THE HONGKONG. TELEGRAPH TUESDAY DECEMBER (31.
respective firms engaged in the
tiny but u žingkong. With a quiescent mar, cargo-boats, junk-men, taffy-clerks knappibery, „ket, pr ebagan predally to recece and did. We have thus seen what the actual position not ea-ble, the Chinese dealers in realize full of the trade is at the end of the year. The profits on their previous purchases. In this consumption of the fedian, drug might have parlous condition the trade remained until been worse than it was. A bad poppy crop, about the middle of November, fater mean io quality and quantity in Chien last year, led while giving away about 8 %'imm the highest to the requirements being made up by the in: poltes reached in August, Apprehensive of ported article; but, native reports give better live depreci.tina inipoiters now became bopes of a more promising cop this year, hence keen sellers; th's chinge of coat scaring the the probable partial d'splacement if the foreigh Chinese from entering the market, article in 1903. Summing up, therefre, imme- la former years the pected between the diate prospects for the coming year, with an un middle of November to just before the New favourable exchange competition by the home! Year holidays has been one of considerable grown article, and the effects if the anti-opium activity in the yarn trade; bus, contrary to propagensi merchants entertain a somewhat expectations there has been an almost complete gloomy outlock, and in their pessimistic anti-comation of operations, due largely to the cipations none will blame them in the light of caverness on the part of the majority of im this facts which have to be feed during the porters to sell. to their Astuteness naive coming fear.
Chinese dealers, perceiving the weakress ip merchants' attitude, held back in the hope of still sunther lowering pilces.
owo way undistorted,,-Hence 200 Europe may maan miserable bus and, on the other hand, uite hime freights
・bat, bara. This the outside world in the cars
time, the blessing of the Eastern me owners, who can afford to keep their uing during such bad times
xcellent;
bout the
Jippine
"CanWooly: trusts that
now prove correct, a0–1
experiencing, are generally recuperated for have passed have only been too apt to discour
their endurance,
It is not to be dooled that the late war was
age all parties concerned.
TRY THE FLOUR TRADE,
round to HonA.
pronte is only to be expected that salight runbilok wil set in 1948, This is already becoming perceptible. The anxiety of millers th be, possessed of cash to yenable them to move the forthcoming wheat the means of accumulating too much tonnage now approach an article of merchandise.crop has led them to wire tempting rates 10 out here, especially of the antediluvian type. which, in quiacity and y lue, has bulked very Hongkong merchants with request for coun Mist of these craft when not sold to the japan-largely in the year's trads statistics. We refer ler offers. This is dueto the fact that the fann On the other hand, low, exchange is againsi the import trade, and when, in conjunction, we regard the prospect of a better rice harvest next year than that damaged by drought and subsequent floods in 1907, with a corresponding decre 10, in Cour consumption of from 5% to 3%, or even more, the same prosperous conditions may not be counted upon by fljur merchants in the year beginning to-morrow
MA
STE STOCK EXCHANGED “An unprecedemily bad yearl In that single phrase a member high in the counsels of the Stockbrokers' Association sum med up the bistory of the Stock Exchange in 1907 Coming on the top of 105, which had been a bad year, 1907 seen at its end conditions even more disheartening than at its beginning. For the reasons explaustory of to wretched actuality, we were referred to: (i) General de- pression in trade; (2) unrest in South China; (3) bad crops, and consequearly Jula trade, The elasticity of the share market has hilberto been dependent upon the condition of trade is general; and, lasily, (4) i ghtness in the money
ese have, however, by now left for biber walete staple commedity of four Flour bascal criss to New York has curtalled fer dit and taken on the whole, the Norwegian boats begs the silver lining in the dark cloud that Dow trading out here, whilst not up to the has obscured the commercial borizon during standard set by their European competitors, the year; for by four imposters and traders still compare very favourably with what they alike we have been greeted with the pleasing used to be several years ago, and are ahead of information that 1997 bau been a brisk and their Japanese competitors, not, of course, profitable yo
year. We need not recall the boy counting the regular liners of the large com colt of American manufactores two years nies, most of which are excellent boats in ago throughout China in protest against the ob "every respect
naxious provisions of the Exclusion Act. We need nly allude to it to premise the statement that four, like every other article of American origin, cams under the Chinese ban and for a considerable time brandstuff from the Pacific Coast was labored in the Middle King, dom. Pregident Roosevelt's massage to Can» gran rgo”, the amendment of the Immigra- tion Act, and the motor of the American Boxer indemnity to China; all combined to conciliate the Chicaman's feeling which, when appeased, allowed bygones to be bygones Thus the way was paved to the inflow of American flour into the market again. 1 ocal representatives of Facific Coast interests in Hongkong ware Dor slow to take advantage of the conciliation which had been brought teristic energy which defines the true sigaled in 3, 2 and 3 we need uni enlarge on them; ficance of the term hustle" in vulgar parlance, four agents and flour brokers in Hongkong set about with a will and determination to re-capture the China mar ket. That their efforts have been well directed, the result of the your's operations fully bears out the statement American flour imports in 1907 have been the largest of any year, even before the boycott. Coincidenfly commodity into Hongkong in 1907. For the present we will co fine our remarks to the American trade,
ons to be orderedY
Byaidi. ("Star" Ferties op
$18), and wand tolday al $31 had $ 2 Nin reported to be below that of the previous year, there having been, according to current gossip, a diminution in th's passenger returns of the godown coolies, who were the mainstay of the Company's business. Sheli" "Transporta saw a substantial advancement," from gof- to 47/-and 43/4, the closing price. The amalge. mation with the Royal Dutch Petroleum Co talled the stock in the public estima tion. There was wat fusion of interests also between. Steam Waterboste and the Union Waterboats whereby the former com pacy became merged with its Junior competitor Ulus are well liked because of the careful
monopoly of water supplying to venicis lo port, management of the Company which holds the leaving out of consideration the primitive Chinese waterboats, b
China Sugati have been losing, ground steadily, Japanese undersailing the producti of the local refinery in North China and pan have curtailed du lets considerably and what was more the severity of competition is i littleor no margin of profit. The fall in exchanga may
sit China Sugats, bai on the other hand Ja panese have obtained a good footing inite Yang tee regions from which it would not be easy to out them, The present price of Sico for the stock is cheap, it fell away from 5125, in January theory
Chinese Engineerings had a splendid spurt Tis. 16.70 (January rate) Tis 16 (December ra a) increased dividend, increased output, increased sales, and lawer working cost toll their own tale, Raubs fluctuated very much partly in account of the varying monthly gold winologs and partly because of heavy specula- tion in Singapore Quoted at $9.50 in January the stock is quiet at $8.75 10-day
curious situation over which neither has any trom monk to month the year opened quiet abo. t by the U.S. Government and with charac-má ket." As to the adverse elemente enumerat- official retums published in the Pine show
control.
Our reliabis information is that all urge firme of importers in Hongkong are in receipt of telegraphic instructions from their head offices to cease operations; since China rate, at the moment, are positively unremunerative, being actually 10% below replacing cost. On
the other hand, no blame çan be attached to dealers for their caution in refusing to advance to importers' ideas of prices,
'an.
Hangkang Docks have bien a puzzling facture opes were held out of a good six-monthly return for end of June, but with the issuance of the report and balance abeat they had to be deferred. Meanwhile the daily abundance of work. The No. 1: Lock extension progresses steadily retrench ment is in the air, yet confidence cannot be restored. From $145 to $96 in A pretty wide gap. The Quarry Bay Docks is the phantou actose the waters; but there are those who refuse to magnify the dangers of the spectre. Who will notesy Docks ass cheap at: 590? Shanghai, Docks shared the fate of its Hongkong colleague and from have come down to Ti 105 07 Tis. 71. Kowloon Wharfs suffered from trade staguation, shortage of wharf, accom-
THE YARN MARKET. As with optum it is with Cation Yarn Silver exchange has played havoc with yarn that our great indian dependencies supply as with other impart trades of the Colony, the main sixples (prethe two most import When T.T. on India began to drop in the ant items of commerce with China. Imports first week of December, it was not generally. With considerable foresight the report to flanking amounted to 146,195 bales believed that the downward course would deals, briefly, with the advent of the U.S. as against - 269,849 bales last year, while continue, and Chilstà dealers contented them Ficet. Commenting therees it says "The sales aggregated 137,608 biles as against 81,818 selves in remaining passive spectators in the coming of the United States Atlantic feet in 1906, showing a falling off of nearly 55 per market. Lasterly, however, seeing the persis necessitated, and will necessitate the fixture of cent, in receipts and an increase of over 39 per tency of the decline, operators have evinced a
humber of large carriers, and, as many such cent, in consumption. Considering the wretch deslie to re-enter the market with inquities, bots are fixed and/or bound out with coal to the ed condition of the country à d·lural maikeis They offer to buy at something like 5% higher Philippine Islands, it is, in some quarters, doring the latter half of the evious year, the than tales ruling in November. But as the feared that the market possibly may become entire cassation of business for ihres montaa fall in exchange represents a difference of about rather over-stocked with this class of tonnage, (from August to November), nr 15a grievous, it is easily discerned how principali and 50 fax, trawever, fair rates have been obtained collapse of out of 15 yarn dealing home constucats Carol meet each other. Hence both ways across the Pacific, and quite a num. the increase in sales should create little or na
the deadlock. At linie, of writing marketer of large craft have been taken on time surprise. That was the opinion expiersed by closa, with bath buyers and sellers holding off char ors ranging from 3 to 12, and even 24 to Mr. P. Edu'jen in his year's, retrospect. "Ha
and awating further developments in a most 36 months at paying rates" bar-condensed his trade reports for the year
Ti cong the progress of the freight market in the excellent summary from which we quote. In briefly reviewing 19 7 it may be
with a few boats in idleness, causing several pronounced to have been one of the worst
fixtures of Norwegian steamers homewards, import years the Calany has xperienced
whereby the market was somewhat relieved. At Receipts have very materially fallen nf, and
a luter period be ingestion became less Acute with the exception of a few spasmodic efforts
by further withdrawals of tonnage from Chinese at briskness and Betivity in the market, prices
waters, Saigon rice crop Lave a fillip to trade not only never responded to the enhar ced'coif
at the latter end of January, and the following in Bombay, but on the contary or less
month opened strong with a large demand for steadily declinel and would probably have
tonsage from the French part to Hongkong, ruled pwr but fará certain' stendintas on the
"Canton, Amoy, Swatow, Foochow, Ningpn, part of sume large limporters ernsequent on reduced exports from India and frequent into the interior, particularly in the assistance from Shan, bai: D mand, however, Southern province, to as enormously larger saldom gave importers much opportunity for extent than there can be any immediate regulating selling rates with costs, for the demand. That being the case Chinese weavers dealers mostly cooined their small and see pe prospect of a margin of profit, in turning draggi's purchases in actual requirements Indian yara into spun cloth and yet be able to under special country orders, and no concession on the part of importers to affect sales would dispose of it against the Japanese cloth. The felt the pinch of the bad time, had also with: 19-7 at 3,725,492 bags, including the shipment rate returns to its normal level shall we see stock declined to $96,: There has been slightly
outlook is not altogether to promising, and have induced free buying. The causes for sa when we consider, the fact that Bombay mill depressed an import ye may be assigned owner will not be in a à position to offer China to the tightnes, of money and loss of credit much of its output, having sold for delivery to amongst dative circles consequent on asterope au far ahend an April, next year, we year's grievous heavy failures, to the dia
canrot anticipate a very radiant future within organisation of trade generally throughout the the early months of 1988 for a trade of the Southern Pravi ces owing to natural and proportions like that of Indian cotton yira to political causes, and lasily to the distrous decline in exchange. In the beginning of the year best No Tos yarn was quoted al-'581/83 and now stands at $91/9", while exchange on India was ruling in the neighbourhood of Rs. 167 and stands to-day at or about R1. 135.
Cur native de dert have not done so badly as the unfortunate importers. Throughout the year they (the dealers) havs strictly adhered to the execution of country orders and without any outlet for their pur- chases hive chiitely refrained from entering inte lige forward contracit. Previous ex perience w uld seem to have taught both buyers and sellers a valuable tenson, and they will both profit considerably by the exercise of a little cantionhich was entirely wanting in the boem of the latter es d of gas and of the first half of to 6 the effects of which are still
Now for argon, furecast. It is reported that' cheap japanese cloth has been rushed Shanghai, Tientsin and. Japan.. 8 › great wic| Agurália also ban the record: im sort of the Dialo. Eur pe when the doll ir ruled low, might | mod.tion, and poor.torage ratés. B. &45.;
apparent,
•
To enter into details, of which the fore-
-Chini,
eminently the premier position.
they have been dealt with at length under the preceding captions. As so the fourth, it may be explained that the Bank collapses in the States followed by the depletion of gold re serves in Europa attracted all the surplus cash from China for profitable lovesiment at Home at high rates. When exchange dropped as it did this month, there was a supposition that part, at least, of the China cipital which found its way return. Iut that was not to be when "Bank new steal godowas rear beether spectre for Rates in London rule as high as it does now would-be Whai" admirers. 395 In January when Eastero capitalists and corporations find and $58 in December show the disparity in the it to their advantage to leave their gold invested from inanition. The anitary Commission two extreme rates; Hongkong Landshave suffers ments undisturb d. Not until the Bank of bought lintis reile) in ibe Governmental con England's gold vaults are replenished and the cession in favour of cubicles. From $100 she bigher rental earnings during the last quarter any return of China money to the Far East. of the year. Hubgkong Hotels bad their Whether such a prospect, within measurable misitune in the August collapse of part distance none care to venture a prophecy, of the Queen's oad section of the, builds Over-capitalisation of joint-stock companies ing bringing down the share market with J in a period of finaccial stringency has acted like $113, $96 ex div. in Sept, and Stop buyers
The veriations in this stock have been $11211- the mill-stone round the neck. The year has December. Humphreys Estates should be at a been a fruitful one for expital increases. The higher rate than Stol to-day. The extensive
sources ar principal companies call for enlarged re- properties in Kowloon promise wall for, the
future, por
1.-Hongkong and Shanghai Banking Cor. poration, 40,xos shares at 430 £1,100,000 1.--Yangtszo
Josurance
Association
$120,000 3.Shell"
1. Transport and Trading Co. £100,000 called up, whereof China "handi" may be compoted to have sub- scribed not less than ten per cent, 4-Kwloon Wharf and Godown Co.
$1,000,000.
the demand that in the latter part of the month phage was actually running short, most large British steamers having left in other directions,
Reliable figures that have been accurately besides which Norwegian couters had been reduced considerably in number, Swedish and compiled for us place the total quantity of German owners of coast g, vesels, having American fur imposed alu Hongkong in drawn and several handy ste meis had been friving by the 1.5. Kaga Mars yesterday. sent home to Europe The ba yancy of the Calculating the value of the 34 million bagu at market was sustained at the beginning of March the 'average price of four during the year wa when it received a check by the appearance have been Liven the figures at, approximately, of cheaply manned and cheaply officered seven million dollars, Hooking curcacy, of Japanese competitors, who af ence lowered the above quantity the in ports during the freights and by cut throat pocedure invaded the second half-year excladed those of the pre- Norwegian owners. The boom, which aital-ed For the purposes of comparison und so as to field hitherto reserved to British, German, and ceding period. ANAM PAN
at this period, was checked by the Japanesa | arrive at the aggreg vo value of the trade in
Hongkong Coltons could not hold their own THE COLONY LIFF-BLOOD.
against Bombay imports."Mill working short ent ance into the competitive arena,
bres 'stuff'ta Hongkong we have obtained the
time. From St the market closes lifeless at Shipping has been described as the life-blood
The Saigon market exhibited, unabated quantity of Australian imports, which is given
Sio, probably less
d of the Colony. The simild is peculiarly ap activity early in April until speculative rice at 1,700 bags worth $2,500,000 (Mex). Aus
China Light and lowers have under posite to Itongkong, since until very recent operations at this end and in Canton slacken-tralia produces a flour of batter; grade, bence
gone an increase of capital with a deben. Cura Lissac, Hongkong Electrics Ara year it possessed ne manufactures of any imed off. The start in Mty, was a rither quieter its higher value. The Co'onial stuff was
solid little security" blessed with cautions portance, and depended upon the shipping is one, and we are to that freights during brought over during the January-June half of
mosgement, if slightly conservative. Dairy the mainstay of the Colony's existence as a the whole of the month were desatisfactory, the year, since when there has practically been
Farms bave done well," Cements have bad commercial centre of the world. In assigning from no owner's point of view," June was
no cargo arriving from the Commonwealth.,
their capital doodled by capitalizing the re serva" of $900,000 and calling up in cash t the section devoted to shipping the position the slackcat month in the year with freights This is explained by the fact that there is a
Style0,000. The Company have an enormonsly which it occupies in the present article, it must dropping all "round, bu: July was rather temporary over-stocking of cheaper American
increased output; at times; the capacity of not be inferred that we minimize it's value and better than anticipated and there was an flour in the market and partly also to the 5.-Green Island Cement Co. $1,000,000.|| the works could not keep up with ordem. reles it to a position of secondary import: improvement in August again in the direc scarcity of rains in the Island Continent, forcing The drain on the local enency market hat, Exch.age i decided factor in
favour at the present lims. Koprs snce in our consideration, Indeed, were it not tion Saigen to Hongking, the position up the price of wheat. T. e rise dates back to therefore, been a severe one. Sufficient basave varied but little, China Borneos 1946 for the fact that the opium question is invested Laing assisted by the favourable Yang zo four or five months ago. Laiterly better wen been written, to prepare our readers for the stock of timber has been largely reduced by with peculiar interest of its own by reason of
rice crop, Newchwark, however, proving ther conditions bave prevailed in Australia disagreeable disclosures presented in the fol- profitable sales. Peak Tramways are still in the political considerations involved, our duty exception lly dull. Owing to slackness of and crop prospects have since improved. lowing comparative analysts,
treaty with the Government over the question would have been to give this section pre-trade in, the following month (September) Latest advices report flour at £11,16 6, Hongkong Bank shares occupied the lead of the sew track. A divergence of opinion owners decided in lay up a few steamers owing per ton of 2,000lbs. This quotation is coming position in public favour. The stock falls in settling the plans for the commence- ment of the Glɛdenly line-an undertaking In the task of reviewing the freight market to absence of any paying. employment.sidered still 100 high to suit our market started the year at $825, rose gradual. which must not be long deferred in the public. going is a summary, a replesentative of an for sqp8, our labours have been considerably re-tober was decidedly disappointing. In larmes but as there is every indication, that it is ly to $927 in April; then tracked down interest. will box to Indian firm of considerable standing furnished duced by the fucilit es courtes usly accorded us years it had proved one of the best months of likely to recede expons to. China may not 10 $87 in June. The sh re-division: (be- What relief gas bring the share uf with the following particulis. From Janus in an access to the exhaustive retrospect so ably the twelve, but in 1997. it was no better than improbably be resumed next year, granting tween "old" and "new" took place in market one can say; but the consensus of opinion is that the present stagnation will be 'mry to [une "business was conducted on a compiled by Mr. Bjarne Anganrd, of the Northe dull month of September. A revival that speculators do not indulge in any July when $ 75 was the rate fur "Old" com
carried well into the coming year with: an hand-to-mouth bisis Deal rs who had their wegian shipping firm in Hongkong of Messrs. set is in November with inquiries from "cornering" of the wheat market. . It is inter-now-5680 "old" ex new. The closing rate entire absence of speculative business, fingers burnt by rash speculation in 1906 Aagaard, Thoresen and While Mr. II directions. Nowchwank did not live up | esling to observe that the record slogle ship to-day is Sz o buyers.
MARATHE CHINESE BAZAAR. operated very ciutiously. We may hers inter-gaard's excellent compilation deals with to its reputation. It can be accounted for by ment of Australian flour, toogkong was Sharing popular favour with Banks are polate the remark thut such of the Chinese Aongs Norwegian shipping alone, the expert observa- the heavy Chinese failures. As showing the one of 40,000 bas in execution of contracts Union Insurances, whose enormnus resources, who have emerged from the previous year's tions which he plus spplies, in our opinion, accuracy in every detail of our report of the signed during the month of March when there sound management, and "good j" reader crisis are firms of sont intial means with a with equal fice to the shipping of any other Haiphong boycott we make no apology in was unwanted activity in the exirket. A parcel their position practically unassailable. The great deal more financial backing behind them.sg trading in these waters. -
qining webates from Mr. Aagaard's report to of Australian flour changed hands among shares started at $760 and close at $825 Yarn prices in June as compared with It may be observed that the leading featu'e his head office. He wrote on the 1st inst., in re dealers yesterday at. Sz.30 per bag when its indicand. Their high-water mark was these ruling in the early part of the year had in the year shuntly coming to a close has frence to the boycott wa reported on the 28th replacing value was $190, At earliest no im- $845 cum div, so that they have more than Riven way abur 5 During that month been the severe depression and partial sag.pl wing to the boycott by the Chinese provement in the local mar et can be expected maintained their position, which is certain to slight spurt was noticeable brought about by nation under which Eastern trades and ship merchants of the regular floers, who put up their for the Australian product until after China improve further. Other marine Însurance
Silver, exchange has played: such: a con-- a small demand from the country, thus enabling ping bave suffered, and as to the reasons rate from 230-711 pr bag, less to% to 25 cents New Year, for as long as America keeps shares, viz, North Chicas, Yangistes and Can-
spicuous partie the trades of the importers to raise their prices about a couple of for this' depression, they have been many per bag, we were fortunate in getting employ offering, their templing low prices tas d to tons present no noteworthy features, although year that no retraspect. Can be com dollars. That de hand was not el long duration, and varied, one of them being the heavy lossesment for several of our steamers from Hat keep their colonial competitors off the market. Cantons went down to :24:1 from 5 1978, their plate without a detailed reference thereto. This however, and when it subsided the market occasioned through over-stocking of goods, and phong to Hongkong on the basis of cents. The healthy tone of the Southern market rate in Fanuary,
‚iwo' extreme »rates wore/ 2,3-5/16" per $ on quietened; dowd: wprin: only to find prices, wild speculations during the war. Over per bag rice which, as thin,Woo!, was fat. Wasadversely influenced by Northern operators,
the 4th January ard 191 on aged D. cember." in the early part of jut, at their old specat tion is, happily, now a thing of the superior business to any other, the ron being pri Cipally in hanghai, Tientsin, Newchwang
On the and January the market opened with level. Tefore the month was out a new past; yet the native banks, which suffered to short and despatch good. Several more and eren the far north port of Vladivostok.
2.3.3.6 gradually declining 10 2.1-9/10 t the end of the month...........I ebruary was fairly and most elenine factor was introduced heavily through the many larue Yarn and other steamers could easily have been fixer, the Speculators at those centres bought wary
steady To March there was a inarked decline into the Bombay market: We allude to failures last year, and through the Newchwang demand being la extess of supply, Whether largely at the crucial period of the North China
from 2.23 on the rat to 33 on the 31st April large buying order being received from losses of this year, show great reluctance in the boycott is going to be of any duration, or famous, and so carried stocks on their hands
quotations were somewhat cratic fat dropped to 2.0f on 4th and after remaining Manchester manufacturers simultaneously operating with the inevitable result that money, not is hard to say, but, anyway, as long as it far in excess of legi imate trade requirements, the yearly dividend of Só plus a bonus of $% steady for sitw days rose by Aixteenibs accompanied by purchasing inguities from is tight and credit restricted.
lats, it will help to materially enhance the with this temporary glut they began to sell and are now $95, or two points better. This and eighths potil: it, touched: 3.1-111 6 on the Levantine prits. The news if this extraor. The political troubles in China have után, în chances of outside tonnage, Meanwhile, the back to Hongkong and the anomalous con-is casentially an investment stock and gob. The gradual riss continued in May dipary move on the past of Europe did not a large dégrer, assisted in the germination and liners have had to lay up or return in ballast." dition was created whereby flour was sold, is in particular favour with the Poilu when 3,2 was recorded at the last day of the take, long to reach hirese ears and as soon growth of the inentia re: ulting from the present. With another excerpt from Mr. Aagaard's from Vladivostock to this post. Had it guess community residuet in Macro who month. June was very steady with 2.2 5/16 on as local Dative dealers were placed in posses trade depression still felt in mene directions report and that dealing with the fature pro- apt been for the shortage in the sice crops of felt they can rely for non-fluctuating & vf the 1st and 2.2 8/16 on the 3th July's quota
tions were (191) 2,73 ascarding slowly, to 551, sion of telegraphic reperta from Bombay, they Adding to this, the variou crop failures with spects we conclade our observations on the South China with the consequent increased dend, or rather not violently fluctuating one. The feature of August was no abasuce of mark fall in with a rising market in order to cover the subsequent high prices of rice which help shipping trade during this year-
consumptive demand in the lower provinces the Shipping shares have fated badly throughouted changer, the highest quotation during the the "hot" sales to country buyers, a demand 4 ¿d to prolong the depression and aggravate the
*Saigon chanerers are slready lo the market condition might have been critical. As it Hape the period under review owing to poor freights. month belog 1.3 and the lowest zaj. - Septem basing coincidently set in fron that direction. situation, wa have passed, and are still passing for several steamer for 6 to 10 consecutive pens, however, we are in the position of being Macao Steamboats oscillated between Sio Sir, ber opened with 2.21, tose 10 2. I and remained stationary Throughout. October presents in- All thess favourable contributing ficinis com- through time, lich alo apt to breed pessim: trips to Hongkong, Canton, Singapore or Able to afford an excellent outlet into the con- clasing at 5181 buyers. It is reported that the eresting features: 1st auf, and maly ord bloed gave Importers the one opportunity of am. When, therefore, the situation in leading Philippines in chanterers option, and large soming districts, A most premising factor in the company has made excellent earnings in the ra * 1/10, 71b 2,11 (opening quotation), 221 at the year to dicta'e their own terms as 10 selling quarters no longer are looked upon In this quantities bave been fixed Signo to Japan for consideration of the flourtrade is the fact that the second hall of the year. Indo-Chieri began itum. 8th 2.2 (opening quotation), 211 at 11 rates consequently, by early August prices mood, pessimista, gradually but surely giving shipment meat yext. The r ports about the Chinese paste is being educated 100 approat $85, fell steadily unul futy when they were my dropping by, and i until 201 was went up in the short patted of fivetish buying way to s, it must be adire, not) 100 new Salgon crap are very satisfactory, and it is clationel foursan excelianinuiritent, and when quoted ajo. The scheme which gave birth to reached on the 31st November the rate
feinated between 3 and 20 closin : An About 15% By this time Chinese dealers had sanguine, but stilt positively, healthy optimistic | quite expected that more than 1,000,000 fons Chiba's millions enter into the market for any the preferential and deferred sharer not being eighth lower. At 20. The Flolence of the MTC buught very largely i in lact, much more than opinion, this le encoors ing as being the will be exported. The reports from Bangkok commodity, by sheer weight of numbers they regarded with favour, they have ever since ra bazin in December. From the 12-gth of this their requirements. They were, therefore, natural result of many, so far to general are also bright, and quite a number of outsiders are an element to be reckoned with, Briefly,mained dead stock on the ma ket, Tes respec month the rato slood at 2.0, then the cally,
that four con compelled to call's hil,lest stocks on hand and public, hardly perceptible improvements which | will require to handle the new crop. Several therefore, I may be.
Alions are 50 and $18 China and quotations were the tiff, 9th 1.11) (opening
E to arriva
not maintain their positir 13 accumulate to inordinate are expected to bring back to us a bitter busići steamers, running in this trade, have already
Ing. In this tra hey now, wasted.
Besu aliyonadi.
been chartered; for (12- mopibs continust
then this
„Pastern coas
ikipíractically the only
i Chip
ste position:
Fire Insurances have not fiertasted much in value. In January Hongkongs were $335, touching their highest point ($385 cum div. of $40) in March ; they close at $130. China Fires opened the year on the boards at 593, rose to $100 in February before the payment of
in the Chinese Bazaar, stads on the whole has been bad, with the exception of flour and rice, dealers in which have had a barvast time in: 1007. The sugar market from start to finish haz gone against impo ters, and the climax is reached in the closing hours of the year by the failure of the Chinese banks for which the late Lukas, the Macao millionaire, stood sponsor bete, at Macao, and in Skingbai.
EXCHANGE. ME
quotation), Las aiz son m, toth 1,
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