26
COMMERCIAL.
COAL.
Messrs. Hughes and Hough, in their Coal Report dated Hongkong, 10th January, state that 17 steamers are expected at Hongkong with Since Dember a total of 61,200 tons of coal.
27th 8 steamera have arrived with a total of 56,500 tons of coal. No sales of consequence to note- Market quiet. Quotations:- Oardiff..
to $
ex-ship, no dinal Australian $11.50 ex-ship, sellers. Yabari Lump...$12.00 nominal. Miiki Lump ...$10.00 nominal.
M
Moji Lump .$6.50 to $9.00 ex-ship, steady. Moji Unscreened$6.00 to $8.00 ex-ship, steady. Akaike Lump...$8.50 to $9.00 steady. Labuan Lump $8.25 nominal.
OPIUM
HONGKONG, January, 9th.
Quotation's are: -Allowanc› nt t› leitty.
per picul
do.
Malwa New
..$920 to
wwwwww
Malwa Old
.$960
to
Malwa Older
..$1000
to
do.
Malwa Very Old ......$1040
to
do.
Persian Fine Quality ..$750
to
do.
Persian Extra Fine ...$830
to
Patna New
$920 to
do. per chest.
Patna Old
.$920 to .$900 to
do.
to
do. ქი.
Benares New Benares Old
YARN.
THE HONGKONG WEEKLY PRESS AND
}
PIECE GOODS.
in
January 11, 1908]
Messrs. Noel, Murray & Co.'s Report on the Shanghai Piece Goods Trade dated Shanghai, We learn 2nd January, 1908, has the following that Manchester has had some further orders for this market to occupy her during the last tén days, in the shape of about 140,000 piece grey
The market is very firm, weavers finding a difficulty in obtaining Yarn to fulfil their orders, as spinners are so buấy spinning at véry remuners- reaction has to be tive prices for export. A reported in the Liverpool market, Mid. American coming this morning 6.18d. The last price wired for futures" was 5.78d. A decline has taken place in Egyptian, which is now quoted 10d The latest New York quotations for cotton are 10.56 cents for March and 10.80 cents for May option. The Yarn racket is quiet but firm. Native raw cotton is ensier. Business from first hands has been
practically at a standstill and native held cargo is in such strong hands now that there are no sellers. Quotations are quite nominal, there really being no telling what prices would be accepted. Foreign holders are certainly disposed to retain their stocks until fully adequate prices are offered for them. Clearances have been fair, considering the holiday season. The auctions have proceeded uninterruptedly, with perhaps a slight alteration in dates, but no diminution in quantites. Prices have been fairly well maintained, but at the close, as depicted by this. morning's auction, there was a slightly weaker tendency in all but the Turkey Reds, strange to say. Woollens show but little change, -lightly firmier if any thing we should say
MISCELLANEOUS EXPORTS.
From Messrs. Ilbert & Co.'s Weekly Market Report, dated Shanghai, December 31st, 1907-goods and a moderate quantity of bleached cloth. The year which closes to-day will long ba remembered as one of the worst in the history of the import trade; it began with somewhat brighter prospects than characterized the closing months of 196, but the more cheerful feeling was short-lived and as Spring advanced it became apparent that a long and weary period of depres sion, which unfortunately still continues, was in store for the trade. This depression is partly the result of over trading in 1905, when an enormous business was done, many of the contracts having I to be placed for delivery nine and even twelve months ahead; a considerable portion of these purchase arrived at a time when demand had
died away and they brought about an unwieldy accumulation of stock, which has been in process of liquidation throughout this year. The liquidation has been retarded by direct shipments from the producing markets to the northera ports, which formerly drew the great bulk of their supplies from here-direct shipment from Japan to Man churia, Chihli and Shantung and from Europ. America and India uainly to Tientsin. The transference of trade was rendered easy owing to the facilities offered by importera in the North, who delivered good on credit, whilst cash on delivery is the custom of the trade here. A portion, at any rate, of the business lone in the North has proved to have leen artificially stimulated by the freedom with which credit has been given; probably a large portion of the trade would not have been done at all but for the financial facilities offered. Some definite under- standing as to the basis upon which the Northern trade is to be carried on in the future will have
expediting an important influence
sound re-stablishment of a retarding or
Whilst the situation in the conditions here. North may be uns und, there is plenty of room for reform here also; much good might be done if by co-operation between foreign importers and the Chinese dealers through the Guilds, suc restriction of facilties to untrustworthy aperators were brought about, If the Guilds were to give references as to the standing and resources of the various hongs, dividing them into classes, as is customary with the Chinese banks, recording the names of the partners in each firm, and notifying changes therein, it is probable that a check upon irresponsible trading would ensue, to the benefit of both foreigners and Chinese. The Yarn Guild is endeavouring to establish a system of deferred payment of brokerage, which is also a move in the right direction. Another influence in re- tarding|liquidation in 1907 has been the rigid con- tinuance of auction sales upon the sane mag- nitude as when times were prosperous. When de- mand falls off and prices decline far below the level of the producing marketa merchants generally stop buying in the hope that curtailment of supplies will bring about a reaction; this policy is not adopted by sellers at auction; they continue to dispose of unliminished quantities throughout the whole period of stagnation, with the natural result that the level of prices is artificially depress- ed, the existing depression is prolonged, and recovery postponed. It is difficult to believe that the laws of supply and demand do not apply equally to all trade whether it is done by private contract or public sale. Last but not least exchange has again become a disturbing element in our market-no trade can be prosperous when there are variations within three months of 25 to 30 per cent. in the value of the currency in which it is carried on; silver still is an important factor in the internal circulation of many of the most important countries in the world, of Frauce and other European states, America, India and the Far East generally, and perhaps the outcome of the present crisis in the West my botʊbring about renewed attempts to establish a universal standard It is said that China for all commercial nations.
Mr. P. Eduljee, in his Report, dated Hongkong 10th January, 1908, states:--Nothing of interest has occurred in this market during the past fort- night, and it now looks as if the business for this native year has almost come to an end pending the revival for clearance after Chinese New Year (2nd February). Early in the interval some sales were reported, but since then dealers have shown little or no disposition to buy, and the improvement in values of $1 to 3 por bale
which had been established in a falling exchange has been entirely lost with the unexpected rise in silver. There has been less inquiry for No, 20s, and No. 168 bave been practically neglected, the bulk of the small business done being in No. 108. Prices on the whole are fairly up to previous quotations which, however, do not allow much for the loss in exchange, and are still below replacing cost. Bombay continues strong. Arrivals during the interval are comparatively large and our stocks show a small increase on last estimate, The market closes quiet and unsteady. Arrivals during the interval amount to 6,234 bales, salos aggregate 2,052 bales, unsold stock estimated at 48,000 and sold but uncleared stock in native hands at 13,000 bales. Local Manufacture:-No business is reported. Japanese Yarn:--Sales of 25 bales No. 168 at $115 and of 100 bales No. 208 at from $118 to 1321 are reported. Raw Cotton: -The high prices asked for by holders for Indian descriptions have greatly checked business and the only sale of the fortnight is that of a choice parcel of 130 hales superfine Bengals at $241. În China kinda 150 bales (small) have changed hands at $25 to $261. Estimated unsold stock 15,000 bales Indian and 470 bales China. Quota tions are $20 to 244 for Indian and $22 to 77 for China. Exchange on India has fluctuated con- siderably in sympathy with silver, closing strong to-day at Rs. 1421 for T/T and Rs. 143; for Post, showing a gain of nearly 7 points on last mail On Shanghai 74) and on Japan 921. The undernoted business in imported and local spin- nings is reported from Shanghai during the fort- night ended the 4th instant, viz:-Indian :— Market dull and quiet, total sales about 2,600 bales mostly speculative, with an advance of 1 to 2 Taels in prices. Estimated unsold and uncleared stock about 90,000 bales. Japanese:- In steady demand; sales about 1,500 bales on the basis of Tls. 89 to 93 for No. 16s and Tls, 96 to 105 for No. 20. Local:-There has been an improvement in the demand, and about 2,000 bales are reported to have changed hands at unchanged rates,
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is not so indiffereat to this question as she is supposed to be, but that the difficulty of the Imperial Government is to know what practical steps can be safely undertaken.
At a time when
the financial journals of England are advising the American Government to meet the scramble for currency by issuing inconvertible notes, it is not clear to residents in a silver country like China why silver coin notes based upon a fixed ratio to gold on the Indian principle cannot be availed of to relieve the stringency. The option of making internal payments in silver which prevails in France would tend to put a check upon hoarding in times of panic, and the greater use of silver would tend to prevent periodical panics in the silver market.
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Messrs. Arnhold, Karberg & Co.'s Fortnightly Produce Circular, dated Shanghai, 26th December, 1907, states:-Gallnuts.-Trade is dull. Buyers are not eager. Usual galls have been done at 441, c.i.f. Cowbides.-A very large business has been transacted and further business is only booked on firm orders from Europe. Tobacco.—A fair busi. ness is being done. Feathers-Market quiet. Supplies are coming in slowly and from 3 to 4 weeks later than last year. Cotton. The market has a downward tendency, owing to the inactivity of the Japanese buyers. Tallow.-There is a very good demand. Market firm. Strawbraid.—There has been renewed demand for Fine Laichow Gostatin Mottled, otherwise market lifeless. Rugs.-A small business is being done at good -Owing to the bad prices. Wol. Sheep's financial condition in the Stites this article is much neglected. Supplies coming to this market are small, Wood Oil.-A good business is being done and market is steady. Sesamum Seed-The demand from Europe has abated and in con- sequence holders are willing to grant concessions,
Per I. G. M. steamer Sachsen, sailed on 24th For Genoa:-100 bales waste December 1907. silk, 15 bales raw silk. For Antwerp or Hamburg - 55 casos bristles. For Amsterdam :—124 rolls matting. For Bremen:-12 cases ginger. For Hamburg :-23 cases bristles, 20 bales feathers, 20 cases paper, 12 cases human hair.
Per steamer Albenga, sailed on 31st December. For New York :--4 casks preserves, 25 cases stara- niseed, 34 casos human hair, 70 cases essential oil, 10) casks soy, 103 cases cassia, 180 bales china reeds, 300 packages crackers, 320 bales canes, 4,131 packages merchandise. For Boston :-35 cases essential oil, 50 cases Saigon cassia, 863 For Philadelphia :—242 packages merchandise. packages merchandise. For Washington D.C.:- 101 packages merchandise. For New York and or Baltimore:--836 rolls matting.
Per P, & (). steamer Nyanıa, mailed on 2nd Jan. For Hamburg:- 7 cases cigars. For Manchester: -59 bales waste silk. For Liverpool-1 balo hemp. For London:-3,634 bales hemp, 86 cases chinaware, 13 cases sundries, 4 cases blackwood ware, l'case books, 100 bales tea, 7 cases hats, 400 rolls mattings. 25 bales waste silk, 673 bales mineral ore, 13 cases curios, 47 bales cans, 1 box pills, to rolls mats, 2 hhda. gin, 1 case lacquerod ware, case(fy wheel), I case(motor), For HarvO; -300 bales hemp. For Algiers-8 cases cigars, For Marseilles-200 bales hemp, 100 cases cam- phor, 3 cases hats,