E
1904. A RETROSPECT,
THE HONGKONG WEEKLY PRESS AND
[January 9, 1905.
trade has been characterised by heavy fluctuations, and owing to the speculative nature of the business it would be difficult to say whether it has proved remunerative
The
thecircumstances required, but there were so many points of view that it was difficult to (Daily Press, 31st December.)
define the main issue. A most important We do not like that imagery which asks item of local politics was that introduced us at this time to think of the Old Year as by the petition of 270 Hongkong ladies in or not. The trade has not been affected dying, and the New as one coming to the favour of the registration of servants. The by the Russe Japanese war. Prices generally birth. The simile is one easily buitressed gist of the answer, and the reason why have ruled higher than last year. by similar similes; but for our present pur-nothing has yet been done, was Sir HENRY Flour trade, which has for many years pope, and for the annually recurring purpose BLAKE's non possumus. It is to be hoped been growing steadily in importance, has of all sensible business men, that of " taking that the new Governor which 1904 gave us during the past year been less satisfactory stock," we prefer to regard a. D. 1904 as a will not be daunted by the difficulties, but than usual owing to the heavy stocks stage of a journey. Thus, though the stage that he will, in 1905, see some way of show-carried over and a considerable falling off just ending may have been dreary, full of ing that such a scheme is as possible as it in consumption. An improvement in de- perils, or altogether pleasant: though the is desirable. The registration of Chinese mand has been apparent, however, during stage upon which we are about to enter may partnerships was another question raised the latter months of the year. The Coal, present an aspect dreadful or the reverse; during the year by Sir W. M. GOODMAN, trade has to some extent felt the influence it is profitable to regard thending year, who, by the way, went Home soon after. of the war; demand has b en less brisk and not as a corpse needing hasty burial, but as Of business done, we may express gratitude prices for Japan varieties have ruled lower, an experience from which to extract warn- for the issue of Sir JOHN CARRINGTON's less bunkering having been done by vessels ings or new hopes, as the case may require. revised ordinances, and for the adoption of passing through. The price of Cardiff has Last year, on the whole then, may be the Hill District Reservation Bill." There been maintained, but the trade in it has regarded as one affording a by no means have been two shocking murders to blemish been smaller than last year. In Kerosene unpleasant rétrospect. The horrors of war our year's retrospect, and several serious Oil there has not been much increase in the bave marked its course almost from begin fires among many. Religious matters are volume of the trade done, and the prices ning to end; but the trouble in the houses presented in a favourable light by the lay-ruling in 1903 have not been maintained, of Russia and Japan has had the good effecting of the foundation stones of two churches those rates having been upheld through the of helping to put the British house in order. at Kowloon. The year will also be remem supply being limited. The development of The allusion is, of course, to the series of bered as the year of the rebuilding of the other oil fields in the United States and friendly understandings arranged with other fine of collegiate church of St. Paul at consequent augmented production has served
· Powers, which remarkable series h been Macao.
to bring down rates very considerably, viz., from $3.20 per case to $2.60 per case. The prospects for the future point to further competition, since the Californian oil, which is now produced in great abundance, and has already reached the North China market, will enter the field here as a com- petitor during the year 1905. With regard to Exports, the trade has, save in one or two cases, been barely maintained. Tea has for some years been a slowly vanishing quantity,
attributed, correctly, no doubt, to the per- sonal influence of His Majesty the KING. There have been alarmist rumours of ne sort or another, only to be expected during such a year of uurest, but it is still right to assert, as is done elsewhere, that "our rela tious with other Powers continue friendly." The year began with a certainty of war. The number of those who failed to see its inevitableness was small, In the issue with which we began the year, we declared that the question was, not “ will there be war?" but when will it begin?" A very few weeks sufficed to settle all such speculation; and a few more weeks startled the world into its first real sense of the potential qualities of a new Espire. It is hardly necessary to review events which have been kept fresh in our minds by succeeding ones: At present we are watching anxiously the desperate efforts of the losing side. Japan is paramount at sea, and while it is always unsafe to prophesy, the expectation is that even after the advent of the new Russian Armada, she will continue to hold the set. On land the Russians are either penned up, as at Port Arthur, or driven to the northern confines of the province out of which Japan undertook to drive them. One question affecting our nation, raised by the current war, vns, and is, that of our occupancy of Weihaiwei. Anxious enquiries were parried by the Government; but there is no pro- bability that any eventuality will causus to abandon the place. Our little affair with Tibet ripened during the year, and the result is supposed to have ben entirely satisfactory. D squieting rumours have it that the status quo ante bellum remains, and that our troops will again have to face the frosty prils of the high Himalayas. That is for A.D. 1905 to settle; and with it, perb ps, some clarer understanding with Rusia as to the interests in those northern places where our lines have lately seem
ed
SO awkwardly to intersect. The political year was made remarkable by the development of Mr. JOSEPH CHAMBERLAIN's policy of fiscal reform. The noise of the great discussion reverberated in Hongkong, where we had deba es, lectures, correspon- denc, and a plebiscite which "went the whole hog" in an overwhelming majority in favour of the ex-Colonial Secretary's ideas. The question of coolie transport to the South African mines in need of labour seems to have caused much more fuss at Home than
The past year has not, when looked at commercially, been a satisfactory one. The Russo-Japanese war has not perhaps direct- ly interfered much with the ordinary trade with China, but it has, generaly speaking, had a malign and restrictive influence on operations, and so far as trade with Japan is concerned, has certainly been obstructive. Exchange, which last year played such tricks with business of all kinds, bas this
year been a less important factor, though and the export of Macao and Canton teas has its uncertainty still serves to impair con- during the year under review shown a fur- fidence and limit operations to the supply of ther reduction. In Silk the trade has been current wants. Although it has been far
remunerative to exporters, though the from steady, the demand rate fluctuating volume of business was smaller than last from 1/10 9-16 to-15-16 in January to year, and the losses then made have pro 1/8 15-16 in April, rising again to 1/10 7-16 bably been recouped in 1904. Producers, in August and falling again to 1/9 13-16 in however, are said to have found the year an September, it has on the whole had a unprofitable one. The Sugar trade in 1904........ hardening tendency, and at time of writing has been very satisfactory, demand having it has reached the highest point recorded in been good from most quarters, and prices, the year, namely, 1/11 9-16. No faith is, owing to the short crop of beet, have ad- however, felt in the permanence of this im-vanced considerably, yielding good profits to provement, aud those interested in trade are the refiners and exporters. In Sundries not much inclined to act upon it. Until, there has, on the whole, been a reduce i therefore, a fixed exchange can be secured, trade, the export of matting, soy, pre- either with the assistance of the Home Go- served ginger, and essential oils having vernment, or by reason of China determining fallen off from various causes. The to place her currency on a gold basis, there Freight market, which at the close of can, we fear, be little chance of any solid 1903 promised badly, greatly improved improvement in trade taking place. during the past year. Commencing in The Yarn trade during the past year February, coastwise charters were effected has shown a considerable falling off, and at rising rates, which have been fairly. prices for both English and Bombay spin. maintained throughout the year, owing nings have fluctuated greatly jowing to the principally to demand on Japanese account, abnormally high rate ruling for cotton which has taken a good deal of tonnage off during the greater part of the twelve months. the market. A number of steamers The import of Indian grey yarn, as com- have also found purchasers, chiefly in pared with that for 1903, decline some Japan. For Southern ports the chartering 234 per cent, and sales by nearly 13 per has been limited, owing to the high rates ce, respectively. In Cotton Piece gods asked. The Stock market has shown con there has been only a very moderate trade, siderable activity during a great portion of and though demand improved after June, the year, and prices of several sticks have the slump in cotton has made dealers very advanced materially. Heavy settlements for anxious, and the market closes stagnant. December, combined with the tightness of The inquiry for Woollen Goods has been moey, have latterly brought about some much restricted by the high rates, and react.on, and the ma ket closes much though stocks are small, the market weaker, with sellers pre Iuinating. generally is quiet. A good business has, however, been done in blankets, chiefly for the north. The market for Metals has not," on the whole, been active, the demand for pig and bar iron being smaller than last year, while the consumption of lead, yellow metal and quicksilver also shows a decline, but a large business has been done in tin- plates at remunerative prices. The Opium
The December quarterly settlement on the with Shanghai stock exchange passed over no serious hitch. On the whole, our con- to have had their way, but although one or temporary reports, the bears may be said two brokers have been somewhat badly hit, the general feeling is one of content and satisfaction.
"