOST OF LIVING INDEX OF SHANGHAI WORKERS, 1926-1939S
(New base: 1936" 100}
G roup i n d i c e s
P e rio d
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
J u ly
1938
Ja n u a ry
F e b ru a ry
M a rch
A p ril
May
June
J u ly
A ugust
S e p te m b e r
Food
1 0 3 .4 6
1 0 4 .2 0
9 0 .3 4
1 0 0 .9 4
1 1 8 .9 7
1 0 7 .7 0
1 0 0 .2 4
8 6 .3 6
8 8 .1 2
9 1 .8 4
1 0 0 .0 0
1 2 1 .5 2
1 0 5 .2 4
1 3 3 .9 5
1 4 1 .3 8
1 4 3 .1 2
1 5 4 .7 6
1 3 2 .5 3
1 3 0 .4 0
1 3 9 .6 3
1 3 8 .9 9
1 4 2 .1 8
1 3 1 .1 0
R ent
C lo th in g
M is c e lla n e o u s
Fuel
and
lig h t
G e n e ra l
in d e x
P u rc h .
pow er
o f th e
d o lla r
8 5 .7 3
8 3 .9 0
8 5 .7 2
8 8 .8 8
9 1 .5 8
9 7 .9 9
1 0 0 .3 3
1 0 5 .7 7
1 0 6 .0 8
1 0 3 .2 2
1 0 0 .0 0
9 6 .3 8
9 6 .3 8
2 4 7 .5 8
2 3 6 .9 5
2 3 6 .9 5
2 3 6 .9 5
2 3 6 .9 5
2 3 6 .9 5
2 3 6 .9 5
2 5 8 .2 2
2 5 8 .2 2
2 5 8 .2 2
1 0 8 .2 1
1 0 6 .9 2
1 0 7 .8 2
1 1 4 .7 4
1 1 7 .0 5
1 3 3 .7 2
1 3 4 .5 6
1 1 1 .2 8
1 0 0 .3 8
9 6 .6 7
1 0 0 .0 0
1 2 1 .4 1
1 2 1 .7 9
1 3 6 .9 2
1 2 9 .4 9
1 2 7 .4 4
1 2 7 .5 6
1 3 4 .3 6
1 3 3 .8 5
1 2 6 .7 9
1 3 1 .7 9
1 3 9 .6 2
1 4 1 .1 5
7 0 .2 1
7 6 .5 7
7 7 .3 9
8 2 .5 7
9 8 .6 3
1 1 5 .5 8
1 1 2 .9 9
1 0 0 .0 0
9 3 .6 8
9 1 .8 4
1 0 0 .0 0
1 3 3 .6 3
1 0 4 .7 9
1 7 0 .3 3
2 0 4 .4 7
1 9 3 .3 5
1 7 6 .4 5
1 7 5 .4 7
1 5 0 .5 9
1 5 1 .8 8
1 5 5 .0 2
1 6 4 .8 0
1 6 8 .6 0
7 9 .7 5
81*53
9 0 .9 2
9 3 .9 3
1 0 1 .1 6
1 1 0 .3 6
1 0 1 .9 7
9 8 .5 7
9 9 .0 0
9 6 .1 0
1 0 0 .0 0
1 0 9 .9 3
1 0 2 .7 4
1 3 0 .9 5
1 2 5 .2 7
1 2 5 .8 1
1 2 8 .4 0
1 2 9 .0 6
1 3 0 .9 1
1 2 9 .1 0
1 3 2 .4 6
1 3 2 .2 6
1 3 1 .5 4
9 5 .2 0
9 6 .2 4
8 8 .9 8
9 7 .0 8
1 1 1 .1 9
1 0 8 .3 6
1 0 2 .8 7
9 2 .5 1
9 2 .6 8
9 3 .9 9
1 0 0 .0 0
1 1 8 .1 5
1 0 4 .2 6
1 5 2 .9 0
158*81
1 5 8 .7 2
1 5 2 .0 3
1 5 0 .8 3
1 4 7 .0 8
1 5 2 .5 4
1 5 5 .8 6
1 5 9 .1 0
1 5 2 .5 6
1 0 5 .0 4
1 0 3 .9 1
1 1 2 .3 8
1 0 3 .0 1
8 9 .9 4
9 2 .2 8
9 7 .2 1
1 0 8 .1 0
1 0 7 .9 0
1 0 6 .3 9
1 0 0 .0 0
8 4 .6 4
9 5 .9 1
6 5 .4 0
6 2 .9 7
6 3 .0 0
6 5 .7 8
6 6 .3 0
6 7 .9 9
6 5 .5 6
6 4 .1 6
6 2 .8 5
6 5 .5 5
P e rc e n ta g e
I n .o r d ec.
com p, w i t h
1936
* 5 .0 4
* 3 .9 1
f l2 .3 8
♦ 3 .0 1
- 1 0 .0 6
- 7 .7 2
- 2 .7 9
* 8 .1 0
* 7 .9 0
* 6 .3 9
- 1 5 .3 6
- 4 .0 9
- 3 4 .6 0
- 3 7 .0 3
- 3 7 .0 0
- 3 4 .7 2
- 3 3 .7 0
- 3 2 .0 1
- 3 4 .4 4
- 3 5 .8 4
- 5 7 .1 5
- 3 4 .4 5
IA B L! H I ( c o n t i n u e d )
COST OF LIVING INDEX OF SHANGHAI WORKERS, 1926-1939^
(New base:1936*100)
G roup i n d i c e s
P e rio d
O c to b e r
N ovem ber
D ecem b er
1939
Ja n u ary
F e b ru a ry
M a rc h
A p ril
May
June
J u ly
A ugust
S e p te m b e r
O c to b e r
N ovem ber
D ecem b er
Food
1 2 8 .6 3
1 2 2 .5 5
1 2 2 .8 2
1 9 1 .6 8
1 2 6 .8 4
1 2 8 .8 6
1 3 2 .3 8
1 3 3 .2 1
1 4 6 .4 9
1 6 2 .5 1
1 7 8 .0 4
2 2 1 .9 5
2 6 2 .7 9
2 3 9 .2 0
2 4 9 .6 3
3 1 8 .0 8
' R ent
2 5 8 .2 2
2 5 8 .2 2
2 5 8 .2 2
2 7 6 .1 5
2 6 9 .8 0
2 6 9 .8 0
2 6 9 .8 0
2 6 9 .8 0
2 6 9 .8 0
2 6 9 .8 0
2 8 2 .4 1
2 8 2 .4 1
2 8 2 .4 1
2 8 2 .4 1
2 8 2 .4 1
2 8 2 .4 1
C lo th in g
1 4 8 .8 5
1 5 0 .9 0
1 4 7 .5 6
1 7 8 .0 8
1 4 3 .8 5
1 4 8 .3 3
1 5 1 .4 4
1 5 7 .0 5
1 7 0 .5 1
1 6 5 .3 3
1 6 3 .2 1
1 8 4 .1 0
1 9 7 .3 1
2 1 7 .4 4
2 1 5 .2 6
2 2 5 .0 8
M is c e l­
la n e o u s
1 6 6 .6 8
1 6 5 .8 6
1 6 5 .1 1
2 2 2 .7 6
1 6 5 .2 3
1 6 8 .5 6
164*95
1 6 2 .4 0
1 6 1 .5 0
1 6 7 .4 6
1 7 6 .8 1
3 0 7 .7 7
3 9 7 .3 3
3 1 0 .7 9
3 0 5 .6 1
3 5 1 .9 6
® S h a n g h a i M u n i c ip a l C o u n c il , 0 £ . c i t . ,
p . 47.
Fuel
and
lig h t
G e n era l
in d e x
1 3 5 .0 1
1 3 3 .0 8
1 3 3 .6 6
1 6 6 .6 2
1 3 5 .7 0
1 3 4 .5 1
1 3 4 .9 7
1 4 0 .3 4
140*80
1 4 9 .2 7
1 4 9 .9 6
1 8 6 .9 8
1 9 4 .2 4
2 0 5 .1 4
2 0 9 .3 5
2 2 6 .8 5
1 5 1 .4 6
1 4 7 .4 4
1 4 7 .5 0
2 0 3 .2 5
1 5 1 .6 7
1 5 3 .5 0
1 5 5 .2 6
1 5 6 .2 5
1 6 4 .8 7
1 7 6 .1 5
1 8 8 .5 6
2 3 4 .1 7
2 8 3 .2 3
2 4 8 .2 2
2 5 4 .5 4
3 0 4 .0 6
P u rc h ,
pow er
o f th e
d o lla r
6 6 .0 2
6 7 .8 2
6 7 .8 0
4 9 .2 0
6 5 .9 3
6 5 .2 3
6 4 .4 1
6 4 .0 0
6 0 .6 5
5 6 .7 7
5 3 .0 3
4 2 .7 0
5 5 .3 1
4 0 .2 9
3 9 .2 9
3 2 .8 9
P e rc e n ta g e
in .o r dec.
com p, w i t h
1936
- 3 3 .9 8
-3 2 .1 8
- 3 2 .2 0
- 5 0 .8 0
- 3 4 .0 7
- 3 4 .7 7
- 3 5 .5 9
- 3 6 .0 0
- 3 9 .3 5
- 4 3 .2 3
- 4 6 .9 7
-5 7 .3 0
- 6 4 .6 9
- 5 9 .7 1
- 6 0 .7 1
- 6 7 .1 1
03
tO
TABLE IT
INDICSS OS ACTUAL EARNINGS, GOST OS LIVING, AND REAL WAGES
OS SHANGHAI WORKERS, 1931-1959®
(New base: 1936 - 100}
In d ic e s
1931
1932
1933
1 934
1935
1936
1937
1938
1939
A c tu a l e a rn in g s
1 0 7 .5 4
1 0 6 .0 8
1 0 3 .2 1
9 8 .1 0
9 0 .4 9
1 0 0 .0 0
8 4 .8 3
9 2 .3 8
1 1 9 .0 9
C ost o f l iv i n g
1 0 8 .3 6
1 0 2 .8 7
9 2 .5 1
9 2 .6 8
9 3 .9 9
1 0 0 .0 0
118*15
1 5 2 .9 0
2 0 3 .2 5
9 9 .0 6
1 0 3 .1 2
1 1 1 .5 7
1 0 5 .8 5
9 6 .2 8
1 0 0 .0 0
7 1 .8 0
6 0 .4 2
5 8 .5 9
R e a l w ag es
£ I b i d . , p . 50
Q
TABLE Y
GENERAL INDICES OF WAGE RATES AND ACTUAL-EARNINGS'
OF SHANGHAI WORKERS, 1 9 3 1 -1 9 5 9 ®
(New b a s e : 1 9 5 6 * 100} -
1931
1932
1933
1934
1935
1936
1937
1938
Wage r a t e s
1 0 5 .6 4
1 0 3 .6 4
1 0 5 .4 5
1 0 1 .8 2
9 6 .3 6
1 0 0 .0 0
9 0 .9 1
9 2 ,7 3
1 0 9 .0 9
A c tu a l e a rn in g s
1 0 7 .3 4
1 0 6 .0 8
1 0 3 .2 1
9 8 .1 0
9 0 .4 9
1 0 0 .0 0
8 4 .8 3
9 2 .3 8
1 1 9 .0 9
G e n e ra l in d ic e s
8 L oe. c l t .
1939
t-j
GOST OF LIVING INDEX OF SHANGHAI WORKERS, (ffL9S6 - 1 9 3 9 ,
GENERAL AND GROUP INDEX NUMBERS P
(1 9 3 6 * 1 0 0 )
//Y0&C
/? J Z 6
/? * 7
/fZ g
/? z ?
/??< ?
/? 3 /
f/Ze?&0
/fSZ
/9 S S
S h a n g h a i M u n ic ip a l C o u n c i l , 0 £ . c i t . ,
/f 9 S
opp. p . 46.
/f S 6
/? J /
/? 3 &
s fS ?
w
FIGURE 2
INDEX.NUMBERS OF COST OF LIVING, M GS RATES, ACTUAL fARNINGS,
AM) REAL WAGES OF SHANGHAI WORKERS, 1 9 3 0 - 1 9 3 #
(1 9 3 6 = 1 0 0 )
•
I;
C0£STc!
m! j
'? 3 S
% Loo* c i t .
/9 3 3
'9 3 6
/9 S 7
/9 * S
s? 3 f
01
4*
V
COST OF LIVING INDEX NUMBERS
8
AND PURCHASING POWER OF MONEY IN SHANGHAI, 1 9 2 6 -1 9 3 9
(1 9 3 6 * 1 0 0 J
<r<?sr
* .]
20 M!'
/? £ < £
^/y/A/is
/Y?c?s*vry' j
j
f
y fJ Z /
/f2 0
® L o c .c it.
S929
'9 7 0
/fs /
/9 7 2
/9 S 3
/ f i J’ '
/? J 6
sf3 7
/9 7 S
/fS ?
/f4 o
R io ts and s t r i k e s .
o u t,
it
A s R o b e r t W. B a r n e t t
w as i n e v i t a b l e t h a t n u m e r o u s r i o t s
9
a n d s t r i k e s w o u ld
o c c u r a s a r e s u l t o f t h e a lm o s t im p o s s ib le l i v i n g
c o n fro n tin g th e w o rk e rs.
to o k p la c e ,
i n D e c e m b e r.
o f r i c e had been f i f t e e n d o l la r s p e r z a r
d o o rs.
rio ts
The p r i c e
(1 3 3 p o u n d s ) i n M ay,
i n J u n e , a n d o n A u g u s t 1 9 , w h en t h e p r i c e
reach ed th irty -tw o d o lla r s ,
its
c o n d itio n s
T w ic e i n 1 9 3 9 , s e v e r e r i c e
o n ce in A u g u st and a g a in
tw e n ty -o n e d o l l a r s
h a s p o in te d
th e S h a n g h a i r i c e m a rk e t c lo s e d
T h i s s i t u a t i o n w as p a r t i c u l a r l y
ir r ita tin g be­
c a u s e new s h ad r e a c h e d S h a n g h a i o f a p a r t i c u l a r l y a b u n d a n t
ric e
c r o p i n t h e W uhu, C h e k ia n g a n d K i a n g s u f i e l d s ,
d is ta n t.
On A u g u s t 2 0 , n u m e ro u s r i o t s t o o k p l a c e a n d f o u r
days la te r
to
ra te s
th e
i t w as n e c e s s a r y t o
q u e ll f u r th e r r i o t s .
s e llin g
not fa r
c a l l o u t th e p o lic e re s e rv e s
S i n c e i t w a s know n t h a t r i c e w as
i n Wuhu a t f o u r t e e n d o l l a r s p e r z a r ,
in th e J a p a n e s e -c o n tro lle d p a r t o f th e
o p in io n w as f r e e l y
e x p re sse d th a t th e
and t h a t th e
c i t y w e re lo w e r,
Jap an ese m ilita r y
a u t h o r i t i e s w e r e i n t e r f e r i n g w i t h i n c o m in g s u p p l i e s .
T h is
w as d e n ie d b y J a p a n e s e sp o k esm en a lth o u g h i t w as g e n e r a l l y
know n t h a t t h e
tio n a lly fin e
J a p a n e s e w e r e m a k in g s h i p m e n t s o f a n e x c e p ­
c ro p o f r i c e
f r o m WUhu a n d n o r t h e r n K in a g s u
t o K w a n g tu n g , t o N o r t h C h in a a n d t o
%
R o b e r t W. B a r n e t t ,
lo c .
Jap an .
c it.
46
T h e A u g u s t r i o t s w e r e b r o u g h t u n d e r c o n t r o l w h en
C h i n e s e c i v i e l e a d e r s a n d g o v e rn m e n t a u t h o r i t i e s
in s e c u rin g r e l i e f
cheaper p ric e s .
s u p p lie s o f r i c e
H o w e v e r, l a t e
c o o p e ra te d
fro m S a ig o n t o
s e ll at
i n H o v e m b e r, r i c e p r i c e s r o s e
a g a in an d ,
o n D e c e m b e r 1 5 , a f r e n z i e d mob b r o k e i n t o t h i r t y -
th re e ric e
s h o p s a n d s e i z e d a b o u t $ 1 ,5 0 0 w o r t h o f r i c e .
n e x t d ay tw e n ty -fo u r r i o t s
of ric e
The
o c c u r r e d i n w h ic h f 4 0 ,0 0 0 w o r t h
w as s e i z e d .
On D e c e m b e r 1 0 , t h e
in a lle v ia tin g th e r ic e
Ja p a n e se m i l i t a r y had o f f e r e d a id
s h o rta g e , b u t t h i s
a id w as n e v e r
f o r t h c o m i n g a n d c h a r g e s w e r e m ade a g a i n t h a t t h e i n t e r f e r ­
ence o f th e
of ric e
J a p a n e s e w a s t h e m a in c a u s e o f a b u n d a n t s u p p l i e s
f a i l i n g to re a c h th e S e ttle m e n t.
c h a r g e s se e m e d j u s t i f i e d
s e llin g
th irty
i n H u n g ja o ,
E v id e n c e t h a t s u c h
w a s f o u n d i n t h e f a c t t h a t r i c e w as
j u s t a c r o s s th e S e ttle m e n t b o u n d a ry , a t
d o l l a r s w h en i t w a s s e l l i n g a t f o r t y - f i v e d o l l a r s
th e S e ttle m e n t.
U n d e r t h e s e c i r c u m s t a n c e s l a b o r u n r e s t w as b o u n d
t o a r i s e . E i g h t s t r i k e s b r o k e o u t i n S e p te m b e r a n d
f r o m D e c e m b e r o n w a rd s s t r i k e s o c c u r r e d a t t h e S u n
G o ., t h e S i n c e r e C o ., t h e W ing On C o t t o n M i l l , t h e
C h in a S o a p C o ., t h e I n t e r n a t i o n a l D i s p e n s a r y , C h in a
A lu m in u m B o l l i n g M i l l s , D ah D oong R u b b e r C o . , C h in a
T e x t i l e M a n u f a c t u r i n g C o ., t h e S h a n g h a i B o w er C o .,
T e e T s o o n g - T o b a c c o C o ., t h e F r e n c h T ram w ay C o ., a n d
i n o t h e r c o n c e r n s . M o st o f t h e s e s t r i k e s w e re s e t ­
t l e d b y s m a l l c o n c e s s i o n s b e i n g g r a n t e d t o t h e emr
p l o y e e s a n d som e a l l o w a n c e m ade f o r r i c e .
In th e
D e c e m b e r s t r i k e w av e a r e p u t e d l y J a p a n e s e - c o n t r o l l e d
u n i o n , " t h e C h in a L a b o r e r s * A s s o c i a t i o n , ” m ade i t s
a p p e a r a n c e ; I t w as a l l e g e d . t h a t t h i s o r g a n i z a t i o n
w as u t i l i z i n g t h e g e n u in e d i s t r e s s o f C h in e s e w o rk e rs
in
47
In o rd e r to s t r i k e in d ir e c tly a t th e i n t e r e s t s
J a p a n e s e i n d u s t r i a l c o n c e rn s* 0
of non-
The I n d u s t r i a l S e c tio n o f t h e M u n ic ip a l C o u n c i l ^
p e rfo rm e d v a lu a b le m e d ia tio n s e r v ic e s
la b o r d is p u te s d u rin g 1939*
in c o n n e c tio n w ith
T he f e e l i n g w a s t h a t *
c o n d i t i o n s a s t h e y w e re am ong l a b o r e r s ,
have to
n o n e o f th e m s h o u l d
lo s e ev en a s i n g l e d a y o f e a r n in g p o w e r.
l o w i n g s u m m a r iz e s t h e a t t i t u d e
w ith
T he f o l ­
of th a t body:
T h e c i t y I s s t i l l o v e r c r o w d e d (e n d o f 1 9 3 9 ) , a n d
f o r th e sa k e o f i t s g e n e r a l p e a c e and s a f e t y d is p u te s
s h o u l d n o t b e a l l o w e d t o b e co m e e x a c e r b a t e d , t o c o n ­
tin u e u n n e c e s s a rily , o r to sp re a d to o th e r i n d u s tr ie s .
D i f f i c u l t i e s in o p e r a tio n o f p l a n t s a r e a lr e a d y so
g r e a t t h a t l o s s e s f r o m s t o p p a g e o f w o rk s h o u l d b e
r e d u c e d t o a m in im u m . W here t h o u s a n d s a r e s t i l l a
c h a r g e on t h e c h a r i t y o f t h e c i t y , w o r k e r s w i t h w o rk
t o do s h o u ld n o t b e p e r m itte d t o lo s e t h e i r pow er t o
e arn .
F o r th e s e re a s o n s i t h as b een c o n s id e re d u s e ­
f u l to in te rv e n e a s e a r ly a s p o s s ib le in d is p u te s ,
w i t h a v i e w t o p r e v e n t i n g s t o p p a g e o f w o rk i f p o s ­
s i b l e , a n d i n _ s t r i k e s , w i t h a v ie w t o e a r l y r e s u m p ­
t i o n o f w o rk . s
S u m m ary .
d ic a te s th a t,
B r i e f l y s u m m a riz in g , a l l t h e e v id e n c e i n ­
d e s p i te th e re m a rk a b le i n d u s t r i a l r e c o v e r y in
S h a n g h a i fo llo w in g th e h o s t i l i t i e s , th e p l i g h t
o f t h e C h in e s e
w o rk e r w as a d i f f i c u l t one th r o u g h o u t t h e p e r i o d u n d e r c o n ­
s id e ra tio n .
A l t h o u g h e m p lo y m e n t i n c r e a s e d m a r k e d l y ,
3-° R o b e r t W. B a r n e t t ,
op. c i t .,
S h a n g h a i M u n ic ip a l C o u n c il,
L oc.
c it.
su r-
p . 99.
op. c i t .,
p. 41.
p a s s in g th e 1935 l e v e l , th e v a s t i n f l u x o f r e f u g e e s c au se d
t h e n u m b e r o f u n e m p lo y e d t o r e m a i n d a n g e r o u s l y h i g h .
M o re ­
o v e r, th e
an
f a l l in
exchange,
in th e
sum m er o f 1 9 3 9 , t o
u n p r e c e d e n t e d lo w , w i t h t h e r e s u l t a n t
s o a rin g o f p r ic e s ,
m ade h i s p o s i t i o n p r a c t i c a l l y u n t e n a b l e ♦
W h ile som e i n c r e a s e
w as m ade i n a c t u a l w a g e s , r e a l w a g e s f o r t h e y e a r 1 9 3 9 w e r e
o n ly h a l f o f th o s e f o r 1936, th e b a se y e a r .
F re q u e n t r i c e
r i o t s a n d n u m ero u s s t r i k e s w e re t h e
i n e v i t a b l e r e s u l t a n d r e m a in e d a c o n s t a n t t h r e a t t o t h e
e c o n o m ic w e l l - b e i n g o f t h e c o m m u n ity .
CHAPTER V
SH IPPIN G
T h e h o s t i l i t i e s h a d a n i m m e d ia te e f f e c t u p o n S h a n g h a i
s h ip p in g .
W ith f i g h t i n g
in p r o g r e s s on b o th s i d e s o f th e
W h an g p o o , i n v o l v i n g h e a v y c r o s s - f i r e ,
b o m b a rd m e n t f r o m b o t h c o n t e s t a n t s ,
c o u p le d w i t h a e r i a l
i t w as e x t r e m e l y h a z a r d ­
ous f o r v e s s e ls t o a p p ro a c h to o c lo s e t o th e a r e a .
Jap an ­
e s e m e rc h a n t s h ip s c o n tin u e d t o b e r t h f o r b r i e f p e r io d s
a lo n g s id e t h e i r w h a rv e s in th e E a s te r n D i s t r i c t .
B ut th e y
cam e a n d w e n t u n d e r c o v e r o f d a r k n e s s , u s i n g n o l i g h t s
w h a ts o e v e r e i t h e r on s h i p s o r d o c k s .
d ia te ly ceased
c o m in g u p t h e r i v e r ,
A m e ric a n s h i p s imme­
an d a f t e r te m p o ra ry
e v a c u a t i o n o f women a n d c h i l d r e n w as c o m p l e t e d , t h e y d i s ­
c o n t i n u e d c a l l i n g a t S h a n g h a i a l t o g e t h e r f o r s e v e r a l m o n th s .
I n t h e m e a n tim e , h o w e v e r ,
d e s p ite th e p re c a u tio n
i n g n e a r t h e m o u th o f Y a n g t z e ,
c ity ,
o f a n c h o r­
o v e r tw e n ty m ile s fro m th e
t h e D o l l a r L in e s h i p , P r e s i d e n t H o o v e r, w as s e v e r e l y
d a m a g ed b y bom bs f r o m a C h i n e s e p l a n e w h ic h h a d m i s t a k e n
h e r fo r a Jap an ese tr a n s p o r t.
I n a d d i t i o n t o t h e d a n g e r f ro m bom bs a n d s h e l l - f i r e ,
w as t h e
i n t e r f e r e n c e w ith n a v ig a tio n
s e iz u re
o f t h e W hangpoo d r e d g i n g e q u ip m e n t b y t h e J a p a n e s e
a n d t h e p l a c i n g o f a boom b y t h e
g a tio n
i n t h e u p p e r W h an g p o o .
i t s e l f due t o th e
C h in e s e t o
p re v e n t n a v i­
50
T h e W hangpoo C o n s e r v a n c y B o a r d *
s ta n d th e
i m p lic a tio n s in v o lv e d i n th e
In o rd e r to u n d e rc e s s a tio n o f d re d g ­
i n g o p e r a t i o n s i n t h e W hangpoo, d u e t o t h e e q u ip m e n t f a l l i n g
i n t o J a p a n e s e h a n d s , a K n o w le d g e o f t h e h i s t o r y a n d w o r k i n g s
o f t h e W hangpoo C o n s e r v a n c y B o a rd i s n e c e s s a r y .
I r v i n g F rie d m a n ^ h a s p o i n te d
o n ly i n t e r m i t t e n t and p a r t i a l l y
t i o n s w e re c a r r i e d
on.
out th a t p rio r to
1912,
I n e f f e c t i v e d re d g in g o p e ra ­
I n 1 9 2 1 , a n e w a g r e e m e n t w as m ade
b e tw e e n C h in a a n d t h e T r e a t y P o w e r s a n d t h e W hangpoo C on­
s e r v a n c y B o a rd c r e a t e d .
T h is c o n s i s t e d
o f an e x e c u tiv e
b o a r d o f t h r e e : t h e K i a n g s u C o m m is s io n e r o f F o r e i g n A f f a i r s
( i n 1 9 5 0 r e p l a c e d b y a s p e c i a l s e c r e t a r y o f t h e sam e m i n i s ­
try ),
t h e S h a n g h a i C o m m is s io n e r o f C u s to m s , a n d t h e S h a n g h a i
H a rb o r M a s te r.
T h e s e w e re g i v e n f u l l p o w e r s a n d w e re n o t
re s p o n s ib le to th e p r o v in c ia l a u th o r itie s .
P r o v i s i o n w as
m ade a l s o f o r a c o n s u l t a t i v e b o a r d o f s i x m e m b e rs ,
one fro m
e a c h o f t h e f i v e n a t i o n s h a v in g t h e g r e a t e s t am ount o f v i s ­
i t i n g to n n a g e , and one a p p o in te d b y th e
C h i n e s e C h am b er o f
C o m m erce.
I t w as p r o v id e d t h a t t h e f u n d s n e e d e d b y t h e B o a rd
w o u ld b e d e r i v e d f r o m a t h r e e p e r c e n t s u r t a x o n t h e S h a n g -
I r v i n g S . F r i e d m a n , ^W hangpoo C o n s e r v a n c y B o a r d
A n n o u n c e s .R e s u m p tio n o f O p e r a t i o n s , n F a r E a s t e r n S u r v e y ,
9 :3 3 -3 5 , J a n u a ry 3 1 , 1 9 4 0 .
51
h a i C u sto m s g r o s s r e c e i p t s *
a 0 .1 5 p e r c e n t t a x on d u t y - f r e e
g o o d s * a n d a 0.04=5 p e r c e n t t a x o n t r e a s u r e .
A s a r e s u l t o f t h e C o n s e r v a n c y B o a r d 's w o rk * t h e
r i v e r f r o m W oo su n g , n e a r t h e
t h e Y a n g tz e *
J u n c t i o n o f t h e W hangpoo a n d
f o r a d i s t a n c e o f tw e n ty m ile s up th e r i v e r
h as been re g u la te d t o
fo rm a u n if o r m
c h a n n e l h a v in g a l e a s t
d e p th o f t w e n t y - s i x f e e t o v e r a b o tto m w id th o f 500. f e e t ,
a n d a t h r o u g h n a v i g a b l e d e p t h o f t w e n t y - e i g h t f e e t a t lo w
w a te rs .
C o n tin u o u s d r e d g in g i s
m a in ta in d e p th s a t
c o n s id e re d n e c e s s a r y t o
c e rta in p o in ts .
T he J a p a n e s e s e i z u r e o f d r e d g in g e q u ip m e n t.
F rie d m a n *
P
c o n tin u in g ,
s t a t e s t h a t w h en h o s t i l i t i e s b r o k e
o u t c o n se rv a n c y o p e ra tio n s n a tu r a ll y
ceased .
M any o f t h e
C o n s e r v a n c y B o a r d s h i p s w e re d a m ag ed a n d t h e J a p a n e s e f e l l
h e ir to
id le ,
a l l t h e e q u ip m e n t,
o r , a s A h le rs
e i t h e r a llo w in g i t
p o in ts o u t, u s in g i t
t o re m a in
" e x e lu s iv e ly f o r
t h e d r e d g i n g o f t h e i r own m o o r in g s a n d a n c h o r a g e s w h i l e t h e
4
a p p ro a c h e s o f o th e r w h a rv es a re r a p i d l y s i l t i n g u p ."
B u s s 5 c o n te n d s t h a t t h e J a p a n e s e h ad a v e r y d e f i n i t e
2 koc. c it .
3 J o h n A h l e r s , J a p a n C l o s i n g t h e " O pen D o o r " i n c h i n a
( S h a n g h a i : K e l l y a n d W a ls h , L t d . , 19.4(1}, , p . 5 9 .
4 koc. c it.
5 C la u d e A . B u s s , " P o w e r P o l i t i c s i n E a s t e r n A s i a , "
( u n p u b l i s h e d m a n u s c r i p t , L o s A n g e le s * 1 9 4 0 ) , p . 2 3 5 .
52
u l t e r i o r m o t i v e i n d e s i r i n g t h e W hangpoo t o
becom e u n n a v i-
g a b le — th e d e s tr u c tio n o f S h an g h ai a s a p o r t .
s e iz u re o f th e
R e g a rd in g t h e
d r e d g i n g e q u ip m e n t h e w r i t e s a s f o l l o w s :
J a p a n i n t e r f e r e d s e r i o u s l y w i t h t h e w o rk o f t h e
W hangpoo C o n s e r v a n c y B o a r d .
I t f o r c e d s u s p e n s io n o f
d r e d g i n g o n t h i s l i t t l e s t r e a m w h ic h l e a d s f r o m t h e
m o u th o f t h e Y a n g tz e t o t h e S h a n g h a i w a t e r f r o n t .
F o r e i g n d o c k o w n e r s i n S h a n g h a i f a c e d t h e g lo o m y p r o s ­
p e c t o f s e e in g t h e i r in v e s tm e n ts d e p riv e d o f th e l a s t
re m n a n ts o f v a l u e .
N in e m i l e s o f f e r t i l e l a n d , b o r ­
d e r i n g o n t h e W hangpoo, s e p a r a t e S h a n g h a i a n d t h e d e e p
c h a n n e l s o f t h e m o u th o f t h e Y a n g t z e .
I t w as a p p a r e n t­
l y t h e J a p a n e s e i n t e n t i o n t o l e t s i l t a c c u m u la te in
t h e W h an g p o o , t h u s e f f e c t i v e l y i s o l a t i n g p r e s e n t - d a y
S h a n g h a i fro m t h e o c e a n .
T hen t h e J a p a n e s e c o u ld o c ­
c u p y t h e i n t e r v e n i n g n i n e m i l e s a n d c o n s t r u c t new
w h a r f a n d g o -d o w n f a c i l i t i e s a n d l e t t h e b u s y fid o c k s
a t S h an g h ai r o t in to d is u s e and d i l a p i d a t i o n .6
By th e
f o r th e
s p r i n g o f 1 9 3 8 , m uch c o n c e r n w as b e i n g f e l t
f u tu r e w e lfa re o f th e h a rb o r.
M any w h a r v e s w e re
b e i n g d am ag ed b y t h e s w i f t m o v in g w a t e r s w h i l e o t h e r s w e re
b e c o m in g i n a c c e s s i b l e a l t o g e t h e r o r e x c e p t a t h i g h t i d e .
T h e r i s k o f b r i n g i n g o c e a n g o i n g v e s s e l s u p t h e r i v e r w as
i n c r e a s i n g r a p i d l y a n d i t w as f e a r e d t h a t a l l s h i p p i n g
c o m p a n ie s w o u ld s o o n r e f u s e t o b r i n g t h e i r s h i p s u p t o
t h e i r n o rm al b e r t h s .
N e g o tia tio n s f o r t h e re s u m p tio n o f d r e d g in g .
in 1 9 3 8 , a c c o r d in g t o F r ie d m a n ,7 t h e B r i t i s h
6 I b i d . , p p . 2 3 4 -3 5 .
7 I r v i n g S . F rie d m a n , L o c i c i t .
E a rly
C h am b er o f
53
C om m erce a n d t h e S h a n g h a i b r a n c h o f t h e
C h in a A s s o c i a t i o n
p re s s e d th e B r i t i s h a u t h o r i t i e s f o r a c tio n *
w e r e - b e g u n b e tw e e n a c o m m i tt e e o f t h e
n e g o tia tio n s
c o n s u la r body o f
S h a n g h a i,
s u p p o r te d b y t h e B r i t i s h A m b a ssa d o r, a n d t h e
Jap anese,
i n w h i c h i t w as r e q u e s t e d t h a t t h e
B o a rd b e r e t u r n e d
its
C o n se rv an c y
e q u ip m e n t a n d b e a l l o w e d t o
re su m e
d re d g in g o p e ra tio n s *
T h e J a p a n e s e i g n o r e d t h i s r e q u e s t a n d , i n t h e a u tu m n
o f 1 9 3 8 , a fa m o u s J o i n t s t a t e m e n t w a s i s s u e d b y S h a n g h a i * s
e l e v e n n a t i o n a l g r o u p s i n c l u d i n g t h e B r i t i s h , A m e ric a n a n d
F re n c h ,
re tu rn
i n w h ic h t h e a n n o u n c e d o b j e c t i v e w as t h e
im m e d ia te
o f t h e e q u ip m e n t a n d t h e r e s u m p t i o n o f d r e d g i n g
o p e r a t io n s n e c e s s a r y _ f o r m a in te n a n c e o f S h a n g h a i a s a n
in t ern a t i o n al po r t .
At f i r s t th e
Ja p a n e se tu rn e d a d e a f e a r to t h i s
m and a l s o , m a i n t a i n i n g t h a t i f
resu m ed ,
it
s h o u ld be c a r r i e d
and n a v a l c o n tr o l.
c o n s e r v a n c y w o rk w a s t o b e
on u n d e r J a p a n e s e m i l i t a r y
I n t h e m e a n tim e ,
c o n d itio n s in th e r i v e r
d i d n o t b eco m e s o b a d a s h a d b e e n f e a r e d .
re s tric te d
n a rro w e d .
W h ile s i l t i n g
o p e r a t i o n s a r o u n d som e o f t h e p i e r s ,
c h a n n e l c o n tin u e d t o
A ls o ,
sco u r i t s e l f ,
s u rp ris in g ly ,
de­
a lth o u g h i t
t h e m a in
w a s so m e w h at
th e w a te r o v e r th e b a r beyond
W oosung r e m a in e d a t t h e n o r m a l t w e n t y - e i g h t f e e t a t e b b t i d e .
T h e re fo re ,
o c e a n g o in g t r a f f i c
w as n o t s e r i o u s l y h a m p e re d .
H o w e v e r, o n D e c e m b e r 9 , 1 9 5 9 , t h e
J a p a n e s e C o n s u la te
54
G e n e ra l i n S h a n g h a i an n o u n ce d t h a t a n a g re e m e n t had f i n a l ly b een re a c h e d a s a r e s u l t o f a " c o n c ilia to r y a t t i t u d e "
p a r t o f a l l p o w e rs c o n c e rn e d .
B o a rd w a s t o
a g re e m e n t, t h e
a p p o in t J a p a n e se a s e n g in e e rs and f o r o th e r
im p o rta n t p o s i t i o n s .
to
U nder t h i s
The J a p a n e s e a l s o r e s e r v e d t h e r i g h t
d i s p a t c h a n a rm y o f f i c e r a n d a n a v y o f f i c e r t o
d re d g in g o p e r a tio n s so a s n o t t o
tio n
o f th e
on th e
Japanese- f o r c e s .
h a v e g o t t e n m uch t h e b e t t e r
d ire c t
i n te r f e r e w ith th e o p e ra ­
T h u s, th e
J a p a n e s e se e m t o
o f th e b a rg a in .
H o w e v e r, t h e
f i n a l c o n s e n t t o re s u m e d r e d g i n g o p e r a t i o n s a t a l l w o u ld
im p ly t h a t t h e i r p l a n t o
c r e a t e a " g r e a t e r S h a n g h a i" n e a r
W oosung h a d b e e n a b a n d o n e d .
T he W hangpoo b o o m . A n o t h e r o b s t a c l e t o
t h e boom t h e
F re n c h B und.
C h i n e s e p l a c e d a c r o s s t h e W hangpoo a b o v e t h e
T he p u r p o s e w a s t o p r e v e n t J a p a n e s e m ovem en t
by b o a t to th e u pper re a c h e s o f th e r i v e r .
s is te d
o f s e v e r a l c o n fis c a te d
C h in e s e sco w s a n d j u n k s .
f i r s t to
Jap an ese
T h e boom c o n - ^
carg o b o a ts ,
a n d som e
T he l a r g e r J a p a n e s e s h i p s w e re su n k
fo rm a f o u n d a tio n an d th e n th e
s m a l l e r b o a ts w e re
to w e d i n a t n i g h t a n d s u n k o n t o p o f t h e m .
w e re f i l l e d
s h i p p i n g w as
A ll th e s e b o a ts
w i t h r o c k s a n d s a n d w hen s u n k a n d s o o n s i l t e d
f u l l o f W hangpoo m ud.
I t w as c o n s id e r e d b y e x p e r t s t h a t
r e m o v a l w o u ld t a k e a l o n g t i m e a n d w o u ld r e q u i r e a h u g e
am ount o f h ig h e x p lo s iv e s .®
® C h in a W e e k ly R e v ie w , 8 2 : 2 6 9 - 7 0 , D e c e m b e r 2 0 ,
1937.
55
T h i s boom m ade i t
im p o s s ib le f o r s h ip s t o re a c h th e
P o o t u n g d o c k s o f t h e D o l l a r S t e a m s h i p C om pany a n d w as p r o b ­
a b ly p a r t l y re s p o n s ib le f o r th a t lin e
ra rily
its
to ta lly
e ffe c tiv e
opened.
e v e r.
s e rv ic e to
S h a n g h a i.
d i s c o n t i n u i n g te m p o ­
T he b l o c k a d e r e m a in e d
u n t i l May 1 5 , 1 9 4 0 , w hen i t w a s p a r t i a l l y
O n ly r e s t r i c t e d
n a v ig a tio n w as th e n p o s s i b l e ,
I t w as c o n fin e d t o d a y l i g h t h o u r s an d t o
how­
s h ip s d raw -
in g l e s s th a n t h r e e m e te rs o f w a te r .
E f f e c t o f w ar r i s k .
tie s ,
D u rin g t h e h e a t o f t h e h o s t i l i ­
t h e m a rin e I n s u r a n c e r a t e w as t h r e e p e r c e n t on a l l
c a rg o on b o a rd a t t h e tim e i t
on t h o s e
s id e th e S hanghai a re a ,
red u c ed to
one p e r c e n t.
When t h e h o s t i l i t i e s m oved o u t ­
th e fo rm e r t h r e e p e r c e n t r a t e
w as
T h is w as e s t im a t e d t o am ount t o
C h i n e s e d o l l a r s p e r t o n on a l l
w h e th e r d e s t in e d
to o
H o w e v e r,
s h i p s t h a t s t o p p e d b e lo w W o o su n g , t h e r a t e w a s o n l y
o n e -h a lf o f one p e r c e n t.
som e f i v e
re a c h e d S h a n g h a i.
fo r Shanghai o r n o t.
l a r g e an am ount f o r th e
s te a m s h ip
c a rg o on b o a rd
N a t u r a l l y t h i s w as
c o m p a n ie s t o
assu m e
th e m s e lv e s i f th e y had a n y c o n s id e r a b le q u a n ti t y o f c a rg o
on b o a r d .
T h is c a u s e d s h ip s t o
a v o id S h a n g h a i.
a rr a n g e m e n t w as p a r t i c u l a r l y h a rd on l i n e s
lik e
Such an
th e
C anad­
i a n P a c i f i c a n d D o l l a r w h ic h t e r m i n a t e d a t M a n i la a n d t h u s
9
92:391, May 11, 1940.
56
had a good s iz e d
c a r g o o n b o a r d w h en r e a c h i n g S h a n g h a i f r o m
e ith e r d ir e c tio n .^ 0
A s c o m p ared w i t h th e - a b o v e r a t e
ra te
o f one p e r c e n t, th e
f o r H ongkong w as o n e - e ig h th p e r c e n t a n d , f o r t h e
M e d ite rra n e a n a r e a ,
tim e ,
th re e -e ig h th s p e r c e n t.
t h e 'm i n im u m i n s u r a n c e r a t e
w hen i t
w as p o s s i b l e t o
c e n t, w h ile th e
p e r to n ,
At th e
on c a r g o u p t h e Y a n g tz e ,
g e t any sp ace a t a l l ,
fre ig h t ra te
sam e
w as f o u r p e r
w as f o r t y - t w o C h in e s e d o l l a r s
t h r e e t i m e s t h e n o r m a l a m o u n t ."
T he r e s u l t w as t h a t
11
o n l y t h e m o s t e s s e n t i a l c o m m o d i ti e s c o u l d b e s h i p p e d .
E ffe c t of h o s tilitie s
on t o t a l S h a n g h a i s h i p p i n g .
w i l l b e n o te d fro m T a b le VI t h a t ,
It
w h ile t h e r e w as a c o n s i d e r ­
a b le d ro p in to n n a g e o f s h ip s e n g ag e d in b o th d o m e s tic and
fo re ig n tra d e
its
d u r i n g 1 9 3 7 a n d 1 9 3 8 , S h a n g h a i m o re t h a n h e l d
own I n r e l a t i o n t o
o t h e r C h in e s e p o r t s .
By 1 9 3 9 , f o r e i g n
t r a d e to n n a g e h a d n e a r l y r e c o v e r e d t h e 1 9 3 6 l e v e l , b u t dom es­
tic
tra d e
re m a in e d a t a l i t t l e
w ar f i g u r e .
m o re t h a n a t h i r d
H o w e v e r, t h e p e r c e n t a g e
o f th e p r e ­
o f t o ta l tra d e
w i t h a l l o t h e r C h i n e s e p o r t s sh o w s a s h a r p r i s e
c o m p a re d
o v er th e
p r e v i o u s y e a r s g i v e n , b e i n g 4 0 . 7 6 a g a i n s t 2 6 .9 1 f o r 1 9 3 8 ,
a n d 2 1 .9 4 f o r 1 9 3 6 .
^
I b id .,
8 2 :2 6 9 - 7 0 , D ecem ber 2 0 , 1 9 3 7 .
11 L o c . c i t .
s ix
57
t a b le : y i
TOTAL TONNAGE OF S H IP S ENTERED AND CLEARED AT SHANGHAI
. WITH PERCENTAGE TOTAL OF ALL CHINA, 1 9 3 3 - 1 9 3 9 1 2 .
Y ear
F o re ig n
tra d e
fa
D o m e s tic
. tra d e
*
1933
1 7 ,8 8 1 ,9 2 8
4 3 .6 1
1 7 ,3 4 0 ,4 1 5
1934
1 6 ,8 5 4 ,4 8 1
3 7 .5 2
1935
1 6 ,8 3 6 ,4 8 7
1936
T o ta l
*
1 7 .9 9
3 5 ,2 2 2 ,3 4 5
2 5 .6 4
1 8 ,6 4 4 ,1 9 5
1 9 .5 1
3 5 ,4 9 8 ,6 7 4
2 5 .2 7
3 5 .0 0
1 7 ,1 9 0 ,0 1 6
1 7 .9 3
5 4 ,0 2 6 ,8 0 3
2 3 .6 3
1 6 ,2 0 7 ,8 0 5
35*83
1 5 ,6 0 5 ,0 5 4
1 5 .6 4
3 1 ,8 1 0 , 2 5 9
2 1 .9 4
1937
1 1 ,3 1 9 ,5 8 6
3 1 .9 4
1 0 ,9 9 1 ,0 5 7
2 0 .1 3
2 2 ,3 1 0 ,4 4 3
2 4 .7 8
1938
1 0 , 1 7 6 ,0 9 9
34 •5 8
5 ,7 2 5 ,8 7 2
1 9 .3 0
1 5 ,8 9 9 ,9 6 9
2 6 .9 1
1939
1 5 ,0 0 9 ,5 8 2
5 0 .3 3
6 ,1 5 8 ,0 4 0
2 7 .8 6
2 1 ,1 6 7 ,6 2 2
4 0 .7 6
C h i n a , I n s p e c t o r a t e G e n e r a l o f C u s to m s , T h e T r a d e
o f C h in a ( S h a n g h a i : P r i n t e d a n d p u b l i s h e d a t t h e S t a t i s t i c a l
D e p a r t m e n t o f t h e I n s p e c t o r a t e G e n e r a l o f C u s to m s } , c o m p i l e d
fro m r e p o r t s f o r 1 9 5 3 -5 9 •
58
I t m u st b e n o te d , h o w e v e r, t h a t t h e s e
be ta k e n a s a b s o lu te ly a c c u ra te ,
fig u re s
cannot
s i n c e m any J a p a n e s e s h i p s
w e re s a i d t o b e e n t e r i n g and c l e a r i n g t h e p o r t w ith o u t
r e g i s t e r i n g w i t h t h e C u s to m s .
S um m ary.
h o s tilitie s
is o la te d
I n su m m ary , a s r e g a r d s t h e e f f e c t o f t h e
on S h a n g h a i s h ip p in g , t h e p o r t w as p r a c t i c a l l y
f o r s e v e r a l m o n th s .
b o m b s m ade a p p r o a c h t o t h e
s u lte d
D an g er fro m s h e l l - f i r e
c ity
and
e x tre m e ly h a z a rd o u s and r e ­
in su c h h ig h w a r - r i s k in s u r a n c e r a t e s t h a t m o st s h ip s
refu sed to
fig h tin g
c a ll.
H o w e v e r, w i t h t h e
in -th e -im m e d ia te v i c i n i t y
c e s s a tio n o f s e rio u s
o f S h a n g h a i,
s h ip p in g
s e r v i c e w as g r a d u a l l y r e s u m e d . .
I t w as- f e a r e d t h a t t h e
Jap an ese s e iz u re
o f th e d re d g ­
i n g e q u ip m e n t , n o r m a l l y e m p lo y e d b y t h e W hangpoo C o n s e r v a n c y
B o a r d i n k e e p i n g t h e W hangpoo R i v e r n a v i g a b l e , w o u ld r e s u l t
i n t h e p e rm a n e n t p a r a l y s i s o f t h e p o r t f a c i l i t i e s .
fo rtu n a te ly ,
B ut t h i s ,
d i d n o t e v e n t u a t e a n d , a f t e r n e a r l y tw o y e a r s
o f n e g o tia tio n ,
th e
Jap an ese
c o n s e n te d ,
t o resu m e d r e d g in g o p e r a t i o n s .
on t h e i r
own t e r m s ,
A n o th e r o b s t a c l e t o
c e rta in
d o c k s , t h e W hangpoo boom , w a s a l s o p a r t i a l l y re m o v e d i n
M ay, 1 9 4 0 .
W h ile t h e b l o c k a d e o f t h e Y a n g tz e a n d o t h e r C h in e s e
p o r t s k e p t S h a n g h a i’ s d o m e s tic s h ip p in g f o r 1938 a n d 1939
a t o n ly o n e - t h i r d t h e p r e - h o s t i l i t y l e v e l ,
f o r e ig n s h ip p in g
s t e a d i l y re c o v e re d d u rin g th o s e y e a r s .
The f i g u r e f o r 1939
c o m p a re d v e r y f a v o r a b l y w i t h t h a t f o r 1 9 3 6 .
p o s itio n
o f S h a n g h a i,
im p r o v e d a s a r e s u l t
in r e l a t i o n t o
F u rth e rm o re , th e
o t h e r C h in e s e p o r t s ,
o f th e h o s t i l i t i e s .
B ut t h i s
im p r o v e ­
m ent m u st b e c o n s id e re d a s a b n o rm a l an d g a in e d o n ly a t t h e
exp en se o f o th e r p o r ts
Jap an ese.
" te m p o r a r ily * b lo c k a d e d b y th e
CHAPTER VI
FGREISH AND DOMESTIC COMMERCE
The im p o r ta n c e o f S h a n g h a i a s a p o r t i s
c l e a r l y on T a b le s V I, V I I I a n d IX .
tra d e fig u re s th e re
p o s itio n
in d ic a te d
T he s h i p p i n g a n d f o r e i g n
s e t f o r t h le a v e no d o u b t a s t o th e v i t a l
i n C h in a t r a d e t h e
c i t y h a s o c c u p ie d f o r y e a r s .
T h e r e fo r e ,- a n y d i s l o c a t i o n o f t h e p o r t a s a t r a d i n g
c e n te r
i s n o t m e r e l y a l o c a l p r o b l e m b u t o n e i n v o l v i n g t h e w h o le o f
C h in a a n d h e r r e l a t i o n s w i t h f o r e i g n p o w e r s .
I.
TRADE CONDITIONS IN 1 9 3 7
I m m e d ia te e f f e c t o f t h e h o s t i l i t i e s . A s a n i n d i c a t i o n
o f t h e e x t e n t t o w h ic h S h a n g h a i * s t r a d e w a s d i s r u p t e d b y t h e
h o s tilitie s ,
th e
C h in a A n n u a l E c o n o m ic R e p o r t f o r 1 9 3 7 1 h a s
p o in te d o u t t h a t o f t h e C h. $509 m i l l i o n ,
th e p o r t 's
firs t
1937 im p o rts ,
firs t
e i g h t y - s e v e n p e r c e n t w e re f o r t h e
s e v e n m o n th s o f t h e y e a r .
g a t i n g C h .$ 4 0 4 m i l l i o n ,
s e tf e n m o n t h s .
to th e h o s t i l i t i e s ,
th e a g g re g a te o f
Of th e 1937 e x p o r ts , a g g re ­
s e v e n t y - f i v e p e r c e n t w e re f o r t h e
D u rin g t h i s
J a n u a ry -J u ly p e rio d , p r i o r
S h a n g h a i h a n d le d s i x t y p e r e e n t o f t h e
O f f i c e o f t h e A m e ric a n C o m m e rc ia l A t t a c h e , C h in a
A n n u a l E c o n o m ic R e p o r t f o r 1 9 3 7 ’ ( S h a n g h a i : J a n u a r y 3 1 , 1 9 3 8 ) ,
p p . 7 5 -7 6 .
61
n a tio n * s im p o rts and f i f t y - t h r e e p e r c e n t o f i t s
e x p o rts ,
c o m p a re d w i t h t h i r t y - f i v e p e r c e n t a n d f o r t y - s i x p e r c e n t ,
re s p e c tiv e ly ,
f o r t h e l a s t f i v e m o n th s o f t h e y e a r .
The c i t y hecam e i n c r e a s i n g l y i s o l a t e d
d rew t o a c l o s e .
B o th i t s
la n d and w a te r c o n ta c ts w ith th e
i n t e r i o r w e re i n t e r r u p t e d .
Soon a f t e r t h e C h in e s e r e t r e a t e d
f r o m S h a n g h a i i n N o v e m b e r, m o s t o f t h e
a g e n c i e s w e re t r a n s f e r r e d t o
n e c e ssa ry to
C h in e s e g o v e r n m e n t a l
H on g k o n g , C a n to n , a n d t h e
t r a l a n d U p p e r Y a n g tz e r e g i o n s .
fo u n d i t
as th e y e a r
C en­
A l s o , m any b u s i n e s s f i r m s
open o f f ic e s
i n H ongkong t o m a in ta in
g o v e rn m e n t c o n t a c t s an d t o t a k e a d v a n ta g e o f o p p o r t u n i t i e s
f o r im p o rt an d e x p o r t th r o u g h t h a t p o r t .
The d e v a s t a t i n g e f f e c t o f t h e h o s t i l i t i e s
c l e a r l y on T a b le F IT .
to
For th e
J u ly th e t o t a l fo re ig n tra d e
fiv e -m o n th p e r io d
it
d ro p p e d t o
show n
f r o m M a rc h
f i g u r e f o r S h a n g h a i w as
S ta n d a rd #555 m i l l i o n , w h ile f o r th e
p e rio d
is
f o llo w in g f iv e -m o n th
S t . #171 m illio n .
T h u s f i v e m o n th s o f w a r f a r e r e d u c e d t h e v o lu m e o f
t r a d e c o m p a re d w i t h t h e p r e v i o u s f i v e m o n th s . . . . b y
6 2 .2 p e r c e n t .
W h e re a s d u r i n g A u g u s t- B e c e m b e r 1 9 5 7 ,
a s c o m p a re d w i t h t h e sam e p e r i o d i n 1 9 3 6 , t h e f o r e i g n
t r a d e o f t h e r e s t o f C h in a f e l l b y o n l y 2 . 2 p e r c e n t ,
t h a t o f S h a n g h a i d e c lin e d b y 5 6 .7 p e r c e n t .
T he b r u n t
o f tr a d e lo s s e s cau sed by th e w ar th u s d escen d ed upon
S h a n g h a i.
2 F . C. J o n e s ,
3 I b id ., p .
93.
ojd.
e i t .,
p . 92.
62
TABLE VII
4
MONTHLY VALUE OF FOREIGN TRADE AT SHANGHAI, 1 9 5 7 '
( I n S ta n d a rd d o l l a r m il l io n s )
M a rc h 1 9 3 7
1 0 2 .7
A ugust
A p ril
*
1 0 8 .8
S e p te m b e r
it
3 5 .3
M ay
*
1 0 5 .1
O c to b e r
n
2 2 .8
1 0 8 .3
N ovem ber
n
28 .4
«
1 3 0 .5
D ecem ber
tt
3 2 .3
T o ta l
5 5 5 .4
Ju n e
J u ly
1937
5 1 .9
1 7 0 .7
^ F . C. J o n e s , S h a n g h a i a n d T i e n t s i n . (S a n F r a n c i s c o :
A m e r ic a n C o u n c i l , I n s t i t u t e o f P a c i f i c R e l a t i o n s , 1 9 4 0 ) ,
p . 92,
65
II.
TRADE CONDITIONS IN 1 9 3 8
C o n t i n u e a d i s r u p t i o n o f t r a d e . T h e y e a r 1 9 3 8 sa w
S h an g h ai c o n tin u in g t o
s u f f e r f a r m o re s e v e r e l y t h a n t h e
re st
e ffe c ts
o f C h in a f r o m t h e
o f th e h o s t i l i t i e s .
T he d e v a s t a t i o n o f m uch o f t h e c o u n t r y i n t h e imm e­
d i a t e i n t e r i o r , t h e d i s l o c a t i o n o f c o m m u n i c a ti o n s , t h e
c l o s i n g o f t h e Y a n g t z e b y C h i n e s e boom d e f e n s e s a n d ,
a f t e r t h e J a p a n e s e Y a n g tz e o p e r a t i o n s , b y t h e J a p a n e s e
n a v a l and m i l i t a r y a u t h o r i t i e s on th e p l e a o f m i l i t a r y
n e c e s s i t y , t h e c o n tin u e d J a p a n e s e o c c u p a tio n o f H ongk e w a n d Y a n g tz e p o o a n d r e s t r i c t i o n s o n t r a d e a n d b u s i ­
n e s s t h e r e a n d t h e d i v e r s i o n o f t r a d e b y t h e C h in e s e
t o c h a n n e ls f r e e fro m J a p a n e s e c o n t r o l , w e re t h e c h i e f
f a c to r s in t h i s unhappy s t a te o f a f f a i r s . . . .
A s sh o w n on T a b l e s V I I I a n d I X , S h a n g h a i * s s h a r e o f
C h in a t s f o r e ig n t r a d e
f o r 1 9 3 8 w as o n l y t h i r t y p e r c e n t ,
b o th in te rm s o f S ta n d a rd d o l l a r s and p o u n d s s t e r l i n g ,
c o m p a re d t o
f i f t y - o n e p e r c e n t i n 195? and n e a r l y f i f t y - s i x
p e r c e n t in 1 9 3 6 .
d e crea se
as
I n te rm s o f p o u n d s s t e r l i n g ,
in 1958 o f f o r t y - s i x p e r c e n t in
c e n t in e x p o rts , and f i f t y - t h r e e
t h e r e w as a
Im p o rts ,
s ix ty p er
p e r c e n t in t o t a l tr a d e .
H o w e v e r, d e s p i t e t h e a d v e r s e t r e n d n o t e d , a b o v e ,
Shanghai re ta in e d
T i e n t s i n b e in g th e
its
c lo s e s t r i v a l .
w as e li m in a te d b y t h e
O c to b e r,
p o s i t i o n a s t h e p r e m i e r p o r t o f C h in a ,
Ja p a n e se o c c u p a tio n o f t h a t
1 9 3 8 .^
5 I b id .,
p p . 9 4 -9 5 .
6 I b id ., p .
96.
T he c o m p e t i t i o n o f C a n to n
c ity
in
64
TABLE 1X11
VALUE AM) PERCENTAGE OF SHANGHAI AS
DIRECT FOREIGN TRADE, .1 9 3 3 -1 9 3 9 ®
( i n S ta n d a rd d o lla r s }
T ear
Shanghai
A ll p o rts
Shanghai
p e rc e n ta g e
1933
1 ,0 5 1 ,9 7 8 ,0 4 8
1 ,9 7 1 ,2 7 0 ,8 8 7
53*37
1934
8 7 S , 7 8 7 ,9 1 4
1 ,5 7 4 ,7 1 2 ,2 5 9
55*42
1935
7 9 6 ,6 6 8 , 5 6 0
1 ,5 0 0 ,9 9 3 ,1 8 0
5 3 .0 8
1936
9 1 7 ,4 5 6 ,5 9 5
1 ,6 5 1 ,3 1 4 ,1 3 3
5 5 .5 6
1937
9 1 5 ,4 8 3 ,1 3 1
1 ,7 9 5 ,0 0 3 ,7 1 9
5 1 .0 0
1938
4 9 7 ,9 3 4 ,7 8 8
1 ,6 5 7 ,2 3 1 ,1 4 9
3 0 .0 5
1939
1 ,1 8 2 ,8 4 9 ,3 0 4
2 ,3 7 3 ,3 7 6 ,9 5 9
4 9 .8 4
fj,
J C h i n a , I n s p e c t o r a t e G e n e r a l o f C u s to m s , T h e T r a d e
o f C h in a
(S h a n g h a i: P r i n t e d an d p u b lis h e d a t t h e . S t a t i s t i c a l D e p a r t m e n t o f t h e I n s p e c t o r a t e G e n e r a l o f C u s to m s } ,
c o m p ile d f r o m r e p o r t s f o r 1 9 3 3 - 1 9 3 9 .
TABLE IS
.
"
8
TALUS AM) PERCENTAGE OF SHANGHAI'S IMPORTS, EXPORTS, AM) TOTAL TRADE, 1 9 3 6 - 1 9 3 9 '
(in pounds S te r lin g )
1939
Shanghai
R e s t o f C h in a
T o ta ls
5 0 ,5 3 4 ,7 4 1
5 6 ,8 0 3 ,5 7 6
1 0 7 ,3 3 8 ,8 1 7
47$
53$
100$
1938
1937
8 5 ,7 2 2 ,1 7 7
6 0 ,6 1 5 ,7 2 6
8 6 ,3 3 7 ,9 0 3
3 0 $ 5 4 ,4 0 3 ,2 0 9
7 0 $ 5 8 ,3 7 3 ,8 0 7
1 0 0 $ 1 0 6 ,7 7 7 ,0 1 6
1936
51$
.4 9 $
100$
5 4 ,7 8 7 ,1 4 3
4 3 ,8 8 7 ,3 5 7
9 8 ,6 7 4 ,5 0 0
55$
45$
T5o$
IMPORTS
1939
Shanghai
R e s t o f C h in a
T o ta ls
3 5 ,5 8 8 ,0 7 2
4 5 ,8 0 1 .5 7 5
8 1 ,3 8 9 ,6 4 7
1938
44$
56$
100$
1 6 ,1 7 5 ,3 3 4
3 7 ,3 9 3 ,8 3 7
5 3 ,5 6 8 ,1 7 1
1937
30$
70$
100$
3 0 ,2 8 6 ,9 2 0
2 6 ,5 0 0 ,3 6 8
5 6 ,7 8 7 ,2 8 8
1936
53$
47$
100$
3 3 ,1 4 0 ,7 5 2
2 3 ,2 6 2 ,7 7 9
5 6 ,4 0 3 ,5 3 1
59$
41$
100$
EXPORTS
1938
1939
Shanghai
R e s t o f C h in a
T o ta ls
1 4 .9 4 6 .6 6 9
1 1 ,0 0 2 .0 0 1
2 5 .9 4 8 .6 7 0
58$
42$
100$
9 ,5 4 6 ,8 4 3
2 3 ,2 2 2 ,8 8 9
3 2 ,7 6 9 ,7 3 2
1937
-39
71$
100$
2 4 ,1 1 6 ,2 8 9
2 5 ,8 7 3 ,4 3 9
4 9 ,9 8 9 ,7 2 8
1936
48$
52$
100$
2 1 ,6 4 6 ,3 9 1
2 0 ,6 2 4 ,5 7 8
4 2 ,2 7 0 ,9 6 9
51$
49$
100$
& C h in a V e g e t a b l e O i l C o r p o r a t i o n T ra d e R e p o r t f o r t h e T e a r 1 9 3 9 (H ong K o n g :
S o u th - C h in a M o rn in g P o s t , L t d .., 1 9 4 0 ) , p . 2 0 .
66
IX I.
R e c o v e ry .
TRADE CONDITIONS IN 1 9 3 9
In th e
e a r l y m o n th s of* 1 9 3 9 , t r a d e
rec o v ­
e r y d e v e lo p e d t o a n e x t e n t w h ic h s u r p r i s e d t h e w o r ld .
w as a c c o u n t e d f o r i n a l a r g e m e a s u r e b y t h e a c t i v i t y
T h is
in ra w
c o tto n and i t s
m o st a c u t e .
p r o d u c t s , i n w h ic h J a p a n e s e i n t e r e s t s w e r e
9
A h le rs p o i n ts o u t t h a t , d u rin g th e f i r s t h a l f
o f 1 9 3 9 , ra w c o tto n a c c o u n te d f o r t h i r t y - t h r e e p e r c e n t o f
S h a n g h a i* s t o t a l I m p o r ts .
T he m a r k e t f o r t h e f i n i s h e d
u c t w as f o u n d i n t h e a r e a s o f S o u t h A s i a s t i l l
fre e
p ro d ­
fro m
h o s tilitie s .
D u rin g t h e
la tte r p a rt
o f th e y e a r,
p e a n w ar and th e d e p r e c i a t i o n o f th e
f e l l o f f s h a r p ly , b u t d u rin g th e
in c re a s e d u n t i l ,
C h in e s e d o l l a r ,
im p o rts
sam e p e r i o d e x p o r t s r a p i d l y
i n N o v e m b e r, t h e y
y ie ld in g a s u rp lu s o f
due t o th e E u ro - .
e x p o rts o v e r
r e a c h e d C h .§ 1 3 3 m i l l i o n ,
i m p o r t s X J .S .|1 ,B 0 0 ,0 0 0
a n d a c c o u n t i n g f o r s e v e n t y p e r c e n t o f C h in a * s t o t a l i m p o r t s .
F o r t h e w h o le y e a r , S h a n g h a i h a n d l e d a p p r o x i m a t e l y o n e - h a l f
o f C h in a *s f o r e i g n t r a d e .
T h e f i g u r e s sh o w n o n T a b l e s X a n d X I I c l e a r l y b e a r o u t
t h e a b n o r m a l g r o w th o f t h e t r a d e p o s i t i o n o f S h a n g h a i , w h ic h
im p r o v e d b y 1 4 8 .6 p e r
c e n t i n 1939
a g a in s t th e
s h o w in g o f t h e
9 Jo h n A h le r s , " S h a n g h a i* s B u s in e s s V i c i s s i t u d e s i n
1 9 3 9 , " C h in a W e e k ly R e v ie w , 9 1 : 1 9 4 - 9 5 , J a n u a r y 6 , 1 9 4 Q .
10
Loc • cit) •
^
67
TABLE X
SHANGHAI’ S IMPORTS AND EXPORTS, 1 9 3 6 - 1 9 3 9 , IN TERMS OF
STANDARD DOLLARS, OPEN MARKET DOLLARS, AND POUNDS STIRLING1 1
Y ear
S ta n d a rd f
( in m illio n s )
O pen m a r k e t f
(in m illio n s )
Pounds S te r lin g
(in m illio n s )
(Im p o rts )
1936
5 5 3 .0
5 5 3 .3
3 5 .1
1937
5 0 8 .8
5 0 7 .8
3 0 .2
1938
2 6 9 .0
3 7 6 .4
1 6 .1
1939
5 8 0 .0
1 ,4 0 8 .8
3 5 .5
(E x p o rts )
1936
3 6 1 .4
361*4
2 1 .6
1937
4 0 4 .3
4 0 4 .3
2 4 .1
1938
2 2 2 .1
2 2 2 .1
9 .5
1939
5 9 1 .7
5 9 1 .7
1 4 .9
^ China Vegetable Oil Corporation Report for the
Year 1939, Op. cit., p. 21.
68
TABLE X I
SHANGHAI*S. IMPORT SURPLUSES, 1 9 3 6 - 1 9 3 9 , IN TERMS OF
, p
STANDARD DOLLARS,. OPEN MARKET'DOLLARS, AND POUNDS STERLING
T ear
S ta n d a rd #
(in m illio n s )
O pen m a r k e t $
( in m illio n s )
Pounds S te r lin g
(in m illio n s )
1936
1 9 1 ,6
1 9 1 .9
1 1 .4
1937
1 0 4 .4
1 0 3 .4
6 .1
1938
4 6 .9
154.S
6 .6
1939
l l -6 * ( s i c )
8 1 7 .1
E O .6
^ E x p o rt s u rp lu s
12 i M a . ,
p.
82.
69
TABLE XII
PERCENTAGE INCREASES IN CHINA AND SHANGHAI TRADE
COMPARED BY YEARS, 1 9 3 6 - 1 9 3 9 1 3
C h in a * s t r a d e
% in c re a s e
S h a n g h a i* s t r a d e
fo i n c r e a s e
( 1 9 3 9 c o m p a re d w i t h 1 938}
T o ta l tr a d e
4 3 .2
1 4 8 .6
Im p o rts
5 0 .5
1 6 0 .0
E x p o rts
3 4 .7
1 6 6 .4
(1 9 3 9 c o m p a re d w i t h 1 9 3 7 }
T o ta l tr a d e
3 1 .8
2 8 .3
Im p o rts
3 9 .9
1 4 .0
E x p o rts
2 2 .6
4 6 .4
(1 9 3 9 c o m p a re d w i t h 1 9 3 6 }
T o ta l tr a d e
4 3 *3
2 6 .3
Im p o rts
4 1 .7
4 .9
E x p o rts
4 5 .6
6 3 .8
13 r b ia * ,
p.
19
70
p r e v i o u s y e a r , w h i l e t h e t r a d e f o r C h in a a s a w h o le g a i n e d
o n ly 4 3 .S p e r c e n t f o r th e
tra d e
T he i m p o r t
o f S h a n g h a i d u r in g t h e y e a r a d v a n c e d b y 166 p e r c e n t
c o m p a re d w i t h
1938, w h e re a s th e t o t a l
im p r o v e d b y 5 0 .5 p e r c e n t .
tra d e
c o rre s p o n d in g y e a r s .
i s m o re
im p o rts f o r a l l
T he a d v a n c e o f S h a n g h a i * s
C h in a
e x p o rt
m a rk e d , b e in g a n i n c r e a s e o f 1 6 6 .4 p e r c e n t
c o m p a re d w i t h
1938, w h ile t o t a l
14
v a n c e d b y o n ly 3 4 .7 p e r c e n t .
e x p o rts
f o r a l l C h in a a d -
T h e p o u n d s S t e r l i n g a m o u n ts sh o w n w e re a r r i v e d
c o n v e rtin g th e d o l la r tr a d e
fig u re s
" a t 6 -l/1 6 d .
a t by
fo r 1939;
1 0 - 5 /1 6 d . f o r 1 9 3 8 ; 1 4 ~ 5 /1 6 d . f o r 1937 an d 1 4 - 3 /8 d . f o r
1 9 3 6 , t h e s e b e in g th e a v e ra g e r a t e s
o f exchange f o r th e s e
y e a r s . " -1*5
In
i n t e r p r e t i n g T a b l e X, i t
m u s t b e k e p t i n m in d t h a t r
T h e C u sto m s f i g u r e s , i n w h ic h i m p o r t s a r e v a l u e d i n
g o ld u n i t s an d th e n c o n v e rte d i n t o d o l l a r s a t th e o f f i ­
c i a l r a t e o f e x c h a n g e , v i z . , l s . / S j r d . , sh o w a n e x p o r t
s u r p l u s i n S h a n g h a i* s t r a d e f o r 1939 o f # 1 1 .6 ( s i c )
m illio n .
O b v io u s ly t h i s i s m is le a d i n g .
W ith i m p o r t s
v a l u e d o n t h e sam e b a s i s a s e x p o r t s , t h e r e w a s a c t u a l l y
a n i m p o r t s u r p l u s o f # 8 1 7 .1 m i l l i o n i n o p e n m a r k e t d o l ­
l a r s o r p o u n d s E O .6 i n S t e r l i n g .
C o m p a r is o n s on t h i s b a s i s a r e
sh o w n on T a b l e X I .
^
C h in a V e g e t a b l e O i l T r a d e R e p o r t f o r t h e Y e a r 1 9 5 9 ,
op. c i t . , p . 19.
I b id ^ ., p . S I .
^
L oc. c it.
71
The c o tt o n t r a d e
c o n tin u e d h e av y th r o u g h o u t 1 9 3 9 ,
B r i t i s h a n d C h in e s e i n t e r e s t s ,
a s w e ll a s
J a p a n e s e , m a k in g
th e h ig h e s t p r o f i t s and p a y in g th e l a r g e s t d iv id e n d s in
th e ir h is to ry .
in J u ly ,
fa ile d
A lth o u g h t h e
d is c o n tin u e d
exchange a llo tm e n ts t o
t o h a l t t h e boom m
c o n tin u e d t o
S h a n g h a i, t h i s
c o tto n y a rn and c l o t h .
E x p o r ts o f raw s i l k ,
Jap an ese,
C h i n e s e N a t i o n a l G o v e r n m e n t,
17
p r a c t i c a l l y m o n o p o liz e d b y t h e
in c r e a s e d u rin g th e y e a r ,
an d n u m e r­
ous o t h e r p r o d u c ts fo u n d i n S o u th e rn A s ia a n u n e x p e c te d ,
i n c r e a s i n g dem and, l a r g e l y d u e t o t h e E u ro p e a n w ar w h ic h
d im in is h e d , t o
a g re a t e x te n t, th e
fro m fo rm e r E u ro p e a n s o u r c e s .
eous in d u s tr ie s s o ld r a p id ly
s te e l,
m e ta l w a re , e l a s t i c
s u p p ly o f th e s e goods
A f t e r N o v e m b e r, m i s c e l l a n ­
i n c r e a s i n g v o lu m e s o f i r o n a n d
m a te r ia ls and f i t t i n g s ,
la m p s a n d b u l b s , m e d i c a l p r e p a r a t i o n s , p h o n o g r a p h s ,
canned f o o d s tu f f s ,
e le c tric
c h in a w a re ,
l e a t h e r t r u n k s a n d p a p e r w a r e .3 .8
A d v e rse f a c t o r s . D e s p ite th e b r i g h t s id e
o f th e p ic ­
tu re
s e t f o r t h a b o v e , A m e r ic a n , E u r o p e a n a n d C h i n e s e i n t e r ­
e s ts
s u f f e r e d m uch f r o m o t h e r u n f a v o r a b l e ! d e v e l o p m e n t s .
Jap an ese s te a d ily
a c tiv itie s
e x p a n d e d t h e i r e c o n o m ic a n d f i n a n c i a l
i n S h a n g h a i,
John A h le rs ,
L oc. c it.
s e iz in g
lo o . c i t .
a l a r g e r p e rc e n ta g e th a n
The
72
ev er o f lo c a l b u s in e s s .
The J a p a n e s e - s p o n s o r e d
C h in a S i l k C o r p o r a t i o n w as s u c c e s s f u l i n g a i n i n g
t h e b u lk , o f t h e
fila tu re s
C e n t r a l C h in a c o c o o n c r o p ,
in th e
in te rio r,
a c c o u n te d f o r m o st o f t h e
C e n tra l
c o n tro l o f
o p e ra te d n in e te e n
an d , th ro u g h th e M its u i c o n c e rn ,
s i l k e x p o r t s fro m S h a n g h a i.
M it­
s u i a l s o r e o r g a n i z e d t h e Y a n g tz e E g g F a c t o r y a n d "m ade i n ­
r o a d s i n t o t h e l o c a l A m e r ic a n a n d B r i t i s h e g g p r o d u c t s
b u s in e s s ,
a p p r o p r ia tin g w ith J a p a n e s e m i l i t a r y a s s i s t a n c e
eg g s u p p l i e s p u r c h a s e d b y w e s te r n f a c to r ie s ." " * " 9
The f o llo w in g d e s c r i p t i o n o f th e
good i l l u s t r a t i o n
s ilk
s itu a tio n
o f t h e m e th o d s a d o p t e d b y t h e
is
a
Jap an ese:
A s i l k m o n o p o ly h a s b e e n " g r a n t e d " b y t h e f r a n k in g
" R e fo rm e d G o v e rn m e n t" t o t h e s o - c a l l e d " J o i n t S i n o j a p a n e s e " C e n t r a l C h in a S i l k C om pany, t h e b u l k o f w h o se
c a p i t a l h a s b e e n s u b s c r ib e d b y a g ro u p o f l e a d in g
Jap an ese t e x t i l e firm s .
T h i s c o m p a n y w a s f o u n d i n m id J u ly to be f o r c in g fa rm e rs in th e h in te r la n d o f Shang­
h a i t o s e l l t h e i r s i l k c o c o o n s a t a b o u t C #80 p e r p i c u l
o f 153 p o u n d s , w h ile t h e o p en m a rk e t p r i c e o f co co o n s
i n S h a n g h a i w a s b e tw e e n C §450 a n d C § 5 0 0 . B u t § 1 0 ,0 0 0
w o rth o f c o c o o n s p u r c h a s e d i n t h e i n t e r i o r a n d p a id
f o r i n a d v a n c e b y C h in e s e an d w e s te r n f i l a t u r e s i n
S h a n g h a i w e r e h e l d u p b y t h e J a p a n e s e co m p a n y ( t h e
f f a n k in g " R e fo rm e d G o v e r n m e n t" . r e f u s i n g t o i s s u e t r a n s ­
p o r t a t i o n p a s s e s ] w h ic h i n r e t u r n f o r r e t u r n i n g t h e s e
cocoons i n s i s t e d upon a 50 p e r c e n t s h a re in th e b u s i­
n ess p r o f its o f Shanghai f ila tu r e s .^ ^
19 L o c . c i t .
20 T h e A m e ric a n I n f o r m a t i o n C o m m itte e , C h in a
E x p l o i t a t i o n C o m p an y , U n - L i m i t e d ( S h a n g h a i : T he A m e r ic a n
i n f o r m a t i o n C o m m itte e , 1 9 3 9 ) , p . 3 .
73
In a d d itio n ,
S h an g h ai in te r-C h in e s e tr a d e
su ffe re d
h eav y lo s s e s d u rin g 1 9 3 9 .
. . . T he c o n tin u o u s e x te n s i o n o f t h e N ip p o n e s e
n a v a l b l o c k a d e o f t h e C e n t r a l C h in a a n d S o u t h C h in a
c o a s t s ; t h e c l o s u r e o f t r a d e o f N in g p o a n d W enchow ;
t h e J a p a n e s e l a n d i n g s n e a r F o o c h o w , i n S w a to w , a n d i n
t h e T o n g k in g G u l f d e p r i v e d S h a n g h a i o f e x t r e m e l y im ­
p o r t a n t C h in e s e m a r k e ts .
T he Y a n g tz e T a l l e y w as
m o n o p o li z e d b y t h e J a p a n e s e a n d a l s o t h e h u g e sm ug­
g l i n g t r a d e t o F r e e C h in a v i a W uhu a n d H ankow t h r o u g h
t h e S in o - J a p a n e s e f r o n t l i n e s w as j e a l o u s l y k e p t i n
Jap an ese h an d s.
IT .
TRADE CONDITIONS IN 1 9 4 0
S i t u a t i o n u n s a t i s f a et o r y . A lth o u g h t h e
c o n tin u e d p r o s p e r o u s ,
firs t
im p o rts o f t h a t
c o tto n tr a d e
c o m m o d ity f o r t h e
f i v e m o n th s o f t h e y e a r c o n s t i t u t i n g t h i r t y
o f a l l S h an g h ai im p o rts ,
pp
p er cent
t h e s i t u a t i o n g e n e r a l l y w as
c h a r a c t e r i z e d a s " u n s a t i s f a c t o r y " b y t h e F o r e i g n Com m erce
S3
W e e k ly .
T h is J o u r n a l p o i n ts o u t t h a t w h ile t h e r e a p p e a r ­
e d t o b e som e t e m p o r a r y r e l a x a t i o n
la tio n s la id
o f c e rta in
th e
in p re v io u s s t r i c t
re g u ­
dow n b y t h e J a p a n e s e i n r e g a r d t o t h e m o v em en t
c o m m o d i ti e s t o a n d f r o m t h e S h a n g h a i h i n t e r l a n d ,
f o r m e r t r a d e r s w e re f a r f r o m s a t i s f i e d .
21 Jo hn A h le rs ,
op. c it.,
A tte n tio n is
p . 195.
2 2 J o h n A h l e r s , " K in g C o t t o n I n S h a n g h a i F o l l o w s t h e
F o r t u n e s o f W a r ," C h in a W e e k ly R e v ie w , 9 3 : 1 5 9 , J u n e 2 9 , 1 9 4 0 .
B u r e a u o f F o r e i g n a n d D o m e s tic C om m erce, F o r e i g n
C om m erce W e e k ly , 2 : 1 7 9 , F e b r u a r y . 1 , 1 9 4 1 .
74
c a lle d to th e
p o in te d o u t,
f a c t t h a t th e S h a n g h a i Ja p a n e se p r e s s had
i n m id -S e p te m b e r, t h a t " In s o m u c h a s t h e f lo w
o f m e r c h a n d i s e b e tw e e n S h a n g h a i a n d i t s
h i n t e r l a n d in v o lv e d
24
a l s o w i t h C h i n e s e - c o n t r o l l e d t e r r i t o r y , 11
th e p e r­
tra ffic
m it s y s te m a l r e a d y r e g u l a t i n g s e v e n te e n l i n e s o f m e rc h a n ­
d i s e w o u ld b e t i g h t e n e d , a n d e x t e n d e d t o
in c lu d e a d d itio n a l
c o m m o d itie s m o v in g o u t o f S h a n g h a i .
T h e a r t i c l e s o f t r a d e t o b e c o n t r o l l e d , m o v in g
fro m t h e i n t e r i o r i n t o S h a n g h a i, w e re : m e t a l s an d
o r e s ; r i c e , w h e a t, an d f l o u r ; ra w c o tt o n , r a m ie ,
co co o n s, s i l k and s i l k w a s te ; h id e s , e g g s , and egg
p ro d u c ts ; b r i s t l e s , f e a t h e r s , and hog c a s in g s ; tu n g
o i l , t e a , and l e a f to b a c c o ; c a t t l e , p i g s , an d sh e e p .
T he c o m m o d itie s i n m o t i o n f r o m S h a n g h a i t o t h e i n ­
t e r i o r , w h i c h , i t w a s s t a t e d , w e re t o b e m o re t i g h t l y
c o n t r o l l e d , w e r e : m e ta ls an d m a c h in e ry ; p e tr o le u m
p r o d u c t s , i n c l u d i n g g a s o l i n e ; lu m b e r, s a l t , to b a c c o ,
c o tto n c lo th and y a rn , w ool y a rn and c l o t h , ra y o n
g5
y a rn and c l o t h , m a tc h e s , e d ib l e o i l s , s u g a r , and s o a p .
T h e r e se e m e d n o d o u b t t h a t m o n o p o ly c o n t r o l w a s t h e
u ltim a te o b je c tiv e , and t h a t
it
w as i n t e n d e d t o
se rv e a s a
c o m p l e t e b a r r i e r t o a l l t r a d e b e t w e e n t h e l o w e r Y a n g tz e r e ­
g io n and th e n o n -y e n -b lo c c o u n tr i e s .
T o t a l i m p o r t s i n t o S h a n g h a i d u r i n g O c t o b e r (1 9 4 0 )
a m o u n te d t o b u t l i t t i e . m o re t h a n h a l f t h e v a l u e o f
i m p o r t s f o r t h e m o n th o f A p r i l , s i x m o n th s e a r l i e r .
T h is f a l l i n g o f f w as u n d o u b te d ly t h e r e s u l t o f t h e
b u s in e s s d e p r e c ia tio n b ro u g h t a b o u t b y e n fo rc e m e n t
o f t h e r e g u l a t i o n s h i t h e r t o m e n tio n e d a n d t h e u n c e r ­
t a i n o u t l o o k i n t o t h e p o l i t i c a l s i t u a t i o n , s u c h im ­
p o r t s a s w e re b r o u g h t i n c o n s t i t u t i n g f o r t h e m o st
24 L o c . c i t .
^
L oc. c i t .
75
p a rt a c tu a l n e c e s s itie s .
T h e im p ro v e m e n t i n S h a n g h a i 's
e x p o r t s i n t h e l a t t e r p a r t o f t h e a u tu m n i s a s c r i b e d t o
t h e dem ands i n n o n -y e n -b lo c lc a r e a s f o r t e x t i l e p r o d u c ts
t o m e e t w a r t i m e d e f i c i e n c i e s , 6 0 p e r c e n t o f O c t o b e r 's
r e c o r d e d e x p o r t m o v e m e n ts b e i n g c o n f i n e d t o v a r i o u s
t y p e s o f t e x t i l e f i b e r s o r p r o d u c t s . . 16
S um m ary.
S u m m a r iz in g , i t
can be s ta te d th a t th e f o r e ­
g o i n g , e v i d e n c e sh o w s t h a t S h a n g h a i 's t r a d e
f e l l o ff ra p id ly
im m e d ia te ly f o llo w in g th e b e g in n in g o f h o s t i l i t i e s
and r e ­
m a in e d s e r i o u s l y d e p r e s s e d d u r i n g 1 9 3 8 , a l t h o u g h , b e c a u s e
o f t h e m o re s e r i o u s p l i g h t o f o t h e r C h i n e s e p o r t s ,
ta in e d
its
p o s i t i o n a s t h e p r i n c i p a l p o r t o f C h in a .
B u t, w ith 1 9 3 9 ,
p o r ts and e x p o rts ,
cam e s u r p r i s i n g r e c o v e r y b o t h i n im ­
e s p e c ia lly th e l a t t e r .
w as p r i n c i p a l l y d u e t o t h e a c t i v i t y
p ro d u c ts ,
i t m a in ­
t o t h e e x p o rt o f raw s i l k ,
T h is r e c o v e r y
in ra w c o tto n and i t s
and t o
t h e o p e n in g up
i n S o u th A s ia o f new m a rk e ts f o r m a n u f a c tu r e d a r t i c l e s .
H o w e v e r, i t
s h o u l d b e e m p h a s i z e d t h a t m uch o f t h e 1 9 3 9
r e c o v e r y w as p r o f i t a b l e
w ith th e
o n ly to
J a p a n e s e i n t e r e s t s w h ic h ,
c o o p e r a tio n o f J a p a n 's m i l i t a r y a u t h o r i t i e s ,
g a in e d t h e p r i n c i p a l r o l e
in th e m a n u fa c tu re o f c o tto n g o o d s ,
a n d a c h i e v e d a v i r t u a l m o n o p o ly i n t h e r a w s i l k
h a d m ade s e r i o u s i n r o a d s
p ro d u c ts b u s in e s s .
26 hoc. c it.
had
t r a d e , and
i n t o t h e A m e ric a n a n d B r i t i s h e g g -
76
W ith, t h e
c o n tin u a n c e ,
in 1940, o f th e
a t m o n o p o lis tic c o n tr o l, p lu s th e
i n S o u th A s ia , t r a d e
J a p a n e s e a tte m p t
l o s s o f te m p o r a r y m a rk e ts
f i g u r e s sh o w e d a s h a r p d e c l i n e d u r i n g
t h e l a t t e r m o n th s o f t h a t y e a r .
And t h e r e w a s n o e v i d e n c e
u p o n w h ic h t o b a s e o p t i m i s m s o l o n g a s t h e n a t u r a l t r a d e
c h a n n e ls o f t h e p o r t re m a in e d c lo s e d t o
c o m m o d i ti e s .
th e n o rm a l flo w o f
CHAPTER VII
BANKING AND FINANCE
I m m e d ia te e f f e c t o f h o s t i l i t i e s . As s o o n a s h o s t i l i ­
tie s
com m enced i n S h a n g h a i ,
a l l t h e C h in e s e h a n k s c lo s e d .
T hey re o p e n e d f o u r d a y s l a t e r ,
in th e
m o st o f th o s e w ith o f f i c e s
I n t e r n a t i o n a l S e t tl e m e n t h a v in g s o u g h t new q u a r t e r s
i n t h e F re n c h C o n c e s s io n o r e v e n f u r t h e r a f i e l d .
in te rv a l,
to
I n 't h e
f o r e s t a l l a p a n ic , t h e M i n i s t r y o f F in a n c e h a d ,
on A u g u st 1 6 ,
i s s u e d a m o ra to riu m o r d e r . ^
T h is m e a su re p r o v id e d t h a t n o d e p o s i t o r c o u ld w i t h ­
d r a w i n a w e e k m o re t h a n f i v e p e r c e n t o f h i s b a n k d e p o s i t s ,
a n d t h a t t h e t o t a l am ount w ith d ra w n c o u ld n o t e x c e e d C h in e s e
§ 1 5 0 p e r w eek *
c irc u la tio n
T h e p u r p o s e o f t h i s m ove w a s t o
o f bank n o te s and to
c u rre n c ie s a g a in s t th e
w as o n l y p a r t l y
fo rc e th e
C h in e s e d o l l a r .
s u c c e s s fu l.
c o n tra c t th e
s a le o f fo re ig n
H o w e v e r, t h i s
c o n tro l
2
S u p p l e m e n t i n g t h e a b o v e d e c r e e w a s a p r o v i s i o n m a k in g
p o s s i b l e t h e t r a n s f e r o f f u n d s fro m one b lo c k e d fu n d t o a n ­
o t h e r b y m e a n s o f W ei-W ah c h e q u e s o r o r d e r s .
fe c tiv e
in p r e v e n tin g la r g e
T h i s w as e f ­
s c a l e p a n ic f l i g h t fro m t h e
i F . C . J o n e s , S h a n g h a i a n d T i e n t s i n . (S a n F r a n c i s c o :
A m e r ic a n C o u n c i l , I n s t i t u t e o f P a c i f i c R e l a t i o n s , 1 9 4 0 ) , p . 1 0 2 .
& China Vegetable Oil Corporation Trade Report for t h e .
Year 1959 (Hong Kong: South China Morning Post, Ltd., I940H
p . 20.
78
c u rre n c y , a lth o u g h i t
tim e .
w as s u b j e c t e d t o p r e s s u r e
f o r som e
G r a d u a l l y , h o w e v e r , t h e dem an d f o r f o r e i g n
s u b s id e d
c o n s id e ra b ly a n d , by th e
w a s m uch l e s s
s e rio u s .
end o f 1 9 5 7 , t h e p ro b le m
3
F o r e ig n b a n k s w e re n o t f o r c e d t o
re g u la tio n s ,
th e s e b a n k s.
b u t t h e r e w a s m u ch l e s s
W h ile c o n t i n u i n g t o
c a s h , h o w e v e r, t h e
c u rre n c ie s
c o m p ly w i t h t h e a b o v e
lik e lih o o d
o f r u n s on
s u p p ly c u s to m e rs w ith
f o r e ig n b a n k s c o o p e ra te d w ith t h e
a u th o r itie s by re fu s in g to
4
C h in e s e n a t i o n a l s .
C h in e s e
o p e n new d e p o s i t a c c o u n t s f o r
E f f o r t s t o m a i n t a i n e x c h a n g e r a t e . U n t i l M a rch , 1 9 3 8 ,
th e
exch ang e v a lu e o f th e
d u r i n g t h a t m o n th t h e
B ank w as e s t a b l i s h e d
C h in e s e d o l l a r w as m a i n t a i n e d , b u t
J a p a n e s e - c o n tr o lle d F e d e ra l R e se rv e
in P e ip in g .
TO p r e v e n t t h e
C h in e s e
c u r r e n c y f r o m b e i n g u n d e r m in e d b y t h i s b a n k ’ s n o t e
is s u e s ,
t h e M i n i s t r y o f F i n a n c e i s s u e d tw o m o re d e c r e e s e n t i t l e d ,
" R e g u la ti o n s G o v e rn in g t h e P r o c e d u r e f o r A p p l i c a t i o n f o r
F o r e i g n E x c h a n g e ," a n d " R e g u l a t i o n s f o r E x a m in in g A p p l i c a ­
t i o n s f o r F o r e ig n E x ch an g e b y t h e C e n t r a l B ank o f C h in a ."
T h u s , t h e C e n t r a l B a n k o f C h in a w a s e m p o w e re d t o
® F . C. J o n e s ,
d e c id e on
lo o , c i t .
^ O f f i c e o f t h e A m e r ic a n C o m m e r c ia l A t t a c h e , C h in a
A n n u a l E c o n o m ic R e p o r t f o r 1 9 3 7 ( S h a n g h a i : J a n u a r y 3X7
193817 p . 65.
79
a l l a p p lic a tio n s *
To f a c i l i t a t e
th is
c o n tro l, th e o f f ic e s
o f t h e C e n t r a l B ank i n S h a n g h a i a n d H ongkong w e re o r d e r e d
to
s e l l f o r e ig n exchange t o a u th o riz e d p e rs o n s a t o f f i c i a l
ra te s .
D e s p ite th e
f a c t t h a t t h e a m o u n ts o f f o r e i g n
ex­
c h a n g e a p p l i e d f o r f a r e x c e e d e d t h e n o rm a l c o m m e rc ia l r e ­
q u ir e m e n ts , t h e C e n tr a l B ank c o n tin u e d t o
s e ll fre e ly ,
n a t u r a l l y th e a l l o t m e n t s o f f o r e i g n e x c h a n g e becam e s m a ll e r
and s m a lle r,
who w is h e d i t
w ith th e r e s u l t t h a t
t o g e t fo re ig n exchange a t th e B ank; th e r e ­
f o r e , th e y so u g h t i t
m a r k e t” w h e re r a t e s
th a n th e
i t w as i m p o s s i b l e f o r a l l
e ls e w h e re *
T h is c r e a t e d a " b la c k
o f ex ch an g e p r e v a i le d a t a lo w e r l e v e l
o f f i c i a l ra te s *
T h is " b l a c k m a r k e t” u l t i m a t e l y becam e t h e n o rm a l o p en
m a rk e t f o r S h a n g h a i a s d i s t i n c t fro m t h e
o f f i c i a l m a rk e t.
u n til,
The r a t e
s tric tly
ra tio n e d
in t h i s m a rk e t c o n tin u e d t o
fa ll
e a r l y i n A u g u s t , i t h a d r e a c h e d a n ew l o w o f s e v e n
an d h a l f p e n c e a s c o n tr a s te d w ith th e e le v e n p e n ce r a t e
w h ic h h ad p r e v a i l e d d u r in g 1 9 3 8 .
ly to
I t l a t e r re c o v e re d s l ig h t­
a ro u n d e ig h t p e n c e an d m a in ta in e d t h a t l e v e l u n t i l
M a rch , 1939*
A t t h a t tim e ,
in an e f f o r t to
C h in e s e a n d B r i t i s h b a n k in g i n t e r e s t s
C h in e s e S t a b i l i z a t i o n F u n d t o t a l l i n g
5
Ibid., pp. 42-43.
im p r o v e t h e
s itu a tio n ,
c r e a t e d t h e A n g lo te n m illio n pounds
80
S te rlin g ,
o f w h ic h , o n e - h a l f w a s s u b s c r i b e d b y B r i t i s h b a n k s ,
u n d e r g u a r a n t e e o f t h e B r i t i s h G o v e r n m e n t, a n d t h e o t h e r
h a l f b y C h i n e s e G o v e rn m e n t b a n k s .
I t w as I n t e n d e d t h a t t h e
f u n d w o u ld e n a b l e t h e m a i n t e n a n c e o f a n o p e n m a r k e t r a t e
e ig h t and a h a l f p e n c e .
o f tr a d e , th e
H o w e v e r, d u e t o
t h e F und, u n a b le t o w ith s ta n d t h i s
in J u ly ,
l a r w as f o r c e d t o
th e r a te
an a d v e rs e b a la n c e
f u n d w a s d e c r e a s e d b y a b o u t tw o m i l l i o n p o u n d s
m o n th l y w i t h n o s i g n o f d i m i n i s h i n g .
su p p o rt e a r ly
of
f e l l to
fin d
1939.
T he c o n t r o l b o a r d o f
p ressu re ,
A fte r t h i s ,
th e
w ith d re w i t s
C h in e s e d o l ­
its
own l e v e l a n d d u r i n g t h e su m m er
a
fo u r p en ce.
T h e H u a - H s in g c u r r e n c y . A n o t h e r m a o o r f a c t o r i n t h e
d e p r e c i a t i o n o f t h e C h in e s e d o l l a r w as t h e
is s u a n c e o f H ua-
H s in g c u r r e n c y b y t h e S h a n g h a i c o u n t e r p a r t o f t h e J a p a n e s e c o n t r o l l e d F e d e r a l R e s e rv e B ank I n F o r t h C h in a .
w as c r e a t e d
e s, b u t a ls o
tu a lly to
new i s s u e .
T h is b a n k
i n M ay, 1 9 3 9 , p r i m a r i l y f o r c o m m e r c i a l p u r p o s ­
a s a n o te
s u p p la n t th e
i s s u i n g m e d iu m , t h e
id e a b e in g e v e n ­
C h in e s e n a t i o n a l c u r r e n c y w i t h t h i s
H o w e v e r, a s l o n g a s t h e A n g l o - C h i n e s e S t a b i l i z a ­
t i o n F u n d w as i n o p e r a t i o n ,
and th e
C h i n e s e G o v e rn m e n t b a n k s
s t i l l re c e iv e d a llo tm e n ts f o r exchange p u rp o s e s , th e Ja p a n ­
e s e i n t e r e s t s w e re a b l e t o p r o f i t t o a g r e a t e r e x t e n t b y
6 I h i d . , p.
43.
w ith h o ld in g d is s e m in a tio n o f th e s e n o te s in a n y g r e a t q u an ­
tity .
H o w e v e r, w h en t h i s
so u rc e o f " p r o f i t ” d rie d up ,
s t r e n u o u s e f f o r t w a s m ade t o
th e s e n o te s .
in c re a s e th e
I n S e p te m b e r, 1 9 3 9 , t h e
c irc u la tio n
of
Jap an ese su cceed ed
i n m a k in g H u a - H s in g d o l l a r s l e g a l C u s to m s t e n d e r f o r a l l
a m o u n ts m o re t h a n o n e h u n d r e d g e n u i n e C h i n e s e d o l l a r s .
b y t h e e n d o f 1 9 3 9 , t h e s e new n o t e s c o n s t i t u t e d
p e r c e n t o f th e t o t a l n o te s in
b u t th e t h r e a t o f f u r th e r
th is
c irc u la tio n
H o w e v e r,
o n ly a b o u t one
a ro u n d S h a n g h a i,
is s u e and fo rc e d a c c e p ta n c e o f
c u rre n c y had a v e ry d e f i n i t e
d e m o ra liz in g e f f e c t upon
th e ex ch an g e m a rk e t.
R e p a tria tio n o f c a p ita l to
h o s tilitie s
b ro k e o u t,
S h a n g h a i.
A t t h e tim e
v a s t su m s o f c a p i t a l h a d b e e n t r a n s ­
f e r r e d f r o m S h a n g h a i t o H o n g k o n g , M a la y a a n d B r i t i s h
W ith t h e a d v e n t o f t h e E u r o p e a n w a r ,
c o n tro l in th e s e a re a s ,
to
S h a n g h a i.
th is
a p p re c ia te
a n d i m p e n d in g e x c h a n g e
c a p i t a l w as h u r r i e d l y r e t u r n e d
T h i s dem and f o r c S h a n g h a i e x c h a n g e ,
w i t h new s o f C h in e s e v i c t o r i e s ,
to
In d ia .
cau sed th e
so m e w h a t i n v a l u e .
c o u p le d
C h in e s e d o l l a r
D u rin g t h e l a t t e r p a r t
o f 1937 t h e r e w as a n a b u n d a n c e o f " c a s h m oney” i n t h e
c ity
a n d s tr e n u o u s e f f o r t s w e re b e in g fo u n d f o r in v e s tm e n t o u t ­
le ts
i n t h e fo rm o f lo a n s f o r i n d u s t r y an d f o r t h e p u rc h a s e
of re a l e s ta te .
A ls o , t r a d i n g
becam e e x tr e m e ly a c t i v e .
on th e l o c a l s to c k ex ch an g e
P ric e s
so a re d to
su ch an e x te n t
t h a t f e a r w a s f e l t t h a t a s e v e r e r e a c t i o n w o u ld s e t i n .
82
S u m m ary .
S u m m a r iz in g , t h e
im m e d ia te e f f e c t o f t h e
h o s t i l i t i e s u p o n S h a n g h a i 's b a n k i n g a n d f i n a n c e w a s n o t s o
s e r io u s a s upon o th e r p h a ses o f th e
c i t y 's
F o re ig n b a n k s c o n tin u e d U n in te r r u p te d
e c o n o m ic l i f e .
o p e ra tio n ,
w h ile
C h in e s e b a n k s s u f f e r e d o n ly a f o u r d a y c e s s a t i o n o f b u s i n e s s .
B u t w i t h i n a s h o r t t im e , d i f f i c u l t p ro b le m s a r o s e
in ra p id
th e
s u c c e s s io n .
E a rly e f f o r t s to p r o h ib it f l i g h t
C h in e s e d o l l a r w e re r e a s o n a b l y s u c c e s s f u l i n
t h e t r a n s f e r o f fu n d s fro m S h a n g h a i t o
fro m
c h e c k in g
o th e r a re a s ,
and th e
e x c h a n g e r a t e w as m a i n t a i n e d , u n t i l a g e n e r a l u n d e r m i n i n g
o f th e
c u r r e n c y w as t h r e a te n e d b y t h e
F e d e r a l R e s e rv e B ank i n N o rth C h in a .
o f f i c i a l a llo tm e n ts o f fo re ig n
■bo s u p p l y t h e
J a p a n e s e -c o n tro lle d
T he B a n k o f C h i n a 's
e x c h a n g e w e re i n s u f f i c i e n t
dem and, w ith t h e n a t u r a l r e s u l t t h a t a n open
m a rk e t d e v e lo p e d w h e re t h e r a t e s
o f e x c h a n g e w e re m uch l o w e r
th a n th e o f f i c i a l r a t e .
U n f o r t u n a t e ly , t h e A n g lo -C h in e s e S t a b i l i z a t i o n
w h ic h w as c r e a t e d b y B r i t i s h
Fund,
an d C h in e s e b a n k in g i n t e r e s t s
to m a in ta in th e r a t e
o f th e d o l l a r a t a p p ro x im a te ly e ig h t
p e n c e , w as u n a b le t o
le n d s u f f i c i e n t s u p p o rt, w ith th e r e ­
s u lt th a t,
in 1939, th e r a te
f e l l t o t h e . u n p r e c e d e n t e d lo w
o f fo u r p en ce.
In 1939,
f u r t h e r w eak n ess o f th e
c u r r e n c y w as b r o u g h t
a b o u t b y t h e e s t a b l i s h m e n t i n S h a n g h a i o f t h e new J a p a n e s e s p o n s o r e d H u a - H s in g B a n k .
I t w as t h e p u r p o s e o f t h i s
in s ti-
83
t u t i o n , w lien t h e t i m e w a s p r o p i t i o u s ,
c o m p le te ly s u p p la n t th e
to
is s u e n o te s to
fo rm e r C h in e s e c u r r e n c y .
A lth o u g h
t h a t p ro g ram had n o t b e e n i n s t i t u t e d ' t o an y g r e a t d e g re e b y
th e
end o f 1939, i t
re m a in e d a c o n s t a n t d e m o r a liz in g t h r e a t
to any fin a n c ia l s t a b il i ty .
In la te
to
1 9 3 9 , t h e u n e x p e c te d r e p a t r i a t i o n
S h a n g h a i, due t o
o f fu n d s
t h e im p e n d in g c u r r e n c y c o n t r o l s i n
H ongkong and o t h e r 'B r i t i s h - c o n t r o l l e d
c e n te r s in H a st A s ia ,
h ad a s t i m u l a t i n g e f f e c t on i n d u s t r y ,
r e a l e s ta te ,
lo c a l s to c k ex ch an g e.
and th e
B u t i t w as f e a r e d t h a t th e e f f e c t
w o u ld b e o n l y t e m p o r a r y a n d t h a t a s e r i o u s r e a c t i o n w o u ld
fo llo w .
CHAPTER VXTI
REAL. ESTATE
B u ild in g
c o n s tru c tio n .
R eal e s ta te tra n s a c tio n s
and b u ild in g c o n s tr u c tio n d u rin g th e f i r s t
193? in d ic a te d t h a t
r e f le c te d th e
s e v e n m o n th s o f
c o n d itio n s in t h a t f i e l d
d e fin ite ly -
i n d u s t r i a l e x p a n s i o n w h ic h h a d s e t
e f f e c t o f th e h o s t i l i t i e s
is
in .
sh o w n c l e a r l y b y t h e
T he
fa c t
t h a t o f th e n e a r l y one h u n d re d i n d iv i d u a l t r a n s a c t i o n s
w h ic h w e re r e c o r d e d f o r t h e y e a r , n i n e t y p e r c e n t w e re r e ­
c o rd e d b e f o r e t h e
tio n
f o r th e
firs t
fig h tin g b eg an .
In c lu d e d
c o rre s p o n d in g p e r io d f o r
i n t h i s new b u i l d i n g c o n s t r u c t i o n w e r e f o u r
l a r g e b a n k in g s t r u c t u r e s ,
in g s ,
c o n s tru c ­
s e v e n m o n th s o f t h e y e a r sh o w e d a n i n ­
c re a s e o f f o r ty p e r c e n t o v e r th e
1936.
The b u i l d i n g
a n u m b e r o f m o d e rn o f f i c e b u i l d ­
s e v e r a l new r e s i d e n c e s an d a p a r tm e n ts , a n d a num ber
o f in d u s tr ia l b u ild in g s .^
B u ild in g a c t i v i t y
b e g in n in g o f h o s t i l i t i e s ,
r e m a in e d h a l t e d ,
fo llo w in g th e
u n t i l th e l a t t e r h a lf o f 1938.
B e g in n in g a t t h a t t im e , an d c a r r y i n g on th r o u g h t h e
h a l f o f 1 9 3 9 , t h e r e w as c o n tin u o u s c o n s t r u c t i o n .
th e
l a t t e r p a r t o f 1939 t h e r e w as c o n s i d e r a b le
firs t
D u rin g
s la c k e n in g
1 O f f i c e o f t h e A m e r ic a n C o m m e rc ia l A t t a c h e , C h in a
A n n u a l E c o n o m ic R e p o r t f o r 1 9 3 7 ( S h a n g h a i : J a n u a r y 31^
1 9 5 8 } , P* 3 1 .
85
In b u ild in g a c t i v i t y due to th e d e p re c ia te d
C h in e s e c u r r e n c y .
v a lu e o f th e
2
D e s p ite th e d e c re a se d a c t i v i t y a t th e end o f th e
y e a r , S h a n g h a i e x p e r ie n c e d d u r in g 1939 t h e m o st e x te n s iv e
b u ild in g a c t i v i t i e s
o f any c ity
i n C h in a .
M ost o f t h e
b u i l d i n g w as c o n f in e d , h o w e v e r, t o t h e f o r e i g n s e t t l e m e n t
a re a s.
A h u g e i n f l u x o f h ig h g r a d e C h in e s e r e f u g e e s a c ­
c o u n te d f o r a c o n s i d e r a b l e p o r t i o n o f t h e
a c c o m m o d a tio n s , w h i l e m uch o f t h e
d em and f o r new
c o n s t r u c t i o n w as t o r e ­
p la c e p r o p e r ty d e s tro y e d d u rin g th e h o s t i l i t i e s .
The v a lu e
o f n ew b u i l d i n g s e r e c t e d d u r i n g t h e y e a r w i t h i n t h e s e t t l e ­
m e n t a r e a s a m o u n te d t o S h . # 3 5 , 0 0 0 , 0 0 0 a s c o m p a re d w i t h
S h .# 1 3 ,5 0 0 ,0 0 0 f o r t h e y e a r 1 9 3 6 .
th e
in c re a s e
D ue t o
c u rre n c y i n f la tio n ,
i s n o t a s g r e a t a s i t w o u ld s e e m , b u t e v e n
a f t e r m a k in g n e c e s s a r y a l l o w a n c e , t h e r e w a s m uch g r e a t e r
c o n s tru c tio n
In 1939.
H o w e v e r, b u i l d i n g s a n d m a t e r i a l s w e r e
o f m uch l o w e r q u a l i t y , t h e p o l i c y b e i n g t o
p o s s ib le
u se th e
ch eap est
c o n s i s t e n t w i t h q u i c k r e t u r n s on i n v e s t m e n t .
m an d s w e r e g r e a t l y
i n e x c e s s o f a c c o m m o d a tio n s ,
i n r e s i d e n t i a l b u i l d i n g s a n d m edium s i z e d
T ren d o f t h e m a r k e t.
D e­
e s p e c ia lly
f a c t o r i e s . 5*
At th e end o f J u ly ,
1938, a p -
2 R o b e r t W. B a r n e t t , " S t a r v a t i o n , Boom a n d B lo c k a d e
I n S h a n g h a i," F a r E a s te r n S u rv e y , 9 :9 9 , A p r il 2 4 , 1 9 4 0 .
5 O f f i c e o f t h e A m e ric a n C o m m e rc ia l A t t a c h e , C h in a
E c o n o m ic R e p o r t f o r 1 9 5 9 ( S h a n g h a i : F e b r p a r y 1 5 , 1 9 4 0 ) , p . 1 7 .
86
p r o x im a te ly a y e a r a f t e r th e b e g in n in g o f h o s t i l i t i e s , th e
4
C h in a W e e k ly R e v ie w d e s c r i b e d t h e S h a n g h a i r e a l t y m a r k e t
A
a s " u n h e a lth y .”
The c o n c e n tr a ti o n o f i n d u s t r y s o u th o f
Sooehow C re e k h ad c r e a t e d
a v e r y l a r g e p o t e n t i a l m a rk e t, b u t
a c t u a l t r a n s a c t i o n s w e re f e w d u e t o
- as to
th e tre n d
c ie n tly
o f fo re ig n ex ch an g e.
O w n ers w ho f e l t
s tro n g f in a n c ia lly p re fe rre d to
u n til fu tu re
s u ffi­
h o ld t h e i r p r o p e r ty
c o n d i t i o n s b e c a m e m o re p r e d i c t a b l e .
' t r a n s a c t i o n s w e re l i m i t e d t o
to
a fe e lin g o f u n c e rta in ty
T h u s,
t h o s e w h e re o w n e rs w e re f o r c e d
s e l l i n o r d e r t o a v o id f o r e c l o s u r e s on m o r tg a g e s .
S in c e th e E a s te r n s e c t i o n
in g t h a t f i r s t
re s id e n ts ,
s t i l l r e m a in e d c l o s e d ,
y e a r , t o m o st i n d u s t r i e s ,
and t o n e a r ly a l l
a b a d ly o v e rc ro w d e d c o n d it i o n p r e v a i l e d
f r e e fro m J a p a n e s e o c c u p a ti o n .
d u r­
in a re a s
T h is s i t u a t i o n w as r e f l e c t e d
i n a d em and f o r p r o p e r t y - o n t h e p a r t o f b o t h C h i n e s e a n d
fo re ig n e rs ,
e s p e c i a l l y i n t h e W e s te rn D i s t r i c t .
b e e n m o re w i l l i n g t o
s e ll,
m o re p r o n o u n c e d t h a n i t
F in a n c ie rs ,
tio n
Had o w n e rs
a c t i v i t y w o u ld h a v e b e e n m uch
w as.
a l s o , a d o p te d a p o s i t i o n
o f e x tr e m e c a u ­
in a c c e p tin g la n d a s s e c u r i t y a g a in s t lo a n s .
i n l o c a l c u r r e n c y w e re d i f f i c u l t t o
fo re ig n
c u r r e n c y w e re p r a c t i c a l l y
4
o b ta in ,
M o rtg a g e s
w h ile th o s e in
im p o s s ib le t o
se c u re .
C h in a W e e k ly R e v ie w , 8 5 : 2 8 7 - 8 8 , J u l y 3 0 ,
1938.
T h u s,
in s te a d
o f t h e t e n o r tw e lv e r e a l t y t r a n s a c t i o n s ,
v o l v i n g n o m o re t h a n a m i l l i o n d o l l a r s ,
l o c a l c u rre n c y ,
w h ic h w e r e t a l c i n g p l a c e e a c h m o n th , t h e r e
s e v e r a l tim e s t h a t m any.
d em and t o
in ­
s h o u l d h a v e "been
T h ere a p p e a re d t o b e a s u f f i c i e n t
c r e a t e a t u r n o v e r o f f i v e -o r s i x m i l l i o n d o l l a r s
p e r m o n th .
W h ile t h e n u m b e r o f t r a n s a c t i o n s i n t h e S e t t l e m e n t
w e re d e c i d e d l y l i m i t e d d u r i n g 1 9 5 8 , v a l u e s ,
t h o s e f e w w h ic h d i d t a k e p l a c e ,
tio n s .
T h is i s
f a c t t h a t th e F re n c h a u t h o r i t i e s ,
and in d e p e n d e n t a c t i o n ,
s itu a tio n
by
sh o w ed r e m a r k a b l e f l u c t u a ­
I n t h e F re n c h C o n c e s s io n , on t h e
r e m a in e d c o n s i s t e n t l y s t e a d y .
as re fle c te d
o th e r h an d , v a lu e s
a c c o u n te d f o r b y t h e
b e in g a b le t o ta k e f r e e
h a n d le d t h e d e l i c a t e p o l i t i c a l
i n a m uch m o re s a t i s f a c t o r y m a n n e r t h a n d i d t h e
S e ttle m e n t o f f i c i a l s .
D u rin g 1 9 3 9 , t h e
c o n g e s tio n in th e a r e a s
s o u th o f th e
C r e e k c r e a t e d a dem and t h a t r e f u s e d l o n g e r t o r e m a i n i n e f f e c t ­
iv e .
F u rth e rm o re , u n d e r J a p a n e s e d i r e c t i o n ,
p ro n o u n c e d a c ­
tiv ity
d e v e lo p e d in t h e N o r th e r n and E a s te r n a r e a s .
T he
5
C h in a A n n u a l E c o n o m ic R e p o r t f o r 1 9 5 9
c a r r i e d t h e in fo rm a ­
tio n th a t th e Jap an ese S hanghai R eal E s ta te
s id ia r y o f th e
C om pany, a s u b ­
C e n t r a l C h in a D e v e lo p m e n t C om pany, p l a n n e d
t o m o n o p o li z e a l l t r a d i n g i n t h e S h a n g h a i a r e a b e y o n d t h e
c o n fin e s o f th e f o r e ig n
fa c to rs ,
r e a l e s ta te
s e ttle m e n ts .
As a r e s u l t
tr a n s a c tio n s f o r th e
o f th e s e
y e a r a g g re g a te d :
C h .$ 5 6 , 0 0 0 , 0 0 0 a s c o m p a re d w i t h C h .$ 1 2 , 0 0 0 , 0 0 0 i n 1 9 3 6 , a n d
C h .$ 1 8 3 ,0 0 0 ,0 0 0 i n t h e p e a k y e a r o f 1 9 3 1 .
w as s t i l l
c o n s id e re d u n h e a lth y , h o w e v er,
A ll t h is a c t iv i t y
s in c e m o st o f i t
w as a r e s u l t o f e x tre m e c o n g e s tio n d u e t o t h e h e a v y i n f l u x
th o u s a n d s o f w e a lth y C h in e s e fro m c e n t e r s o f t h e
of
in te rio r,
m o s tly fro m f o r m e r l y im p o r ta n t i n d u s t r i a l a n d c o m m e rc ia l
c itie s
i n t h e Y a n g tz e T a l l e y .
I t w as f e a r e d t h a t , w i t h t h e
re tu rn
o f n o rm al c o n d itio n s in th e
i n t e r i o r , m u ch o f t h i s
w e a l t h w o u ld h e r e s t o r e d t o t h e a r e a s f r o m w h ic h i t
fle d ,
th u s b r i n g i n g on a s e v e r e d e p r e s s io n I n S h a n g h a i.
W h e th e r o r n o t t h e
c o n d itio n w as h e a l th y ,
g e n u i n e r e a l e s t a t e boom s e t i n d u r i n g 1 9 4 0 .
l a t t e r p a r t o f th e y e a r , Jo h n A h le rs
h o w e v er, a
Y fritin g In t h e
p re d ic te d th a t r e a l t y
t r a n s a c t i o n s f o r t h e y e a r w o u ld e q u a l t h e 1 9 3 1 r e c o r d
of
C h .$ 1 8 3 , 0 0 0 , 0 0 0 , a l t h o u g h s p e c i a l a t t e n t i o n w a s c a l l e d t o
t h e f a c t t h a t t h e C h in e s e d o l l a r w as w o r th b u t a f r a c t i o n o f
its
p re -w a r v a lu e .
I n te r m s o f U. S . d o l l a r s , m o n th ly t r a n ­
s a c t i o n s a m o u n te d t o a b o u t o n e m i l l i o n
to
fo u r m illio n d o lla r s
p ic tu re ,
in
1931.
d o l l a r s a s c o m p a re d
T h is d id n o t g iv e a t r u e
h o w e v er, b e c a u s e l o c a l r e a l e s t a t e p r i c e s h ad n o t
s Jo h n A h le r s , " P o s itio n an d P r o s p e c ts o f S h a n g h a i
R e a l E s t a t e , " C h in a W e e k ly R e v ie w , 9 4 : 4 6 - 4 7 , S e p t e m b e r 1 4 ,
1940.
89
In c re a se d a t a l l
in p ro p o rtio n to th e d e p re c ia tio n o f th e
C h in e s e d o l l a r .
A t r u e r b a s i s o f c o m p a r is o n w a s t h e
b o u g h t an d s o ld *
a re a
T h i s c o m p a re d v e r y f a v o r a b l y w i t h 1 9 3 1 ,
a n d w as g r e a t e r t h a n f o r a n y o f t h e f o l l o w i n g y e a r s .
I n te rm s o f f o r e ig n
re a l e s ta te
c u rre n c ie s ,
S h a n g h a i o w n e rs o f
s u ffe re d v e ry se v e re lo s s e s in th e
t h e i r p ro p e rty .
In U . S . d o l l a r s , S h a n g h a i la n d s and
b u i l d i n g s w e re w o r th b u t o n e - f o u r t h t o
p re -h o s tility
v a lu e o f
o n e -th ird o f t h e i r
v a lu e , and in p o unds S t e r l i n g ,
le s s th a n h a lf .
M ost S h a n g h a i p r o p e r t y o w n e rs, b o t h l a r g e an d s m a ll ,
fe e lin g th a t
in fla tio n
a n d c u r r e n c y d e p r e c i a t i o n w o rk
a g a i n s t la n d ,a n d b u i ld i n g s a s r e g a r d s r e t u r n an d r e s a l e
v a lu e , and b e in g u n c e r ta i n , a s w e ll,
fu tu re ,
d id v e ry l i t t l e
sh a re s.
to
On t h e
s e ll.
fie ld .
a b o u t th e p o l i t i c a l
b u y in g o f p r o p e r t y o r p r o p e r t y
c o n tr a r y , th e y s e iz e d upon e v e ry o p p o rtu n ity
T h e b u y i n g cam e r a t h e r f r o m new I n t e r e s t s
Some l a r g e
s h ip p in g fir m s ,
W h e e lo c k s , m ade som e l a r g e
in th e
su c h a s M o lle rs and
s c a le p u rc h a s e s , b u t th e b u lk o f
t h e b u y i n g w a s b y C h i n e s e , m an y o f whom r e c a l l e d t h e i r f u n d s
t o S h a n g h a i fro m H ongkong d u e t o t h e E u ro p e a n w a r.
B ritis h
in te re s ts
It
is
i n H ongkong w e re a l s o
C e rta in
i n th e m a rk e t.
I n t e r e s t i n g t o n o te t h a t w h ile B r i t i s h
firm s ,
s u c h a s th o s e n o te d a b o v e , p u rc h a s e d l a r g e b lo c k s o f p r o p e r ­
t y t o u s e f o r t h e i r own b u s i n e s s , t h e A m e r ic a n ow ned S h a n g h a i
T e l e p h o n e C om pany a b a n d o n e d a s i m i l a r p l a n w h ic h h a d b e e n
90
u n d er c o n s id e ra tio n f o r y e a rs .
a p e s s im is tic
in te re s ts ,
a ttitu d e
but i t
T h i s w o u ld s e e m t o
re g a rd in g th e p r o te c tio n
in d ic a te
o f A m e ric a n
w as n o t s h a r e d b y o t h e r n a t i o n a l s ,
w a s i n t h e A m e r ic a n D e f e n s e S e c t o r o f t h e
c l u d i n g t h e C e n t r a l S e c t o r w h io h h a d
S e ttle m e n t
fo r i t
(in ­
J u s t b e e n e v a c u a te d b y
t h e B r i t i s h a n d w as e x p e c te d t o b e t u r n e d
o v e r t o th e U n ite d
S t a t e s M a rin e s ) t h a t t h e p u r c h a s e r s p r e f e r r e d t o b u y .
As w a s p o i n t e d
o u t ab o v e, p r o p e r ty in th e F re n c h
C o n c e s s io n h a d b e e n p r e f e r a b l e f o r m e r ly b e c a u s e t h e J a p a n e s e
h a d no p a r t
i n t h e g o v e rn m e n t o f t h a t a r e a .
d o w n fa ll o f F ra n c e in Ju n e o f 1940, th e
t o b e a t th e m e rc y o f t h e
c lin e
in th e
B ut w ith th e
C o n c e s s io n w as f e l t
Ja p a n e se , w ith th e r e s u l t a n t d e ­
dem and f o r r e a l e s t a t e
The c o n s e n s u s o f o p in io n ,
th e re .
to w a r d t h e
end o f 1940,
se e m e d t o b e t h a t :
The f u t u r e v a lu e o f S h a n g h a i r e a l e s t a t e w i l l d e p en d
l a r g e l y on t h e c i t y ' s p o l i t i c a l f a t e .
S h o u ld t h e S e t ­
tle m e n t r e t a i n th e b u ll: o f i t s p r e s e n t p r e r o g a t iv e s ,
r e a l e s t a t e in th e S e ttle m e n t ought to a p p re c ia te v e ry
s u b s t a n t i a l l y i n te rm s o f f o r e ig n c u rre n c y *
Fven i f
t h e S e ttle m e n t s h o u ld b e a b o lis h e d , b u t p r o v id in g i t
w e re t u r n e d o v e r t o som e new r e g i m e a s a g o i n g c o n c e r n ,
l o c a l r e a l e s t a t e ought t o y ie ld v e ry h ig h r e tu r n s to
p re s e n t fo re ig n p u rc h a s e rs .
O n ly a f a r - r e a c h i n g r u i n
o f S h a n g h a i w o u ld b e l i k e l y i n t h e l o n g r u n t o d e p r e s s
l o c a l r e a l e s t a t e v a lu e s , in te rm s o f f o r e ig n c u rre n c y ,
p e r m a n e n t l y b e lo w t h e p r e s e n t l e v e l . 7
7 I h i d . , p.
47.
91
R e n ta l v a lu e s .
I t w a s b u t n a t u r a l t h a t t h e d em an d
f o r h o u s in g f a c i l i t i e s
in . t h e F r e n c h C o n c e s s i o n a n d i n t h e
u n o c c u p i e d p a r t s o f t h e S e t t l e m e n t w o u ld s o o n b e r e f l e c t e d
by a r is e
In r e n t s .
H ig h e r c o s t s
o f c o a l and o th e r o p e r a t ­
i n g e x p e n s e s w e re o t h e r c o n t r i b u t i n g c a u s e s .
T he C h in a
8
W e e k ly R e v ie w n o t e d a t e n t o t w e n t y - f i v e p e r c e n t r i s e . i n
re n ta ls
o v e r t h e tw o - m o n th p e r i o d
Ju n e t o th e
end o f J u l y ,
fro m t h e b e g in n in g o f
1938.
R e n ta ls c o n tin u e d t o
ris e
a n d d i s p u t e s w e r e common
b e tw e e n l a n d l o r d s a n d t e n a n t s i n b o t h t h e C h i n e s e a n d f o r 9
e ig n s e c tio n s o f th e p o p u la tio n .
In th e case o f th e b e tt e r
a p a rtm e n ts and r e s id e n c e s ,
it
becam e c u s to m a ry , b e c a u s e o f
t h e r a p i d l y d e p r e c i a t i n g C h in e s e d o l l a r ,
te rm s o f f o r e i g n
c u rre n c ie s ,
pounds S te r lin g ,
to n e g o tia te
to
q u o te r a t e s
in
p r i n c i p a l l y U., S . d o l l a r s o r
E v en t h e n i t w as p r a c t i c a l l y
im p o s s ib le
o n m o re t h a n a m o n th t o m o n th b a s i s .
W h ile t h e s e
c o n d it i o n s w re a k e d c o n s i d e r a b le h a r d s h ip
upon th e f o r e ig n and b e t t e r
c l a s s C h in e s e r e s i d e n t s , t h e y
b ro u g h t n e a r tra g e d y t o
C h in e s e w o rk in g c l a s s e s .
th e
Rooms
w h ic h h a d r e n t e d a t tw o o r t h r e e C h i n e s e d o l l a r s p e r m o n th
p rio r to
a t s ix to
th e h o s t i l i t i e s
n in e d o l l a r s .
w e re r e n t i n g ,
S i n c e w o r k e r s do n o t ,
® C h in a W e e k ly R e v ie w , 8 5 : 8 8 7 ,
9
a t th e end o f 1939,
Robert W. Barnett,
ojd.
c i t
as a ru le ,
J u ly 30, 1938.
., p. 100.
92
re n t th e ir liv in g
q u a rte rs d ir e c tly
- .th r o u g h s u c c e s s i v e h a n d s ,
a g g ra v a te d ,
o w n e r, b u t
in r e n t i s m a g n ifie d
10
i s p a sse d on t o th e u ltim a te t e n a n t .
W ith
b y th e tim e i t
r e n t so h ig h ,
fro m th e
any in c re a s e
c o n g e s t i o n w o u ld f o l l o w n a t u r a l l y .
o f c o u r s e , b y th e th o u s a n d s o f d e s t i t u t e
g e e s who h a d s o u g h t a s y l u m i n t h e
c i t y d u rin g 1938 i s
illu s tra te d
r e p o r t e d b y N o rm an D . H a n w e l l .
num ber o f f a m i l i e s
to
in
in th e
by th e r e s u l t o f a s tu d y
11
In 1935, th e g r e a te s t
in d u s tria l d is tr ic ts
a h o u se, a lre a d y an in d ic a tio n
liv e d
f o u r fa m ­
o f o v e rc ro w d in g .
By 1 9 3 8 , t h e g r e a t e s t n u m b e r o f f a m i l i e s l i v e d
hou se.
re fu ­
c ity .
T h e a m o u n t o f o v e r c r o w d i n g w h ic h p r e v a i l e d
ilie s
T h i s w as
7 ,2 2 p e r
In 1 9 3 5 , t h e g r e a t e s t num ber o f p e r s o n s p e r h o u se
n u m b ere d 1 5 .4 7 .
I n 1 9 3 8 , t h i s n um ber h ad d o u b le d t o a n
a v e r a g e o f 3 1 .3 2 .
On T a b l e I I I a n d F i g u r e I a r e
d a ta re g a rd in g th e r a p id r i s e
S u m m ary .
I n su m m a ry ,
s e t fo rth
in r e n t s in c e 1937.
it
i s t o b e n o te d t h a t ,
p r i o r t o th e o u tb re a k o f th e h o s t i l i t i e s ,
s a c tio n s and b u ild in g
in d e ta il
r e a l e s ta te
;J u s t
tra n ­
c o n s tru c tio n r e f le c te d th e p r o s p e r ity
10 S h a n g h a i M u n ic ip a l C o u n c il, R e p o rt f o r th e . Y e a r
1 9 3 9 , and B u d g et f o r th e Y ear 1940 (S h a n g h a i: N o rth -C h in a
D a i l y News a n d H e r a l d , L t d . , 1 9 4 0 1 ', P* 4 5 .
11
N orm an D . H a n w e ll , " R i s i n g C o s t s A ccom pany
S h a n g h a i 's R e c o v e r y , " F a r E a s t e r n S u r v e y , 8 : 3 2 - 3 4 , F e b r u a r y
1, 1939.
w h ic h w a s e v i d e n t i n i n d u s t r y .
su ffe re d
a se v ere
re c o v e rin g .
s e tb a c k ,
in d u s try , th e y
F u r th e r m o r e , t h e y w e re s lo w e r i n
B u ild in g c o n s tr u c tio n in an y a p p re c ia b le d e g re e
d i d n o t re s u m e u n t i l t h e
th e n on,
A nd, l i k e
l a t t e r m o n th s o f 1 9 3 8 ; b u t f r o m
f o r a b o u t a y e a r , t h e r e w as c o n tin u o u s a c t i v i t y .
The c h i e f c o n t r i b u t i n g
c o n s tru c te d
f a c t o r s w e re t h e n ew p l a n t s b e i n g
i n t h e W e s te rn a r e a s o f S h a n g h a i, t h e r e b u i l d ­
in g o f p la n ts
in th e J a p a n e s e -o c c u p ie d a r e a s , and th e
in g o f th e n e e d f o r h o u s in g f a c i l i t i e s
to
ta k e
f ill­
c a re o f th e
t h o u s a n d s o f r e f u g e e s who h a d s o u g h t a s y l u m i n S h a n g h a i .
Xt i s n o te w o rth y ,
h o w e v e r, t h a t t h e
cheap q u a lity , b u i l t w ith an eye t o
c o n s t r u c t i o n w as o f
q u ic k p r o f i t s r a t h e r
th a n p e rm a n e n c y .
• D e s p ite in c re a s e d p r i c e s ,
th e
th e s e
d id n o t f u l l y r e f l e e t
d e c r e a s e d v a lu e o f t h e C h in e s e d o l l a r ;
o w n e rs w e re r e l u c t a n t t o
re lu c ta n t to
s e ll.
th u s , p ro p e rty
F u rth e rm o re ,
f i n a n c i e r s w e re
l e n d m o n ey o n r e a l e s t a t e , w i t h t h e r e s u l t t h a t
b u ild in g a c t i v i t y
d e c r e a s e d to w a rd t h e
F o llo w in g a te m p o ra ry l u l l ,
end o f 1 9 3 9 .
h o w e v er, a v i r t u a l r e a l
e s t a t e boom d e v e l o p e d i n S h a n g h a i d u r i n g 1 9 4 0 .
due,
in a la r g e m e a su re , t o th e r e p a t r i a t i o n
T h i s w as
o f fu n d s t o
S h a n g h a i f o llo w in g t h e o u tb r e a k o f th e E u ro p ea n w a r.
th e
end o f th e y e a r , th e
tra n s a c tio n s
1931.
B ut i t
T o w a rd
fig u re s in d ic a te d th a t t o t a l r e a lty
f o r t h a t y e a r w o u ld e q u a l t h e r e c o r d y e a r o f
m u s t b e e m p h a s iz e d t h a t ,
i n te rm s o f U n ite d
94
S ta te s and B r i t i s h
fra c tio n
c u r r e n c i e s , p r o p e r t i e s w e re w o r t h o n l y a
o f t h e i r fo rm e r v a lu e s .
A p a r t i c u l a r l y u n f o r t u n a t e d e v e lo p m e n t w as t h e
t h a t t h e dem and f o r h o u s i n g f a c i l i t i e s ,
p lu s th e
d e p re c ia te d
c u r r e n c y , b ro u g h t a b o u t c o n tin u o u s i n c r e a s e s i n r e n t .
re s u lte d
i n t h e o v e rc ro w d in g o f l i v i n g
h a r d s h i p f o r t h e w o rk in g c l a s s e s .
fa c t
T h is
q u a r t e r s an d e x tre m e
CHAPTER IX
SUMMARY AM) 00NC1USI0NS
S um m ary.
in te re s tin g
The f o r e g o in g s tu d y r e v e a l e d a num ber o f
fa c ts ,
s e v e r a l o f th e m u n f o r e s e e n .
S hanghai in d u s try , fo re ig n tr a d e ,
e s ta te
tra n s a c tio n s ,
s h ip p in g and r e a l
w h ile s u f f e r in g d i s a s t r o u s s e tb a c k s
im m e d ia te ly f o llo w in g t h e o u tb r e a k o f h o s t i l i t i e s ,
re m a rk a b le r e c o v e r i e s , r e a c h in g t h e i r p e a k ,
in th e
e a r l y m o n th s o f 1 9 3 9 .
m ade
in m o st c a s e s ,
A l l t h i s w as a c h ie v e d
in th e
f a c e o f p h y s i c a l a n d A p o l i t i c a l ” o b s t a c l e s t h a t m ig h t e a s i l y
have b ro k e n th e
s p irit
o f a l e s s r e s o u r c e f u l c o m m u n ity .
B u t a m a jo r c o n t r i b u t i n g f a c t o r t o
f o r th e
ow ner g ro u p s w as t h e
th is p ro s p e rity
C h in e s e w o rk e r w ith h i s n e a r ­
s t a r v a t io n w age.
And t h u s w a s h e t h e
g re a te s t s u ffe re r
w hen, d e s p i te th e
c o o p e ra tiv e e f f o r t s
o f f o r e i g n an d C h in e s e
f in a n c ia l a g e n c ie s ,
th e
e x c h a n g e v a lu e o f t h e C h in e s e d o l l a r
c o u ld n o lo n g e r b e m a in ta in e d ,
and i t
p lu m m e te d t o
a n ew
o p e n - m a r k e t lo w o f l e s s t h a n e i g h t U . S . c e n t s i n 1 9 3 9 .
W ith t h e p u r c h a s i n g p o w e r o f t h e w o r k e r Ts d o l l a r
red u c ed
ris e
In 1939 t o
o n e -th ird
its
1936 l e v e l b e c a u se o f th e
in p r ic e s b ro u g h t a b o u t by th e f a l l in
by th e
in te rfe re n c e
s tu ffs
in to th e fo re ig n -c o n tro lle d
n u m e ro u s s t r i k e s
exchange, and
o f th e J a p a n e s e w ith th e flo w o f fo o d ­
and r i o t s
a re a s o f th e
w e re i n e v i t a b l e .
c ity ,
By t h e e n d o f
96
t h e y e a r , S h a n g h a i w a s f a c i n g a l a b o r p r o b l e m o f o m in o u s
p o rte n t.
♦
A t th e
sam e t i m e , t h e h i g h p r i c e s ,
f a l l in exchange,
tio n
re s u ltin g
fro m t h e
c a u se d a s e r io u s d e c re a s e in th e im p o rta ­
o f i n d u s t r i a l raw m a t e r i a l s , w ith a c o n se q u e n t r e d u c tio n
in m a n u fa c tu rin g .
A d d ed t o
th e lo s s ,
k e ts
la te
a l l th e
above d e b i l i t a t i n g
in 1939, o f c e r ta in B r itis h
i n S o u th A s ia , a n d t h e
in a u g u ra tio n ,
i n f l u e n c e s w e re
t e r r i t o r i a l m a r­
i n 1 9 4 0 , o f n ew
c o m m o d ity c o n t r o l s f o r t h e Y a n g t z e V a l l e y b y t h e u b i q u i t o u s
Jap an ese m ilita r y a u th o r itie s .
T h is w as d o n e a s a f u r t h e r
s t e p t o w a r d t h e av o w ed c r e a t i o n
o f a y e n -b lo c econom y.
g o n o lu s io n s .
th a t th e
It
can o n ly b e c o n c lu d e d , t h e r e f o r e ,
g e n e r a l e c o n o m ic r e c o v e r y i n S h a n g h a i f o l l o w i n g t h e
c e s s a tio n o f h o s t i l i t i e s
in th e
a d m i r a b l e i n m any r e s p e c t s ,
t h r e e w eak c o r n e r - s t o n e s :
t i o n , w ith a l l t h a t t h a t
in te rn a l p ric e s ,
im m e d ia te a r e a ,
w as b u i l t on a f o u n d a t i o n w i t h
(1 ) an u n te n a b le
c u rre n c y s i t u a ­
im p lie s w ith r e s p e c t t o
and w o rk e rs* w e ll- b e in g ;
a tte m p t a t m o n o p o lis tic
th o u g h
im p o rts ,
(2) a d e m o ra liz in g
c o n tr o l b y one f o r e ig n p o w e r; and
f 3} a m a r k e t t h a t w a s l a r g e l y t e m p o r a r y a n d re m o v e d f r o m t h e
p o rt* s n a tu r a l o u tle t,
t h e Y a n g tz e V a l l e y .
Ho l a s t i n g p r o s p e r i t y
a s ta b le
c a n come t o
c u rre n c y i s r e - e s ta b lis h e d ,
Shanghai u n t il
(1 )
(2 ) r e a l w ages a t l e a s t
a p p ro x im a te a c t u a l e a r n i n g s ,
th e p o rt* s h in te rla n d
is
(3 ) t h e J a p a n e s e b lo c k a d e o f
lif te d ,-
(4 ) t h e
s h o r t- s ig h te d and
m u tu a lly d is a d v a n ta g e o u s y e n -h lo c m o n o p o lis tic t a c t i c s
a b a n d o n e d , and (5 ] th e ra v a g e s o f w ar and th e t h r e a t s
w ar a r e .r e m o v e d fro m t h e P a c i f i c *
a re
of
BIBLIOGRAPHY
BIBLIOGRAPHY
I.
BOOKS
A bend, H a l l e t t , C haos In A s ia .
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S h a n g h a i : K e l l y a n d W a ls h , L t d . , 1 9 4 0 .
140 p p .
C h i n a Y e a r B o o k ( s } . S h a n g h a i : N o r t h - C h i n a D a i l y Hews a n d
H e ra ld , L td . , 1936 and 1 9 3 8 .
510 p p . an d 595 p p .
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P o t t , F . L . H a w k s, A S h o r t H i s t o r y o f S h a n g h a i . S h a n g h a i :
K e l l y a n d W a ls h , L t d . , 1 9 2 8 .
336 p p .
B.
UNPUBLISHED MANUSCRIPT
B u s s , C la u d e A . , P o w e r P o l i t i c s
A n g e le s : 19401
*720 p p .
C.
in E a s te rn A s ia .
Los
O FFICIA L REPORTS
C h i n a , i n s p e c t o r a t e G e n e r a l o f C u s to m s , T he T r a d e o f C h i n a .
A n n u al r e p o r t s , 1 9 3 3 -3 9 .
S h a n g h a i: P r i n t e d an d p u b ­
l i s h e d a t t h e S t a t i s t i c a l D e p a rtm e n t o f t h e I n s p e c t o r a t e
G e n e r a l o f C u s to m s .
S h a n g h a i M u n ic ip a l C o u n c il, R e p o r t( s
1 9 5 8 , an d 1959 a n d B u d g e t( s ) f o r
an d 1 9 4 0 . S h a n g h a i: N o rth -C h in a
L td ., 1938, 1 939, and 1 9 4 0 .
3 v
and 414 p p .
) f o r th e Y ear 1 93 7 ,
t h e Y e a r l 9 3 8 ,~~ 1 9 5 9 ,
D a i l y News a n d H e r a l d ,
o l s ., 444 p p ., 465 p p .,
O f f i c e o f A m e r ic a n C o m m e r c ia l A t t a c h e , C h in a A n n u a l E c o n o m ic
R e p o rt( s ) f o r 1 9 5 7 , 1958, and 1959.
S h a n g h a i.
D.
PERIODICAL, ARTICLES
A h l e r s , J o h n , " K in g C o t t o n i n S h a n g h a i F o l l o w s t h e F o r t u n e s
o f War,** C h in a W e e k ly R e v ie w , 9 3 : 1 5 9 , J u n e 2 9 , 1 9 4 0 .
, " P o s itio n and P r o s p e c ts o f S h a n g h a i R e a l E s t a t e ,"
C h in a W e e k ly R e v ie w , 9 4 : 4 6 - 4 7 , S e p t e m b e r 1 4 , 1 9 4 0 .
, " S h a n g h a i * s B u s i n e s s Y i c i s s i t u d e s i n 1 9 3 9 , " C h in a
W e e k ly R e v ie w , 9 1 : 1 9 4 - 9 5 , J a n u a r y 6 , 1 9 4 0 .
B a r n e t t , R o b e r t W ., " S t a r v a t i o n , Boom a n d B l o c k a d e i n
S h a n g h a i," F a r E a s te r n S u rv e y , 9 :9 8 - 9 9 , A p r i l 2 4 , 1 9 4 0 .
B u r e a u o f F o r e i g n a n d D o m e s t ic C om m erce, " U n c e r t a i n t i e s I n
C h in a * s F o r e i g n T r a d e S i t u a t i o n , " F o r e i g n C om m erce
W e e k ly , 2 : 7 9 , F e b r u a r y 1 , 1 9 4 1 . .
101
B u s s , C l a u d e A . , “ New O r d e r i n E a s t A s ia ,* * W o rld A f f a i r s
I n t e r p r e t e r , 1 1 : 2 6 7 - 8 6 , A u tu m n , 1 9 4 0 .
C h in a W e e k ly R e v ie w , 8 2 : 2 6 9 - 7 0 , D e c e m b e r 2 0 , 1 9 3 7 .
.______ , 8 4 : 1 9 , M a rc h 1 9 , 1 9 3 8 .
_________ , 8 5 : 2 8 7 - 8 8 ,
J u ly 30, 1938.
., 9 2 : 3 9 1 , M ay 1 1 , 1 9 4 0 .
F o rtu n e , 9 :3 1 -4 0 , Ja n u a ry ,
1935.
F r i e d m a n , I r v i n g S . , "W hangpoo C o n s e r v a n c y B o a r d A n n o u n c e s
R e s u m p ti o n o f O p e r a t i o n s , ” F a r E a s t e r n S u r v e y , 9 : 3 3 - 3 5 ,
Ja n u ary 31, 1940.
H a n w e ll , N orm an D.,>, " R i s i n g C o s t s A c co m p a n y S h a n g h a i 's
R e c o v e r y , ” F a r E a s t e r n S u r v e y , 8 : 3 2 .- 3 4 , F e b r u a r y 1 ,
1939.
K a w a s h im a , A t s u k i , " S h a n g h a i C o n f l i c t C o s t s J a p a n e s e O v e r
Y en 1 0 0 ,0 0 0 ,0 0 0 P r o p e r t y L o s s , " C h in a W e e k ly R e v ie w ,
8 3 :8 , D ecem ber 4 , 1 9 3 7 .
L o c k w o o d , W i l l i a m V /., J r . , " S h a n g h a i F a c e s U n c e r t a i n t y , "
F a r E a s t e r n S u r v e y , 6 : 2 7 6 - 7 8 , D e c e m b e r, 1 9 3 7 .
E.
MISCELLANEOUS
A h l e r s , J o h n , W e s te r n I n t e r e s t s U n d e r F i r e .
C h u n g k in g : T h e
C h in a I n f o r m a h i o n P u b l i s h i n g O om pany, 1 9 4 0 .
28 p p .
C h in a V e g e t a b l e O i l C o r p o r a t i o n T r a d e R e p o r t f o r t h e Y e a r
“T 9 3 9 7 H o n g k o n g : S o u t h - C h i n a M o r n in g P o s t , L t d . , 1 9 4 0 .
IW p p .
T h e A m e r ic a n I n f o r m a t i o n C o m m itte e , C h in a E x p l o i t a t i o n
C om pany U n- L i m i t e d .
S h a n g h a i : T he A m e ric a n I n f o r m a t i o n
C o m m itte e , 19*59. 32 p p .
, J a p a n O v e r C h i n a — A m e r ic a * s G a in o r L o s s ? S h a n g h a i :
T h e A m e r ic a n I n f o r m a t i o n C o m m itte e , 1 9 3 9 .
22 p p .
1PFEHDIZ
TABLE XIII
EXCHANGE RATES FOR CONVERSION PURPOSES,
1 9 3 6 -1 9 3 9 1
1 S ta n d a rd d o l l a r 1
1 Open M a rk e t C h in e s e
1 C u sto m s g o l d u n i t 3
d o lla r
1936
1937
1938
U . S . $ 0 .2 9 7 1
U . S . f 0 .2 9 3 0
U . S . # 0 .3 9 7 1
U . S . # 0 .6 7 1 5
1939
U . S . |0 . 3950
U . S . # 0 .3 0 0
3
U .S .# 0 .1 7
U .S .# 0 ..3 0
U .S .# 0 .1 1 9 4
U .S .# 0 .6 6 5 5
U .S .# 0 .6 7
U . S . # 0 .7 5
^ O f f i c i a l s t a b i l i z a t i o n r a t e s f o r e x p o rt tr a d e v a lu a tio n .
2 A p p ro x im a te r a t e fro m A u g u s t t o e n d o f y e a r .
Y e a rly a v e ra g e r a t e u n a v a i la b l e .
5 C h in e s e M a r itim e C u sto m s a v e r a g e f o r t r a d e v a l u a t i o n .
1 O f f i c e o f t h e A m e ric a n C o m m e rcia l A t t a c h e , C h in a A n n u a l E co n o m ic R e p o r t s ( S h a n g h a i)
C o m p ile d fro m t h e r e p o r t s f o r 1937 a n d 1 9 3 9 .
104
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