January 2, 1904.]
a general attack on insanitary conditions here, was not allowed by the Secretary of State for the Colonies to become law vet, as requiring consideration by experts who have not heen to Hongkong, presumably. But to compensate the Colony, there is the announcement in Sir HENRY BLAKE'S fare well speech on the 21st November of his strong recommendation of the formation of an Improvement Trust for the Colony, a measure long advocated in Hongkong. With the improvements contemplated in this scheme our successors may indeed see aworthier Hongkong healthier, better laid out, with suitable public buildings like the new Law Courts, whose foundation-stone was laid on the 12th November last, the new Post Office, which is to follow, and other replacements of our many unsightly public buildings. In the reconstructed Hongkong we are doomed, it is to be feared, to see the Admiralty Dock and Naval Yard still cutting in two the harbour-front, for the Admiralty has imposed too hard an alternative in the letter used as a reply to our petition this year. Yet 1903 has seen Hongkong make a distinct advance toward betterment in the past twelve mouths. One very burning question which has agitated the Colony in the same period has been that of the currency, a great meeting of the Chamber of Commerce taking place on the 19th February, when Mr E. OSBORNE'S resolution in favour of the Straits Currency Commission extending its enquiries to Hongkong was carried. Nevertheless the supporters of a stable standard have had their hopes dashed to the ground and have seen our neighbours in the Straits and in the Philippines precede us.
Regarded from a commercial point of view the year has not been a prosperous one. It has been a period of suspense, of trial, and ill-rewarded effort. Exchange through out played such fantastic tricks before high Heaven as might well have made the angels weep had they been traders, and they cer- tainly confounded all calculations of the harassed merchant. The demand rate, which in January alternated between 1/613 and 1/61%, rose gradually, with numerous fluctua. tions, until by the end of April it stood at 1/8, falling again by the end of May to 1/71. This tendency continued, with some slight relapses through July and August, when it reached 1/10. Further oscilla- tions occurred in September and October, though the rate was on the whole fairly maintained; but the following mouth witnessed a fresh decline, the rate for the 30th November being 1/8. Since that date it has been weaker, but with fre- quent fluctuations, and the prospect ahead for its stability is little more encouraging than it was at the comme cement of the year. In the Yarn trade, business has been almost stationary, and the actual sales show a slight decline over those of last year, the figures for arrivals and sales being:
1903. 288,962 bales. 293,875 bales. Sales............. 172,250
170,567 Considering, however, the disorganised state of affairs in the interior of the Two Kwang, the vagaries of exchange, and the manipulations of operators in the Cotton Markets of the world owing to partial failure of the crops, the trade has shown remarkable elasticity. The first two of the above named factors have rendered the business here, generally speaking, profitless, though some few native dealers have realised advantageously. Most of the mills in Bombay are now working short time. The local Yarn Mill has done very fairly, though suffering, like the Indian mills, to some extent from short supplies of raw material.
Arrivals
19: 2.
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CHINA OVERLAND TRADE REPORT,
RLAND
The Opium trade, always one entailing risk, has during the past year, owing to the varia tions of exchange, been purely speculative. The import has been fully equal to that of recent years, and the demand for Bengal drug has shown a decided increase. This is due partly to the enhanced favour with which imported opium is regarded by the Chinese, partly to the diminished supply of native drug, and partly to the replacement of Persian by Bengal in Formosa, which island is supplied from Hongkong. Prices of all varieties have gradually risen, especially those for Bengal, and towards the latter half of the year rates have been well above the record. The Kerosene Oil trade shows a gratifying increase both in the volume of business and in the prices realised, the impoit for the year showing a gain of 23 per cent. on that for 1902. The deliveries were as follows:
American
Russian Borneo
1902
中
1903
**
1,677,000 cases 2,520,000 cuseS
7.000
30,000 1,245,000 1,220,000 1,210,000 260,000
Langkat (Suinatra) 1,160,000 Dragon
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JI
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14
158,000
4,242,000cases. 5,240,000 cases,
The average prices paid were :-
American Russian.. Borneo Langkat
Dragon
1902
1903
$2.00
$3.20
2.30
2.95
2.25
2.95
2.23
2.95
2.30
2.70
was, however, not long maintained, and the market soon quieted down, until in July rates became uuremunerative. From that period things have gone from bad to worse, owing to a variety of causes, chief among which may be mentioned the partial failure of the Indo-China rice crop, the troubles in North China, the prohibition of immigration into the Straits Settlements, the quarantine imposed at other places, and the over-supply of outside steamers. The difficulty at the present time is not so much the dearth of cargo as the number of vessels competing for it. Rates for Saigon fell in some cases as low as 6 and 7 cents per picul, and Freights from Bangkok and Kohsichang were accepted recently as low as 8/2 cents per picul respectively, a fourteen hundred miles trip! In every direction the depression has been felt, but it is accentuated on this coast. The Stock market has, on the whole, shown some improvement on 1902, but as compared with previous years has been most unsatisfactory. During the early part of 1903 there was a decided improvement in the volume of business, and values of most 睿 stocks improved, and this continued during the first six months; but, owing to the rise in exchange and the alteration in the Straits currency, large amounts of bullion were exported, causing great stringency in the money market, under the influence of which stocks gradually weakened, demand fell off,. and values declined, until towards the close. of the year things were worse than in 1902.
As will be seen, the import of American oil increased some fifty per cent., and the Several notable changes have occurred in prices show an improvement of nearly thirty the personnel of the Colony, in Government send per cent. Business in Piece Goods, both circles especially. Most important of all of Corton and Woollen, during the past year course is the departure to take up the proved dull and dragging, Chinese only Governorship of Ceylon of Sir HENRY A. buying, for the most part, to fill immediate BLAKE, who has for five years administered requirements. The steady rise in the price Hongkong. It is so recently that we wrote of Cotton, taken in conjunction with the of his departure that we need say nothing fluctuations in the value of silver, have more now than that his closing speeches resulted in a smaller volume of business in were listened to with great interest and Cotton Goods, but on the whole dealers and revealed him perhaps more to Hongkong. Home than before as a man who, however certain importers have not done badly! prices are out of reach generally at present, of his actions as Governor may have met Cotton being quoted 7d. The trade in with disapproval, was deserving of respect Metals, though not much less in volume for his personal qualities and the courage of than last year, owing to the disturbed coa- his opinions. Major-General Sir WILLIAM J. dition of the neighbouring provinces and GASCOIGNE, our most popular Commanding the state of exchange, has proved unsatis- Officer, preceded the Governor by over a factory and uaremunerative, The Flour month, and Commander MURRAY RUMSEY, trade, which has been annually growing for so many years Harbour Master of this vast many years, did not in 1903 prove as satis port, left too in the middle of September. factory as usual. The volume of trade in Coal The shifts in the local Government have has been much as usual, more especially in accordingly been many. Major-General Japanese an Australian varieties, but in VILLIERS HATTON arrived last month to Cardiff there have been few transactions, the take up the supreme military command, but the administration of the Colony is fluctuations in exchange and the war scare latterly having affected prices and induced still in the hands of H.E. Mr. May, whose holders alternately to stiffen and relax rates. graduation in the Hongkong Civil Service On the whole the demand for fuel has been has inspired the Colony with confidence in/ rather smaller, and prices have ruled easier, his rule. It will not perhaps be till next in sympathy with the low rates of freight June that we shall see our new Governor. existing throughout the twelves months. Sir MATTHEW NATHAN land on our shore. In Exports there is no great development | He will arrive at a period of utmost import-.. to record. Tea has long been gradually ance in the history of Hongkong, on whose disappearing from the list, but this year the governance in the near future no small export of Canton and Macao Teas has been issues for the British Empire in this. slightly larger than in 1902. In Silk, busi- part of the world will depend. ness has been curtailed by the high prices wishing that the best hopes of those here ruling. The crop proved short, and the who care for the Colony may be realised, we expert for the year has been smaller thau also wish particularly for our readers that for 1902. The business has not,as a rule, been remunerative to exporters. A. falling off is noticeable in many Sundries, but in Cassia and Matting the trade has been well maintained, the exports of both showing a considerable increase on those for the year before. 1902 was a bal shipping year, and the past year opened with indifferent pros- pects for Coast Freights, but these improved materially in March, when the demand for Tonnage exceeded the supply, and rates of Freight ruled strong. This fair promise
A HAPPY AND PROSPEROUS NEW YEAR.
In
Sir Henry Blake seems to be reforming. Government hours in Colombo a little. We read in the Times of Ceylon:-We understand that H.E. the Governor has sent an order to the Secretariat fixing the hours of work of the Government clerks from 10a.m. to 4.80 p.m. The time of beginning work now is half-an-hour earlier than has been the practice hitherto, His Excellency has also desired a record kept of the daily attendance,
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