236
COMMERCIAL.
SILK.
THE HONGKONG WEEKLY PRESS AND
From Messra. F. C. Heffer's Report, dated Shanghai, October 18th, 1907:-Telegrams report quiet market at Home and quote Gold Killing in London at 13/9. Raw Silk.-The most important feature in our market has been a decline of fully 3d in exchange, since my last circular. A small business has been done in Tsatlees at Tls. 20 ad- vance; but on the whole there appears no great desire to buy at these rates, Steam Filatures.- Very little doing. Hand Filatures.-Settlements of 300 bales Crack Chops for America are reported on the Basis of 'Tls. 820 for M.H.Y. Blue Dragon Extra. Yellow Silks. A fair business has been done at advancing prices, the market closing firm.
OPIUM,
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HONGKONG, October 25th,
Quotations are:-Allowance net to 1 catty.
per picul,
do. do.
Malwa New
.$890 to
Milwa Old
.$940
to
do.
Malwa Older
$980
to
do.
Malwa Very Old .$1030
to
do.
Persian Fine Quality..$700
to
Persian Extra Fine ...$750
to
Patna New
$935 to
Patna Old
$915
to
do.
Benares New
$890
to
do.
Ben vres Old
.$---
to
PIECE GOODS,
per chest.
d.
Messrs. Noel, Marray & Co.'s Report on the Shanghai Piece Goods Trade, dated Shanghai, 17th October, 1907, states:-The continued decline in Sterling Exchange during the interval, amounting to much as 8 per cent. since the third of this month, has completely demoralised the market. When it is remembered that the great bulk of the stock here, already overburdened with interest and storage charges, is being carried on a sterling basis, the effect on holders is, to say the least, most embarrassing. Time alone will prove what the outlook is to be, but at the moment the outlook is decidedly gloomy. It is useless reiterating the trade has been overdone during the last few years, and the simply bull Inck
Was
that, through fortuitous circumstances, enabled it to endure for so long. It was imposs- ible to continue at the high pressure it was attempted to carry on at without abatement, and now the consequences must be faced. Importers and bankers must pull together as much as possible, the latter remembering that they originally insisted on bills against imports being renewed on a sterling basis, thus more than con- Arming the opinion that exchange unlikely to decline. A very awkward situation has unfortunately been contracted and it will require great tact to avert disaster. So far as first hand holders are concerned clearances of former purchases are fair on the whole, but experiences differ with the class of goods concerned. Fresh business is out of the question. For goods in stock buyers refuse to renew former offers, and for forward trans- actions the margin between the ideas of buyers ani sellers is now increased to nearly 20 per cent. However, with liberal supplies available at the regular auctions, and which are obtainable at their own prices, caterers to the wants of consumers can well afford to go slow and simply bay from hand to mouth to fill current require wents. Fortunately home prices are keeping up in spite of the decline in cotton, and there scenis little inducement to buy, unless it is to keep up the Auction supplies. This system of selling. which has withstood all the vicissitudes of the trade for the last thirty-three years, appears to be the only feasible way of disposing of goods at present, and in spite of the depressed state of the market full quantities are readily saleable without any very violent fluctuation in prices. The only cheering piece of news from the Out Ports is the better prospects for the trade in Newchwang, caused by the rivalry between the Railways whereby the route via that port promises to become more used than the Dalny route. This may be only temporary, but will give the old port a little life and activity before it closes for the winter. Already some orders for fresh supplies have been placed on this market,
Cassia
Cloves
[October 28, 1807
HONGKONG QUOTATIONS.
HONGKONG, 24th October, 1907.
$13.50 to
$ 15
$ 19
.. 16
194
Camphor Cow Bezoar
Fennel Seed Galangal Grapes Kismis Glue Olibanum
| Oil Sandalwood
F
Rosa Cassia.
chiefly American drills. The Tientsin market is in much the same position as this, the unfortunate holders being badly hit by the drop in exchange. Trade with the River Ports is not altogether | Apricot unsatisfactory. The railway service is now open Borax between this and Chinkiang, the journey taking six hours. The entirely native built line from this to Hangchow is progressing rapidly, and from latest accounts is expected to be completed by the end of next year, all of which little improvements in the transport service should be conducive to the advancement of trade in future, but the mistake inust be avoided of anticipating that improvement too soon. The Manchester manufacturers, although not showing any great weakness on account of the falling off in the demand for India, are evidently in want of orders, but cotton has not declined sufficiently to enable it to meet the views of buyers for this market. Liverpool seems to have been disturbed by conflicting accounts of the crop, and after declining to f. 52d, for Mid-American recovered to 6.641. Yesterday the quotation was 6.00d spot and 6.09d for futures, to-day it comes 6,49d for spot. Egyptian is down to even woney-10. The Manchester export for this month of Plain Cottons to China was 7,000,000 yards, No changes have been advised in the New York market for Domestics, cotton being quoted 11 cents for January and 11.18 cents for March option, which scarcely confirms report of damage by hail storms. According to some telegrams the Indian cotton crop is expected to be only 70 per cent. of last year's owing to the continued drought. The Yarn market is looking a little firiner for imported spinnings. but oper- ators will not pay the prices demanded now by first hand holders. The bulk of the business done in Indian spinnings during the interval has been amongst the natives, buyers refusing to pay an advance sufficient to cover the decline in
exchange. Japanese Spinnings bare received more attention, and there is some enquiry for local yarns, but at prices that spinners cannot accept, although resales by contractors have been made on the basis of Tis. 37.00 for No. 148. The
last sales by a Mill that we hear of was some ten days ago at Tls. 78.00 for No. 16s, and nothing under that will be entertained with cotton on the rise.
From Messrs. Ilbert & Co.'s Report dated Shang- hai, October 16th, 1907:-Aguin our market has been merely a 1 oker-on while the rapid collapse of exchange has continued without interruption during the interval; and the only thing that has been stimulated by the fall in rates has been the volume of clearances for some of the nearer
markets. Outlets at any distance have not yet had the chance of realizing that the opportunity for replacing purchases is now 10 per cent. more distant than was the case at only the beginning of this month, at which time even the gap between "spot" and replacing values was too great to be bridged; the numerous telegrams, however, in place of the usual letter advices, which have been dispatched hy native dealers to their various client in the country may have some effect in stimulating the "spot" demand when inquiry has had an opportunity of returning. A very disturbing factor, affecting local markets generally, has been the extensive speculation in exchange and gold bars carried on for some months between Chinese and some of the Ex- change Banks. In former years speculation of this nature was confined to an occasional lapse from conservative business by the gold shops, and when we remember the losses incurred some years ago by some of the Banks indulging in this forward business, we can only wonder at their temerity in again encouraging it, and including in their operations native business hongs regard- less of the interests of their Foreign Customers who are in the habit of settling direct all exchange required by their dealers and making any re-adjustment necessary. Recent direct operations can only nike merchants very uncer- tain as to their dealers' position and add an additional risk to business for all concerned. We understand that these transactions aggregated a short time ago a
total of some 22:3,000,000 forward sales to Banks outstanding, so no wonder that when Silver showed a little weakness, the rush by every one tu
knocked down exchange and helped considerably to produce what has resulted in little less than a panic in the
Raisins Senua Leaves Sandalwood Saltpetre
* 20
$100 29 $ 120
33
130
6
8 8 "
&
2
$ 4
$ 5
$ 27 7+ $ 2 18
$ 245
360
$ 60
$ 240
27
$ 5
8
**
9
"
$. 27 29
$ 10
31
$ 4
MISCELLANEOUS EXPORTS..
བྷ;
99
150
Messrs. Arnhold, Karberg & Co's Fortnightly Produce Circular dated Shanghai, 17th October, 1907, has the following-During the last two weeks the export trade received a strong stimulus through the unprecedented drop in exchange. Although the Chinese were not slow in raising their prices, the decline of about 10 per cent. of silver enabled exporters to close a great many transactions. Gallnuts. Quotations are firm. There is little demand from Europe. Cowhides.- Beason closed. Tobacco.-Samples of this year's crop are liked in Europe and a good business is expected. Feathers.-Stocks are small, but very little interest is shown in Europe, Cotton.-Our market is decidedly firmer. The Japanese are buying freely. Tallow.-Market unchanged. Some few lots have changed hands at good prices. Wood Oil.-Holders are still very firm in view of the reduced stocks. Strawbraid.-Few sales have been effected in Loyeh white and Shansi mottled otherwise the market remains quite.
HANKOW, 17th Oct., 1907.-The prices quoted are for the net shipping weight excluding coat of packing for export:—
Cowhides, Best Selected.
Do.. Seconda
Buffalo Hides, Best Selected.. Goatskins, untanned, chiefly white
colour
Buffalo Horns, average 3 tbs. each White China Grass, Wuchang and or
Poochi.
WhiteChinaGrass, Sinshan and/orChayu 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
do. Gallnuts, plum Tobacco, Tingchow Tobacco, Wongkong Turmeric Sesamum Seed Sesamum Seed Oil Wood Oil Tea Oil
SHARE REPORTS.
Per picul.
Tis, 34.00
31.00
*
,, 22.50
*
10.00
9.00
"
4.40
"
10.20
**
ta
10.00
10.60
14.50
17.30
**
"
J
5.60
FD
•
8.80
鲁勃
Messrs. J. P, Bisset & Co.'s Share Report for the week ending 17th October, 1907, states:--- This week has been distinguished for some of the most violent fluctuations we have seen in our share market for some time, notably in Shanghai and Hongkow Wharf shares and in Maatschappij. &c., in Langkats. The effect of the great fall in exchange and the loss occasioned thereby to many of the Native holders of shares has beed to throw large quantities of both stock, on the market, and the unexpectedness of the movement has undaly Banks.—Hongkong and depressed all our rates. Shanghai Banks, Without actual business having Silver market and an almost unprecedented fall been done, we quote the rates of $860 and $650 in rates here, until the quotation for T, T. was
nominal for old and the new shares respo:tively. 2/9 on the 15th instant against 30 on the
The T.T. rate on London to-day is 2/9]. In.— September 28th. Trade cannot flourish under North-China Insurance Co. have buyers at Tis. 74. such conditions and we
can only hope that operators on both sides are satisfied now to leare such gambling alone and not interfere further with the legitimate trade of the port.
cover
Shipping.—Shanghai Tug & Lighter Co. Ordin- ary shares have been placed at Tla, 45 and the Preference at Tia. 50, Docks and Wharves. — Shanghai Dock and Engineering Co. Ltd. Shares