1909-12-31 — Page 19

THE HONGKONG TELEGRAPH FRIDAY DECEMBER 31 1000

NEW POST Office and LAW COURTS

PROSPECTS.

Minjaz Sharen. In this line' ibara, is very;

whole, however, the wine merchants, of the the old Post Office and Law Conste sites in Amazon forests is very expensive, so that insufficient to tap the wild trees of the Amazon at 5900 were reported. In the last week of the Colony do not consider, the quilook as strail | Queen's Road, whan tha

unless, tradal cordillons improve, the South basin where the Brazilian taxation is so beavy year, however, a slight reaction took place and year will no doubt was further advante in the

ment are visible, and the opening of encouraging. If the Liquors Ordinance, has

Americea as well as the Congo Valley article and the expenditure so great that only a very business was done at 5895 and $800, with fur price of this stock, Proupset for come to stay, the public will have to grin and ball have bean completed, but it is coolder can only be put on the market when prices role high market price makes the rubber payable. ther possible buyers, this check in the upward better than ever and if the price of angar bear it but it may not be out of place, tord to be more thao probable that the Govern high-which consideration points more and We have heard rabbor growers from the Malay tendency being probably dun to the fire on ́suggest bare that it is capable of being amend-" ment will put those valuable central apices up more in the direction of the rubber market hav States assert that their industry would still be board the German mail Prine Ludwig in bean subject to some slight factuations,

up large profit should ensus, Luzon ad to some advantage, pul Under the present

to public auction and that, they will 'realisć on ing to look forward for the bulk of its rubbar | upon a payable basis, if the market price fell as Hongkong harbour on the 14th instant when the and the highest price reached during the regime rebates are being given to the naval sale a very high figure nwing to the admirable supply in the future to the Malay States, Caylon, low as 18, 6d. par Ib.. and certainly 29, per lb estimated loan to cargo by fire and water was year was $10 Ferale Sugars, as a direct and military canteens and messes, whilst stance they will make for shops and offices.and Slam. There the conditions are entirely would leave, an appreciabio profit. exemption has been grastad for wines supplied There was some talk of the vacant spaces be favourable to the rubber-grower and as is men..)

about a million dollars, Reliable faformation result of their successful planting of rub. for the aus of vesicle.sailing out of the porting devoted to the purposes of a Central Police tioned elsewhere, investors now have a sense.

places the Union Sociaty's proportion of loss bar, have experienced a considerable advance and also export. All this necessarily outails Biatlon and Magistracy, but that this will come of ally in the fact that the Mainy States have shares were obviously nervous, but with the Shares are wanted to day at Sooo, North about 75% on last year's rale. This company Before the boom begin the holders of rubberat no more than half a lakh of dollars, and at the clown of the year show a rise of a great dest of work both for the wine mer to pase is a very remote probability considering | bean botidly confederated, with the addition of ↑ Improvement of the market this woskuesa has | Chiuan were, the medium of only a small bas! | is in a very sound position, and it is rumopred chants and for the Export and Import Depart the straitened exchequer of the local Govern,

disappeared. The reason for this nervousness nges as shores are firmly bald and difficult that its profits for the next few years will be ment. Why not adopt the system that prement and the retrenchment reforms which have

o not far to stek. It was due in the first place to obtain. From Tis. 104 (the opening price greatly enhanced. valla in Baltain and the other British Coldales, been recently sat on font in the Police as well

to the fact that the industry was of a kind which of the year) slight ductuations varying from where one Import daly is levied on all liquors to other Departments, However, it wil be

the public, had never been associated with Tis. 5 to Tie. 6 below or above this price bave and rebates given for canteens, mentos, ships' | two years or so bolora wa baya ibe new Post | amongst its planters the Pears Brothers' of before and secondly to the fact that thay wäre taken place, but they generally clown strong to 564 with a fairfy big banjzoks about the end,

Office and the Law Courts in working order,

entirely scable to gauge the future possibilities with buyers. Yongtexes commenced to show of June. Thors are sellers at the close at Sồ and many things onlooked for may transpire ta

of this trade. Of course so far as the Malay signs of improvement from $175, and by the the interval. Quite a lot of inquiries have been

States were concerned, it was only natural that end of March the high price of $325 was made for ground for villge in Britisk Kowloon

farestore should be backward in launching freely offered. The stock fairly well mainly aeglected. This is due, as doubt, to and it in possible a firm offer of between Stist' and sales have been concluded at much higher

meney in the various enterprises floated in that taiced its position from then onwards, and

would be accepted, but the stock is atfer rates than were quoted last year. Ground

peninsula, so long as there was any question at comparatively few changes in the rate occurred.

the neglect by Straits and other investors for the railway has been resumed by the Government at a rate of $2.75 at Telmshataul

become solidly federated and the three great they soon declined to $1871. This price was all about the governmental necarity of the Cantons closed talher weak it the termination

wha are now "giving all their "altention country; but now that British Malaya has of last year, and with the opening price at 5195 Sas been increasing from mouth to mouth, the

to Rubber barns. whilst adjacent ground to the terminus in now

The per tin yield of gold'

by Government also.

lantan have been incorporated in the Feders: from then, a further downward course was, of as much as 749 dwin, to ovary ton of ora Inst four weekly return publicked by the Com tion, lavestors can afford to place their monias to followed, in consequence of the very bad result | crushed from the Bukit Koman mines. Obla the Malaya 1 rubber fields without any qualms, of the year's working and ay low as $145 bas regarding the security of their investments. since been accepted, and even at this rate.

holders are more inclined to sell.

stores and export -2°

THE COAL MARKET.

The report compiled by Masers. Hughes and Hough, whose courtesy in furnishing us with a copy we acknowledge with thanks, states that there has been only very little change between abis year and 1998 in the Coal Market, the prices ruling slightly lower. Contracts made for 1910

the three great Slamese States of Kadak, Tring an and Kelautan-wall of which are now com prised in British Malaya, whereas Johore State, which contains ane rubber country and includer soap fame whole crops have secured top prices on the Loudon market, is practically under British protection, an that from Singapore ls: and to the borders of Siam, the whole peninsula may be safely said to have been merged into the British Empire. Before this came to pass

there was a

·NATURAL NERVOUSNESS

little to report; Raubs fluctuated between So

show lower males than those for 1909 and all the being stbitrated upon prior to its resumptionerprises in the four States above mentioned by rich provinces of Kadab, Tringganu, and Ke-maintained throngbout the whale of April, and pany's new menager showing a gold, recovery

principal consumers have had all their require ments for the coming your provided for. The following is a general review for the year.

JAPAN BE COALS."

About 925,000 toas arrived here during the your under review, this being about 75,000 lo08

more than the previous year. The Mitsul Bus

kan Kaliba, as in previous years, takes the lead,

IN YAUMATI

proparties have changed bands but not at any appreciable advance on the prices obtaining in 1908. A feature of the market during 1909 bas been the number of Investments made by

Chinese from Australia and San Francisco Theen investors have been very active in

their impariations amounting to about 500,000 speculation is landed property at the prevail tons, out of which 75,000 tons went to Cantoning low terms with a view to an enhance

The Miso Bishi Goshi Kwaisha continue to rank second, their total arrivals during the year reaching 125,000 1001. The balance is distri, buted among different coal importers, the most important of whom are Messrs. Bradley & Co. and Messrs. Ataka & Co.

CARDIFF COALS AND PATENT FUEL, The quantity that reached the Colony aggra- gates about 48,000 tons, out of which the Admiralty had some 10,000 toas. discharged here and some 15,000 tons passed through bound North, Soveral small arrivals, omount

log to all to 5,000 tons, went into the bands of the local dealers. Some 12.000 loos passed. through Hongkong bound for Vladivostock and

or Japan,

AUSTRALIAN COALS.

About 40,500-tous arrived during the year al of which was for consumers. The demand for this coal locally has considerably fallen off. The strike as wired by Reuter in the latter part of the year did not at all affect this market. As pr telegram recalved during the month the strike has now ended.

* XAIPING COALA

During the year under review, The Chinese Engineering and Misina Co., Ld, opened a branch office in this post and imported some

$2,000 tons, out of which 21,000 fans went to Cantos.

HONGAY COAL.

There arrived about 85,000 tons, ball of which was for Canton, the balance for local Industries.

PULO LAUT,

Five steamers with about 18,000 Lous strived during the year and found ready. Chinese buy-

ora.

LABUAN GOAL.

Only one vessel with about 3,000 tons ar divad during the year and the coal does not find ready buyers.

SEBATIK COAL.

Those were used for trials and the reports given soom favourable.

on the part of investors to go in for tubber en- reason of the fact that the uncertainty of the govoremental regime made them uneasy, but, bappily, all this bas passed away and money placed in the Malay Peninsula trade ii-as secure as though it were devoted to any solid concern at Home.

fair profit ou money invested goes, it behoves On the other hand, so far as the getting of a

stock has been so much watered in consequence Hongkong investors to walk warlly, Rabber of the boom which has occurred in 1909 that it ment such as the state of the Colony's trade would seem to justify.

bas almost ceased from being a more payable There has been all throughout the

speculation than the other soild industries of the year 4 vory fair inquiry for properties in well altuated Colony, which industries have naturally suffered in the market owing to the great amount of available cash tied up in rubber scrip. This ing of cur local industries, which, though they bas led to what might be described as a starve

may be sound lavastments, suffer from the

parts of the city, such as Bopham Strand, Jervois Street, Win 2- Lok Street, Das

Veex Road, Connaught Road and Queen's Road-all, of which points to the fact that investors-aspecially the Chinese-are. of opinion that prices in the landed estate market have touched

LOW-WATER MARK.

I

saare,

TEVERISH STATE

STOCK EXCHANGE.

+

Jer one for share business than its predecessor,

The year 1909 has been a comparatively bet,

trary, it closes with large depreciations in although, in spite of expectations to the con- some of our local stocks. The Reserve of Gold in the Bank of England has been deples. ad, owing to heavy withdrawals to America and Berlin, due to beavy speculation both la the United States and Germany, and the effect has been an enormous rise all through this of this, the Bank of England rate of discount year in the American Market. In consequence has risen accordingly and the high rate of 5% has been reached. This, coupled with the of the rubber market, Should such a slump bigh rate of exchange ruling, operated against in rubber recur as that which occurred in the expediency of remitting money back to the Recently, the property known as No. 8a Bonitis impossible to prophesy with any degree of vantegenus gold rates. Those who were, there January last, it will spell disaster, but, whilst Colony that had been sent to England at ad- ham Strand was sold by auction to Mr. Leung verity, expert opinion is that the market fore, prepared to re-invent their capital in gold Kwan-sang for Mr. Wo On Cheung for $10,000 will hold firm generally for the next two Investments opportunely turned their attention 'after spirited bidding. No. 6 Bonham Strand, There is always the danger, too, to "Rubbers" with the result that practically co the same sale-day, was knocked down to from the investor's point of view, that synthetic all local stocks, for the last six months, wers Mr. Chuen Hing for $14,600, whilst No.384 rubber will be produced before long. Certain left severely atons. Our local Bank, however, Shanghal Street on the Kowloon side was sold by some of the most acute brains in Europe and has bean dolog a fairly good business, and for $1,000 to Mr. Un Kam Wal and No. 52 the United States are actively searching for a shareholders have benefited greatly in the way Connaught Road West and No. 1 Des Voeux substitute for the natural product, the de- of increased dividends The shares bars been 5:7,100. Road West went to Mr. Chan Shek Shan for mand for which is growing every day for continually improving, and never in the his the various industries where its emplay-tory of the Colony have they advanced to such meat is ladispensable, but it remains a solid good market for the incoming year, walist sub fact that the supply and demand point to a very ber is entering more largely into other ladas tries both in Europe and America, and so far nothing can be shown as a sign that there will be a synthetic rubber put on the market in 'competition with

rubber although some of the best brains in the United Stater and the Continent of Europe are actively engaged in the direction of the creation cheaper rate than the actual product fetches of a material to take the place of rubber at a Dazing the depression which came to a head

On the upper levels in Hongkong island Mr. sold, it is understood, for the sum of $37,000, A. Denison's residence in Conduit Road was Acether residence in the same district-viz, "Leon Collage in Seymour Road-was put op to auction by order of the mortgages and, curiously enough, it was bought back by the first vendor, Dr. A. S. Gomes, at one-third the price at which he bad originally sold it. In the case of the "Newlands" Estate, it was sold by order of the mortgages and was acquit who since the purchate has applied to the ed at the price of $45,000 by Mr. H. N. Mady Government for a very considerable extension

upset price,

Para

the heading a decided improvement has to be. Fire Insurances-In the two stocks under

recorded. China Fires opened with sales at

esc Englsaerings advanced from Tis. 17 to Tis, 30) and in some instances Tis, 21 was

T. 10, obtained. An easier feeling now pravalls and latest advices from the North report sallers at

Docks, Wharves and Godown's-All stocks

$106, and with the exception of a slight weaken- under this heading, in sympathy with the gen. lng towards the close of March have proceeded eral depression of trade, suffered a severe de- On a firm upward move throughout, closing cline, the one exception being Kowloon with inquiries at Srt8. Apart from its merits Wharfs. This stock rose from 546 to $64, in as an investing stock rumours of the purchass spite of the savere competition offered by Holts of the Company's stock by another powerful New Wharves and Godowns, and have well organisation got abroad, which explains bolders' maintained their position. The company bas present greatly enhanced price of the stock, wharvas which were destroyed by the disastron disclination to part with scrips avan at the exilrely completed the re-eraction of their The element of speculation is aimant wholly typhoon of roof, and with the revival and ex- removed from these shares which are held by passion of trade which is anticipated with the investors for their reliably steady dividends.. completion of the Kawiono Railway, there is Hongkong. Fires have likewise been a very the opening price-improved steadily to 5345 of the British section of the Railway will be firm market daring the year and from $315-reach its old level especially as the terminus no reason why their carologs should not again.

about the middle of July. Between this month contiguous with the Company's property. A and October an additional rise to the extent of further severe drop in Hongkong and Wham- about $40, is recorded, and during this period poa Docks has to be recorded bringing the malped firm up to the end of the latter log of this year. All through the year, the a fair business was put through. The stock re price down in about half its value, at the open. mouth when numerous selling orders came severe, competition as well as the falling off of Into the market with the result that the trade were greatly felt by this Company, which fala receded to 5170 at which they close furnish the explanation for the reduction of the weak with an inclination to sell.

dividend from $4 for the bill paur to Sty, With a capable and energetic new manager,

which, It is hoped, trade is about to receive, the appear more hopeful, and with the impetus rearganising the whole establishment proiecte

earslage of the Company should corres pondingly lacrease. The quotation for George Fenwicks shows a decline of $1 from the last could be found even at a good deal under thli rate of 512, and it is deabifut whether, buyers

much during the whole year, and although rote. Shanghai Docks have at fluctuated very little business has been done, the price of the usual half yearly dividend of Tle, st kept fairly steady,

is welcomed by many and it is hoped the management might be able to pay a more substantial Anal dividend. Shanghal and Hongkew Wharfs, after the disastrous drop experienced last year, ruled firmer, and

Shipping-In sympathy with biɖ trade,

the opening price of 514 at the beginning of derable extent, and have declined to about half China and Manilas bave suffered to a coosi

January. During the first few months of the year a slump occurred and shares went as low as $5, and even below this price has been a cepted.

This was the direct result of the very

heavy loss the Company suitsloed in its past years working. And as is usually the case with stocks of this kind, a re-action soon set for and the price rose again to $rs, but the next few out of favour and neglected at 58. Douglases months saw a further declips and now they are have been a very restricted market during the year and only slight fluctuations bave to be noted. The price of Hongkong, Canton and Macan Steamboat Co.'s shares was well main tained during the first half of the year but to wards the latter period, with many firm in-towards dividend quiries the stock rose to 533 and at one time sbaren were taken off the market at over this

The announcement

to Tis 180. The disappointment of share- holders at the declaration of a dividend of only

time in March rosa...

In the Conduit Road direction, whereby a very .five approach is provided, nicely turfed and another year before that, rubber-growers'of Cey about a year ago and had the axisted for planted with palms and tropical shrubs. Allon and the Malay States cut down expenses to most the only other transaction worthy of note the lowest possible limit, and this had a healthy was the sale of one lot of Crown land, compris effect on the industry which bad been consider Three steamers with about 6,0on tons reaching sea bed and foreshore, at To-kwa-wan, for ed to be fairly free from any danger of surplus ad this port and the coal found ready buyer. sold for $15,830 - a very small advance on the the growers were reckoning without their host, attention, and closing rates show a coniderable rate. Towards the end of October an edeler Tls & per share coupled with the heavy speen.

which there was no competition and which was stock belog got rid of hastily. As it happened, As regards the rubber market since the acquiri Malay States of Kedah, Tringganu and Kelantan tion by Great Britain of the three great Siamese. which have now been incorporated in British Malays invenors have an increased and very justifiable security la putting their money into the industries of the Peninsula, The sudden

nothing less than rise of subber in the year that closos to-day was

DAIREN, COAL. Some 17,130 tons arrived during the second half of the year and most of same went to Canton.

!

JUNDRIES. Four steamers with a 700 tons Tourass cost reached here on their way to Canton, about 6,600 tons of Haiphong coal alen passed through for Canton and some 6,200 tons also reached here from Kebao, balf of which wont to Canton and ball bound North.*

ל *

PETROLEUM.

During the year which has just closed the petroleum market has remained in what may be described as a normal state as compared with the state which ruled in 1908 and very much miler quotations have been book ad. The Standard Oll Company, who, of course, remain the staple suppliers of the local market hava no advance to report and the average sala rate continued to stand at at $3.40 or roughly :0 to 15 per cent better. than last year's dgures, whereas a solid market is antleipälld in rasa although rates may not reach such a high level as they have touched Creola gegant years when the stock has reached as high rate as 56 per case, On the whole, how. aver, the tendency la considered to be upwards in the same manner an all the China irade con. Hanezzo improve generally, so that we may look for an all-round solidity as far as the coming your is concerned.

One feature of the value of landed estate must

not be lost sight of, and that is, that in almost all survey reports, draws up on bebali of mort gagces, properties of the Chinese description have been re-valued at from twenty to thirty par cent below (bo figures at which they were previously asserred.

On the whole, however, it has to be recorded that prospects in the landed property` market are distinctly making for the better. Inquiries for villa sites on the Jubilee Road are frequent ly made, and apce the new low level road is completed round the island there is every likelihood that this demand will increase still mare. Meanwhile the opinion of the leading brokers in that a very favourable business may be looked for in the New Year and that the market will participate is the upward tendency which is already recognisable in all branches of the Colony's trade,

RUBBER,

PHENOMENAL,

At the end of 1908 it was offered at 4s 6d, per tb. first-class quality, and that was by no means rock-bottom price, for it afterwards fell away to an low a 3. 6d. per lb. But as the year pro- greased the market recovered wonderfully owlog, no doubt, to stocks being held up in London and New York, with the result that prices stiffened up considerably and when. the warehoused material was put on the market it proved utterly, inadequate to satisfy the demned.

Lands, Hotels and Buildings.—Hongkong Lands have been a drmes market and the rate which ruled $93 at the beginning of the your is now S102. Hongkong Hotels opened firm'st when shares could be procured at $88. In $85, but weakened towards the end of March

March they were quoted at $73 and 543 for the- was maintained up to a few weeks ago whin old and new shares, respectively, and this price

shares were sold at $778, and the new at 545. they once more came into favour and the old The completion of their new building is an xiously looked forward to as it will greatly help to augment profits. Humphreys Estates have deteriorated in 'value in common with other stocks. A very strong demand set in about the middle of the year and shares changed: hands freely at Str, only to subside again in very weak with sellers at 584, without inducing the following few weeks. The market close buyers to come forward. West Points hava not fluctuated much and remained between $44 and $46,

high gure as that quoted during the course Insurance stocks have done well during the of this year. A few of the principal Marine early part of the year and appreciations in value of their shares have to be noted, but to wards the close of the year some of the Come panies suffered seriously from bad trade, with consequential heavy depreciations in their market quotations. Fire Insurances have been a quiet markal, nothing of may importance oc- carring until about the latter end of the year, positions until the close. The slackness in when prices rose steadily and maintained their shipping experienced throughout 1908 con- tluued right into the middle of this year, and in consequence shipping shares have suffered materially, Towards the close's "brighter pro spect is apparent and rates are beginning to recover, especially Indo-Chinas, the price of which shows a decided improvement during the past few wooks. Refineries have absorbed much advance on prices quoted at the close of 1908, feeling prevalled, and they were largely dealt lative purchases, caused the shares to drop deal rot only la sympathy with the general de. Both Docks and Wharfe have suffered a great in at $ar (ex div.) and slightly under, but this agalo and they have since been on the dowe pression to trade but by reason plea of strenuous brought the price back to somewhere about. Ite and accepted. At the close, however, a firmaets was only temporary, as renewed buying soonward move and as low as The 121 was offered competition, Hotels and Land shares have old level. They are now firm at 5ga, with only exists and buyers will probably pay Tin 150. appreciated in value. "Rubbers" have mono- a few shares offering. Immunity from divastey polled the attention of lavastors while, dab. or mishep during the typhoon season coupled blers have also struck a good thing in them, with the recent visit of the American tourists Daring the six months of their introduction should account for an improved balance in the aver a million sud a half of money has the year. During the early part of the year, Indo- Into the Colony, it can safely be said that Company's trading during the second half of been diverted lato that direction! The abnor Chinas were entirely neglected, and it was only

ally high price obtained for the raw ma tolal has opened out a new field for com signs of a revival into comparative activity, sometime in April that they began to exbibit any promotion and hardly a week passes by without some new company, always over dividend for account of 1908 working took place, Considerable speculation as to the prospect of a subscribed, springing into existence both in and from $53, the price at which the stock the Strafts and London. A very large business closed in the previous year, they were forced up has been transacted in this lips, and profits to about $51 and between these rates they were have in some cast been large,

largely deaftin. Thestock suffered a tremendous In May first-class rubber was

Reviewing the variens stocks as they ap-set-back on it becoming known that the com- sold at 61. per lb. whilst la October first-class pear in the Stockbrokers' Association list,pany was suable to pay any dividend on ac 74d, por lb. For a while it appeared that mar Kalumpong rabber. fetched to lass than gs. we dad that Hongkong and Shanghal count of heavy loss the Company sustained, ket prices would go even higher, but this anti-the beginning of the year, and from thes found. Confidence is now being restored, Bunks opsied with buyers at $840 at and at a time hardly any buyers could be cipation did not solidify and the price receded onwards a'atendy, advance as the result of and with numerous firm baylag orders on steadily to about 7. 6d, whereabouts it stands arm buying brought the price up to $1,020, and the market the price la steadily advancing to-day. Meanwhile there had been a feverish aren as high as $1,030 "was paid for some Shell Transports rose to about double its speculative spirit abroad in the market in Hong shares. Towards the beginning of April a closing price of last year and the general kong as well as id other centras, but in the slight weakening tendency made itself apparent eplolop in that a further substantial rise will face of a declining market rash speculation and the quotation receded to $995. at which gradually quietesed down and a saner tona they remained fairly steady during the follow.

soon take place. The management have made prevailed By those well qualified to gauge ing five or six months. At the close a further 100, old shares held by shareholders on pay

a pro-rata allotment of ons new share to every the position of things, there is every likelihood inclination to buy is evident and after a few that them will be a further fall in the price of small sales at 5995 and 5997), further subs, this concers have benested greatly in the way mast of only 51/pir share. Shareholders in this staple in the Spring, but that it will endure tantial fots could be placed at the latter rite, of dividends and the Company's earnings ara. for any length of time does not appear to be Market closes torday at $1,000, National Hanks yearly increasing. Very little business has been subject to a great deal of fluctuation and probable in view of the refusals for forward have appreciated somewhat, and this is not to been done in Star Ferries and with the excap the price of Sio is now Syj. During the past MiscellaneousGreen Island Cements have crops, which have reached as bigh sa ón 11₫ for the 1911 harvest.

be wondered at le view of the very limited ton of a slight variation in the price there is few months more buyers have come forward number of shares obtainable in the market, nothing of interest to note: Union Waterboats and the price la gradually improving. Chiss and the price of $65 buyers, at which they close, remained steady. is purely nominal, as sharns ara very scarce.

Providents ruled faliy Arm and a good quanlity heading have ruled weak, and a corresponding to $140 during the first six months. From this and from Tis, 190, they slumped unil!!

Redoeries.—Chipa Bagars after closing weak has changed hands. During the your van Marine Insprances.---Some stocks under this at Sriaj at the beginning of the year improved | depreciation in the price of Sumatras occurred continued decline in prices has followed their time onwards, further advancer ave noted, and low, as Tis 100 equally unemocessful year's working.. Union when the figure of $117) was reached about December Settlement-belped to rive the Insurance was an exception With the open- October, numerous selling orders appeared price and Tls, 137 is the closing rate. was accepted Shorts for Malay States and Blam more and more to log price of $515, at which they were firm, and a large parcel of shares was dumped on Langkats, have also Ancinated very widely supply the wants of all the trades into hacked by further reliable buying orders, a the market, causing slackness which continue and after rising to ‚öyar which rubber, autore as a vital factor. The steady advance took place throughout the dist for some time. The very firm market for raw dropped to Tis 650, Towards the close ther output for 1909 of automobile tyres is estimated half of the yaar, and $845 was reached early in sugar har helped considerably to keep up the axo picking up again and buyers have offer roughly at between $50,000,000 and $60,000,000, Apell. Expectations of an Improved dividend price in spite of the heavy speculation pro Tin 040. Of the smaller stocks in this. whilst the estimated putput of rubber for grebelped to maintain the market valga and shares walljog, and the approach of Novembar saw ry Hongkong Elecitica have.ad is roughly calculated at between $pe,ooojooo kot very firm in Octobar wa find they were a fick den in the sick, which continued sad $100,000,000,

quoted $5474 ex dividend of 347%, being an until about the middle of December whan: rubber, coltivation can be carried as at From this period oswards, they continued to set back has to be noted, caused entirely the --IN THE MALAY STATES AND GEYLON sdvance of ga on the previous year's quipiatlon. Fas high: ná Stóo, was paid," At the close rate of expenditure, that would be wholly, slag and shat ni Mas, and area entail falas : the Pacomber Bettlement, but signs of imip

That Hongkong favestors have been carried away in the forefront of the rubber boom is only too apparent if ons scans carefully the rubber share market. But should our fecal in vestors seek for any consolation in their eager plunging inte rubber shares they will and at say rale a certain consolation in the fact that they are in good company, for both the London and New York markets are still on a sound bals although prices have steadied downwards considerably, whilst in Singapore and Penang, where the pulse of the market in most distinct LANDED ESTATES.

ly observable, large jobbers and small are plac Onges whole the property market has showing contracts for forward crops at a figure * marked improvement since last China New well up to ys, per lb-that points to a protrac Yaar, In Wing Lok Street and Bonham Strand tion of the favourable rates during the next jouse properties have been sold at an appro- | two years, notwithstanding the fact that fation of from 36 40 40 per cent, as compared | temporary slackness is almost certain to Wilkstha prices ruling in 1908. There has not ensue la the early part of next year. Thi

So great is the demand for rubber for the been much business dans on the whole bat temporary depression, however, does not alone that it is regarded as doubtful if the

AUTOMOBILE' INDUSTRY U * what lalat þáva taken place have been on a Decasaarily mean that investors in the rubber harvests of wild rubber will increase enf. very much mora sa'isfactory basis than was the indeairy need have any cause for alarm and ficiently to keep pace with the growing re. case twelve months ago. Os the Kowloon side the advice given by those persons who are 'quirements, and the world will naturally have Buous transactions have been carried out Intimately connected with the trade is to hold to look to the rubber plantations of Ceylon, the mailly_by_pon:Chinese, and-it-is-a-matter-of-on-even-tighter than when fabbar fell to rock common knowledge that the Chiness sin just bottom prices twelve months ago. That it will awaiting developments which are sure to anena go an low again it vary far from probable, for apon the spaning of the Kowloon Canton walls the anhanced rates prevailing have made the way and which must have a very appreciable export of wild rubber from Brasil payable, and bearing on the landed property on the other to this cause le due largely the decline of the ide of the Harbour. This activity in the market to "more normal and substantial direction of the Kowloon has naturally led to status. It is a well-known fact that the

m/enkancement of values in the island of

--- DRAXILIAM TAXES VĀ Hongkong Keel, A good deal of Interested on rubber exports are exceedingly vaxations muriosity is fals regarding the ultimate 'fale of, and the collection of the stapia Stušlf from the

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upward movement has set in and rates for all Cotton Milt-In Skongbai Hills a further stocks, especially Ewos, show a decided im mill has not been maintained and from 59, at provement on last year: The price of our local

closing, at Só sellers. which thay opened, a gradual decline' resulted,

W

and close at $10 China Borders stantial rise after the paymen vidend nad reached the price

ourg got afloat fust be atrack