COMMERCIAL.
SILK.
HONGKONG WEEKLY PRESS AND
:
PIECE GOODS. Mesura. Noel, Murray & Co., in their Report on the Shanghai Piece Goods Trade, dated Shanghai, Messrs. A. E. Burkill & Son's Cirgular, of 7th 14th April, 1905, state :-The news received dur April, 1906, states-The home markets are dulling the interval that the Bussian Baltic Fleet Gold Kiling is quoted in London at 11/4 and in Lyons at Fos. §1.25. Raw Silk.-During the in- terval, there is very little business to report in Tsatlees. Stocks all very small and holders dis- inclined to sell. Hand Filatures.—A few small transactions. Steam Filatures-Continue in fair demand, and stocks are becoming light. Yellow SilkAre in moderate demand. Waste Silk.— No business to report.
SUGAR.
Hongzone 28th April.-The position of the market is nearly the same as when last reported. Shekloong, No. 1, White.. $9.20 to $9.25 pels.
Do.
"
2, White...... 8.05 to 8.10
1, Brown...... 6.90 to 2, Brown...... 6.75 to No. 1, White..... 8.85 to 2, White...... 7.85 to 1, Brown...... 8.70 to 2. Brown
Do.
#E
Do.
Swatow,
Do.
Do.
22
Do.
"
6.95 6.80 F 8.90
"
7.90
29
6.75
B
6.60 to
6.65
29
"
.12.55 to 12.60
Foochow Sugar Candy .........18.85 to 18.40 Shekloong
13
2
RICE. HONGKONG, 28th April-There is not much change; the prices as when last reported. Baigon, Ordinary
##
12
Round, good quality Long...
Biam, Field mill cleaned, No. 2
**
"
A
#1
8.90 to 8.96
had passed Singapore and was approaching the China Sea has apparently caused no sort of un- easiness here. To have been able to make the passage of the Straits so easily, and with no show of opposition, certainly looks as though they were being lured on by the Japanese, and further de- velopments are being snxiously awaited. The advent of the Fleet into practically China Waters, opens up a vista of all sorts of possibilities, being, as it is, right in the path of commerce. Maybe this has something to do with the disinclination to enter more heavily into forward operations which most of the dealers are showing, though they will not admit it. The home marketa con- tinue very strong, in fact it looks as though manufacturers are doing their best to stave off orders, but at the same time do not want to misa the business. This may possibly lead to some of the contretemps depicted in the following letter, which the Chamber of Commerce here have seen
fit to address to the Manchester Chamber, though we are inclined to question the entire absence of any redress, which this letter seems to infer. However, the business booked during the past month or so has certainly established a new precedent in the trade, and with all the ramifica tions caused by fluctuations in exchange, etc., it
$2.10 to $2.16 is quite necessary that a proper understanding should be arrived at if the trade is to continue amicably.
4.00 to 4.05
2.80 to 2.85
No. 1 8.15 to 8.20 ...................................................................................... 4.20 to 4.25
Garden. White, Fine Cargo
DJ AUDRAISE
4.85 to 4.40
HONGKONG, 22nd April. Allow'ce net to 1 catty.
$1150
per picul.
OPIUM.
Quotations are :—
Malwa New
Malwa Old
Malwa Older
Malwa V. Old....
Persian fine quality ...$970
to
$1200 to
do.
$1200 to
do.
$1340
to
do.
to
do.
to
$1180 to $1152 to
НЕМР.
Persian extra fine......$1000 Patna New
Benares New
do. per chest.
do.
In their Report of the 15th inst., Messra. Warner, Barnes & Co., Ld., of Manila, state The larger receipts and the dullness of the home markets had its effect on prices during the past fortnight, and a moderate business was done on the basis of P.C. 19.50 to P.C. 20 for fair current, but the larger part of arrivals went into store, and generally there was little pressure to sell. This firmness in the face of so little encouragement from consuming markets is no doubt due to the generally increasing belief that the damage done by the almost unprecedented drought is really serious, and that it will curtail receipta seriously from Jane onwards. After carefully considering the reports we have received from our own pro- vincial agents, and from others connected with the provinces, we are obliged to come to the belief that production will not reach that of last year. In many places the damage by drought is already done, and in plantations thus situated a clearance has been made as far as possible of all hemp trees to save them in time. In other plantations more favourably situated, although damage has also been done, it may yet be partial ly remedied by a favourable change in the weather, but it is doubtful, as we are now in the middle of April, whether anything but a few thunder showers can be expected until June or July, which means certainly further damage, After making due allowance for exaggeration of province people we think that the first stage of the drought, which means increased productio owing to tree cutting to save the fibre, is already about nearly past, and thus we shall shortly enter the second stage, that is, of a curtailed produc- tion caused by a want of available trees, and as things look at present we think 875,000 balas as large a crop as can be reasonably expected for 1905, and should drought continue another month this figure must be further reduced. Of course there are always districts where the plantations are well sheltered by forest from the burning sun, as in Samar, and others protected by the lay of the land, also others situated in the higher slopes of hills and mountains where there is generally a certain amount of moisture and occasional showers, and these favoured districts are not so much affected as those situated on the lower slopes of the hills, and thus the damage only amounts to a percentage of the crop. The effect of the drought will certainly extend into next year..
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TMOVAL), 1008
Buch loss should, in the opinión be borne by the sellers responsible for the delay, whereas at present the bona fide purchasers on
this sids have to bear the brunt of it. In view
of these facts the Chamber is of opinion that the question in one which is deserving of considera- tion, and would earnestly commend it to your notice, trusting that by giving prominence to what cannot be considered otherwise than an
unsatisfactory condition of affairs, an improve- ment may be effected."
It is no easy matter to find out now what is going on in this market, as the bulk of the sales reported of hard cargo are from second hands, and importers are naturally very reticent about their forward transactions. The latter at present are of more or less a miscellaneous description, and for various stages of delivery, consequently there is considerable disparity
regards prices. We hear some orders have gone through with Manchester for heavy Grey and also White Shirtings, and buyers havs boon found for a fair quantity of American Sheet- ings of divers weights, both marketa being very strong. Cotton is slightly easier in Liverpool, the latest quotation for Mid American being 424d., and Egyptian 6fd., as before. Trade: at Newchwang appears to be subject to considerable interruptions owing to the dislocation of the transport inland service, the railway and carts being required by the Japanese troops most of the time, but it is thought this will soon be rectified. Tientsin is flourishing once more and re-exports from here continue on quite a satis- factory scale. It is rumoured that a fairly large deal has been arranged between that Port and New York, extending will into next year. The Chefoe trade, though not large, is looking better than it has done for some time past. Ningpo is
in want of heavy shirtings, which are sosrce bere at present. Clearances for the River markets ard fairly satisfactory, but Hankow is still incline to hold back orders. The yarn market is steady- ing up again, there being a fair demand for the imported article, while local spinnings are als attracting a good deal of attention. Native Coto ton is steady.
Borax
HONGKONG QUOTATIONS.
Camphor (China)
(Formosa)
assia (First quality)
(Second
33
Oil
Cloves Fennel Seed Oil
alangle Glue Grapes Ivory Kismiss
$14/17
HONGKONG, 7th April, 1905.
Beans
.$8/44
..$15/16
$180/140
.$145
..$18/21
$150/170 $17/27 .$305/310
$23/25 .$12/18
$600/750
..$14/15}
.$5/20
.$60/175
$10/114
..$*7/29
..$800/400
.$2/9
$13/17
.$75/80
..$30/32
Olibanum Rosa Oil Saltpetre Sandal wood
Shanghai, 7th April, 1095, Sir. At the Annual General Meeting of this Chamber held on 87th ultimo, attention was drawn by a frequent failure of manufacturers to keep to their contract date of delivery. It was stated that at times the loss and inconvenience to importers entailed by late delivery is of a very serious nature, the situation being further complicated by the vag. aries of exchange. The cause of so many cases of late shipment was attributed to the practice of overselling by manufacturers, and it was thought unfair that an importer when disap- pointed of his goods should, instead of receiving
compensation pecuniary
for non-fulfilment of contract, be met with merely an offer of cancelment. This Chamber cannʊt but feel that the complaint is entirely justified. In the first place the more cancelment of a contract for late shipment connot at all be considered a satisfat- tory or adequate settlement, depriving, as it does, both the foreign importer and his native client of their profit and / or commission. The importer actually finds himself out of pocket for his tele- graphic expenses, not to mention that he receives nothing for all his labour in bringing the original transaction to book, and in numerous cases he is even forced to undergo pecuniary sacrifice in or der to preserve amicable terms with his native client. The latter in his turn may have re-sold the goods to up-country dealers on the identical terms as to delivery which he stipulated for when contracting from the importer, and in putting forward his claim against the latter, the native dealer simply tries to recover his own vis-a-vis of the up-country merchant. Except in cases of "force majeure" the foreign importer must abidə by terms of his selling contract or pay compen- sation in case of non-compliance with the terms thereof, but "force majeure" connot be pleaded in the actual circumstances, since, according to the general opinion in Manchester business circles, amply confirmed by the Manchester Press during the past three months, the delay is prin- sipally due to manufacturers not keeping to their engagements, because in order to benefit to the utmost of the profitable prices obtainable, manu- facturers oversold themselves without due regard to their producing capacities. Home suppliers must recognise that by simply offering cancellation in cases where the delay in deliveries aris“. through their own fault, or from circumstances within their own control, they are dealing in an unjustifiable manner with the distributors of their productions in foreign markets, and the consequence of this attitude, apart from its moral features, cannot in the long run be beneficial to business intercourse. Secondly, it has become a very usual practice here, in order to guard against Per P. & O. steamer Simla, sailed on 22nd April. loss through the fluctuations of silver, to settle For London -8,050 bales hemp, 2 cases bird exchange forward against transactions. In the fe thers, 4 cases cigars, 3 cases hemp cloth, 2 cases event of the goods not arriving in contract time, bata, 18 packages woodware, 1 case books, paper, an extension of such exchange contrasta has to do, 1 package curios. 28 packages tea, 10 bales be made, which on the downward sliding scale raw silk, 51 bales waste silk, 2 packages sundries, for each month, or sometimes even for each fort- | 5 packages rattan ware, 280 mats and matting, night ahead, which has been prevalant here for a 31 packages china ware. For Manchester :-* 103 considerable time past, involves sacrifices of an bales waste silk, For Gibraltár:—1 case curios, eighth to a farthing or more par taal per month, | For Lyons:--186 bales raw silk. For Glasgow ----- equivalent to, on exchange 2/6 for instance, 1 9 cases china ware, For Marseilles :—-7 bales hair, 0.4 per cent. to 0.8 per cent, or more per month. 3 cases silk, 943 bales raw silk.
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Senna Leaves Sugar Candy Vermilion
WBX
Oil
MISCELLANEOUS EXPORTS.
Par steamer Machaon, for Amsterdam, London and Antwerp, sailed on 12th April For Adessa ... 150 packages china root. For Amsterdam:-100 bales cassia. For London :-50 bales waste silk, 29 cases shells, 169 bags copra, 142 bales feathers, 98 cases blackwood ware and china ware, 828 bales canes and mats, 58 cases fans, 61 cases curios and pvt. effects, 18 cases cigars, 15 caaka soy, dc., 1,100 packages ginger. For London and Continent: 90 bales canes, 20 bales bristles, 834 holes canes, 388 bales feathers, 2 cases shells, 184 bales galang- al, 292 bales canes. For Glasgow or Leith-12 cases pvt. effects.
P