134
COMMERCIAL.
SILK.
Shanghai, 5th February. Mesars. A. R. Burkill & Son in their circular, of this date state:-The home markets are In- changed. Raw Silk.-A few small settlements are reported in Teatlecs and Kahinge, the high rate of exchange presents busin. ss to any extent. Yellow Silk. A considerable business has been done, chiefly in Mienchews, Hand Filatures. A moderate business is reported principally in Crack Chops for America; but as stocks both of New Style and Crack Chops are now very light, holders are unwilling to sell until after China Now Year, anticipating that better prices will then be obtainable for the small stocks now on their hande. Steam Filatures are neglected. Waste Silk. No change in the position to report.
ANTON, 30th January, 1904.--Re-reels --A few transactions only have taken place since our last circular, from which we quote-Yee Wo Hing's Extra White Ticket at $785, and No. 1, $755. Filatures. Quiet with little doing at slightly lower prices; from purchases made we quote :-- Yu Cheong Wo, 10/12 at $850 Yee Wo Cheong, 18/22 at $760 Yuen Hing, 11/13-13/15 at $735. Short-reels. Quiet, some purchases have heen made, but nothing of importance; from which we quote:--Kwong Shun Ching at $880, Kwong Shun $830, Kun King at $805. Waste Silk.--Continues quiet, with but little business since our last report.
Quotations are:-) Malwa New
Malwa Old
Malwa Older.
Malwa V. Old
Persian fine quality,
Persian extra fine
..$910 to
Patna New
.$1.290
to
Patna Old.
to
OPIUM.
7th February.—— Allowance net. to catty.
$925 to $954 per picul. $970 to $990 do. $1,030 to $1,050 do. $1,080 to $11.00 do. $90 to
do. do. per chest.
do.
Benares New
.$1,285
to
Benares Old
to
lo. do.
HONGKONG, 11th February. The movements in our various Opium markets have been as follows:---
Malwa, Patau. Benares, Persian, Stocks as per circular of
28th Jan., 1904.
1,827 1.05% 039
1,61 Feb. 1st Imports ver Chusun 415 Złu
178
-
K
6th
*
9th
J
+
73
13th
N1
Sninang C. A pear Australien
30%
252 100 123 10
G
2,272 2.136
165
919 200 188
1,79
2821 '82
141
Less Exports to Shanghal Less Exports to East and West Coast Ports including Local Consumption for the fortnight..
316
Estimated Stocks this day..
1,825 1,354 390 1,663 Bengal.-Owing to the great rise in exchange the market is disorganized, and prices are nowin- ally quoted at $1290 for Patna and $1285 for
Benares.
1
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THE HONGKONG WEEKLY PRESS AND
Į
YARN.
Mr. Eduljce in his report, datel H ngong. Feb. 12th says: Towards the close f last mail the marke psed into a state of quietude which was soon disturbed by the unexpected. apearance of two or three local dealers who, with a view to strengthening their previous heap purchases, | ad 'ed a further lot of close upon 8,000 bales to their alr ady heavy holdings. prices paid being in some instances as high as $6 per bals over last quotations. The buying has been purely specula- tive, as at the moment everybody in the country is busy settling their yearly nec unts; hut the outlook warrants the action of the dealers. The probability of short supplies in the near future, cnsequent on extreme rites of cotton in India. and the paucity of stock both in native hands and in the country, point to a maintenance of the advance on resumption of business after the holidays. Meanwhile the market has again become quiet, but closes firm.
The short-time movement initiated last month in Bombay is extending, owing to the enormously wide disparity between the prices of yarn and the cost of production at the present values of the manufactured article.
Locil Manufacture: Continues quiet; no
business reported.
Jaranese Yarn:- -The high prices now asked for Bombay No. 168 & 20s is diverting the attention of dealers to these spinning, and sale to the extent of 1,600 bale- are reported at an advance of $1 t $2 in rates.
Raw Cotton:-Extreme rates check consump- tion, and the past fortnight has been a blank one both in Indian and China descriptions. Estimated unsold stock about 1,800 bales Indian and 250 bales China. Quotations are $26 to $30 for Bengal and $28 to $31 for Chines".
Exchange on India, in sympathy with silver, has taken an upward turn and closes strong to-day at Rs. 142 for T/T, and Rs. 1133 for Post; on Shan- hai 70 and on Yokohama 95.
The undernoted business in imported a d local threads is reported from Shanghai during the fortnight ended the 29th ultimo, viz :-
Indian Holders have freely met buyers, and sales aggregating 7,800 bales have been effected comprising bales of No. 6s, 3.350 bales No. 10s, 120 bales No. 12s, 20 bales No. 14s, 344 hales No. 16s and 3,670 bales No. 28, prices remaining with little alteration as those last given. Estimated unsold stock about 48,0 bales.
Japanese-At a decline of half to one tael in No. 18s, and two to three taels in No. 20s about 2,000 bales have changed hands, say No. 16s at Ts. 85 to 91, and No. 20s at Tls 93 to 96.
Local:-A blank fortnight has been experinced in these threads, the idea of both buyers and sellers being too wide up rt to lead to business.
Messrs. Noel, Murray & Co. in their Piece Goods Trade Report of 5th February, state-With ex- ception of the regular auctions business has come to a dead stop. The war scare is becoming more and more acute and the most optimistic are beginning now see the impossibility of avoiding a collision. It is evidently Japan's desire to have her two new criusers, which are now hastening out, well with- in protecting distance before opening the cam-
Malwa. There is also no business doing justpaign, as she must know from past experience that now; nominal rates are:-
New
$925
2-3 years old
$970
4-5
J
Oldest
$1,030 $1.080
Persian --The Market is very quit.
COAL.
During the month of January 48,210 tons of Japanese coal were exported from Moji to Hong- kong, 37,340 tons to Shanghai, 22,510 tons to Che foo, 11,300 tons to Singapore, 7,000 tons to Colom- bo, 5,600 to Savanhello, 2,000 tons to Bombay, 2,300 tona to Swatow, and 8,353 tons to other foreign ports, making a total of 144,618 tons. Besides the above, 68,346 tons were transported to other Japanese ports, while the steamers that visited the northern port last month took in 50,000 tons of coal for their own use. The total quantity of coal shipped from Moji for January amounted therefore to 262,959 tons, which shows an increase of 9,485 tons compared with that for the corre- sponding month of last year.
COTTON.
HONGKONG 30th January
-Very small business
Russia's procrastination is merely to gain time to complete her preparations, and that she will never back down unless compelled to. One thing is certain, and that is, Japan is not wasting the time, and the systematic manner in which she is getting ready for all eventualities is an object lesson worthy of careful study. It is rumoured that, in order not to dislocate the commercial steamboat service between this and her shores, a number of the steamers of one of our local lines have been chartered to replace the boats taken up by the Government. The great uncertainty as to what will be the effect on the markets in China is not unnaturally severely exercising the minds of the Native dealers, considering the large interest they already have in its immediate future. The unsteadiness of exchange, amongst other things, is most disconcerting, and the continued stringency of the money market, although for the purpose of re-assurance quoted nominally easier, is a very arkward problem to tackle at this particular period of the year. The home markets are also practically closed so far as this trade is concerned; but the cotton gamble still continues, the price for the usual standard of American having risen to 8.96d. in Liverpool, though it can hardly be spinners who are paying that for it! Even if the lowest estimates of the crop are realised there is
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<
[February 13, 1904.
than ever:-"It is very evident that the great advance in cotton caused serious losses to many cotton mills here and in Europe, and also grievous loss of wages to thousands of mill operatives from their enforced idleness on account of the very general resort to shorter working hours and the absolute closing of many mills. A comparatively few speculators secured large profits by the high prices, but the benefit to this small class seems entirely out of proportion to the serious interference with the cotton manufacturing industry here and in Europe, and the losses in- flicted upon mill owners and operatives. The American cotton growers may be eliminated from the discussion, as they were benefited to so very insignificant an extent that, in the language of the street gamins' they may be said to have. not 'been in it' The enormous amount of distress this causes amongst operatives in the cotton industry both in the United States and in Europe and India must draw the attention of those in authority, in the first nained country, to the havock that can be worked by a parcel of speculators, and the time cannot be far distant when the question of restricting this wholesale gambling to the detriment of the whole civilised world will have to occupy the serious considera- tion of the the Legislature. Surely it is possible to enact laws that will restrain the few from tampering with such necessary commodities as cotton and wheat, and, like the trusts, from be- coming a menace to the well being of the com- munity at large. Such a course of procedure, unrestrained, will surely lead to revolution ! The cotton and similar exchanges have become perfect gambling hells, and should be closed, or have their powers for conducting illegitimate transactions very considerably curtailed." The only goods that show an increase of any importance be- ing T-cloths, Jeans and Turkey Reds, most of the others exhibiting a serious decline, especially American makes. The market here is certainly nominally strong; but at the same time there is an utter inability to do business. Some native holders are so anxious to realise, it is said, that good three-yard American sheetings are begging at about Tls. 3.95, to Tls. 4.00, while the replacing cost is at least Tis. 4.80, but no one has money (or confidence!) to buy them. That there is some faith in the future is shown by the advance in prices at the auctions this week, payment for which is deferred for a month. Meanwhile clear- ances are shockingly bad for shipment, but buyers can generally manage to find the money to take up their contracts when called upon. The yarn market is quiet but steady. There is more disposition to buy for clearance after the New Year holidays; but the increase in price offered has not been sufficient inducement for many holders to sell Native cotton is strong and fair quantities are being taken, when dry enough, for shipment to Europe; but the supply in that con- dition is very small. The export of plain cottons from Manchester for January was 36,000,000 yards to Hongkong and China, and 500 bales yarn to Shanghai.
HONGKONG QUOTATIONS. HONGKONG, 12th February,
Beans
$3 ( 31 .$.8
Borax
Camphor (China)..
(Formosa).
Cassia (First quality)
$99
$160 @ 165
"
(Second Oil
$
34
Cloves
.$7 @ 39
Fennel Seed Oil
$315
Galangle Garlic Glue...
..$5!
$29
Grapes
$19
Ivry
Kismiss
Olibanum Rosa Oil Saltpetre. Sandal wood
11
..$350 @ 775
$18
$7 @ 27
.$65 @ 175 ...$10 @ 104
$28
Oil
.$350 @ 400
$1 @ 6
.$9 @ 10
.$88
.$49
Senna Leaves..... Sugar Candy Vermilion Wax............
MISCELLEOUS EXPORTS.
at a decline of 84, market closes depressed. nothing to justify such an advance to prices far February. For Marseilles:-222 bales raw silk,
about 2,300 bales.
Bombay..
25.00 to 27.00 picul
Bengal (New), Rangoon 25.00 to 29.00
and Dacca..
Shanghai and Japanese, 30.00 to 81.00 Tungchow and Ningpo, 30.00 to 31.00
**
**
beyond what the great majority of manufacturers could ever expect to work at profitably, and the following extract from the latest edition of Mr. Alfred B. Shepperson's "Cotton Facts," with re- gard to last season's crop, are more appropriate
Per M. M. steamer Ernest Simons, sailed on 9th
106 bales waste silk, 16 packages silks, 80 packages* human hair, 106 packages tea, 500 cases cassia, 13 packages sundries, 17 packages cigars, etc. For Milan:-57 bales raw silk. For Lyons:-415 bales raw silk.