250
COMMERCIAL.
TEA.
THE HONGKONG WEEKLY PRESS AND
some classes of goods it has been possible to place small orders at almost current rates here, while others are still five to ten per cent. out, or even more. As an indication of what manufacturers
HANxow, 3rd October, 1907.—Business reported have to contend against now yarns are being since the 3rd inst., is as under :-
1907. J.Chests.
834
1900. -Chests.
2,930
Settlements Shipments to Shanghai
on Native account 4,000 1,826 The following are Statistics at date compared with the corresponding circular of last season, viz., 3rd October, 1906.
1907.
HANKOW TEA. ¡-Chests.
Settlements
...490,696
1906. -Chests. 384,507
Shipments to Shanghai
on Native account 20,326
Stock
16,117
Arrivals
...527,139
1907.
Settlements
...181,558
70,326 16,574
471,607
1906. -Cbests. 158,018
Shipments to Shanghai
on Native account 12,471
Stock
3,350
...197.383
SILK.
KIUKIANG Tea. }-Chests.
Arrivals
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10,652 2,527
171.197
From Messrs. F. C. Heffer's Report, dated Shanghai, October 2nd, 1907.-Telegrams report quiet markets at Home, and quote Gold Kiling in London at 14/-. Raw Silk.-A very small business has been done in Tsatlees during the interval at prices showing a slight decline. Coarse silks are neglected. Hand Filatures. - Only one or two transactions are recorded. Steam Filatures.-
Are quiet. Yellow Silk.-A moderate business has been done for India. Tussah Filatures.-A fair business has been done at undormentioned prices.
PIECE GOODS.
Messrs. Noel, Murray & Co.'s Report on the Shanghai Piece Goods Trade, dated Shanghai, 3rd October, 1907, states:-Another week has passed without any appearance of a demand or improvement whatsoever, the market remaining in a state of utter stagnation, and the dealers are quite as much at a loss to account for the position of affairs as any one. They are quiet ready to admit that according to their advices trade in Manchuria is at present completely disorganised, as can well be imagined. It looks, therefore, very improbable that business will be placed on a proper basis for some months to come." Meanwhile the advices we mentioned last week which had been received from Newchwang stopping further ship- ments have been amply confirmed, little or nothing in the way of Piece Goods and Yarn being shipped to that port at present. Tien tain is taking a little from second hand holders here. but shipments thence have shown a great falling off the last few weeks. Chofeo and Kiaochow have done fairly well comparatively, but Hankow is our best customer this year. This is attributed to the more settled position of the popular currency, copper cash, now that the prejudice shown at first against the 10 cash coins has been overcome and they are being freely handled as the medium of exchange. It is to be hoped that this more satisfactory state of affairs will not be upset by the attempts that are being made in the capital to introduce a gold coinage. That and other reforms and changes are still keeping the country in a state of suspense and consequently unrest. In some parts Boxer uprisings are reported, Missions destroyed and missionaries actually murdered, while others have had to fly for their lives, showing the desperate straits to which the population in some parts of the coun- try have been reduced. The crops almost all over the country are excellent, but the benefits deriving therefrom cannot be realised for some time after the harvests, which are now in full swing. Mean- while on the market here mischievous rumours have been circulated impugning the credit of some of the most prominent members of this trade, evidently with the object of bearing the market. Unfortunately this has caused not a little uneasi- ness in Native banking circles and increased the tendency to curtail credit even more than hasbeen done of late, so that altogether importers are not having a happy time. In one or two quarters some forward business for next season is reported again; but as a rule home prices are still con- sidered too high, even for the very laudable purpose of keeping old chops going. The Manches- ter market is in rather an uncertain position. In
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used for other purposes than weaving into cloth, and one large spining company has sold the whole of their production for six months ahead to a Continental house, showing how the scarcity of yarns the weavers are complaining of is helped to come about, and in this case it is the best Egyptian spinnings, and thus the decline in cotton is coun- teracted. The Liverpool market has fluctuated slightly, declining at first to 6.60d., recovering to 6.724, down yesterday to 6.87d., with "futures" at 6.18d. and to-day to 6,64d, for Mid American, while the price for Egyptian has receded to 10%. The export of Plain Cottons last month to Hongkong and China was only 21 million yards, making 275,000,000 yards against 318,000,000 yards for the corresponding nine months last | year. We have not heard of any fresh business in New York, or even quotations. The Cotton quotations are 10.83 cents for December, 11.00 cents for January, and 11.28 cents for March option. The condition of the crop at the close of September is returned as 67.7 against 71.7 last year, and even that is more favourable than was expected. As regards forward business the dealers here have experienced the evils of buying too far ahead and are now disposed to act more warily. Even with fancy makes, which require time to manufacture, they are not prepared to
place orders as yet for the Spring trade, prefer- ring to wait for the next few weeks to see how clearances go on. This is presumably because they do not feel at all sure on what lines the
demand is likely to run, the business becoming much more changeable and complicated than it used to be. The Indian Yarn market has ruled very quiet, importers being undersold by native holders. In all, quite a fair quantity must have changed hands, the greater proportion consisting of what the dealers bought on speculation, over and above their orders, a few weeks ago. Japanese and local spinnings are weak and drooping. Native Cotton is coming freely to market and values are declining. There is some buying for export, but it is not very brisk.
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[October 14, 1907
1907, states:-Gallnuts.—Quotations are firm for Usual Gallnuts. Little doing. Lower prices may been looked for in the near future. Cowhides.--. Season closed. Tobacco.-Sample bales have now. been forwarded and business is expected to result in a month's time. Feathers.-Good demand, Supplies small. Cotton.-The weather continues to be an ideal one for the crop and in consequence prices declined fully a tael per pioul. Nevertheless there is little business, as the American Market is weak and spinners prefer to wait, Tallow- The market continues very quiet. Wood Oil. -Market unchanged, No business reported. Strawbraid.--There is some demand for fine white braids for the American market and a few sales have been made in Shanghai White, Tuscans are well represented and can be bought now about 20 per cent. below the prices of two months ago, Wool.-Sheep's.-Little business doing. Market easier. Antimony.-The tendency is towards higher prices.
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hai, October 3rd, 1907-Business for the Yangtze From Messrs. Ilbert & Co.'s Report dated Shang
market has continued upon a fair scale during the interval and resales for forward arrival in English 10-lb. shirtings under established chops have been made to the extent of about 900 bales in the past few days, while 12-lb. 36-in. goods of hoth common and medium qualities have shared to some extent in the demand. Beyond these transactions the market has been somewhat quiet and stock holders have been unable to establish higher values than those ruling a week ago. For New- chwang, the demand for American Sheetings, reported in our last week's issue, has ceased, ostensibly owing to the second shipment that has been sent up during the past few days, having received a somewhat cool reception, but presum- ably the real cause of this sudden cessation of demand from an outlet which usually exhibits a certain amount of desire for supplies at this season, is due to a market rumour of "tight money" owing ant dealer of unquestionable standing and stability. to want of liquid assets in the case of an import- Statistically, the position of American sheetings is apparently righting itself but slowly, the stock on hand being still 2,000,000 pieces, while the oftake has not been of late keeping up to the normal quantity. This latter should average over 65,000 pieces weekly, which has been the usual rate of delivery over the period from the hagin- ning of 1901 to date, but no doubt Japanese makes, which have been sent to Manchuria at the rate of 3,000 bales monthly for some time past and placed on that market irrespective of cost of production, have in part accounted for the lesser offtake. is stated that these Japanese consignments are to be discontinued for the present owing to the heavy
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loss which has been incurred over them, and the continued high level of cotton is likely now to deter them for some little time to come from competing in sale against the existent stocks of American sheetings which were laid down at an average of less than 41d. Cotton.—With regard to the new crop in America we learn from private telegraphic advices that the American Agricultural Bureau reports the condition on the 2nd instant as 67.7 against 71.6 for last year's crop at the same time, and 68.4 which is the average over the last 14 years. This report is stated to be better than the market expected.
MISCELLANEOUS EXPORTS.
SHARE REPORTS.
HONGKONG, 11th October, 1907.—We have no improvement to report in the amount of business transacted. The week has ruled very dull, but rates have been fairly well maintained and several of the smaller stocks continue in demand without finding sellers. At the time of writing the slump in sterling exchange has assisted the stagnation that has been ruling so
long, and although a lower rate of exchange should in the ordinary course of things tend to a rise in the rates of shares, more especially in
Banks, operators seem inclined to mark time at the mo neut, and to await further developments. Exchaug on London,T/T,2/4,on Shanghai78),
BANKS.-Hongkong and changbais have raled steady at quotations but with no business to report. The London rate has fallen to £77 10%. At time of closing shares could in all probability be obtained at quotations. Nationals remain unchanged and without any reported business.
MARINE INSURANCES.—Unions have been enquired for during the week, but no shares
placed at Tls. 75, closing steady at that rate. appear to be available and the market closes steady at quotation. North Chinas bave been
China Traders and Yangtezes continue without business. Cantons continue with sellers at 270, after steadying a little in the middle of the week. This latter Company has issued its yearly report, which shows an amount for divi- sion for the 1906 account of $486,059,27, which the General Agents and the Consulting Com- mittoe propose to deal with as follows: l'o pay and to carry forward the balance of $286,959.27 a dividend of $20 per share, absorbing $200,000 to the formation of an account to be called the Underwriting Suspense account, which account it is proposed tɔ augment by adding $115,000 to it from the reserve fand, making the suspense account $401,959.27 and leaving the reserve fand at 31,560,000,
FIRE INSURANCES.-Hongkongs have again|
rate. changed hands at $300, closing steady at that Chins remain weak, and without business
at $86, sellers.
SHIPPING. Hongkong, Canton and Macaos continue quiet at 1971, with sellers, but offers at lower rates, both for cash and forward meet with no response. Indos remain with sellers at quotations and without business. China asking higher rates. Manilas are still unprocurable at $15, holders heading remain unchanged and witho tbusiness. REFINERIE- Nochange or busines toreport. MINING. -Raubs have improved during the week, and have changed hands at $9) and 91, closing steady at the latter rate. The crushing
Other stocks under this
for the last month was 1,100 oz. odd. Chinese Engineerings hava continued quiet with no business to report.
DOCKS, WHARVES AND GODOWNS.--We have no business to report under this heading, but rates have ruled sta dy. Shanghai riporta
kew Wharves to 210. a drop in Shang si Dooks to 75, sud in Hong-
LANDS, HOTELS AND BUILDINGS — Hong- kong Lands have ruled steady at 96, but we have no sales to report. Hotels continue with bayers at 100, bat sellers still hold for higher rates. We have nothing farther to report under this heading.
COTTON MILLS.—EwOs have declined to 60 Messrs. Arnhold, Karberg & Co.'s Fortnightly | in Shanghai, and Internationals improved to Produce Circular, dated Shanghai, 3rd October, 55. Other Cottons remain unchanged.
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