34
}
THE HONGKONG WEEKLY PRESS AND
[January 14, 1905.
COMMERCIAL.
The Kobe market report, published under the direction of the Hiogo and Osaka Genera- Chamber of Commerce, has this to say of cotton imports at the end of December: Cotton. American. -Since last reporting the home market has declined considerably owing to the Cotton crop being larger than anticipated. ginned up to the middle of this month shows a total of 12,000,000 bales, as compared with 8,50),00) giuned during the same period last This has caused & pinio in the home market, and the position locally is extremely dull. Spinners are in consequence now rather inclined to await developments. Stock Middling is nominally quoted at Y-5, and forward at Y21.50, with lower tendency.
year.
Indian.--
The condition of the American market has caused rates to
we.ken. No fresh forward business is reported, and the market is much depressed Old stock is moving slowly at low rates. Quotations for spat cargo sland nominally at Y21.00 to 21.50 for Akola and Khamguam, and 122 for new crud F. Bengal. Chinese.-Owing to the continned high rate of Silver, no fresh business has been reported for a considerable time past, rates being too high as compared with American and Indian staples. With regard to the alleged dampness in cotton shipments referred to in our report of the 14th October, the Cotton Spinners' Association has decided that suppliers should unconditionally bear the extra loss in weight. This decision will be brought into force on the 1st January, 1905, and the members of the Association have been notiffed to that effect.
HONG KONG, 1st January, 1905.-The follow- ing is a Review of Exchange, Bar Silver and
"Bank Rate of Discount, for 1904.
AVERAGE RATES CF T. T. IN
HONGKONG (APPROXIMATE).
FOR THE
FOR TH
H
YEAR.
YEAR 1904
HIGHEST AND LOWEST.
LONDON.
BAR SILVER.
BANK RATE |
or Ducorati
MONTH. QUARTER.
MEMO:
HONGKONG.
T.
T.
Rates
Silver
4
4
1/911
1/ 06
4
1/913
|1/103% |
3
1/91's
-197
+
1/97% 1/93 1/10
1/943| 1/104|
76/1
16/1
YOT/I
$16/1
3 3
1/91
1/103%
1/107%
1/101
1/11325
SO CO CO OD ST KO OD OD
3 3
ce on co co en en en en
:77%
254
27
1/10 1/9-
267
251
2476
251
25+**
264
6/1 0/1
1/114 1/94
#8/1 16/1
16/1 6/1
197
9*
1/10
1/9
1/10-3 1/91
1/100 1/97%
267
1/198 1/913
2611
26
1/100
271
26年
1/10 1/918
Highest-31st Dec›mber.
Lowest-9/12th April. Highest 31st December. Lowest-16th April
27-**
December
1/10
1/112 1/103
289
Average T.T. rate for the year 1903—1/84
being a rise of about 71%.
T.T. rate on 31st December, 1903=1/81
do
19041/11 da do
being a rise of al out 124%
Table Showing the Highest and Lowest Prices of Bar Silver in London, Rates of Ex-
change in Hongkong, and Bank of England | to 102 for No. 20s, prices showing a decline of 3 rates of Discount, for the Years 1877 to 19J4.
1879..
BAR SILVER IN
LONDON..
EXCHASO IN HONGKONG.
WIRE.
BANK RATE OF DISCOUNT IN LONDON.
Hig-Low.
Highest Lowest. Highest. Lowest. hest
mines
4/11 3/51 4/01 3/71 3/91 3/7$
5 6
3/6$ 3/7 3/833/61 3/7 3/31 5 3/44 2/11 3/41 3/01
2/1115
581 1877
551 1878
531
481
3/95 3/11 3/5
531 487
1880.. 1881.
53
1882.
521
50
3/9%
1883
511
501
8/83
1884.
511
49
1885
50
461
1886.
47
42
1887
471 431
1888.
44418
3/14
1889
411
411
1890
544
434
1891
481
431
3/5
1892.
433 374
1893
3-13 301
9822
1894
314
27
2/31
1895
31 276
2/23
1/11
1896
31
291
2:21 2/11
1897
1898
281
1899
29
1900. 1901
301
1902.. 1903 1904
3/22/113| 3/1013/02
is CO LO 33 10 TO 10 10 10 10 10 10 CO CO 10 23 13 MEI 20 10 10 FF
5
3/ $ 3/02/873}
est.
2
2
21
2/13 | 1/9 | 4 1/11/97 1/112 1/103 2/13 | 1/114! 2/1 1/93 211 1/10 1/6} 211/11/62 27 2816247% 1/117%| 1/
27 291이 25
26
28
COAL.
Messrs. Hughes and Hough, in their coal report of to-day's date, state that five steamers are ex-
to 4 taels.
Local: No business is reported from firat hands.
PIECE GOODS.
Messrs. Noel, Murray & Co.'s Report on the Shanghai Piece Goods Trade, dated Shanghai, 5th January, 1905, states :-The short working in- terval since we last wrote has been chiefly notable almost by the fall of Port Arthur, after an unprecedentedly gallant defence. What effect this will have in bringing about à termination of hostilities has yet to be seen. Of course it is hoped here that it will canse the recall of the Baltic Fleet and so prevent what would most likely be a serious interruption to trade, but so long as that Fleet is able to make use of neutral harbours in cases of necessity, it will be difficult to safesguard the trade routes of foreign com- merce. However, this is not what is causing the present anxiety and concern of both importers and native operators alike.
It is the uncomfort-
able position brought about by the decline in Cotton and the rise in Exchange. Although the majority are endeavouring to show a bold front a fow weak holder are playing havoc with the market, being forced to sell in order to meet the drafts against their goods. In this way business is quite disorganised and the country merchants are naturally holding off in order to secure cheap bargains. On the other hand there appears to be some sort of a concerted movement to support prices at Auction to preve t the idea gaining ground in the country that this market is any thing but strong. However that may be, the
sale show prices realised at the able recovery for Cotton goods, which venture to think is not altogether due to an improved demand from Ningpo and River Ports. It is said there really is a slight improvement in Hankow, and certainly one of her buyers was astute enough to pick up a fairly large lot of American Drills at what is considered a give away price, Measured by the clearances in that direction there does not seem to be any great
a remark-
we
pected at Hongkong with a total of 20,400 tons change for the better. The nearer Yangtaze
of Japan coal and 3,000 tons of Hongay. Since 29th December 35,500 tons of Japan coal have arrived, all sold. The market is quiet-Cardiff offering. Quotations
Cardiff..
$18.00 ex-ship. $11.00 ex-ship. $12.00 ex-ship, nominai $10.0) ex-ship, nominal Moji Lump......$6.50 to 10 00 ex-ship, steady
Australian
Yubari Lump....... Miiki Lump
YARN.
Mr. Eduljee, in his report, dated Hongkong 14th January, says:-The market has steadily declined since last report and each successive sale has been at lower prices. Scarcely any extensive or noteworthy sales have taken place, and al- though prices apparently show a further decline of $2 to $4 per bale, they must still be considered more or loss nominal, as holders to effect sales, have to submit entirely to the ideas of buyers. In fact, importers and dealers are both reluctant to commit themselves in view of the uncertain position of the raw material, and the near approach of the China New Year, with its attendant tight- ness of money amongst the natives, precludes the possibility of any movement of importance taking place in the near future. The market again closes quiet.
Local Manufacture :-No business is reported. Japanese Yarn:-The ideas of both holders and buyers are too wide apart to lead to business.
Raw Cotton-New Crop Bengals are more sensitive to the fluctuations on the other side, and despite a further drop of $1 to $2 per picul in price, only a parcel of 67 bales really superfine Bengals have found buyers at $25 to $241, leaving a rather heavy stock of 5.700 bales on the market. In China kinds some 135 bales Thoongchow have been reported sold at $26 to $25. tock 700 bales. Quotations are Indian $22 to $24 and China.
Exchange on India closes to-day at Rs. 145 for T/T and Rs. 146 for Post. On Shanghai 71 and on Yokohama $96).
The undernoted business in imported and local spinnings is reported from Shanghai during the fortnight ended the 30th ultimo, viz:-
Indian:--A decline of one to two taels in rate has induced a large speculative business, and sales to the extent of n arly 5,000 bales are reported, No. 10s suffering the most. Estimated unsold stock about 40,000 bales.
Japanese-good demand keeps up for these spinnings and about 3,000 bales are reported sold on the basis of Tls. 90 to 97 for No. 16s, and Tls. 96
|
Ports are depressed by the restrictions put on the export of Rice, which has prevented the farmers realising fair prices for what has been an abundant crop, and being able to invest in foreign imports, the conesquence is there is a plethora of cereals here and in the neighbourhood, and prices are exceptionally low. As regards Tientsin the market there is fairly active, buyers for Newchwang being in strong evidence for some little time, but, as mentioned last week, the restrictions with regard to re-exporting from the latter port, which the representatives here Fearon. 'aniel & Co., the China and of Messrs. Japan Trading Company, Limited, and Messrs. Reiss & Co., were instrumental in getting removed through the Japanese Consul General, are again in force, Holders here would like to take advan- tage of the more favourable Exchange ruling between this and Tientsin to send further sup- plies up, but there is a great scarcity of tonnage, From Newch wang itself the News is not at all Money is so scarce that trade is encouraging. paralized, and Natives are beginning to make invidious comparions between the Russian and Japanese occupation, but it could scarcely be expected to be otherwise. To sum up, it looks very improbable that any movement of im- portance will take place until after China New Year. Meanwhile forward rates of Exchange have suddenly collapsed and added further to the complexity of the situation. Supplies are com mencing to pour in and the Native money market is none too easy. A period of anxiety is undoubted- ly ahead of all connected with the trade. from the home markets are to the effect that they are quiet but firm with Manufacturers unwilling to try and force sales. Of course there are bound to be some weak elements, but we have not heard of anything being done, or even offering, except for fairly late delivery, at what might be called a substantial reduction. ('otton in Liverpool after declining to 3.74d, for Mid American recovered to 3.83d, according to the last public advice, but we understand from subsequent private telegrams it has gone up to 4d, already. For Egyptian 7d. was the last quotation. Several telegrams are to hand
bales 8.8 the es- giving 13,000,000 tima'e of the total crops in the States, which seems to have deceived some of the leading firms in the trade entirely, up to the end of November, The December export of Plain Cottons from Manchester to China and Honkgong was 51,000,000 yards, and 1,000 bales of Yarn. The decline con- tinues in imported Yarns, but Indian Spinninga appear to have about touched bottom and are in more request. Native Cotton is a little staadier
at the decline,
Advices