•
May 30, 1908.]
and the expenses of repairing gangwaye is considerably reduced by the new method of having them amidships. I shall be pleased to answer say questions that shareholders may wish to sak,
There leing no questions,
The report was adopted on the motion of th+ CHAIRMAN, seconded by Mr. GUBBAY.
Mr. LAMPERSKI proposed the re-election of Sir Paul Chater to the directorate. this was seconded by Mr. HoυGH, and agreed to,
The appointment of the Hon. Mr. Keswick and Mr. Friesland as directors was confirmed on the motion of Mr. Ports, seconded by Mr. Ho Fook.
Mr. WoNG KAM Fox proposed, and Mr. LAMPERSKI seconded the re-election of Mr. Potts as auditor: Carried,
The CHAIRMAN-Dividend warrants will ba ready on application. Thank you for your attendance, gentlemen.
BANKS' NOTICE.
The Exchange Banks have recently had under discussion the system at present in vogue with the Shipping Companies of issuing Bills of lading marked "Freight payable in Hong- kong" or Freight to be collected in Hong- kong."
་་
It must be quite evident that this method provides no adequate protection to the Banks interested, as it is possible that the freight might not be paid before the arrival of the goods at their destination, in which case the Shipping Companies would probably endeavour to stop delivery until their olim had been satisfied.
The Banks see no reason why they should consent to the Shipping Companies giving credit without accepting any risk or responsibi- lity, and in order to safeguard their interests they have decided that in future when freight is payable in Hongkong, they will not accept as security for advances, Bills of Lading which are not clearly marked " Freight paid" and the words initialled by a responsible officer of the Shipping Company interested.
We understand that the above notice, dated 20th inst., was signed by all the Exchange Banks.
IMPORTS:-
COMMERCIAL.
RICE.
HONGKONG, 30th May, 1908-A large demand having come forward, prices are consequently advancing. Saigon, Ordinary
.84.40 to $4,50 5.30 to 5.35 5,25 to 5.30 Siam, Field mill cleaned, No. 2... 4.10 to 4.20 No. 1... 4.60 to 4.75 5.20 to 5.25 5.80 to 5.95
13
Bound, Good quality Long.......
D
Garden, White,
31
CHINA OVERLAND TRADE REPORT.
OPIUM.
HONGKONG, May 28th-Since the 14th instant, the movements in the various Opium markets have been as follows:-
Malwa. Patna. Benares. Fers'n
1,192
Stocks on the 14th May, 1908 May 18th Imports perá. Apour.
20th
Lightning.. 26th
Fook Sang..
Fine Cargo.
AMOY.-The Customs returns for the fortnight ended 22nd inst., show on import of 23,268 piculs.
OIL.
AMOY.-For the fortnight ended 22nd May, 69,215 gallons of Borneo Kerosine in bulk were imported into Amoy, and 31,015 gallons of bulk- oil not specifled in the Customs returns.
Quotations aré :-
OPIUM.
HONGKONG, May 29th.
$980 per picul, .$1000 do.
Malwa New
Malwa Old
Malwa Older
$1030
do.
Malwa Very Old
$1070
do.
Persian Fine Quality
.$800
Persian Extra Fine
.$880
Patna New
Patna Old
Benares New Benares Old
01
+
Less Exports to Shanghai
Exports to East and West Coast Ports including Local Consumption for the fortnight..
Estimated Stocks this day
$86
838 1,191
705
200
$145
10
600
285
982 2,051 1,333 1,101
95 175 50
181 471 149
4
776 2,005 1,134 1,187 Bengal.-Owing to a falling off in the con sumption the market has been lifeless. Quotations $1130. are nominal Patna at $1180 and Benares at
Malwa,-A fair amount of business was put through at the following rates.
2 years old 3/4 Oldest
$980
1,030/1,040 1,050/1,070 tions are $880/890 for superior opium.
Persian. The demand is very small. Quota.
COAL.
were
HONGKONG, May 30th.-The arrivals since the 17th amounted to 24,130 tons of Japanese; no Australian; 8,080 Hongay. 2,920 tons consigned to Canton Japanese coal has sold and Australian is offering at quotations. The coal expected is 54,200 tons of Japan coal and 5,500 Australian. Quotations, according to Messrs. Hughes and Hough's circular are as follows:-
Cardiff.
.§- to $ ex-ship, nominal Australian ..$12.00 ex-ship, sellers. Yubari Lump...$12.00 ex ship, nominal. Miiki Lump... $10.50 to $11.00 ex-ship, nominal. Moji Lump......$6.50 to $9.00 ex-ship, steady. Moji Unscreened$6.00 to $8.00 ex-ship, steady. Akaike Lump...$9.25 ex-ship steady. Labuan Lump $9.25 ex-ship sellers.
851
fairly large business has been done at improving rates, and about 2,000 bales háve changed hands on the basis of Tix. 87 to 94 for No. 188 and Tis. 96 to 991 for No. 208. Local:-Abʊut 1,200 bales are reported sold at Tls. 771 for No. 103, Tla, 88# for No. 14s and Tls. 854 for No. 188.
SHANGHAI, May 21st.-Messrs Noel, Murray & Co. report that holders of Indian yarn havb continued very strong throughout the week on account of the low Exchange and higher values for Cotton, and, although this has somewhat curtailed the business done, they have gained their object. The actual sales show some irregularity, but the all round advance must be fully a tael and a half for the week. Tientsin has been the only buyers of No, 108, the higher counts being all bought for the River markets and Szechnen. The total sales reported amount to about 2,302 bales.
SHANGHAI, May 22nd-Messrs Ilbert & Co.'s Report states that Local Yarn has followed the upward course of the raw material, and closes firm with clearances going on fairly satisfactorily. Bombay yarn has slackened off a little but quotations keep quite steady, and Japanese spin- nings are unchanged.
PIECE GOODS.
•
SHANGHAI, May 21st-Messrs Noel, Murray & Co's.report states:-There is very little substantial im- provement to record since we penned our last report, but certainly no ground has been lost. The deklers have had the slight recovery in Exchange to dis- concert them, but on the other hand cotton during the same period advanced fifty-five points in Liver- pool, though at the closs has lost twenty-three of that amount, still leaving, however, a fair margin to the good. The scarcity of good grade cotton is very marked, the current price for near "futárés” advancing a half penny at one fell swoop. This has certainly to some extent affected our market, though the combination of adverse circumstances has bot facilitated the furtherance of fresh business. Neither has it helped transactions, on the other hand, in spot cargo to any extent, as holders have become more impressed with the idea that there is a possibility now of obtaining much nearer replacing přice for the goods they have in stock. From this it may be inferred that the position of the trade shows no advancement to epeak of, in spite of the better feeling there undoubtedly is. Unfortunately, how ever, this feeling has not superinduced any increased districts, the slight improvement in clearances demand or brighter prospects from the consuming excepted. There is very little business passing for Nowchwang at the moment, the only noticeable good demand, but shortness of supplies is affect-buying being White Shirtings at about Tls. 440 to TI, 4.60. The report that a branch of the South Manchurian Railway is to be carried into that Port should be of some satisfaction to traders there. It is reported that the Tientsin market is showing signs of some slight improvement, though prices are scarcely yet on a parity with those ruling here. It is noticeable that some Indian Yarns have been bought for that market this week.
YARN.
HONGKONG-Mr. P. Eduljee, in his Report dated 20th May, states:-Although the volume of busi- ness transacted during the interval is smaller when compared with that of the previous fort night, prices, on the whole, considering the rise in exchange, are fairly well up to previous quotations which, however, are still much below replacing cost. The lower counts have been in
ing business. No. 103 have, as usual, attracted most attention, but best qualities are barely at last quotations. No. 12s and 16s are unchanged and in small request, whilst No. 20s show an
appreciation of 50 cents to $2 in special spinnings. Receipts are comparatively smaller, during the interval, and being exceeded by the off-takes, our stocks are being gradually worked down and are now within very narrow limits. The question of supplies appears to be giving dealers some concern, as beyond their own contract goods, very little is coming forward for sale, and they must shortly find it necessary to place farther orders. Meanwhile we close quiet but steady. Bombay is reported strong, Sales of the fortnight aggregate 4,321 bales, arrivals amount to 5,064 bales, unsold stock estimated at 15,000 and sold but uncleared bales in native hands about 18,000
bales. Local Manufacture:A small sale of 50 bales No. 88 at $91, is reported. Japanese Yarn: -Nothing doing. Raw Cotton:-There has been a revival in demand for the raw material, chiefly in Indian descriptions, and some 1,257 bales, Superfine Bengals are reported to have changed hands at $224 and $23, leaving a balance of 2,150 bales on the market. China cotton, about 350 bales, have been taken up at $23). Stock 470 bales. Quotations are $20 to $234 and Chinese $22 to $24. Exchange on India throughout the first part of the interval steadily advanced, touch- ing as high as Rs. 187 for T/T and Rs. 137 for $1180 per chest. Post, but latterly has commenced to decline, closing to-day at Rs 1341 for T/T and Rs. 135 for .$1130
Post. On Shanghai 74) and on Japan 871. The undernoted business in imported and local spinnings is reported from Shanghai during the fortnight ended the 18th instant, viz:- Indian: -Market healthy with improved prospects if cotton prices are maintained. Total sales about 3,000 bales at steady to r prices with an estimated stock of 48,000 bales. Japanese-A
do. do.
do.
do.
do.
Axor.-Between the 9th and 15th inst., only 48 piculs of Benares and 4 of Persian passed through the Customs. Between the 16th and the 22nd the imports were: Benares 15; Persian 5; Malwa 1; Szechuen 35; and Yunnan 14.
|
t
SHANGHAI-Messrs. Ilbert & Co., in their weekly Report, dated, 22nd May, state:There is a quieter feeling in the market this week prices generally are firm and in some cases advances have been established for American drills, American sheetings, certain qualities of white shirtings, and yarn, but in other goods there is evidence of a disposition to wait and see what will happen to exchange and cotton. Both are important factors in regulating prices, the former, as it automatically affects the cost of goods which are held on a sterling basis, and the latter, as it influences buyers who may have orders in hand, and who generally hold back in a declining market. There is a feeling of hopefulness about the immediate future; based on the increasing soundness of the statistical position of stocks and the low level of prices here; this feeling is justi- fled, but the restoration of confidence is a slow process, and one which tries the patience of those who have been waiting for prospectą of returning prosperity. Local cotton has again advanced considerably, and is now at rates which indicate probable scarcity as the summer progresses; yaru is following slowly at a long distance behind. Bombay yarns are firmer but at current exchange prices here keep about TL. Ito TIs. 2.50 per bale below replacing cost. Middling American cotton advanced to 6,38d. during the week but has since fallen back to 3.034.; in cousequence of the rapid fluctuations it is very dificult to form any basis for calculation about the future of the market.