298
COMMERCIAL.
The Kobe Prices Current and Market Report published by the Kobe Foreign Board of Trade, and dated Kobe, Hiogo, October 15th, 1907, states:-
IMPORTS.
In
Cotton-American.-The condition of the crop reported by the American Government on the 3rd inst. was 67.7, and 1,430,285 bales ginned. In spite of these reports "forward" cotton has been fluctuating with a somewhat weak tendency. Good Middling closes at Y39,50, there being practically no change since our last report. view of prices being still high, mille are not directing their attention very much to American cotton, and no fresh business is reported with the exception of some speculative sales at below home prices. "Spot" is quite nominal- there being practically no stocks available. Middling is quoted at Y37. Indian.-Notwithstanding the weak tendency of American "forward," Indian staples have maintained high prices owing to the absence of rain in cotton districts and the anticipation of small crops in consequence. These conditions prohibit business. Transactions which have been reported are on a speculative basis. 'Spot" is very quiet and dull. Quotations are: Broach Y30.50, Bengal Y23.25. Chinese.- Business is still progressing very favourably in this direction, owing to good crop and compar- atively cheap prices. Large "forward" transac tions are reported daily, due materially to the heavy decline of silver and the consequent fall of exchange in China. Forward" prices are ruling in the neighbourhood of ¥28.50 to Y28.75. "Spot " " is likewise finding buyers at Y28.50 for beat and Y25 for "common quality Shirtings. Enquiries continue and a few transactions have been done. Cotton Goods and Fancies.-Market unchanged. Worsteds and Woollens.-The first part of the season is over and there are more stocks left in Importers' hauds than usual. Business in the interior is good, bat in Osaka slack. Metals. Very little doing. Sugar. Beet. Market continues quiet.
39
"
Cane.-Raw.A moderate amount of business has been reported at
unchanged prices. Muscovados Basis Polarisation 96 per cent, aver- age 12 DS. is quoted at Y5.80 per pical, c.f.i, Osaka Refined.-The Osaka Refinery held auctions on both the 6th and 12th instant. At the first sale 21,000 bags were offered; 20,500 bags were withdrawn. At the second auction 21,000 bags were offered; 20,500 bags were disposed of at unchanged prices, and 500 bags at an advance of 2 sen. At both auctions considerable quantities
of Molasses were offered for sale but were with-
drawn. Rice.-Market steady. Some fresh business is reported.
EXPORTS.
Fish
Tea.-Settlements to date amounts to piculs 65,400 against piculs 59,100 to the same period last year, Copper.-No business. Oil.-Market unchanged, small stocks of Herring offering at quotation but without buyers; of other grades nothing offering, no transactions reported, Rice.-Market easier. Cotton Yarn.- The market, which declined during the last week, has somewhat recovered. Business, however, is almost at a standstill. Vegetable Wax.-The market during the past fortnight has remained most inactive and closes weak with downward tendency. Matting.-The market remains very firm with eager buyers for all grades. Straw Braid.-The demand continued strong throughout the period under review, and prices were well maintained in consequence. Consuming markets showed more inclination to respond to the higher quotations ruling on this side, but the volume of new business was restricted somewhat on account| of the disparity existing between prices. Chip Braid. There has been more enquiry for this class of goods, and the concessions made on both sides have resulted in fair settlements during the past fortnight, Prices, however, continued too high to encourage much new business.
COAL.
From Messrs. Wheelock & Co.'s Report, dated October 24th, 1907. Japan-Although there have been a number of inquiries on this market very little business has been done owing to the very serious drop and uncertainty of exchange, the scarcity of stocks in Japan and the scarcity of coal tonnage:-Freights are up to $1.55 a ton between Japan and this with every chance of their keeping up for some little time,”
THE HONGKONG WEEKLY PRÈSS AND
Messrs. Hughes and Hough, in their Coal Report of 31st October, state that 18 steamers are expected at Hongkong with a total of 83,200 | tons of coal. Since October 20th 6 steamera have arrived with a total of 22,800 tons of coal. Cardiff: Small sales are reported on private terms. Australian on offer at $11.00 ex ship-no | buyers. Japanese best kinds steady with no busi. ness to report. Other kinds neglected. Quotations :----
Cardiff...
$14.00 to 15.00 ex-ship, nominal. Australian $11.50 ex-ship, sellers. Yubari Lump...$12.00 nominal. Miiki Lump...$10.00 nominal. Moji Lump. .....$6.50 to $8.50 ex-ship steady. Moji Unscreened$6.00 to $7.50 ex-ship, steady. Akaike Lump...$8.00 to $9.25 steady. Labuan Lump $8.25 nominal.
YARN.
Mr. P. Eduljeo, in his Report, dated Hongkong 1st November, 1907, states:-Nothing of interest has
occurred during the past fortnight, and business has again been on a very restricted scale. Considering the season of the year and the Prospects of an abundant yield of the new rice crop, there is little or no animation in the market, and it would now appear that the speculative element in the bazir, which in previous years contributed so much to enliven the market, has been entirely eliminated by the collapse last year of the enterprising old operators and dealers. Prices here and there show a further appreciation of $1 to $2 per bale, No. 108 participating largely in the advance and forming as usual the bulk of the settlements. Receipts during the interval are not heavy, and stocks show a small decrease on last estimate. Bombay is reported dull, the enquiry from the Levant and Manchester having slackened off and there are no signs of a revival so far as the principal European markets are concerned. Sales of the interval aggregate 3,991 bales, arrivals amount to 3,839, unsold stock estimated at 40,000, and sold but uncleared bales in second hands at 22,000 bales. Local Manufactures:-Continues quiet. Japanese Yarn-No sales, importations having entirely ceased owing to much higher prices ruling in the home markets. Raw Cotton: - There is a fair enquiry for superior grades of Indian cotton, but
the market is bare of stock. About 150 bales medium Bengals are reported to have changed hands at $19 to $20. In China kinds 205 small bales have found buyers at $25. Stocks: Indian 490 and China 670 bales. Quotations are Indian $18 to 21, and China $24 to 254. Exchange on India, after small fluctuations, closes weak to- day at Rs. 151 for T/T and Rs. 152} for Post. On Shanghai 4 and on Japan 991. The under noted business in imported and local spinnings is reported from Shanghai during the three weeks ended the 26th ultimo, viz:-Indian:-There has been a small speculative enquiry and sales of about 4,500 bales are reported at an advance of 1 to 2 Taels. Estimated stock about 100,000 bales. JapaneseTotal sales about 3,500 bales on the basis of Tls. 83 to 90 for No. 183, and Tls. 90 to 951 for No. 20s, prices showing an advance of 2 Taels. Local: No business from first hands.
PIECE GOODS.
Messrs. Noel, Murray & Co.'s Report on the Shanghai Piece Goods Trade, dated Shanghai, 24th October, 1907, states-Sterling exchange which closed at 23. 9jd when our last was written continued to decline until it had reached 28. 81d T. T. when a reaction took place, and for the past day or two a half penny better has been offered to remitters. This slight improvement has done little to ameliorate the situation, beyond Bome extent, but has raising the hopes to certainly not accelerated business at fall. Fresh transactions have been practically quite out of the question, and re-sales only possible where the holders had covered their exchange in the neighbourhood of three shillings. Fortunately quite a fair amount of this had been done, apart from the gambling transactions encouraged by some of the Exchange Banks, and so some resales are possible on about the previous basis of prices. Newchwang bas continued to show some disposi tion to buy American goods, this week sheetings being favoured with most attention. Stocks there are said to be extremely moderate and orders for fresh supplies only come down for what is actually required, nothing being sent up on speculation. Prices are reported to have improved about five candareens only, the effect of the decline in exchange
not having been felt there yet, although the export trade should be stimulated thereby. Still no specific details are available of the Tientsin situation, but it is said to be most
[November 8, 1907
precarious through this drop in exchange, and there is no enquiry from that quarter for Piece Goods, though some small orders for Indian Yarn hive come down. Chefoo has bought a fair quantity of American Sheetings from second hand holders during the interval. For the rest there is little to say. Hankow appears to have received some set back that has considerably weakened her demand for goods, but the near Yangtse marketa may benefit to some extent by the permission that has just been granted by the Government to export some 1,500,000 piculs of Rice to Japan, though such an action, on top of the severe famine caused by the shortage in the last crop and consequent prohibitive prices to which the market was forced, and still remains abnormally high, is quite inexplicable to the mere onlooker. The Corean trade is practically at a standstill, as far as imports from this are concerned, owing to the drop in exchange. The Cotton market has been subject to some severe fluctuations owing to the disturbed state of the financial situation in New York chiefly, though several would-be authorities prognosticate a much lower basis than it has been on for some considerable time. This seems to depend a great deal on the condition of the new crop, as well as its size. Some think there will be a considerable contraction in the trade, though it is obvious the 20 per cent. additional spindles that will be in full working in Lancashire alone must require an increase on the former rate of consumption. The fall in price, however, has not affected the position of the weavers, who appear to be entirely in the hands of the spinners, as owing to the exorbitant prices they are asking for yarn there is little or no margin of profit in the weaving business. Under such circumstances it is not surprising prices for cloth in Manchester are not showing a decline commensurate with that in the raw staple, but this may be all changed if the new crop in the United States turns out to be of better and more even quality, obviating the necessity of spinners paying so much more to keep the quality of their yarns up to the standard. The course of the Liverpool market has again been erratic during the interval. First a recovery to 6.52d., then a decline to 6,35d. for Spot and 6.01 for "futures," and to-day a further decline to 6.17d. Egyptian has advanced to 10d. The New York market is in a state of semi panic owing to the financial troubles there, The quotations for cotton there came yesterday 10 cents for January and 10.50 cents for March, these low prices being chiefly due to the financial situation and did not represent the intrinsic valuo of the staple. On a strong stand being taken, however, by holders, and their refusal to sell at such low figures, the quotations have come to-day 10.65 cents for December and 10.30 cents for Jan, The freely circulated rumour that 1,000 balea American goods had been re-sold to New York is incorrect, nothing has been done. There is a little better feeling in the market for yarns, accentuated by an improvement in prices all round. First hand holders of Indian Spinnings are showing a rather better disposition to meet the views of buyers. A fair export business is reported in native cotton, chiefly for Japan, at full rates. The Indian crop, though backward, is expected to turn out better than was anticipated, but the wheat crop is a failure. Almost the eutire busi- ness from first hands has been conducted in the Auction rooms and shows scarcely any diminution last week, but on the whole the results were a little less favourable. Yesterday the tendency in Grey Shirtings was slightly firmer, but this worning a rather weaker feeling was prevalent, a few of the heavier makes being the exceptions
46
on
**
From Messrs. Ilbert & Co.'s Report dated Shanghai, October 25th, 1907-The nervous state of exchange has again stifled trade, whilst rain and
market a stringent money have interfered with clearances. The only mar- kets which have bought anything worth recording are Chefoo and Korea, the former having pur- chased some American Sheetings and the latter about 400 bales of English 10-lb. Shirtings, all from native hands. The liquidation of a very large native account in American goods, princip- ally consisting of heavy sheetings, and amounting to a total of Tls. 580,000 at current market values, in reported to have been successfully negotiated by a native syndicate of substantial means,(which has taken the cargo over at Tls. 530,000 and, although the account is stated to be fully solvent, it is somewhat assuring that this large amount of goods is in hands that can hold it and prevent the stamp in values which would have resulted had it been thrown on the market. Some of the re-sales which show a decline on recent values are part of the above, and no doubt show a margin on the price at which they were taken over, to those now interested in them. A few small
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