The last chapter gave an account of the changes which took placein the decade under consideration， in municipal administration. In thischapter， other developments in the Settlement affecting the trade andthe life of the foreign residents will be considered.
Slump in Real EstateAfter the suppression of the Taiping Chinese refugees， returningto thief former homes.
Whole streets of newly built houses became empty， buildings werestopped half way in their construction， long lines of godowns alongthe river front， representing nearly Tls. 1，500，000 became disused， andrecently constructed wharves stood deserted.
Many private capitalists were threatened with bankruptcy， andwith the departure of the Chinese taxpayers， the revenue of the Councilsuddenly declined.
Land values had been greatly inflated， and the cost of buildingmaterials had become exceptionally high. It had been a time of wildspeculation， and was followed by a brief period of panic.
It is almost impossible to say to what extent the populationgrew during the time when the Settlements were occupied by therefugees. Some estimate that in the three Settlements and the walledcity the population may have been as high as 1，500，000. We know，however， that in 1865 the Chinese population shrank to 70，000 in theEnglish Settlement， 47 ，500 in the French Concession， and 200，000
in Hongkew. The foreign population was 2，75 0 residents in theSettlements and 2，832 in the Naval and Military forces.
Trade
During the Taiping Rebellion the Customs receipts fell to one halfthe usual amount. The privilege given to foreigners to visit Hangchow，Soochow and the Silk districts was cut off， and for a time foreign tradesuffered from the Imperialists and the rebels alike， both seizing thecargo in transit on the canals.
It is estimated that the export of silk decreased by 41，000 bales.
The over speculation in land and buildings and the financialcollapse， had a disastrous effect on the banks and six out of elevensuspended payment. The world-wide monetary crisis of 1866 madeits effect felt in Shanghai also， and added further to the financialdepression.
The Building of the CathedralIt is sometimes said that wherever an Englishman goes he takeswith him his Church and his Race Course. This was true in regard toShanghai， and we find the early residents making provision both forreligious worship and for their favourite sport.
The first public worship was held at the British Consulate in 1843
when it was still within the native city， and was conducted by Dr. W. H.
Medhurst and other missionaries， according to the ritual of the Churchof England.
The first Episcopal Church to be erected was Trinity Church， in1847， on the present site of the English Cathedral. The land was givenat a nominal price by Mr. Beale， of Messrs. Dent and company. Thebuilding cost only S6，000 and called for constant repairs. In 1850 theroof fell in， involving an expenditure of ＄5，000 for repair and in 1862
the original church became so dilapidated that it was abandoned and atemporary one erected. In 1866 the old church was pulled down andthe building of the present structure begun.
Plans were made in England by Sir Gilbert Scott for an imposingchurch， but owing to the lack of money the drawings were considerablymodified by a local architect named William Kidner. The building wasnot completed until 186 9. The style is Gothic of the early thirteenthcentury. For a long time it stood without a tower， but this was added in1893 and greatly enhanced its beauty.
In 1875 Trinity Church was offered to the newly appointedBishop of North China， the Rt. Rev. W. A. Russell， as his Cathedral，and the Bishop “selected and assigned” the Church as the Cathedral forhis Diocese of North China. The successor of Bishop Russell， the Rt.
Rev. G. E. Moule， D. D.， would not take the Cathedral on the sameterms， that is， that he should have the building as his Cathedral duringhis term of office in life. He required that it should be “vested in him”
and his successors. To this the trustees would not agree.
Church of Our SaviourOne of the first churches in the Settlement was the Church ofOur Saviour in Hongkew， built by Bishop William J. Boone of theAmerican Episcopal Church Mission in 1854 。 It stood then close bythe northern bank of the Whangpoo. and its tower was a landmark formany years to the captains of ships coming up the river from Woosungto Shanghai. Later， as the land accreted in front， this commandingposition was lost and it was hidden by the buildings erected betweenBroadway and the river bank. In 1916 the old church was pulleddown and a new one was built， off Dixwell Road， by the Chinesecongregation.
Church for Seamen
The large amount of shipping in the early days gave occasion towork being undertaken by the Seaman"s Mission. This was first carriedon by a floating “Bethel” on the Whangpoo and then by a barquecalled the “Euphrates，” bought in 1860. Later it was decided to build achurch on land， and a chapel was erected in 1867 near Pootung Point.
It was designed by Mr. E. H. Oliver， and built by Mr. Henry Lester ata cost of Tls. 3，500， the Council giving the site.
The cemetery adjoining the Church was used for the burial ofsailors who died in port.
As time went on， it became necessary to transfer the work amongseamen to the Hongkew side of the river， and finally it was arranged forthe old site to be sold and the proceeds used for the building of anotherchurch. In this way St. Andrew"s Church for Seamen on Broadway waserected.
The care of the cemetery at Pootung was taken over by theShanghai Municipal Council， and in 1927 the site came into thepossession of the Council.
Union Church
The Union Church traces its origin back to the earliest days ofthe Settlement. We find that the Rev. Dr. W. H. Medhurst of theLondon Missionary Society conducted services for foreigners in 1845
