1929-12-31 — Page 4

THE CHINESE BANKS.

GOOD YEAR'S BUSINESS

REPORTED.

THE HONG KONG DAILY PRESS, TUESDAY, DECEMBER 31,

that is, loans to reputable firms and individuals without security. The interest charged is 2 or 10 per cent. per annum, and as there have been no important business failures to

done very well,

SHIPPING IN 1929.

Chinese banks, popularly known report this year, the bankers have FREIGHT MARKETS.

11

1929.

Abnormal Conditions. August was about the worst

to report. In an interview with the appreciation of share prices POOR YEAR FOR COASTAL 'ments, the first half of February number of time-charters in March, their, regular service of steamers

as native banks, have a good year

prominent Chinese banker na to the year's business, a Daily Press representative was told that at the outset of the year there was a little anxiety among the banke, as quite number of them had speculated in tels, having bought large quantities at 80, and the subse quent rise to 603 caused much cou corn, many firre losing "money.

Another reason for the good year

(dealt with, elsewhere), which en- abled hankers to sell shares which they had been holding since 1925. Most of there shares had been mortgaged by defaulting clients, and the year 1929 offered bankers An opportunity to realise some liquid cash out of their boldings,

Money-Changers,

A good aumber, however, were Money-changers generally report convinced that the tael would fäll a good year, as it is learned that eventually, and by paying penalties many of them foresaw the drop in- to the European hanks for exten-exchange and took full advantage sion, etc., they were able to hold of it. A few were badly hit by off long enough to show a preßt, defaulting speculators in Central for the rate eventually did come Bank notes, but in spite of thie, down to 7 and 78.

there have been no notable failures on the part of either money changers or the smaller banks.

Chinese banks did an extensiva husiness this year in clean loana,

STEAMERS.

Merchants may have complained of a falling off in business due to month, on record, as through the exchange, but the effect of this has not been folt in shipping circles abnormal scarcity of rico, beans, Į operating steamers to Europe. Baca for Salgon Cargoes,

An Uneventful Month."

salt, and passengers, Chinese time- No very great change in or addi- Having engaged sufficient tonnage The month of April was an un-

tion to tonnage is anticipated for the coming year. in January for February require eventful one, is owing to the large charterers were unable to maintain

The falling-off in exports is at- was a period of dullness. To pro- which had been taken up for trades between Saigon, Bangkok or Hai-tributed in some measure to the vids employment for a few steamers that usually fell to voyage charter. Phong and Hong Kong, or between sivil strife in China, which restricts A good the transportation of goods from which failed to obtain rich charters

the interior. The general opinion" from Salgon to Hong Kong, some ed vessels, the number of vessels Newchwang and Canton. owners had to nccept trips from í available for such charters showed many steamers were compelled to appears to be that if China settles MANY SHIPS RUN AT A LOSS. Haiphong to Saigon and Bangkok a decrease, and it was on this ac-fix up for the Tonkin coal trips, in down, it would be possible to guess with some measure of accuracy to Hong Kong. The competition count that voyage charterers had to spite of the ruinously low rates pay airly high rates to fill their offered by coal charterers.. Several

what the amount of cargo going for berth cargoes in Saigon was so

requirements. However, Norwegian steamers, which were forward to Europe will be, but keen the charterers had to sublet tonnage cargo space at 12,cents per picul in business was restricted through the not under time-charter, but were { until this happy state of affairs

comes about, any prediction of this. steamers which had been taken up an voyage charters at 30 cents per | Bangkok, and only a few British agents, were laid up in harbour character will be no

more than guesswork, pical.

་་་

KEEN COMPETITION.

SLIGHT IMPROVEMENT AS YEAR ENDS.

The year 1029 will be long re- mambered by those interested in the chartering of steamers, as busi- ness passed through a very trying stage during the summer months. At one time things were so bad that several Norwegian ships had to lay up in harbour and pay off part of their creirs, waiting for better times. At another stage, in the absence of any movement of cargoes from normal sources, there was keen competition for the Ton- kin coal trade, which usually is not attractive. Rates paid for coal charter were ruinously low, but HAPPY!!! notwithstanding this some owners were glad enough to secure business for their steamers, and are report ed to have accepted ridiculously low terms and granted generous commission for this business.

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CALDBECK, MACGREGOR & CO.,

PRINCE'S BUILDING.

July and August proved to be the worst months, there being prac tically no demand for tonnage in the former moath, and the ab normal scarcity of rice in August rendered voyage and time-charter- ing business absolutely dull.

Details of this phase of shipping business will be found below, also news of steamers bought, sold and We are indebted to chartered. Messrs. George Grimble and Com- pany for match of the information contained below.

The year opened with a "quiet week, during which little business was reported. In anticipation of a good demand for rice to Hong Kong and Canton after the Chinese New Year holidays (February 10 to 12), rice exporters in Wuhu and millers in Saigon showed keen interest in chartering tonnage to Hong Kong and Canton. This led to the en angement of a fairly large number of medium-sized steamers for early.

six February leading,

British steamers being chartered for load. ing during the middle of February from Saigonto Hong Kong at an average rate of 30 cents per pieul. Norwegian and Chinese steamers also shared in this business during the earlier part of the year.

In January coal "freights from Tonkin coal ports to South China were offering at rates which did not attract owners. Later in the year, as will be seen in another part of this report, the Tonkin coal freights became very welcome, as the freight market slackened in other directions.

There was only one time-charter of three months reported for Feb- rary, this being the Kittawa, at 88,750 per month.

The Norwegian steamer Helikon, built in 1913, of 3,000 d.w., was re ported sold during February to local Chinese buyers at £25,000.

Time-Charters.

In March the outstanding feature was the number of vessels fixed for time-charter, practically all avail able steamers being fixed up from periode varying from 43 days to 12 months. The following were ported:

scarcity of paddy in Saigon and steamers were fixed for rice trips from Saigon to Hong Kong. There were numerous inquiries for ships from Saigon. to Philippines, but only one fixture was reported.

In this month, coal freights from Tonkin to Swatow, Shanghai and Chinkiang were neglected, owing to the low rates that were offering and many coal trip remained to be filled..

In view of the difficulty of securing tonnage for Saigon to Philippines, rice-shippers chartered two Nor wegian steamers for the business. these being Escondido for six months at 88,250 and Promise at re-36,500 per month, beth ships to be delivered in May. This took two more vessels off the market for voyage chartering business.

Kittawa (1,600 tons) for three

months at $6,750. per month. Hubro (2,500 tons) for six months

at $8,350 per month. Daviken (3,500 tons) for two

months at $18,000 per month. Halvard (2,600 tons) for three months at 810,250 per month. Haldis (2,600 tons) for six months

at $10,000 per month. Torney (3,850 tons) for three months at $10,500 per month. Produce (1,600 tons) for 12

months at 86,730 per month.

Hsin Foo Sing (23,000 tons) for six months at 88,500 per month, Promise (2,050 tons) for four

months at 87,000 per month. Lycemoon (3,100 tons) for 12

months at $14,000 per month. Prosper (3,200 tons) for 12 months

at $19,000 per month. Koramiko (4.150 tons d..) for

six months at private terms.

Dampto (4,500 toris) for 15 days

at $365 per day. Francis Gancier (20,000 piculs) at $10,500 per month, owners paying coal, tonnage and light dues, and pilotage,

under the direct control of owners with part of their crews paid off.

It was in August that the report. was received that the Norwegian steamer Kronprins Olav (1,850 d.w.) was withdrawn from the coast trade.

Coal Trade or Nothing!

In September steamers lying idle in Hong Kong harbour accepted several Tonkin coal trips as 'a temp- porary measure, to keep them em- ploy od.

Owners, in fixing their steamers for this trade, not only had to operate at a ruinous rate. but had to concede extra return commissions and other burdensome

2

JAPANESE COMPANY'S

REPORT.

MORE PASSENGERS FROM EUROPE:

SOUTH AMERICAN SHIP MENTS DOWN.

entirely, silk being sent either direct to the Pacific Coast or by

the all-water route vie Panama. cargo, no great change has been As regards movements of general" noted for the rear.

The manager of a Japanese ship- conditions foisted upon them by ping company, interviewed by the several of the charterers.

Daily Press, stated that the gen" There was a certain amount of eral movement of cargo between rice cargo moving from Saigon to Hong Kong and Europe had been From Bad to Worse, "

Singapore, and this afforded relief | very steady, during the year. to charterera who had time-charter-

In the early months of 1929 there The freight market changed from ed steamers originally tor the Sai

was a fairly good quantity of silk bad to worso in May. Several gon to Hong Kong trade.

forwarded to France and New steamers which were chartered for

The Norwegian steamer Pronto York, via Europe, but during the special trades for short periods (2,000 tons) was time-chartered second half of the year the New

for were redelivered to owners, who in during September

round York rate was reduced, and New view of the poor rates ruling in voyage Hong Kong-Saigon-Java York shipments via Europe ceased all directions were unable to enter Singapore-Amoy-Swatow-Hong Kong tain any voyage charters. On ae- At 8375 Hong Kong currency per count of the depreciation in the day. and the Norwegian Dukat valce of the Canton Central Bank (9,000 tons) WIJ chartered for notes, merchants were compelled $6,250 a month for twelve month to discontinue the importation of The Norwegian steamer Hav sailed beans, rice, and other general car in ballast for home, being with goes to Canton, and sub-chartered drawn from this market.

Owing to the Manchurian Rail- their time-chartered steamers on The Chinese steamer Hung On Europe have taken the

way trouble, most passengers from all-sea trips for other business at low

ex John Sanderson (4,500 tons)

route, and traffic from Europe ac built in 1889. stranded at Lemke cordingly has been greater this Unlike former months, there was

Bay (Hainan Islands) on September keen competition for the Tonkin. She had a cargo of 3,200 tons year than in the past. The Pacific

the Hainan coal business and

of Hongay coal on board for Swa-Passenger business was described by Island salt freights, the new com

the company" as “ quite good.” petitors being regular Saigon-Horg

There has been a very big in- Kong ships and time-chartered

October showed no improvement steamers, with the result that the in the position of the freight market crease of tonnage this year and the

become keener. rate. from Hongay to Hong Kong and Tonkin coal cargoes were still competition for cargo business has Two American dropped from 82,75 to 82.40 per eagerly accepted.

as had completed their trip charlines have increased their tonnage and established Tiew shipping To add to shipowners' trouble,ters in Hong Kong in October were the number of passengers from idle for a few days before employ-routes from the Pacific Coast. Hong Kong to the Straits Settlement could be found for them. ments also decreased, and steamers specially time chartered for the pas

ratea.

ton.

sengers trade found it difficult to secure full complements of passen- gera from Hong Kong, Swatow, Amoy and Heihow for Singapore. The situation, in short, become, very grave for shipowners.

sight Improvement.

tow.

Such steamers

merchants had entered into a cor- It was reported that Swatow coal trnet with Japanese owners to lift 8.000 tons of coal monthly from Hongay to Swatow, from November this year to February next year, at 82.75 per ton less 6 per cent. to charterers and 40 cents per ton for discharging.

In recent years large shipments of rice have been made from Hong Kong to South America, but this year these shipments have not paterialised owing to the large increase in import duty imposed

the Peruvian Government, which has had the effect of decreasing shipments of rice to South Ameri-" enn poris.

The refusal, on the part of Tien- tein shippers to accept a 30 per cent. increase in the tariff rate ou general cargoes from Canton and Hong Kong to Tientsin, and vice rerau, proposed by owners of re gular liners-the large number of Chines cemigrants for the Straits Settlements from Swatow, Hong Kong and Hoihow--and the im possibility of securing British liners on the customary voyage charter basis for bean cargoes in bulk from

As regards prospects for 1930, no Coastwise chartering from Saigon In June the only port which could was dead, and the nominal berth improvement is anticipated in the Nowchwang and Dainy to Hong give full rice cargoes to Hong Kong Several time-charters were fixed Kong, and Canton, were the chief was Haiphong, but as activity in Hong Kong was only 10 cents per ed and growing tonnage, and also rate for cargoes from Saigon to Pacific trade, owing to the increas in January, these including the causes greatly favouring Norwegian this direction is generally of small picul. British steamer Borneo and the and Chinese owners in fixing their duration, and as the regular liners

owing to the existence of keen com Norwegian steamers Kronviken and steamers on time-charters to Chitook up most of the cargo offer collapacd, a steamer loaded with who are able to offer large amounts The rice market in Singapore also petition from non-Conference lines Bestik. The first-named was char-nese charterers.

There were inquiries for charters managed to get share in the consequently diverted

ing, only a few tramp steamers rice plestined for Singapore was

of space at cheap rates tered for four months at 810,000 per month and the latter two for from Saigon to Hong Kong, Saigon business.

to Hong three months at 89,500 and £950 per to Philippines, and Rangoon to Owing to the large volume of the Kang trip 20 cents was paid by DECLINE IN PACIFIC TRADE.

Kong and for this Saigon-Hong month respectively. In addition to Hong Kong, but inquiries could not

new crop of rice in Tonkin, several charterers per picul on 37,000 these, the Ulrikka and Hydra II. be met, owing to the large number

steamers which could not secure piculs... obtained charters of four months of ships fixed on the time-charter full cargoes in Saigon were divert- and ten months respectively, the basis.

ed to Haiphong to lond for Hong ported, these being the Promise There were two time-charters re- former accepting 87,000 per month During March the Amra was sold Kong. A couple of Norwegian in Hong Kong currency and the to buyers in Hong Kong on private steamers were fixed for the Hong (2,000 tons) at $6,500 per month and latter the same figure in Straits terms. In this month Tonkin coal Kong-Bangkok-Hong Kong, trade, the Ulrikka (2,000 tone) at $7,250 Two ships were sold in January, in their idens of rate, but only freights Tonkin coal freights con- time before proceeding in ballast to merchants were willing to come up and owing to the shortage of per month. The last-named was these being the Wing, Hong one fixture was reported. Several tinued strong, although in severni Shanghai, where she obtained the lying idle in Hong Kong for some (British) 6,500 tons deadweight, Chinese steamers, which avoided instances, charterers met with dif- and the French Raymond Poincare, calling at Hong Kong in view of culty in

securing of 3,200 tons. Both were reported the "loadline" difficulty, were fixed steamers for Hongay to Canton. as sold to Japanese buyers, the to load salt cargoes from Hainan priens paid being respectively Ten Island to Whampoa at "paying 115,000 and £13,500.

currency.

rates.

POMMERY

CHAMPAGNE

LTD.

Telephone Central 75,

The Wine of Kings The King of Wines

amall-sized

Absence of Demand.

The month of July was notable for the absence of demand for ton- nago to life rice, beans, sugar, salt and/or coal cargoes in any direc tion, with the result that owners met with great difficulty in secur- ing cargoes for their numerous stenmers.

Although the berth rate from Saigon to Hong Kong was from only 4 to 10 cents per picul, it was reported that part cargoes of rice wehre accepted by time-chartered steamers free of freight; and rice meal at C cents per picul.

From Bangkok to Hong Kong the berth rate receded to 35 cents per niçul, and cargoes were so scarce that regular liners as well as time and trip-chartered steamers arrived at Hong Kong with more than half their holds empty.

Shipment of rice from Haiphong

charter.

RAW SILK SHIPMENTS INCREASE.

Hong Kong to the United States A falling-off in the quantity of

and Canada can be traced through- most commodities shipped from

out the year 1929, the only line which has shown an increase in shipments across the Pacific from this end being raw silk.

Towards the end of the year the freight market took a slight change for the better. The favourable re- part concerning the rice crop in

The approximate increase in the Siam, with the fixture of several quantity of raw silk scat from small-sized Norwegian and German Canton to the United States is coasters homewards, will, it is estimated at about 98,000 balen. hoped, also be the means of re- This increase is probably due to a moving the hitherto gloomy pros fall in the price of silk and reduc- pects prevailing here regarding the tions in freight rates during July prosperity of China coast shipping, and again in Septetuber. year was the Norwegian ateamer

The last sale recorded during the Since the Wall Street debacle, Escondido (2,400 tons) built in 181?pected to be put through until the however, shipments have declined, and very little new businera is ex- for £14,500. She was sold to Chi- nese buyers in the North.

end of January or beginning of February,

Throughout the year merchants have complained of lack of in-

INCREASED IMPORTS FROM quiries and dull business, and since

EUROPE.

EXPORTS DOWN,

Inquiries made at the offices of

to Hong Kong also partially ceased. A British shipping company, closely The French Government in Indo- connected with the movement of China this month increased the freight and passengers to and from duty en through cargoca to Yun- Europe, revealed that there has not nanfu, and this was responsible for been any great change in 1929 either the decrease in the quantity of in freight or passenger business. berth cargoes Haiphong. Steamers

the reductions in the raw silk freight rates, the bulk of the move- meat has shifted from the trans- American railway route to the all- water route vid Panama. This is believed to be due to the difference. in the rates between the two routes, and to the large stocks of silk in New York.

Until November freight rates had remained Laitly firm, but due to competition from non-Conference The figures available at the timelines, the regular Conference Liries. which were time-chartered for rice of writing showed that imports to Atlantic Coast and Pacific Coast trips from Haiphong to Hong Kong from Europe increased by 28 per Porte reduced their rates by ap were driven to seek employment in cent. this year as compared with proximately 25 por cent other directions.

about 15 per cent. less.

Exports to Europe were

1928.

There were three ships time-char

The decline in trade throughout tered in July, these being the

1929 is attributed to the establish- Botnia (2,400 tons) at $5,500 per appears there has been about the creased, tonnage, and new building As regards passenger traffic, it ment of new steamship lines, in- month for six months, the Fager same number of people travelling programmes, the N.Y.K. Asama (1,800 tone) at £700 per month for to and from Europe in 1923 as in Mara being the first of the new twelve months, and the Borneo 1928-the figures of the company shins placed on the Pacific run. (3,200 tons) at 812,500 per month being almost identical for the two for two months.

Loss of the Lok Sun,

years,

The year him not been marked by The British steamer Lok Sun, any change or reduction in freight built in 1902, 1,044 registered tons, rates, the basis of freight being stranded op the Samun Group and the same as in the preceding year. became a total wreck.. She was Inquiries show that the fall of eventually sold at auction for the dollar has not made much 811,000 as she lay, the purchasers | difference to the volume of cargo being local shipbreakers.

coming from or going to Europe.

For the present there is no in- dication of any revival of trade in the New Year. Conditions point, if anything, to a further decline.

Tonnage is much in excess of requirements, and probably will be very much more so during the next. few months, which will make for further ansettled freight conditions in the coming year.