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414
COMMERCIAL.
RICE.
THE HONGKỎNG WEEKLY PRESS AND
at B
December 28, 19071
end of 1905 and of the first half of 1906 the the demoralized state of the currency ques- effects of which are still apparent. The past tion. The yarn market is firm but quiet, twelve months have been a consecutive second holders sticking out for higher and more red letter period to the Cotton Spinning Industry adequate prices which buyers are slow in of India. Orders have been more than sufficient responding to. Native Cotton is strong, and The import of foreign rice into China which to keep every Mill working by electric light and advancing. The "without reserve" Auctions was exceptionally heavy in 1906, showing as it 12 to 13 hour's work a day has been the rule continue to supply the market liberally and it is did an increase of nearly 25 per cent, will and not the exception with some of them. To- | gratifying to see how prices are keeping up under probably be shown to be even larger in 1907, when wards the middle of the year fears were enter- the strenuous circumstances, and also satisfactory complete returns are available. Saigon alone has tained of a serious relapse consequent on the to find clearances fairly prompt. All classes, shipped to Hongkong and China this year just on prevalent depression in the trade throughout the Grey, Bleached and Dyed Cotton goods have again nine million piculs, which is more than Saigon's world, when the boom in Aserican Cotton cune showa very strong prices at Auction. Woollens -- total export to all countries in 1906. The ship-in very opportunely to their relief and orders from These goods are only responding to a small extent ments to Hongkong totalled 7,079,100 piculs; to Manchester and the Continent poured in and it to the decline in Exchange, but show Armer Swatow, 580,400; to Tientsin, 308,200; to Foochow, was a case of sending coals to Newcastle. In this prices all round. Cotton Yara.—Indian.-The 67,700; to Shanghai, 780,000; and to Ningpo; | Connection it may be mentioned that a considerable continued declining rates of exchange is the only 97,000. The Philippines imported over 1,500,000 | quantity of superior grades of No. 10s and 208 cuase for the falling off in transactions during the piculs from Saigon, and Japan bought nearly which were lying neglected in our local interval, the further shrink ge of the gold value the same quantity. Saigon's export of rice for market had to be reshipped to Bo.uhay where of the tael being so serious holders are not dispos- the year has been 16,942,000 piculs as compared they were purchased by Europe buyers ed to sell except at more adequate prices. The with 8,791,100 in 1906. The recent fall in
large advance
on our ruling prices. much more favourable statistical position and the exchange has enabled lower prices to be quoted On June 30th, 1907, there were in all India 224 prospect of moderate supplies for the next few in the Saigon Market which angurs wall for the Mills working and in course of erection, running monthsh as opened out possibilities which Import- continuance of brisk conditions. The latest 5,333,275 spindles and 58,436 looms, employing on ers are inclined to make the most of, and so reports show chartera settled at Saigon for
an average 205,690 hands daily. Of these 224 business is curtailed pending an advance to much 143,000 piouls to Hongkong and 67,000 to Mills Bombay Island alone claims 85, running more like the intrinsic value of the yarns. What Singapore: The German steamers Anghin and 2,613,483 spindles and 31,892 looms, and employ-business has been done shows whit the firmness Wongkoi secured charters for Hongkong at 121 ing on an average about 100,000 hands daily. A of holders has already accomplished. This cents and 12 cents per picul respectively for little better enquiry has been experienced in this furthers the reflection that the middle men most 35,000 piculs each; the British steamer market, but only small sales are reported, as dea- always seem to have a good margin up their Telemachus settled for 38,000 piculs at 10 cents lers have cast their offers far too low to lead to sleeves, as it is certainly improbable that the con- and the British steamer Derwent 35,000 at 8 any general business, A further improvement in sumers in the country should be able almost at a cents. Latest quotations stand at 8 to 9 cents rates of $1 to $2 in No. 108 aud of $1 to $3 in Nos. moments notice to increase their limits 5 to 10 for Hongkong; 19 to 20 cents for the Phillippines; 128 and 208 may be noted, but this has been per cent and long before they have time to and 20 to 21 for Japan.
more than counterbalanced by the heavy depre-appreciate, as in the present case, the enormous Quotations stand according to Messrs Wm. G. ciation in exchange which shows a decline of over difference which the sudden depreciation in the Hale's latest circular as follows:-
10 points on last mail. Demand has continued to price of silver has made in the value of imported run chiefly on No. 20s, which, together with No. commodities. The mall business reported has 128, form more than three-fourths of the total continued on theme lines as daring the last settlements, No. 108 taking third place in point of two or three
and only aggregates a total of quantity. The market closes quiet, but steady. | 806 bales. Local Manufacture:-No business is reported. Japanese Yarn:-Sales of 35 bales No. 14s at $122 and of 100 bales No. 208 at $128) are re- ported. Raw Cotton:-A perfectly blank fort- night has been experience in Indian descri- ptions; the high prices ruling on the other side strengthening holders and checking sales. at 826. Stocks, 1,000 bales Indian and 670 bales About 250 bales Cinero Cotton are reported sold China. Quotations are $20 to 24 Indian and $22
No. 2 White sifted (trié) steam milled
round
No. 2 White unsifted (ordinaire) steam
milled round
5% Cargo steam milled round
10% Cargo steam milled round
20% Cargo steam milled round
$3.85 $3.45 $3.35 $3.28
* Prices according to terms and conditions.
YARN.
|
to 27 China. Exchange on India has continued Mail, closing unsteady to-day at Rs. 135 for to decline and shows a loss of 10 points on last TT and Rs.136 for Pust. On Shanghai 741 and
on Japan 881.
PIECE GOODS.
1
|
Mr. P. Eduljee, in his Report, dated Hongkong 27th December, 1907, states: At the close of the season a cursory glance at the working of the trade during the past twelve months cannot be uninteresting or out of place. Imports to Hong: kong amount to 146,395 bales as against 269,889 bales last year, while sales aggregate 137,608 bales as against 81,818 in 1906, showing a falling off of nearly 55 per cent. in receipts and an increase of over 59 per cent. in consumption. Considering the wretched condition of the country and local markets during the latter half of the previous your, the entire cessation of business for three Messrs. Noel, Murray & Co.'s Report on the months (from August to November), and the Shanghai Piece Goods Trade dated Shanghai, grievous collapse of 11 out of 15 yarn dealing 19th December, 1907, states.-The import trade Hongs, the increase in sales should create little or has been completely dislocated by the further no surprise. In briefly reviewing 1907 it may be serious fall in exchange, amounting to 21 per pronounced to have been one of the worst import cent, on the rate ruling three months ago. Such years the Colony has experienced. Receipts have a sudden and complete drop is quite unprecedent- very materially fallen off, and with the exceptioned even in this erratic market, and must have of a few spasmodic efforts at briskness and most disastrous effects on both native and foreign activity in the market, prices not only never business houses here. Not unnaturally prices for responded to the enhanced cost in Bombay but everything are nominally higher, and some in- on the contrary more or less steadily declined stances buyers have been found who conld actually and would probably have ruled lower but for a pay the enhanced rates asked, but for the most certain steadiness on the past of some large im- part transactions have been chiefly by monied porters consequent on reduced exports from India focal men who have bought to hold for four or and frequent assistance from Shanghai. Demand five months at least. So far this is confined to however, seldom gave importers much opportunity American makes and has had ¿L most en- for regulating selling rates with costs, for the couraging effect on other holders. All goods dealers mostly confined their small and dragging seem to pass through many hands before they purchases to actual requirements under special reach the consumers, so it is really problematical country orders, and no concession on the part of what the actual cost is finally, but at all events importers to effect sales would have induced free from the way in which buyers au apparently buying. The causes for so depressed an import afford to pay up, when called upon, the margin year may be assigned to the tightness of money between the original sellers and final buyers up and loss of credit amongst natives circles con- there must be competition, and surely consumers sequent on last year's grievous heavy failures, to in the country could scarcely have a previated as the disorganisation of trade generally throughout yet the tremendous enhancement in the cost that the Southern Provinces owing to natural and has taken place, therefore it would seem the political-causes, and lastly to the disastrous decline middle men are contenting themselves with in change. In the beginning of the year best No. smaller profita. Be that as it may, however, 106 yarn was quoted at $81/83 and now stands prices are certainly booming judging by the at $91/93, while exchange on Ladia was ruling in auctions. Several representatives of the buyers the neighbourhood of Rs. 167 and stands to-day in Tientsin are at this fort, and from the at or about Rs. 135. Our native dealers have not enquiries they are making it looks as though their done so badly a the unfortunate importers. orders for supplies will cure through this market Throughout the year they (the dealers) have once more. T credit system up there has strictly adhered to the execution of country received its death blow. Givods to the tune of❘ orders and without any outletfor their purchases upwards of Tls.13,000,000 have gone into the coun- have entirely refrained from entering into large try and the necessary means are wanting with forward contracts. Previous experience would which to meet the drafts in the Banks! Comment seem to have taught both buyers and sellers a in useless, except that this culpable recklessness valuable lesson, and they will both profit consider accounts to a very great extent for the stagnation ably by the exercise of a little caution which in this market for the past year or two. The was entirely wanting in the boom of the latter Newchwang market is altogether upset by
From Messrs. Ilbert & Co.'s Weekly Market Report, dated Shangbai, December 19th, 1907 :— Our market continues to show signs of returning activity and further advances are forthcoming for all goods which are not hopelessly overdone. Chinese have picked up some remarkable bargains in American goods, and are already congratulating beginning to feel much happier about the final themselves on the advances established; they are outsome of their old stocks, although many of them with sterling commitments open for the New Year are not very cheerful over the continued fall in Exchange, English Goods and Yarns are also much firmer and merchants up country are beginning to think that they have waited too long before laying down Spring supplies. The weakest spots in the market are in the dyed and printed goods branches of the trade; there is little doubt that far too many facilities have been given by importers to dealers whose resources do not yarrant their entering upon large trans totions, and much good will be done to the trade if the old-fashioned custom of obtaining reasonable bargain money were revived; competition has of late been so keen that many importers have allowed this practice to drop, and must to-day be regretting that they have been so easy to deal with. When loss of interest and charges are finally adjusted on many of the goods now hold over, the experience gained should make importers less anxious to enter into large operations with many of the small dealers. One of the most uncertain factors in the immediate future is the position of affairs at Tientsin; the very great increase in direct shipments to that market has been partially brought about by traveling representatives of Manchester houses, who, after pushing the sale of their goods on this market, went North and in many cases succeeded in placing large duplicate or lers there; it is obvious that until it is definitely known what portion of the Northern trade is to be transferred to Tientsin, there will always be the danger of this duplication of supplies. This year will probably be one which will furnish some data upon which to base calculations, if the Chinese outstandings in the North, which are reported to be on a considerable scale, are satisfactorily liquidated, importers here may probably find that the credit system will become firmly established to Tientsin, and will develop upon still greater lines; if, however, liquidation is not satisfactory, the importers who have transferred their business from here to the North may doubt the expediendy” of the change, in whion case the bulk of the trade may return to this port. Silver has again been most perplexing; the few bi-metallista 2011 remaining will point to the mia for hoarding gold in the United States, and the sudden panic in the silver market in London, as an illustration of what could not possibly have happened under the former regime.