“YARN,
HONGKONG--Mr. P. Eduljee, in his Report dated 8th January, states:-Quietness has been the prevailling feature of the past fortnight and only a very small business has been done at more or less easier rates. Owing to the improvement in exchange importers, appear to be anxious sellers and will meet the market in a reasonable extent if any large quantity could be placed, but dealers are indifferent and in the absence of any outlet for their purchases are not inclined to increase their holdings or interests. The sales noted below were effected in the earlier portion of the interval and have been entirely confined to best spinnings of No. 10s and 128. For the past few days there has been nothing doing and the business of this native year may be considered to have almost come to an end, pending the revival for clearance after China New Year. The market close quiet and unsteady Bombay continues strong. Sales of the interval aggregates 1,455 bales, arrivals amount to 6,950 bales, unsold stock estimated at 20,000 and sold but un- cleared bales in second hands at 18,000 bales. Local Manufacture. No business is reported. Japanese Yarn.-Nothing doing. Raw Cotton.- Indian descriptions are unsteady with a fair en- quiry for supperfine Bengals of which about 350 bales have changed hands at $25 to $24). About 100 bales China Cotton have found buyers at $29. Estimated stocks. Indian 675 bales and China 390 bales. Quotations are Indian $22 to $29 and China $28 to $29. Exchange on India has now taken an upward turn and closes steady to-day at Rs. 131} for T/T and Es. 132 for Post. On Shanghai 75f and on Japan 86. The undernoted business in imported and local spinnings is reported from Shanghai during the fortnight ended the 20th ultimo.-viz.-Indian Notwithstanding the holidays about 2.500 bales have been sold at steady to firm prices. Estimated un- Fold stock landing and in godown about 16,000 bales. Japanese. The business of the fortnight comprises
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the sales about 2,00 bales on the bises of Tls. 95 to 105 for No. 16s and Tia. 1024 to Tls. 112} for No. 20. In addition to the above about 4,000 bales have been contracted for delivery up to the end of March next. Local. Are in very good demand and forward contracts to the extent of 20,000 bales have been made at Tls. 81 to 82 for No. 10s Tla. 821 to 88 for No. 128 Tls. 841 to 903 for No. 14s and Tls. 84† tn 901 for No. 16.
PIECE GOODS.
THE HONGKONG WEEKLY PRESS AND
44
[January 9, 1909.
able influence on the trade, if the only material effect so far has not extended much beyond the enquiry stage. There is certainly more disposi- tion to put forward, business prositions, And this in some cases has resulted in contracts being made for goods to arrive during Februsty and March, and also a few indenta for goods, for shipment during those months. These have been chiefly in the staple Manchester makes but we have heard of at least one or two forward tran- sactions in American as well. The news from
and credit. The neglect of this, and granting too much license, without the slightest quid pro quo, has brought the trade to the verge of ruin, and it will require very energetic methods to put it on its feet again. ertainly during the past twelve or eighteen months the fates have been against this market, but it must be remem- bered that it was not due to the efforts of any one here, or anything appertaining to the markets of China, that had stayed cff the evil day as long as it has, and how much better would it have been if circumstances had Newchwang is very promising. The crops have been different. Until reform is properly and been magnificent, and, as noted above, fairly throughly in possession of this country the free shipments are still being sent from this. trado can never be on a safe basis. The Cur- The Tientsin merchants are still hesitating, but rency must be reformed and a proper Banking now second hand stocks are getting low the system introduced. Taxation must be justly and opportunity of picking up cheap cargo, which equitably levied. Railway communication and they have apparently been looking for, should transportation must be developed and be un- very soon disappear. The Szechuen men have hampered by illegitimate squeezes. Even then
not yet invested the money sent to them for there will always be the two uncontrollable purchases here, the prices they offer being quite factura. Exchange and the cost of the raw unacceptable. The Hankow trade is dragging, material to face, so what right or reason has being grealty hampered by the string- any one to order goods to supply a demandency in the money market and consequent which a dealer thinks may spring up twelve general want of financial facilities and credit. months hence! The, so to speak, sorting out The lower Yangtsze Ports seem to take their that has been in process the greater part of cue from Hankow to a seme extent, though the this year has done a great deal to clear the effect of the good crops generally should show situation, but there still remains a lot to be
a more independent revival in the country trade done, and 'it.is therefore some satisfaction that generally in the near future. Exchange should the home markets have not lent themselves to certainly have helped the export trade consider- indiscriminate exploitation. Supplies of Man- ably and the result will probably be seen chester staple makes have, in spite of the poor by the batter demand for Imports after China prospects of profitable results, been kept fully New Year. This is only three week's ahead, up to the consumptive demand, and consequently being unusually early-the 22nd January—and the stocks to be carried over are again aboor- its influence is already being felt, though the mally heavy. This is the more unfortunate in trade settlements have been practically arranged, view of the now almost certainty of an excessive Still it retarda cash transactions, and already the supply of raw cotton, though whether the altered Auction prompte are being extended over that conditions of production and manufacture will date. Native interest still remains compara- allow goods to be put out at appreciable cheaper tively easy, but that does not mean that prices remains to be seen. Cotton at the close financial facilities are less hard to obtain. It is certainly shows a depreciation of over 20% since not quite realised yet what the financial situation the commencement of the year, with only a get- will be when business is resumed after the native off of about 10% in Exchange, so that the actual annual settling day, but it is anticipated credit first cost of production can reasonably be ex- will be much curtailed by the Native Banks. pected to be on a lower scale. The Fancy piece It is understood that through the representations goods trade has unquestionably been the most of the Foreign Ministers in Peking the danger disastrous, and in spite of the free selling, at
to trade threatened by the promiscuous issue of absolutely give away prices, there still remains unauthorised Bank note will be removed in the in stock sufficient for the requirements of the near future. The Manchester market is firmer next six or eight months, the bulk of it being and in some classes of goods quotations are indents left on the hands of the unfortunate distinctly higher. There is reason to believe, Importers, so there is little encouragement to however, that some buying has been done send forth fresh orders, even if replacing cost for this market, though we are inclined to were obtainable. Prints seem to be gradually doubt that it is of any extent. Cotton has opened going out of favour, the natives now preferring in Liverpool at a higher level after the holidays. coloured woven goods. The. nost noticeable
Mid American being quoted 4.99d spot and 4.77d development in the trade is in Fast Black Cot- February/March, Egyptin remaining steady at ton Italians, the demand for which has been so 8d. The New York price for Maron has at the well catered for by the regular Thursday Auction, same time risen to 8.82 cents. The market for but no doubt the extremely low prices holders domestics is firm as a rule, though here and there have had to accept for a really good article has it seems possible t pick up cheap parcels oc- materially increased the consumption. However, casionally, an instance this week being 1,350 bales up to date the re-exports, including the estimate Buffalo L 4 yard Sheetings at 7s. 9d. (cif) for Local consumption, only show an increase of A further purchase is 500 bales Buffalo A. 3 yard 85.000 pieces, or nearly 17% during this Sheetings at 98. 41d. which is not quite so favour latter half year over the average off-take for the able. There is still no very fixed opinion as to same period of the past four years, but the first the probable size of the Cotton crop, though half year certainly showed an increase of 70% popular opinion seems to be in the neighbour- over the average of the previous four years. hood of 13 million bales. There is only a fair With the exception of English Jeans, which
enquiry for Yarn at the prices wanted by holders exceed the average off-take by 17% only, three
and consequently business has not shown much other items show an increase, namely, Dutch evelopment. The Cotton market is quiet with Jeans about 7%. Velvets and Velveteens 6% price practically unchanged, As regards actual and Medium and Broad Cloths 10%. Other transactions it is difficult to glean any particulars, nglish Grey goods show a decrease of 23% below but we understand a miscellaneous "bu iness is the average, white Shritings nearly 22%, Prints passing, but on quite a retail scale from first 82%, Turkey Reds 36% and Dyed Goods 40%. hands. 8,4-lbs. Shirtings are wanted for Cores, With American Goods the deficency is much
but the dealers appéir able to supply the more serious, Drills being 60% under the average, demand. For that market there is no enquiry Sheetings 50%, Jeans 49% aud Cotton Flannels for the favorite 10-lbs. makes at present Silver 17%. The off-take of Woollens has also been Sycep 8.4-lbs. Shirtings have been sold by the ander the average considerably, and Indian Yarn Inporter at Tis. 2.80 for prompt delivery, and 24% and Japanese 50%, while Local Spinnings 3.600 pieces & Friends at Tl: 3.05. In have been exported to the extent of exactly White Shirtings 1,000 pieces 4 Bos and double the average quantity of the last four
Fireworks have been taken at T4.90. In Ame- rican goods Sheetings have been resold at T5,00 for Buck's Head, and 14.724 for Abbeville, T4,67 for Loray A, and 30 yard Pepperell Jeans at Tls. 3,85, In lighter weight Shirtings 150 bales 4 and 4.70 yard have been sold at Tis, 900 and Tls. 345 respectively. The tone of the supply under the control of the dealers is rápidly market is strong and deliveries improving. The
dwindling. At the Yuen Fong Auction on Chris- tmas Eve the Grey, goods did not show much change one way or the other, the differences in most cases being a mere fraction. While Shit- tings were on the whole slightly firmer, and the same can be said of frishes-with T-loths the tendency was slightly lower as also Jeans, and- Turkey Reds Strong, but scarcely so at subse- quent sales. The lower qualities of Fast Black
Messrs. Noel, Murray & Co. in their latest Piece Goods Report, dated Shanghai 24th December state -The year just closing will always be remembered as being chiefly occupied in "cleaning" up the over importations during 1905-1907, Althought the latter year taken by itself, could not be called one of excessive im- port, yet in face of the erormons stocks remain- ing over in China from 1906, the fresh supplies, especially in many classes of British goods, were quite up to, and in some instances in fact greater than the off-take during that year. Thus stocks were left at the end larger than they were at the commencement of the period, though it mest be remarked that this was chiefly in the more fanciful fabrics which had to be ordered some- times as much as eighteen months ahead. It was fortunate that with American goods during 1907 the imports most abnormally small not 20 per cent of the previous year, which allowed the stocks to be reduced about 60 per cent notwith- standing an appréciable decrease in the con- sumption. That decrease has continued during the current year, while 'importation have in- creased, so that stocs at the close are disap- pointingly large. Whether or not Japanese com- petition has actually and permanently succeeded in cutting out the American domestics remains to be seen, but it would appear, on the face of it, that the trade has received a very severe set back. The enormous amount of competition that has developed during the past three or four years has played sad havoc with the trade in-years. The lesser import of Indian and Japanese ducing, as it has, the introduction of dangerous methods into the business for the purpose of securing orders. Gambling in Exchange has been the most obnoxious of these, and although it may have saved the situation in many cases, it has done a lot of harm to the trade generally and should not be encouraged. The easy way in which Tom, Dick and Harry have been al- lowed to book orders to almost unlimited amounts in the past, without the slightest security or guarantee of any reputable party, does not reflect much credit on the business acumen of traders here, and it is to be hoped that greater precautions will be taken in future, not only to actually identify the individual being dealt with, but to find out his commercial standing
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Yarns has, however, reduced the stocks very satisfactorily in spite of the smaller off-take. The question now arises has the enormous decrease in the consumption of Foreign Imports, indicated above, been made up by other goods, days of the interval were occupied by the usual or is the Country bare of stocks? The first few
Christmas holidays, business being practically suspended. That is so far a fresh business was concerned, but the clearing of steamers for Corea and Chingwantao gave a little filip to deliveries. On the iesumption of bussiness on the 28th inst. it was found Silver had advanced rather unexpectedly, the rise being subsequently more than sustained. Although of comparatively little moment it appears to have exerted a very favour-
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