till exported from China as formerly, it nearly all goes to
Russia, and this trade being in the hands of Russian monopolists,
there is but little employment for other nationalities, while even
here it probably will not be many years before the Russians largely
follow our example in abandoning Chinese tea in preference for that of
Ceylon and India.

Similarly the steam shipping, which originally was almost exclusively
British-owned, is gradually passing to the credit of Chinese
capitalists, if not in name yet in reality, and any new development in
this line is almost sure to be mainly financed from native sources.

The opinion is largely held that accordingly as China is opened up by
railways, by steam navigation on the inland waters, and by
simplification of inland duties, foreigners will reap such advantages
as may again enable them to quickly amass fortunes. Let there be no
delusion on this point.

Wherever openings for trade occur there will instantly be found shrewd
Chinese business men backed by a plentiful supply of native capital,
and the Westerner will get but little that is worth having.

When the West River was thrown open to steamer traffic a few years
since it was confidently predicted on all sides that it would cause a
considerable development in foreign shipping. Nothing of the kind. On
a recent trip to Wuchow I saw scores, and possibly hundreds, of small
steamers and launches crammed with cargo and passengers, or towing
strings of deep-laden junks, but they were all Chinese-owned, while
the only foreign-owned vessels to be seen were a few gun-boats and
less than half-a-dozen steamers, which it is generally believed barely
earn enough to cover expenses.

The descent thus accounted for has chiefly then been caused by the
competition amongst Westerners allowing Chinese merchants to get on
even terms with them, when, being extremely good business men, holding
absolute command of the native markets, and able to live much more
cheaply than Europeans, they have generally ousted small foreign
traders from the out-ports by carrying operations over their heads
direct to well-known houses at the great centres of trade.

Firms doing a large import and export business should prosper,
although harassed by continual fluctuations in the value of silver,
but their prosperity will redound to the direct advantage of a few
only, while the chances of a man who comes out from home with a small
capital being able to make