g
and river-vessels at upward of thirty thousand tons, while that of
other nationalities is much larger. Steamboats, with a burden of more
than ten thousand tons, are owned by Chinese merchants, and about half
that quantity is the joint property of Chinese and foreigners. In
managing their boats and watching the current expenses, the Chinese
are quite equal to the English and Americans, and are sometimes able
to carry freight upon terms ruinous to foreign competitors.

Foreign systems of banking and insurance have been adopted, and work
successfully. The Chinese had a mode of banking long before time
European nations possessed much knowledge of financial matters; and it
is claimed that the first circulating-notes and bills-of-credit ever
issued had their origin during a monetary pressure at Pekin. But they
were so unprogressive that, when intercourse was opened with the
Western World, they found their own system defective, and were forced
to adopt the foreign innovation. Insurance companies were first owned
and managed by foreigners at the open ports, and as soon as the plan
of securing themselves against loss by casualties was understood by
the Chinese merchants, they began to form companies on their own
account, and carry their operations to the interior of the empire. All
the intricacies of the insurance business--even to the formation of
fraudulent companies, with imaginary officers, and an explosion at a
propitious moment--are fully understood and practised by the Chinese.

By the facilities which the advent of foreigners has introduced to the
Chinese, the native trade along the rivers and with the open ports has
rapidly increased. On the rivers and along the coast the steamers and
native boats are actively engaged, and the population of the open
ports has largely increased in consequence of the attractions offered
to the people of all grades and professions. The greatest extension
has been in the foreign trade, which, from small beginnings, now
amounts to more than nine hundred millions of dollars annually. Where
formerly a dozen or more vessels crept into Canton yearly, there are
now hundreds of ships and steamers traversing the ocean to and from
the accessible points of the coast of the great Eastern Empire.
America has a large share of this commerce with China, and from the
little beginning, in 1786, she has increased her maritime service,
until she now has a fleet of sailing ships second to none in the
world