1920-01-30 — Page 2

THORNYCROFT

JOHY I THORNTOROFT, & CO., LIMITED, SHIPBUILDERS AND ENGINES, LONDON. SOUTHAMPTON AND B

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THE HONGKUL DAELY

119

TONG:ONG GOT

RICE TRANSACTIONS.

PRELIMINARY REPORT,

meet ав

FRIDAY JANUA

3-MRO Hutchison was put in all charge of

eral control of the rice position and fre of the leading Chinese

Pre rica morenants wary invited to act on a

price of rice for local consumption: Committee to arrange the purchase and Sufficient godown space was rented and everything was in order to begin sale on the 1st August.

8. There is only one crop a year in Siam and Indo China, the Siam crop being available in December and January and the Saigon crop about a month or so later. Rice 18, however, exported from Hongkong all the year round according to demand. Japan nas been recently the largest customer, the United States ar America coming next

Unul a short

The liata of rice purchased showed rain quantities of Saigon round, and contract mentioned above for the sale of Saigon long rice, and on these lists the 10,000 sons to America was calculated

the nice came to be sifted to prepare it and 3500 tons of Saigon long, but when To specified 6,300 tons of Saigon round

for export it was found that only 500 tons of the long rice existed, the remain- lor being round. As the rice had already heen sold in America the consignees there

into the market and buy 3.000 tons of contracted for and it was necessary to go refused to alter the amounts of each class

long rice to make ap amount. This was effected at a price of the "necessary about $13.50 apicul, which meant a loss about $1.76. a picul. The 3,000 tons of on the net price obtained in America of discarded round rice were subsequently sold at about the same price as would have been obtained in America

typhoon weather prevailed and it was 14-Unfortunately at the end of July impossible to convey rice across the harbour to Yaumati. The result was that a portion of the population started loot ing rice shops and a riot took place out sith the Yaumati Folice Station. The Naval authorities leat the tng Cherub and the Military authorities the tug Umphale on the 28th July, which made the confusion between long and round 93 report was called for as to how fit possible to send some rice to Yumati rice had arisen. It appeared that origin.

some looting no and Hungbom. With the exception of ally the books were made out to show the other disturbances different qualities of rice, long, round, occurred. The rice waa guarded by and broken, and any other other grades conveyed from the tugs to the shops. In classification was unnecessary for lecal Military corts tor two days while being used on the foreign market, but as this Victoria looting on a rather serious scale sales no distinction was subsequently took place for about a week, and it be made between long and round rice as the sales of rice before the organization was drawn up accordingly. The error caused came necessary to start the Government price was the same, and the books were completed.

the contract with the American bayers. technical point of difference in making a loss of nearly $140,000 on a purely

with other measures taken to obtain sap -It will be convenient to deal now plies of rice. The July crop in the New Territories was a good one, and, in order to ensure that the rice did not go into Kuangtung, all export except to, Hong that the Government would be prepared the custom for the New Territories to export their rice and buy cheaper rice in to buy rice at $10.14 a picul. It has been

Hongkong for their own use In the ab

26. The cost to the Colony of the tran- actions in rice up to the end of the year 1818 will be well over $2000,000. was much enhanced by the high use of gon. The cast of 1,750 tons in Saigon currency was 83,072,300, the equivalent discount on the Hongsong dollar at Sai

in Hongkong currency being 83,765,211,

grade of rice örted is known

and is ordinarily mad mixture of Siam rice. rico in equal parts. Before mixing, the The following Preliminary Report, sa rise in screened so as to bring the amtą za t. the purchase and sale of rice by the of broken grains down to the standard Government of Hongkong during the year (In the case of brown rice, especially when 1919, was Inid before the Legislative the season is advanced, it is the custom Conneil by command of His Excellency to winnow the rice before packing as it the Governor yesterday:

generally contains a quantity of dust and From the beginning of last year it way husks. The American market taker rice realised that owing to the extensive purin 100 ponade double guany-bags and chases of rice that were being made to sometimes in double bags of 240 pounds abnormal situation in the The Cuban market also takes the latter Straits Settlements and Caylon, the packing but shipments intended for Hongkong rice market was sure to be South America are usually packed in affected. At the end of the year 1918 the double bags of 183 pounds gross weight. Government received an intimation from It is this work of standardising and res the Secretary of State that, owing to the packing, which makes the trade of such exports from India having been restrict importance and gives employmers to the ed, the Colonies mentioned were enden large number of persons referred to in vouring to obtain rice from Siam, and

paragraph 4 the Secretary of State was informed on the 4th January that the Government of Hongkong bad never contemplated official purchases of Biamese rice but could hot provent local merchants from placing orders in Siam if the state of the market there was favourable On the 13th Jan. information was received from the Government of Ceylon that arrangements had beca made for the supply of rice to Ceylon which would not necessitate buying in Siam or French Indo-China.

2-Early in February Japan began to

time ago shipments für the Cuban urarket kong was prohibited, aid it was notified The price of the rice bought at Saigon buy rice in large quantities in the Hong States, and were transmipped thence to Want to the racibo ports of the Used kong market, while at the same time the their destination; Du Lacterly Cuban Government of Indo-Chins "fixed the buyers appear to say preferred to make amount of rice for expert as follows:-

February-March 120,000 tons;"

19—It will be clear from the account normal conditions prevailing this year difference of 8603,911. When negotia April ********

60.000 tons; May

given in the foregoing paragraphs that this practice had to be abandoned tions were begun for selling rice to ...60,000 bons. The situation presented considerable dif- 3.On the 28th of May the Secretary of ficulties, and the receipt or a telegram rios from Kuangtung, and after much aight gold dollars for one hundred Hong Stata enquired whether the Government on the 14th Jane from Hist. Unargé correspondence the Government at Canton kong dollars, and when the exchange was 16 An endeavour, was made to obtain America, the rate of exchange was about of Hongkong was negotiating for the a Affaires a bangkor to the effect that permited the export of 10,000 piculs of fixed it bad risen to ninety-five gold purchase of rice from Siam, and on the the Government of Siam und prohibited Wahu rice by the Kuangtung Food Relief dollars for one hundred Hongkong 5th June he suggested that in order to the export of rice from Diam as from Association to the Tung Wah Bospital dollars. The rice was sold at 205 gold. aroid competitive buying in Siam the the 12th July except under Lenco did not st Hongkong at a price of $6.70 s pical. dollars a short ton for 10,000 tons and Government should prohibit importation tend to improve matters. of rice from Biam on private account as both Biam and Sagon rice continued to

- Price of The Tung Wah Directors showed great the difference in the amount to be receiv had been done in Ceylon and the Straits rise, the former to $15 a picur and the energy in eracting a number of matsheds dat exchange of 80 and 96 is 104,600 Bettlements. In reply the Secretary of latter to $13 a picui, the poorer grades where many thousands of very poor Stake was informed that Hongkong was being rather less. To show how sensitive people ware supplied free of cost with a

in Victoria, Shaukiwan and Aberdeen the figures being as follows an entrepot for a very large rice trade the feeling was in other countries it may mixture of boiled rice and salt, known with all parts of the world, local firms be mentioned that on the 26th June as congee, twice a day. This system of buying as agents for all countries and telegram, was received from HM. Minis relief continued for several weeks and buyers in foreign countries transhipping ter at Tokyo stating that the Japanese was most useful in preventing a great in Hongkong. It was pointed out that Minister at Bangkok reported that tran- deal of distress. if an embargo were to be placed on the shipment of rice af Hongkong was to be importation of rice it would seem probable prohibited shortly and enquiring whether that the result would be to divert trade the report was correct. An assurance was round the Colony without achieving the given immediately that it was not in object in view, and that the result to the tended to prohibit transhipment of rice large rice trade in the Colony would be as Hongkong. At the same time acting most serious. That arrangements had on the report above quoted a Japanese been made to have sufficient rice for three firm was about to make arrangements to months local consumption alware in the diverf two ships loading in Naigon so Colony, estimated at abouk 27,000 shat they would proceed to Japan direct That careful watch was being konten exports the endeavour being to prevent the export of abnormal amounts to ordi-10-1 was obvious that with a view to nary destinations and to limit the ex controlling the price and preserving the ports to countries which did not normally trade immediate action was necessary, draw on Hongkong to the lowest limits and after some discussion it was decided In these circumstances the opinion was to call a meeting of the principal em expressed that it would be very inadvis ployers of labour to consider the whole able to impose restrictions on importa question. tion. The Secretary of State replied on the 11th June that the matter of dealing with the rice situation was left to the discretion of the Officer Administering the Government –

direct shipments.

10,000 tona ni G. 8205 a tón

at Exchange of 80-82,562,500 at Exchange of 95 9.157,505

$404,805

balance of the total loes incurred on the * Fright to America also rose from G. $15.

purchase and sale of rice is made up of to . 825 during the same period. The

actual reduction in the price at which local sales had to be made of rice bought locally, rent of godowns, freight on rice. from Saigon and Rangoon, commissions on sale of Government rice, interest on

rice from the Hunan Province of China vid Shanghai. H.M. Minister at Peking 17 An attempt was a so made to get and the Consul at Changsha did all they could, and the Government was favour able to the project, but owing to the stipulations of the Governor of Hunan the price demanded was prohibitive so that the offers made had to be refused.

18The Indian Government sanction

arrived in the Colony Through the gmerosity of the arm of Mesara Nemazee Bangoon and this rice has recently

Ca, about two-thirds of this rice is being carried free of freight to Hong kong.

ithout calling at HongkongThis wased the export of 3,750 tons of rice from hvarteda

decided that the only ferable Course was After two meetings it was for the Government to purchase rice and, subject to the approval of the Councils, this situation was accepted by the Gov British Consul at Saigon on the 1st July ernment. A telegram was sent to the enquiring whether it would be possible for the Government of Hongkong to buy Annam rice from the 1st August up to a maximum of five thousand tone a month for six months for the purpose of local consumption, and on the 4th July the Consul suggested that the best course would be for the Government to approach the Food Controller at Singapore with

overdraft, ad insurance. All thess charges will be shown, in the final account.

loss is eventually arrived at will scarcely. indicate the real facts. The Colony has It will be clear from the above that whatever sum in dollars representing the

been receiving during the past four months & supply of excellent rice from

ment up to the 30th September, the only price would have been demanded. The Kuangtang at a low price, but it is more amount of rice purchased by the Govern had not been here a considerably higher. 19.Appendix II. shows the total than probable that if the Government rica further purchase being necessitated in indirect advantage to the Colony of the November in order to comply with the policy of non-interference with the ordin terms of a contract, for the sale of rice on ary rice trade cannot be reckoned in al- dealt with at a later stage of the report. policy requires no justification consignment bo America. This will be lars, but the gain is so manifest that the

No 1

3 No. 2

2.853 picula 8,838

Commander O W. Beckwith, RN who

acting a Superintendent of Imports and Exports, and Mr. A. K. Taylor of the Police Force, temporarily attached to

safety of the stocks of rice. avert the danger which threatened the the Department, worked strenuously to

4-Befors proceeding further it will be convenient to explain in some detail the paramount importance of the rice

into three classes under the designations was no other course open than to sell the trade to the Colony of Hongkong. Rice

Hongkong No. 1, No. 9, and No. 3. and balk of the rice which had been purchas 20-The rice purchased was divided 28-When it became clear that there is much the largest commodity dealt with

the recommendation of the Committee to ed with the least poemble delay, the in the trade returns and a large number

fix the price of the three grades at 20, Government sought the advice of those of ships is caployed in bringing it to

16, and 203 cents a catty respectively was connected with the rice trade, who were te Colony and in carrying it away after

adopted. These prices were altered a few in a position to help. Mr. Barretto of it has been dealt with. The handling of

days later to suit the usage of Chinese the firm of J. M. da Rocha & Co. Messra the cargoes both at the ships and on shore

buyers to 6 catties-81, 7 catties-81, and E. A. Beaumont & Co, Mesars. Loxley & gives employment to a large portion of a view to buying 27,500 tons of rice which catties-31, and before the end of Co., and the Hongkong Mercantile Com- the floating population as well ne to be whs willing to resell, the price being August the price was further reduced to pany all gave valuable assistance without large number of the coolie class. The about $13 a picul. (Saigon currency), 5 catties 31 71-7 cattie 81, and 10 which it would have been very difficult to companies and individuals who own go fab, the market price at the time being catties 81, No. 1 rice was Saigon round effect satisfactory sales. In the work dur downs also derive great benefit from the considerably higher. This suggestion or long, No. 2 a mixture of Saigon round in August of mixing and selling the grad storage of the rice while in course of was adopted, and on the 11th July a teleor long with an equal amount of brokened rice Mr. R. O. Hutchison, Mr. Taylor of preparation for export. For the year gram was received from the Colonial fice, and No. 3 a mixture of one-fifth the Opium Monopoly and the Chinese 1918 the value of the rice imported wad Secretary, Straits Settlements, stating Baigon round or long with four-fifths gentlemen on the Committee rendered no less than £12,904,321, while the ex that the Food Controller could sell 27,500 broken vice very good service, while from the middle port for the same period were valued at tons Saigon rice July allotment for 211,608,509 October delivery at 813.30 Baigon dollars up to the 3rd September as follows:-

5-As has been often pointed out, the ex mill, and requesting the Government

21-Bales of Government rice took place of Beptember until the end of November Colony of Hongkong is in the unique positif is wished for this rice, to remit to tion among the great ports of the Empire the British Consul at Saigon 81,500,000 of producing practically no raw materials, Saigon dollars for the necessary advances. but on the other hand of possessing in its geographical situation and in its splendid ernment thereupon summoned a meetingly ceased and it was found that rice had 11-The Officer Administering the Goy About the 3rd September sales sudden harbour unrivalled opportunities for of the unofficial members of the Executive begun to come into the Colony from 25-The situation deal with in his dealing with an immense transhipment and Legislative Councils on the 18th Kuangtung. An excellent quality of zice report is happily trada It is in fact in the nature of a July at which the Colonial Secretary and was thus available for consumption in history of the Colony, and this is not sur great wharf and godown where every Mr. R. O. Hutchison were present, when the Colony at the comparatively low price character could produce such a crisis. class of goods can be handled expenditious it was decided to purchase the 27.5800 of 38 a pien

Only events of most unusual ly provided the machinery for doing so is tons of rice offered by the Food Con 22-In view, however, of the appear bined with a partial failure of the ace Sko First, a world shortage of cereals com kept at the highest pitch of efficiency and troller, Singapura A note of the pro ance of this rice on the market, the ques without any unnecessary restrictions receedings in attached to this report tien immediately wrose as to what was crop in Sism, one of the tarding smooth working. Nothing could (Appendix 1.)

to be done with the rice imported by the trade situation in Indo-China leading to be more fatal to local trade, than for an 19. It was realised that the Govern Government and bought locally. Some rich a rise in exchange rates as

ducing areas; secondly, an

principal

abnorma impression to be created in the great ment would have to face a considerable of the latter already showed signs of the price of rice in the currency markets of the world that the Hongkong Ines of money in giving effect, to the deci deterioration and it was decided to sall Colony almost prohibitive; thirdly, the to make authorities might place obstacles in the sion to purchase rice, and it at once the rice bought in the New Territories at increase in the sterling value of silver way of the quick despatch of cargoes, or became apparent that the loes would be a picul and to make enquiries a to during the critical period from about 43 interfere with contracts connected there increased owing to the high rate of die the best markets in which to sell all the pence to 75 pence an omnce; and lastly. with ferunt on the Hongkong dollar at Baigem remainder with the exception of a few the unexpected arrival in the Colony of

6-With regard to the rice trade, The discoan at first was 231 per crat, thousand fous Jaran had ceased to buy step in the right direction was taken, not but on subsequent purchases was some any Fio in Hongkong and the Straits from a source supposed to be aloed, abundant supplies of good and cheap rice long ago by the standardizing of rice by what lower. The Treasurer arranged Settlements did not require any The which rendered the large supplies of rice the Exporters and Dealers Association of with the Hongkong and Shanghai Bank spling value of the dollar had continued for the immediate purpose for which they Hongkong in accordance with the repeating Corporation for the financing of the rising so that the price to be obtained in were intended.

bought under adverse conditions useless. ed request of the California Rise Anso nurchnees in Saizon, and the Government countries with a cold standard was becom ciation

Prior to the adoption of this is much indebted to that institution for ing less when reckoned in dollars. Even than five months have resulted in a large measure no limit was placed upon the the valuable assistance rendered in this tually arrangements were made to sell drain on the financial resources of the

30Though the

the transactions amount of broke trains mixed with maiter, and for the moderate rate of four 10,000 tons on consignment to America Colony, the transactions may be con good whole rice with the result that per cent, interest that has her charged and about the same amount locally. A sidered as povering & period of probably serious complaints can from American on the overdraft. On the 20 July tele careful examination of the rice storet year more The difficulties attending buyers. It is expected that the action Tam was received from the Colonial in the zoowns in Victoris showed that the provision of proper taken by the Exporters and Denleri Becretary Straits Settlements to the much of it was discoloured and full of for the Colony at a mode Association will have the effect of restor effect that owing to an error the Food weevils but notwithstanding, this prices no means surmounted iny confidence among buyers in America Controller had offered 27,800 tons whereas were obtained which were quite good oon be seen, but the and elsewhere, whereby this valuable 13,750 tons only were available, the sidering the state of the market. In fact gained by what trade will be retained in Hongkong. balvace having been sold to the Nether the sales were made inst, in time to avert 7-The bulk of the imported rice com India Indies. As no further supplies very serious losses indeed owing to the

enable proper. from Saigon and Bangkok, and in could he got from Saigon except at arine bemming practically unsalcah usually packed in single cunny bugs of prohibitive price it became necesary to 22-On the 19th Septemb ant 160 catties weight (213) Ibe.), and, make purchases locally and this was done 8000 is pas with the exception of some shipmenjeto in the extent of about 10,000 tonk prin- acquisition and Japan, is never re-exported from Hongipally of broken rice to mix with the Hongkong kong in the original bags, The principal Saigon rice on arrival.

ing sete previously done

iment and

it is to be meet-any

far lower

cas Ateps are

of the

of rica

Price, are

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