390
COMMERCIAL.
SHANGHAI SILK CIRCULAR. SHANGHAL, May 29th, 1907:-Telegrams report nofchange in the home markets. Raw Silk During the interval a considerable business has been done for Europe, while prices have suffered a material decline, Gold Kiling dropping from Tls. 625 to Tla. 5824; the market closes very weak with no buyers at the latter quotation. Kaihings and Coarse Silks have been freely dealt in, some 1,000 bales being settled. Hand Filitures.- Nearly 1,000 bales have been bought for the Continent at about average prices. No sales have been made for America. Steam Filitures.-Contracts for Europe have been made to the extent of 1,200 bales during the past fortnight and at the close prices are steady. Tussah Filatures. -No business is re- ported.
RICE.
Messrs. Wm. G. Hale & Co.'s Circular, dated Saigon, 31st May, 1907, states:-During the period under review, our market ruled low and easy, thus allowing transactions to a great extent chiefly with Europe. At the close, however, it seems to be at the turning point, and shows signs of firmness, owing to fresh inquiries from the North.
We quote for June/July delivery
No. 2 White sifted (trié) ateam milled
(round)
No. 2 White unsifted (ordinaire) steam
milled (round)
5% Cargo steam milled (round)
20% Cargo steam milled (round)
$3.60 $3.10 $3.02 $2.25 * Prices according to terms and conditions.
OPIUM.
10% Cargo steam milled (round)
HONGKONG, June 7th. Allowance net to 1 catty.
$820 to
per picul.
do.
Quotations are :-
Malwa New
Malwa Old
$850 to
Malwa Older
$880
to
do.
Malwa Very Old .$920
to
do.
Persian Fine Quality ..$600
to
do.
Persian Extra Fine
$650 to
Patna New
Patna Old
.$910 to to $900 to to
do.
Benares New Benares Old
PIECE GOODS.
do. per chest.
do.
do.
Messra, Noel, Murray & Co.'s Report on the Shanghai Piece Goods trade, dated Shanghai, 30th May, 1907, states:-It is somewhat difficult to start a report on the trade this week; on the one hand there are distinct signs of an improved enquiry, and on the other the commencement of what promises to become a disastrous series of failures in the trade has already commenced. One which will bear rather heavily on some of the *foreign import houses of Piece Goods and Yarn comes about through the sole proprietor of a native hong and yarn. The others are brought about by overtrading in Dyed Fancy Goods chiefly of which the market stinks, to use a native expression. A time of great anxiety is before the trade most undoubtedly, and it will require the greatest tact and nerve on the part of all, our bankers especially, to avert disaster. As regards the better feeling, the re-shipment movement of American goods is extending and at the same time inspiring native holders with more confidence. This is being supplemented by the buying up of several cheap parcels of goods with which importers had been left by the indentors. So long as such arrangements can be made a panic will be avoided, and as there is no possibility of doing any fresh business the whole attention of the trade should be applied to liquid- ating the heavy stocks at present lying in godowns here, and so put things on a proper basis again. It will take some considerable time if fresh supplies are allowed to come along, so the best thing will be for the banks to refuse to finance outward shipments for a period. Some such drastic measure will be absolutely necessary before the trade can possibly recover from the flagrant overtrading that has been such a marked feature of the past few years. Encouraged by the previous years of prosperity new native hongs sprang up like mushrooms and with about just as much stability. These were egged on by newly established foreign firms, and Manchester dunners sent out to exploit the markets and destroy the trade which it had taken nearly half a century for some of the older Arms to build up. Manchester must isolate this market as the United States has practically done, and allow it to work out its own salvation, to make use of a hackneyed phrase. During the interval it is reported that letters have come in from Manchuria recommending shipments of
THE HONGKONG WEEKLY PRESS AND
|
[June 10, 1907
Piece Goods as stocks were much reduced. No Per steamer Oceana, sailed on 1st June. For practical demonstration of any response to this is
Manchester: - 50 bales raw silk. For Gibraltar: yet visible,
The affairs of this province are still-1 case curios. For St. Chamond -30 bales raw receiving considerable attention in the Press and silk. For Milan:-55 bales raw silk, 1 bale waste silk telegraphically, all of which it is hoped will lead For London:-1,390 boxes tea, 5 cases private to the desired end. The Manchester market effects, &c., 100 bales waate silk, 5 cases opium. fortunately remains very strong and fully engaged For Lyons:-358 bales raw silk. For Marseilles : forward. Cotton in Liverpool, after touching -20 cases human hair, 8 cases bird's feathers, 7.08d., declined to 7.05d. for Mid-American, while 125 bales raw silk and 450 bales waste silk. 6.60d. is the latest quotation for "futures." Egyptian is quiet at 10d. Prices are rising in the States still and the latest quotations for Cotton come 11.31 cents for November-December
and 11.42 cents January. The market is quiet for Yarns, Indian being about three-quarters of & Tael lower on account of the improvement in Rupee rates. Native Cotton is steady to firm. Cotton Yarn-The market is quiet with a lower tendency owing to the improved rate for re- mittance. The sales are about equally divided amongst Nos. 10s., 128., and 20s., amounting to 1,815 bales in all, for Tsingtau, Kiukiang and the River Ports respectively, prices being about three-quarters of a Tael lower.
The following is the weekly Piece Goods Report of Messrs. Ilbert & Co., dated Shanghai,
May 31st, 1907- The market has remained steady but very quiet during the interval, as is customary at this season when the greater part of the inhabitants of the country is engaged upon field work, and the few re-sales recorded are of the usual hand-to-mouth order. The agricultural state of the country as compared to this time last year is exceedingly favourable, for whereas last year there were severe foods covering large and important areas in many parts of the country within the Yangtsze basin, this year the first crops in most districts are reported to be very good, as also are the conditions for the commence- ment of the second crop and the planting out of rice. In the north also, favourable crop reports are to hand from Chili, where a sufficiency of rain has fallen, while the steady purchasing power for imports which Shantung province has evinced for some time past is indicative of good conditions there. The reverse side of the picture is not 80 rosy, the past week having seen the demise of a large native dealer of both ability and well res- pected connexions, but who, at a moment when the termination of the very long period of de- pression that has afflicted our market was almost in sight, has chosen a particularly unfortunate time to die, and the liquidation of his considerable liabilities in uncleared cargo will in all proba- bility mostly fall open the foreign importers con- cerned. Another dealer who is heavily committed to contract is reported to be in difficulties, and it may result in the shaking out of one or two more amongst the small class of dealers, which would be an unmitigated blessing for the trade as a whole. In spite of these unfortunate contre- temps, the majority of the native dealers are inclined towards a more sanguine view of the situation, prices at auctions having been well supported, while holders of stocks are in most instances very firm and have here and there been able to establish a slight advance in prices. In American goods some further quantity for re- shipment back to America has been closed, but the quantity is not believed to be important. Better advices in from Mukden regarding the state of trade there has, however, resulted in some speculative purchases from stock to the extent of three to four thousand bales of Sheetings, the particulars of which have not, however, been dis- closed. Home markets appear to have entered upon another upward career judging by the con- tents of a few private telegrams which have been reported to us, and all possibility of any fresh augmentation of stocks here may be regarded as safely at an end for many months to come.
MISCELLANEOUS EXPORTS.
Per steamer Glaucus, sailed on 21st May. For Havre:-50 cases comphor, 200 cases palm leaf fans, 524 rolls mats. For London:-194 cases China blackwood ware, 1,246 bales canes, 540 rolls mats, 70 bales feathers, 100 casks soy. For Lon don or Hamburg :-500 cases cassia, 167 bales
feathers, 20 cases tea sticks. For London and Continent:-100 casks wood oil, 80 bales feathers, 145 balea canes. For Amsterdam :-50 bales cassia. For Antwerp:-50 bales split bamboos and 26 bales feathers.
Par steamer Idomeneus, sailed on 21st May. For Marseilles-280 bales canes, 66 bales human hair, 125 rolls matting. For Havre:-221 bales canes, 1,670 rolls mats, 375 bales canes. For Liverpool:-112 cases soap, 200 rolls mats, 62 packages Chinese goods, 396 bags ore.
Par steamer Nore, sailed on. 5th June. For Loudon Opt. Continent:-5 cases human hair. For Glasgow:-7 cases chinaware. For Man- chester:-50 bales waste silk. For Gibraltar:- 5 cases cigars, 2 cases curios. For Marseilles - 50 bales waste silk. For Antwerp:-21 pack- ages ore. For London ----38 cases china, wood, bam- boo ware, 28 boxes porcelain and private effects, 1 case black wood ware, 120 boxes merchandise, 15 cases camphor, 100 rolls matting.
HANKOW, 29th May, 1907-The prices quoted are for the net shipping weight excluding cost of packing for export:-
Cowhides, Best Selected.
Do. Seconds
Buffalo Hides, Best Selected. Goatskins, untanned, chiefly white
colour
Buffalo Horns, average 3 lbs. each White China Grass, Wuchang and/or
Poochi. WhiteChina Grass, Sinshan and/orChayn Green China Grass, Szechuen Jute...
White Vegetable Tallow, Kinchow White Vegetable Tallow, Pingchew
and/or Macheng
White Vegetable Tallow, Mongyu Green Vegetable Tallow, Kiyu...... Animal Tallow
Gallnuts, usual shape Gallnuts, plum do. Tobacco, Tingchow Tobacco, Wongkong Turmeric
Sesamum Seed Sesamum Seed Oil Wood Oil Tea Oil
ON
ON
ON
ON
Telegraphic Transfer
Per picul Tls. 34.00
31.50
J
15
22.00
7.60
10.50
10.00
39
J
JJ
10.20
10.20
22
8.50
11,00
J1
10.50
14.25
"
17.50
"
8.00
"
5.40
*
8.70
EXCHANGE,
MONDAY, June 10t ̊.
LONDON.—
2/27
2,21
2/2
..2/2,9
.2/21
Bank Bills, on demand
Bank Bills, at 30 days' sight... Bank Bills at 4 months' sight Credits, at 4 months' sight
Documentary Bills, 4 months' sight .2/27
PARIS
Back Bills, oo demand
.2741
Credits 4 months' sight
2791
ON GERMANY.—
On demand
.2231
NEW YORK.—
Bank Bills, on demand
531
Credits, 60 days' sight.
542
BOMBAY.-Telegraphic Transfer ...16 i
Bank, on demand
.1621
Telegraphic Transfer
.1621
Bank on demand ......
.1621
Bauk, at sight. Private, 30 days' sight ON YOKOHAMA.—-
On demand... ON MANILA.-
731
741
1964
.1064
ON CALCUTTA.~
ON SHANGHAI.—
On demand
ON SINGAPORE. -În demand ON BATAVIA. -On demand ON HAIPHONG. —Ou demand. ON SAIGON-On demand ON BANG OK. —On demand SOVEREIGNS, l'ank's Buying Rate GOLD LEAF, 100 fine, per tael BAR SILVER, per os
FREIGHT.
.71 p.8. pm.
.1311
.11 p.o. pm. .4 p.c. pm.
.671 $ 9,10 .$48.00 .304
Messrs. Wheelock & Co.'s Freight Market Report, dated Shanghai, 23rd May, 1907, states:— We note a slight improvement in the amount of cargo for our Homeward Freight Market since last. Everything however, remains extremely gull Coastwise-Rates are firm owing to lack Per steamer Oceana sailed on 1st June. For of outside tonnage, but there is almost nothing London :—50 bales raw silk.
doing.