1908-12-31 — Page 5

THE HONGKONG TELEGRAPH THURSDAY DECEMBER 31, 1908.

soling at three stated perinds, thus obtalalög for Bengal Srnan, Malwa $1,075, and Persian Sono par chest. The total value of raw opium Imports is, therefore, $41,038,320, made up of

Bengal

$34,045.930) \\

Persian You is 2.977,575-

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there is a balance of 440200 bags yet to ox- plain away when the year's deficiency is taken into consideration. This decreased import is capable of satisfactory explanation when the cures for the decline are inquired into, as they will ba prosopily examined,

the new crop has been harvested. The result in that both millers and merchants alike have worked at a losi, while Chinese intermediaties betwese importers and consumers have barely secured a margie, of profit, alace the tatters earning powers being limited could not answer to the call for higher prices which a lower dol- lar imposed upon them to the benefit of none interested in the trade. Paradoxical as it may appear that current market prices for flour and wheat should be on the inversaratio, the fact is nevertheless explatoed by competent authori- ties that the United States must look about for a market for the super-abundant products of her prolific Geld; /

Cardiff Coals. About 50,000 tons arrived here all of which was landed into gedowns Forty thousand tons came to the Admiralty, Smallsales were effected ex godown and/or trimmed into bunkers.

ofsteamship agents, Messrs. Angaard,

between this and yo

a. The Mitsu Bisbi Gosbl Kwalsha rank secu portes, the quantity imported by the list of Im Coita on the "whole, leg to about ago,oco toes. They are a picture of trade depression wh to the Peninsular and Oriental Steam Navige be presented; for the year closing to-d Co Canadian Pacific Railway and other been one of exceptional idactivity in alt Steam bip Compasise. The principal loading over in the East, low feeights roling all ports in Japan are Moji, Kalchinolau, Kerates forced to Thy and many steamers have beau. and Mor-ran, the faster port being the Inding Hongkong, for, wat various ports, notably these circumstances it sloyment Under port for Yubari Lump Coal.

few owners have attempted at that very vessola out this way for the purport ther on the Coast, and had it not been that homeward freights have been so miserable, that, owners had calculated with a certain loss, saveral of the older boats would undoubtedly have boun ́sent home. -' Of course the dull state of the freight markets in other parts of the world also to a certain degree, accounts for some of the old, and, for the coasting trade, unsuitable steamers remaining here, owners apparently possible, in the hope that things will again'im prova.

FROM DAD TO WORSE," At this time last year freights were going from

maintained its normal level. With a good|approximation, lince no reliable official figures market in Bombay and the steady depletion am available for publication of the Hong of stecks in first hands in Hongkong, prices kong Milling Company's 1908 output. The for all counts, and in particular the favourite wheat importations on the local Company's spinnings in No. rcs maintained a gradual account figure out the estimate of 600,000 and: steady ascendant movement which was bags by export computation." Daducting that kept ap right through to the closing week of quantity from the total decrease for ibe year, the year. It is little wonder then that where Total.........$41,038,920°

prices have mounted- high, and higher from | against the S27,200,000 of the preceding year. week to wes more stood to lose, and more The inordinate rise in values explains the satisfactory still consumers, that is, wearen of enormous profils to the Government of Indip the spun cloib, passed the ability of paying The opium revenue returas published in better prices for cotton fabric. Calentia on the 27th November show.. that the Nature's visitation which spaceď the, sice Government of India's receipts from' this drug | falds of the Southern provinces in June, was not were, up to Cclober, no less than 189 lakhs of quite ao propitious in September October; for rupnes better than the estimate..

the typhoon which swept over Swatow and Quite, apart from the 11,415 009 a year surrounding districts did much damage, especi collected by the Colony for the Oplum Farm, ally at Amay where for a short while since at the colossal value of the opium rade to Hong-falling-off in demand took place. Had it not kong may be gauged by the figures submitted been for the typheen the consumption in the above Thera sh uld be no wonder that the fukian province would have bean even greater and $.to as the lowest. The disparily in trying time, with, comparatively speaking. I however, was taken into consumption by the preferring to keep them out East as long as · Hongkong taxpayers await, with so much Interest if e nutcome of the deliberations of the delegates of the Foreign Pawark interested at the Opium Conference to be held in Shanghai op the rat February next,

COTTON YARN.

than it was.

Referenca must be made to the tentative efforts of the Japanese Cotton Spinners' As sóciation to capture the China markets for cotton yarn by a resaṛt to no expediency of dubius character in point of commerci al morality. We refer to the proposal to In de ling with the yain markel, a trade circular ni tes that the commercial retrospect issue with every bale of yarn lottery tickets, of the last very is chiefly remuk cble for the "coupons" as they were called by the humeroas fluctuations and incessant decline in Japanese, cosing the holders, originally, to silver, producing serious distushar ces in.com.

przes id money and later substituted by prizes mercial operations, great dep: cainnin may in kind. The altempt in gain favour with Arecles of product, law prices, and more or less Chinese hy this method was first introduced inin Shanghai where representations were

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light losses.

With an average ruling price for the year at $1.55 (Mex.) per bag, it will be quan that as a staple commodity, cex after rice and sawhb auch a peculiar condition obtaining also, flour buiks largely in the commercial sta it was little wonder, that local merchants felt tistics of the port. The total laurinsic value of their way extremely cautiously, and thanks to the importation is no less than $8,775,000 for the policy dictated by a considerable degres of 1908. The extreme rates of cost, per bag,prudence no heavy stocks, were carried, and ruling is $1.35 to $2.40 as the bigbest price dealers accordingly get off, in an exceptionally

values has been owing to certain special fea tures in the economic conditions of the was in this absence of parity rack, which trade, and is also to be accounted for by one could foraice, that unhappily the funk the lower exchange value of silver ruling to Ery bark foundered. The reasons which wards the end of the year, which is responsible circumvented the failure of the late Mr. A. for the higher selling prices of flour in Hoog Reanie's enterprise are explained in Portland kong. As the year approaches its close, Das several, among which two in particolar in rdinate demand for wheat arose in the Eu stand out clear and distinct. One was the in- ropean markets, resulting in extreme prices in ability of the new millers to induce the clan- the United States; this, coupled with lower ah Chinese buyers to take up new brands of silver exchange, forced up local prices in China, flour. The Portland Floating Mills Company, It may be explained that the controlling i pioneers in the field from the Pacific Northwest, fluences in the price of wheat in Europe are and still the dominant factor in the flour trade dependent upon the United States, the Black throughout the Orient, had for more than twen pective order named. The poorer yield of the brands to the Chinese, and in a land where Russian wheat crop this year stimulated quota accomplishment of any kind of an economic.

Australian Coat The Massageries Mari- times Company whose arrivals amounted to over 38,000 tons imported the coal for the use of their Mail Steamers. Other arivals from Australia aggregate and 40,000. (001, a small portion of which was sold to Chinese ; the bulk,

importers

Bengal Coal-There being no demand for this coal, uo local firm imported say into the Colony during the year for sale.

Hopgay Coal-Some 95,000 tons reached by small steamers most of which vessele pro- ceeded to Canton with their cargoes.

Pulo Laut-Only a few small steamers of about 2,000 tons arrived during the year

Taingiau-Coal-There is practically no de mand for this coal, the list of arrivals being of no importance..

Tourant-Kebound Haiphong Coals.-Sever

heavy losses to importers. The review of the 'made' by the Municipal Council to the Sea; nad the Argentine Republic, in the rests years been solling the same "chops" oring the year all of which proceeded to Cantec hawaver, rates fosa to-33 and 11 cents, at which,

rend" is at all times the Council's en-

yarn market shows, this article of commerce to have pavicipated in the general depressing, Japanese Ceasul General. In part the letter with a few aceisional and spasmid c' efforin at dravour where possible te obvista, preferential | tinos in America, which found its reflex to the change is'a mattor of centuries, it was almost ber the 1.5. Shitstorò Maru arrived here with and to Kohsichang $tto $2,25 was obtained... year's business has been fir from satisficterus } treatment of any class of residents in the tattle. detriment of the interests of consumers of the impassibility to wean the Orientale away

excitement and animation, and the result of the

been applied to native Istleries, during recent years would fail in their object were a lottery of the present character allowed to function. with impunity," The reply of the Consul-Ga eral to the Cnaccil's auto was as followay beg to inform you that the coupons to which you refer are given away and are not sold, and therefore unable to see any objection to this math d of doing business. Àr: XXXIV of the by-laws of the Municípil" Regula- tions, refer to the sale of lottery ticke's And as far as or chances in Intteries" we can remember there the matter rests. Su concerned, how- Hongkong is ever, the ever vigilant British merchants took time by "th:,forelock and made adequate

On the principle that there are two sides toment, and the suppressive measures which have every picture, the institution of independent in quiries by a member of our own staff amongst the picirals of the Juge firms of importing houses, establishes that while individuals may have been hit here in there, kez on the whole, the position of this mast important trade to the Chilony ambunting, as it dres, to a value of two and a half million sterling peran un lins been reversed as batween the two years 1957 and rgo”. Ia the former twelvemonib, the record was one of depression, want of car filence, dismal Milure, and wholesale bankruptcie. The Eingest Chine ese ho ge littered, compounded with their cre.fax ditors, and others who failed 01-accommodation were irretrievably lost in the vortex of the im. mediately, precedin: <peculative mania. The , who succeded in keeping very few k their hands above water over the disastrous -parind-of-1907, begania puidueir buksin order and with the pusing of the stormy' potre},' calin began to art it to the early months of the new year, which of the whole has been one of exceptioont prosperity to those engaged in the trade:

יי

As

representations through the China Associatia and the Chamber of Commerce to the Govern ment, with the result th it the Coincial Govern. ment.addressed, itself to the Japanese Consul informing that atheist that the "coupons

would be regarded in the character of lottery tickets and world enter the importers liable to prosecution. The scheme was nipped in the And as regards Hongkong.

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ground product on our own market,

The lowest price of $1 to'per bag was re- corded in the months 01 July add August.

We need not travel Tarfield to discover the explanatory causes for the reduced imponations in Hongkong for 19.8 as against the record year of 1907. The reasons are four in number and may be eoumerated as follows:---

7

-Unlavourable exchange, in, lower gold value of the purchasing medium of the

country.

2-Financial stringency in North China, 3-Freedom from catastrophic ads

North China.

4-Comparatively light stock on hand

present.

at

from the Portlaod brands to which they bad become accustomed. The other insurmount-

rit of the "offs," as bran, shorts and mill feed able bandicap was the impossibility of getting are termed. Most of the wheat used at the Hongkong mill was imported from Portland

Puget Sound. The freight rate

Or

Across

the: Pacific, war'about the same as the rate on flour, but every, ton of wheat contained more than so pound of brag, shorts, etc, for which there was no market after the mill had separat-

bad to worse. Early January brought a further depression, and the gual listlessness, owing to the approach of China New Year, farther accan tunted the bad state of the market, while reports about abnormalrainfall in Indo-China threaten- ing the crops, also affected the market to some degree. At Saigon old crop cargo was getting scarce and rates to Hongkong dropped to 8 cents per pical. At the beginning of the month ai small steamers with thesescoals arrived dur-Saigon to Java was fixed at to cents, Later on, a smalsumber of steamers found employment. for the discharge of their cargos,

Tairen Coal-During the middle of Decem- Pulo Laul to Hongkong was done at 57.25,` 4,900 tons of Bujen Coal, this, baing a pow Coal freights remained idle with very litle in coal from South Manchuria. The Mitsui Bur. quiry, Haiphong to Canton being fixed at $1,60 san Kaisha are the importer and the whole and Meji to Swalow as $t.40. By the middle of the month so much idle tonnage bad accu- Cargo was sold to Chinein.

Summarising Messrs. Hughes and Hough's mulated that a sudden farge inquity for too- aage which set in from Saigon to Hongkong figures we obtain the following résults :-

Origin • Tons.

Value.merely had the effect of bringing the rate up to. japanese......w

1850,000 $8,500,000 14 cents, at which quite a number of boats Cardiff...ou wan

50,900 1,150,000 were closed. A couple of charters were also effected for consecutive voyages, commencing Australian

78,000 945,00

February, at 16 and ty cents to Hongkong with" option of Canton at 19 cents. To the Philip pines, a better inquiry set'in, and ́estos rosa to 16,000 23 and 15 cents, in aus "instance to 27 ceate, 'and' specylatars began thinking that the market would improve sufficiently to allow them to take boats on time with a profit,

Hongay (exclusive of

direct shipments to Canton) say... Pulo aut.............................. Manchurian

Total

50,000

2,000 4,000

..

450,000

32,000

concerned, materially ady inced during Against Japanese minufactures was another the indigenous labourera has beop accustomed with the Oregon and Washingtoo mills, but the Dutch product in the Hongkong market, to the same level as in the previous year, in

The institution of the Chiness boycott

factor militating jugainst Japanese competition with Indian yarn, and if the boycott con. tinues the Japanese mills will be further penalised in favour of Bombay,

Accord

ed in the Orient, „Tais enabled the Port- inland and Puget Sound millers 10- ship in its manufactured state-2,cos posadi of flour at the same freight rate that the Hongkong miller was

1234,000 Str,133,000 |paying for, about 1,500 pounds in the shape of

RAW SUGAR:

A SPECULATIVE VENTURE, As for the first of, the foregoing reasons, it wheat, Inwas also urged, jufurther explanation The extraordinary energy employed by the

February opened quietly in all directions needs an very great perspicacity to discern of the local Company's collapse, that the licng: enterprising Japanese in the develop eat of with the exception of Saigon to "Hongkong, that with the lower purchasing power of the silkong miller could neither use nor sell to advan

the sugar refining industry has told against where the inquiry was well maintained and ver dollar, importations into China, with a silver age this extra suo pounds of "off!" on which importations of cane sugar from Java into quiet a number of boats were taken up åt rates andard of currency, either of merchandise or he had paid the freight while the Court "miller, Hongkong. in former years the quantity im-ranging between: 16 and 16 cents per picul. other commodity, must suffer correspondingly.quite to the contrary, found an ever-increasing paried reached as large a total as 4,000,000 To the Philippines, rates also improved-ä filtle, Rice forms the staple food of the Chinese, and market at high prices for all the mill feed, that picals sonually, but with direct trada to Japan 26 to 18 cents being obininable, and some fix unless four can undersell the grain which he could produce. The development of the and the enlargement of sugar-refining plant tures were concluded at 14 and 15 cents to Jaya, Mother Nature has provided for the natives in Marchurian wheat fields may, in the futures there, Java imports into Hongkong dwindled while Saigon to Singapore, in one lastance, was the country, they are not likely to wean them supply Oriental mills with a cheap supply to two million picule in 1903, Philippine done on the basis of 16 cents per 1picul. selves from a staple article which the pala e of of wheat, and euable them to compete The Indian ade, so far, 21, Hongkong ii

sugar. has also entered into competition with

The anticipation that rice freights would risa. toforcenturies. This is not to say, however, that expert opinions coincide in the view that it will. the past twelve meniks. Mr. P. Eduljer, a

which continues to receive, in annually dimio duced speculating steamship agents to fix a broker of long experience in the local market,

the possibilities of greater developments in the be many years before the change can be ac: ishing quantities, raw sugar from Penang and two-thousand toner at $4,700 for 4 option 6 four trade, must be measured by the comcomplished, probably not before the ever Mauritius. The sggregate quantity from these mooth. The result of the vanture, however, -has the fallowing s'afistics and observations -to offiri-"Imports -simnunt to a10,175 baler

parative standstill of this article of commerce increasing population of the United States three contres of production, imported into altimately turned out a complete failure, as the

akes up the surplus which is now forced to an against 146,395 balon list year, while to the Arahi, the total output of japan in 1958: That the Chinese have acquired a sales aggregate 152,243 bales as against month amounted in 801,587 balss. Taking the largely koeaded into bread and cakes, which failure of the first big milling project in Southly from Swatow and Holbow, still finds a place change influenced the Bangkok'market and no cio yara from January to the end of lastaste for biscuits, and that American flour is seek a market beyond the seas. The absolute Hongkong cannot be more than from 1500,coa market after Chinese New Year took a decided- to,000,000 piculsa year; China sugar, principally discouraging tura. The unfavourable, ex- 137,608 bales, in 19 7, showing an increase of production for this month at 75,005, the total and their places on the everyday table of the China leaves the Oregon and Washington among our imports, but does pot represent business was done in this direction to Hong 43 and to per ceat, respectively. As the evil

for the year will not exceed 877,000 bales, better-class Chinaman, is a matter of such millers more firmly entrenched than ever, in any big bulle, Beat sugar, which was con- kong and Singapore, and even the lisere found effects of the i ste crisis of 1956-07 are gradually decrease of 107,209 bales on the figures commonplace knowledge that it requires no the field of which Hoogkong is regarded as the signed to German firms exclusively; from Eu- difficulty in getting full cargoes. Coal freights disappearing, the country is in a bette: position for last year, and is even less in compari-prophetic forest,ht to discover that with the dominating centre. However that may be, the rope, was debarred fron admission in 1908, by. to absorb imports, and demand from the con.

ware neglected, 51.25 being top rate from Mojl san with the figures for 1936, which amount leavening influence of Western civilization the mammoth plant in Junk Bay is a gloomy the low silver exchange. The best product to Hongkong. Wakamsatzu to Canton wa* suming districts, despice natural and politicaled to 945,000 bates, and for 1905, when the growth of the rade can be said to be yet in its monument to the enterprising spirit of it was largely exported by Germany, Austria and done at $1.93 and from Labuan to Hongkong disturbancer, has been on a much larger scale

aliput was 905,do bules. The export of yard

Promoters Recently a couple of the Pacific Russia, to Chipa when silver ruled high and on the whole a comparatively good busi this year bai beau very unsatisfactory. Total

infancy.

$1.75 was paid, while a fixture took place at: Coast millers paid a visit to the Calony, with a ness has been put through, Importations dur shipments up to the end of last month amounts

$1.60 from Kuchinoiza to Singapore and 'an- view to its inspection, while a Taipeh dispatch quantity to the picul exported to Hongkong other at St.75 to Hoogay.. fog the first four mazils of the year met with ed to 151,446 biles. Taking the shipment this the collapse of some of the wealthiest Chicers some profit, and more or less covering prices month at 10,000. bales, the total for the year banks and hows in Newchwang, and certain dated the to instant to the Osaka Fiji say from 1st May to 33th November, amounted so

MAINSTAY OF THE MARKETS, were obtained; ex hange kept steady and values will not exceed 164,000 bales, showing a de- failures of the exchange houses in the NonbThe Hongkong Flour Mill Company 1,401,162 piculs, equivalent to 85,074 tani,

Rice freights from Saigon to Hongkong con-. appreciated-Sa-in-s-per-bale owing-to-brisk crease of 65,000 bales from that of last year,posts brought about considerable restrictions in which at one time figured prominently in the inquiry. In May a sudden dean of 5 to 6 and of about 116,000 bales as compared with trade through the scarcity of ready money, four mill industry to the Orient and dominated showing a decline of 116,528 plculs as com tinund to be the mainstay of the marketa during the flour market in Formosa, has failed, and pared with the corresponding period fer. 1907, the first half of March. The inquiry, however, points in excharge took place, no adequate 1505, while the value shows a decrease of about stocks for their supply of four in 1,07; is now seeking to dispose of its business to-

The Northern districts' drew heavily on Hong-

and 394,698 piculs for 1906. These figures | gradually subsided, owing to the fall in the prica advance in ratra cou'd be obtained, and busiY7,20,000 and Y 10,000,000 respectively,

tell their own tale as to the seriousness of the commodity at Hongkong, and freights - Dess was greatly checked in consequence. A

le round figures Indias yarn distributed via and as con'as money bicame light this year Füher with machinery and all other properly of Japanese competition. The quality of which had crawled up to zół cents again want.... bris's demand from the country then set is but Hongkong throughout South China and Tonkin the wherewithal for purchases fram Hongkong as silver continued to decline; the advance in prices was act rufficient to allow much for the loss in exchange and all subsequent efforts to adjust them to the lower level of exchange proved unsuccessful Os the whole, the year' under review has byea untemunerative to the trade. Except in the case of some best and favourite spinnings prices seldom reached the level of ruins ruling in Bombay, and were it not for a few occasional assitance. "Trom Shanghai results would have been more unsatisfactory, It is to be hoped that with the caution which the lafe crisis has induced and with steady silver and cheap conton the operatioon of the coming year will be efa mora profitable and satisfactory character."

It will be observed that our own investige.

As for the second of the foregoing causes,

ran short, and thus the Northern outlet mar. rowed for the past few months. This is a con- hope, is only temporary and is susceptible of

amounted to some 220, 03 bales.in 1908. In the respective order of their importancs the fallowing were the principal consuming dis-dition of affairs which, there is every reason to

tricts, viz: :—'.

4.

West River...., ................ 50,000 biles), Spearow and Hingning, ... 57,0 sa Yunna.....30,000 Amoy ..

25.000 !! Canton and Fatshan

10,000 -11 Sainam. › up. ...' .15,000. •«

East River ...

15,000 Topkin.......5.000

The 11 Ruence of the silver market on corrent

Of the 1908 crop of Java sugar, the exact

the sugar imported from Java is of Nov. 13 dawaj the rate at the end of the meath dropped “... and 14 i utuh standard and is of an aver to 13 cents with scant inquiry, as compared

is cheaper and is rated at from § § to $6 per period in the previous year. Philippine freights age price of $7 per picut. Philippine suger with 19 and 20 conts: for the corresponding picul. Of the estimated two million picule im kept steady at 15 to 18 chots for one, 16 to 30 casts for two ports, according to the size of the ported, it is reckoned that "millions are absorbed by the two local refineriescargazi, Cont rates no longer give a correct the Chion Sugar Co. and the Taikoo idea of this market, as steamèrs employed in Refinery at Quarry Bay. Of the remaining the Philippine trade as a rule do not secure full "quantity"(500,000-picuļs)-part-is-re-exported-- cxigunt; 14;2:0-piculs-being-a-fair-average-of-

the Northern market and the rest is melted the cargoes shipped and 19,000 picule a fair in the process of manufacture locally, such as | average size of the steamers employed. For in the ginger and fruit préserve industry. The muly, the average size of the cargoes used to total value of the raw sugar imports into, be some 20,000 þículs, and this is still a favour.

RICE.

Bangkong in 1908 is computed by large sugar ite size at the beginning of the year when the merchants at twenty million dollare

cargo is wet, but the gradual withdrawal of such steamers from the Southern market has, as In this section our statistics relate.only to stated, had the tendency of increasing the care imporis from Siam Thay are said to amount goes and it is exced that in time to come the to five million picula in 1903, of which 1 average will increase so as to suit the vessala

and s'eck-in-trade, at a price of Y6 10,000,"

lo 1907 Australian flour, for the first time in the competitive history of the tride; assumed a promineet position as a factor against its America rival. Its partial success, due partly improvement with the restoration of confidence ina extraneous cigie like the American boy. in' the native money market in the Narb colt, was of short duration, as flac from the Readers will recall the existence of the cala. Commonwealth was almost wholly eliminated mitous famine in the Northern Provinces from our import statistics in 1938. It was which-ealed-for-h-be organising upon an-arable to compete in this market for the reason ex ensive scale of reljef measures in the execu... that wrought the rain of our incipient industry, tion of which calls had had to be made upon the For the first time also, is the history A sur godowns of Hongieng. Fortunately for of the trade Russina representatives visit. the inhabitants in the Northern territory third the Colony in the course of the year At an average price for all count of $112,50 year the floods did not inflict, nearly the injury with a view of exploiting the Chios market per bale, we arrive at an aggregate $44 750.000 which the country suffered two years ago. It with Anur from the Manchusins all as the value of cotton yarn importa into Hongis true that the devastating freshers of the of which there are no less than twelve in kong is a normal year:

West and North Rivers bri ught untold misery Harbin alone; of these seven are lying idle. * finns do not bear out the conclusion arived at quotations fox yarn may be traced in the fact upon bundreds of thousands is Kwangsi and Trade conditions do not warrant their starling Kwangtung, in whose aid the biscuits baked in | up'sgain; moreover, whent supplies have been that the year has been unremunerative to the that in the beginning of the year exchange stord Hongkong and generously donated towards found deficient in quantity. After a searching trado." On the contrary, while views are slight"|| at Rs. 143, and is now quote i at about R1, 177; the lood Relief Funds of Cantou formed an investigation the Russian representatives took 1-million is "white" and 31 million cargo" bitter than it does at present. Saigon to Java. divergent, in the min, the leading. Importingbeit spinnings of No, tra.were sold at-196 to infiallesimal part of the provisions hurried to their departure comforted with the hope rice. Their respective average prices for the was quiet and only one boat, which secured hongs as well as the most prominent Chinese's, and are now quoted at $20 to $11ith scese of misery and hanger by the charit- thit, with an eminently practical people like the year were $3.50 and $1 per picùl. Thas the 24 cents, was fixed in this direction. The first : dealers agree in the opinion, that 1908 was a casold stocks in January were estimated about lucrative year to those who coodlord. their 48,00 bales, and the market now closes almost able societies of Hongkong and Can'oo. This Chinese, a marke: for any commodity at all is act value of 3 am rice imported and pass fixture of the season was effected from New ing through Hongkong for markets be chwani io Canton. The opening rale of so operations to the legitimate course, of the hileless with a trifling moce of 19,000 biles,

extraneous demand cao, therefore, bs regard-capable of exploitation so long as rival con.yond aggregated in value $1,250,000, The cents for part cargo, with liberty to complete at -trade without accepting any chances in the

ceras can fight one another in regard to prices result of the trading, according to best Chefor for owners' benefit, could, not, bowever, The past twelve months have been very „hazardens gaina of dealing n Exchange,

Approaching the last of the four causes, we for upon that questio-alons the problem reponte, has been just fair. The holic of the be maintained, and at the end of the month ag successful to our native dealers. Their profind the ray of hope in an improvement in the resolves incl ceedings have been marked by rema.cation trade which has beens wholly unprofit

COAL.

cargo in consumed in Kwangtung and a small and 26 cents were accepted. Chefod, and and their purchaser principally conficed to actual requirements under country orders.

quantity is shipped on to Japan. Strange to Yangtze River pons came in the markat,to say, Hongkong acts also as the distributing Cinton, with the result that many of the regular FLOUR.

centre for Bangkok tics to certain Java ports. liners, which, owing to lack of cargo had been The Siamese staple commodity is not handled thrown on the open market, again found eme by Chinese hongs exclusively for the British ployment in this direction. The opening of arms of Jardine, Matheson & Co, Ld, and Tiensis helped to improve matters, and Lang Batterdald and Swire have also cargoes con- signed to them for transhipment to Seattle and Pacific Coast ports. Messrs. Gibb, Livingston & Co. handle the shipments destined for the coolies in South Africa,

ed as almost s neqligible quantity,

At ou time the foods which visited the -West-River districts raised-considerable alarm in the minds of local operators as it was

able one this year, in marked contrast with the. We are indebted to Mass. Hughes and feared, according to the earliest reports, that

remunerative operations in the preceding Hough for the following report on the coal mar. extensive damage had been wrought in the

twelvemonth. Whereas the glut in Vladivostok ki for the year 1908-There has practically rice Belds. It is trúa that the devastating With a very rich trade field in China where- and Manchuria brought about an artificial ic. been no change between this your and 1907 in visitation was responsible for the loss of of Hongkong forms the radiating point, the flow Into Hongkong in 1957, that year closing the coal market except on contracts which ▲ large number of liver and close upro a Oregon and Washington mills practically held with heavy stock in the Colony, most have shown a slight advance in prices. The million people were reported to have been undisputed sway of the fur trade, with the of the godowns being stored with flour principal consumers all had their coals con rendered homeless. The rapid subsidence of noformate collapse of its erstwhile formidable literally from fisor to ceiling, to-day finds mer-dicted for and very few extra Tales have been the Fu Rive, however, sosa disclosed the fact competitor, the Hongkong Flour Milling Com chants with very light stock Indeed, former ellected during the year under review. The ibit the large damage had for the most part paur. The revised figures of importations for supplies having been worked off as demand following is a General Review for the year. heon wrought along the districts bordering, 1907, including the outppt of the Junk Bay arose is the course of the year

Japanese Cokla. About 850 oco tons reached the river banks and while the surrounding Mills aggregated no less than 4,910,605 Hags ;.*" A nglable Texture in the year's trading is that Hongkong during the year, the quality being- country bad suffered the rice fields in the io that for the year under review amounted to it no time during 1908 has flour been do about the same as 1937. The Mitsui Bassan A in last year, in compiling this section land districts, escaped with only little fojary, 3900,000 bags, representing a falling-off in parity with whatt. The price of the former in Kaisha being the largest importers contributed of the your's retrospect the reviewer'e task Bount fal Nature thus provided a rice crop just bulk of 1040,000 bags against 1908 Of this Hongkong his actually tuled, an an average, over 400,000 tons including those cargoes is reduced to a minimum by the facility a trifle below the normal and the purchasing deficiency, the product of the first half of at something like twenty cents (Mexican) per discharged at Canton. As meatlouca in our accorded him of a parusal of the rein power of the inhabitants in the consuming dis- the year of the local mille accounts for big below the cost of the wheat in America last year's report small steamers with fall spect of the freight market for gol, asuslly tricts was not accordingly crippled. Hence, 600,000 bags, the nearest estimate that can used for gr

grinding into fours this applies and/or part cargoes, are cow going direct to drawn up with such exceptional knowledge of qlandı 30 tearoa (har yarn consumption» Accurately be arrived by with any degree of ecially to the second half of the year when ↑ Canton for discharge that saying the mat hire the subject by the important Norwegian fim

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SHIPPING

'kok also came into the market; several of that;

had been employed in the Baigon, Hongkong regular floors which, owing to lack of cargo, and Singapore trade were again put on the berth, as wire a faw outsiders at 27} conte

ceptible improvement took place in coal inside the bar and 20 cents outside. A par- freight and rates rose to $1.50 Moji/Hong kong, $3.25 Wakamatza/Canton 32.35 Karate zo/Capton, $3 Polo Laur/Kobalchang and Sa maplacenbloowing to lack of suitable tonnagus from Hoagay to Canton, Berral orders being. The JAVA market, was, however, very dally with little inquiry, ma more than 20 cents being obtainable. Core

[Continued on pages 4 and 7.

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