1909-12-31 — Page 7

THE HONGKONG TELEGRAPH FRIDAY DECEMBER 31 1000

REVIEW OF HONGKONG TRADE IN 1909.

BRIGHTER PROSPECTS FOR

•

SHIPPING.

RECORD PRICES. FOR" OPIUM.

A BOOM IN RUBBER.

SUGAR AND RICE STAPLES STEADY.

EFFECTS OF THE LIQUORS ORDINANCE.

sent. While touching on this subject, it may also be remarked that a consummation devout ty wished for by European merchants is the establishment of an Imperial currency in China 40 replace the present system which to all ap pearance is subject to the whims and wishes of the viceroy who roles over any particular pro- vince in the Empire.

י

SILVER.

CONTINUED DEPRESSION.

I

low the very low pike at which they closed | bu son during the season j'white, on the oiker | iflost that the fliest would be still farther in"

b's time last year...

band, these six steamers had no longer to be crossed Yaughsxo freights, which had looked reckoned with in the Saigon trade, etc, and it | so promising å stort, while before, were now

· The extremen of silver qu tations during the was anticipated that rates in general would be practically dead. Coal tonnage remained in year were 24fd per ex, in May and 23 1/168, in favourably influenced by the occurrence Dur good request, though, naturally, rates suffered March and during the week October-Novem-ing the remainder of the month, however, rates somewhat in consequence of the slackness of ber, while the Bank's T.T. rates have been 14, generally were far from satisfactory from the eights generally and the greater supply of 91d, and 16. 8 11/16d, per S, respectivaly. There owners' point of view, and the Saigon trade carriers. has been comparative stability in the prices of was singularly inactive for the time of the bar silver; the fluctuations have been small, in- deed, when compared to what they were during the past eight years. · Eliminating the speculas lofluencing factors determining the rise and fall in the price of the white metal whose prospects for the coming year, in view of the promising tradal outlook in North Chios, show a hardening tendency,

elva elament, India and China as vocal were the

SHIPPING.

During the last two years the local shipping market has been largely overstocked, there have been more ships on the coast than the trade demanded. But in the natural course of events those bottoms which have been lying idle or only sparsely employed at low freights

TOLT.

Newchwang-Canton had two further' charters, whilst coal tonesge from Japan was exigamaly scarce, tqveral Moji-Hongkong in quiries, piced on the London market, being unresponded to,

་

*A BETTER TONE.

"A CASUALTY.

sugar freight lo return. For, the rest of the mouth rates did not advance, notwithstanding that a strong demand for topqaga had put in an appearance and it was solely attributable to the scarcity of vessels and the extreme difficulty that owners were experiencing in making both ends meet, that numerous inquiries especially smanating from the North, could not be filled, Ircally. On the Saigon lo Hongkong 'market. During the Best half of June the fenight there was still next to nothing doing, the pro market prosented no fresh feature of import spects of putting a vernal on the barth being so ance, business continued to be restricted, and poor that some regular linom were compelled rates remained below the prodtable mark. The to lask for employment elsewhere. Towards same weak feeling prevailed in connection with the end of the month the offering of fraights the Saigon-Hongkang business and the freight was a little more free from Saigon owing to With the advent of May a better tone was

sate recadad to 8 cants, on which basis one of the Kwangtung rice crops having suffered bad-- prevalent in the freight market, owing to ad

the steamers regularly trading was' settled. A ly from floods. "Chanters were fixed up at not", Increased demand for tonnage both in the few charters were affected for the Saigon-Phi- very sathfactory rates-two for the Philippian South and up North and judging by the numippines rue, at rates showing a downward business, one for Java sugar, and a few for the ber of loquiries set on foot it was evident that tendency. Two vessels were chartered for the Newchwang-Canton trade. Coal tonnage was the protracted period of depression, which const Newchwang Canton.rus at 34 cents per picul, practically unprocurable.

pert cargo, and others were laquired for at the shipping had passed through, was coming to a

same rate whilst some damand existed for too. termination. The Saigen rice irade, too, had aage from Newchwang to Amoy with the result fraied uni and the rate hind increased to 15 that two carriers were engaged at about za cents. From Stigon to Singapore one charter cents per picut, Northern freights, Yangisze was fixed up at cools per pical. Two business in particular, continued unfavourable. trade in the interval, and in consequence the Newchwang Canton charters were braked at Coal was steady. The remaining portion of freight market is now on a more equable foot 13 and 74 torpectively, two. Skizon-Philippines the month of July was worse then the two ing as regards supply and demand. Rater settlements were reported at a cents, whilst weeks that had gone before. The fraight bave stiffened for the North, whrace has come several steamers were reported closed at 1/24 market continued to be very feeble and less the best of news regarding both the rice and cants on the Calgon fava run. Yangtze burl, business was done. The Saigon Hongkong bean crop and several fixtures have already been ness was, very lively and Norther freights rate advanced to 11 canis, but the low stock of placed to cover the rice exporis from the Yang generally were favourable. Coal was readygrain in the French port prevented charterers ze valley as well as the vast bean produce of with rates showing an upward tendency. As from going is for further operations. To the Manchuria. According to reports from Saigon the month progressed, the former overplus of Saigon Philippines direction, two fixtures werd and Bangkok the rice crop in their respective tonnage entirely vanished and demand began made at 23 and 74 cears per picul, respectively, territories has been exceptionally good, whilst en exchef supply. The Indo-Chin S, . but there was no further business reported. A Java sugar continues stable and the Manila and the China Naledion Co. being hoth well Chaton-Newchwang charter was done at the product promises not only to keep well up to provided for in the'r own, sphere up North,slightly improved rate of 24 cents per picul the standard of former years but to surpass there could be no question of these two fleets Coal remained steady. anything that has gone before now that the interfering with other Business, an that “out- Hooghone refineries are again lo full' swing, «iders" after, a'lang spell of adversity found Certainly, the state of things to-day is incomthemselves in demand for employment with parably better that it was a year age and within the last month or two the freight markel has improved much in favour of ship owners aud agents, who confidently anticipate!à con tipyases of this good streak well into the now year with few or na idle vessels lying on their bands.

FROM MONTH TO MONTH. •

have one by one been withdrawn from the capt

"

consideration. The Saigon rate rose to 13 cents, Several inquiries for the Selana. Ingapoid rum were not taken up; ak ?wners were able to find more profitable employment up" North. The new riyals of the North German Lloyd, before alluded to, had the first two al shajr six charter ed boats loaded at Bangkok for Hodgkong. Several Newchwang Canton charters were fixed up at 30 cra's, From Wuhu to Swatow and Canton, ionnsge was eagerly inquired fot with the rate standing art2 to 23 cents: Coat freight continued firm, and tonnage, was as scarce as ever. It was also worthy of note that two Scandinavian steamers had been.taken up for short terms by Haiphone shippers; who had decided to carry out a boyo nagdiqst the three shipping companies hitherto monopolising the

LULY ANOTHER BAD MONTH. With the locoming of August, the freight market continued to be very freble with no immediate prospects of a change for the better, The Saigon-Hongkong rate remained at 11 cents without any fresh business being done. Three naw"fixtures were made in the Saigon Philippines direction, one at 24 cents, one at 23 cants and the third at 21 cents-all for dis charge at one port. There was also one Sal god-Singapore, charter at 11 coats per picul For the Newchwang "anton trade two vessels wore fixed at 24 cents per picul, but owing to a rite in the price of beans in the North there were no more orders in this direction. During the rest of this month the market remained in the same deplorable state, but there was a few fixtures for the Java sugar trade

gret to have to report the total loss of the well Io reviewing this month's shipping, wara. kaown coaster Norwegiau, ss. Ragnar which" went ashore on Money Island-Paracels-on voyage from Slagaporn to Hongkong, loaded with a cargo of timber for Shanghai. The ship was abandoned by the crew, evidently awing to bat dangerous position. Upon raceipt of the news, the Danish salvage vessel Protector was despatched to the scene of the wreck, and after taking dus observation as to the possibility of refl sating ber, it was conclud- ed to start operatious. However befors there the scheme, bad weather set in and the Regear was an opportunity of putting into operation

was lifted by a beavy swell and foundered.

NOVEMBER MARKET FIRM.

A Lord Rosebery in a famous utterance'de clared that "the Nile was Egypt and Egypt was the Nile, sows in this Colony night well any that our Harbour is Hongkong, Hongkong is the Harbour. At any rate, in taking up a review of trade in the year which closes to day, it would not be justifiable to discuss muy branch of business without first, giving consideration to the shipping which forms the bickbone of the

RECORD PRICES FOR OPIUM, * Colony's constitution. In this direction, un The course of the opium trade has been au fortunately, the local freight market was any extremely tortuous one for the past twelve thing but favourable at the beginning of the months. Those in a position to explain put it yer and though it experisaced the usual rush down, pintly, to obstructive restrictions and

For the first half of November, freights con- during the first quar ec,, with the opening of vexatious regulations promulgated, by the the Nonbora poits and later on with the Central Government and which are rigidly

tinued to rule firm and a very much larger caming of the new

business would have been done but for the crop office from coforced by the Provincial Viceroys who, le

difficulty to most loquiries. Tonnage remain- Siam and Indo-Chinn, there was a geatur, see to their eftective operation by the dis.

ed very scarce and, especially as regards time- utal slackness throughout the middle of the trict and prefectural magistrates and yamen

charter business weat charterers offered such year, and it was only towards the close that subordinates. The drift of the action on the part

low rates, that it was difficult to conclude fix. an upward tendauicy became apparent for far of the Chinese Government is, according to

tures The demand for bottoms from the ward dst-a; but this upward tendency is bs competent opinions, towards the formation of a

Southers rice ports had remained exceedingly lieved both by shipowness and chattarers to be Government monopoly for the purchase and

slack, Saigon still standing at 8 cants, Northern A stible ane for the incoming. twelvemonth, sale of opium to the exclusion of British and

business continued very firm and prospects for sul many fixistes have already been placed by foreign merchants. Good grounds exist which

the near future were regarded as good. Too- the big firms as well as by smaller investors, unmistakably point to the correctness of the

nage for 'conl' freight from Maji remained ex Though, the rice crop in Kwangtung and erection, Another reason to accoust for the

For our detailed account of the state of the

ceedingly scarce. As the month advanced, *Kwangsai has been damaged by

fact of the exceptional condities of the opium Hongkong Freight Market we are largely in

matters did not much improve. There were market during the year just closing is to be debtedtothe periodical report issued by Moirs,

an actual charters for the Saigon-Hongkong to the extent of some 40 per cent., the crops in found in the speculative tendency so much is Lambke and Rogge, abip brokers. In the early

trade, the liners scraping together what thoy Siam and Indo-China are reported to be ex-evidence among the Chinese dealers here in part al, January an insignificant amount of

capid get at 8 cents. For the Saigon-Philip. collent is quality and bulk, so that there must Hongkong and at Shanghai from about the chartering took place, mostly made up of fix

pines run tonnage to suit charterers was diff. be an increased demand for outside carriers middle of October last onward. Speculative tires of toppage for coal requirements. From

cult to obtain, only two steamers being placed from these countries to Hongkong, and purchaser, which enhanced prices in the first Saigon the centre of attention, at that period of

Regarding cost freights, the heavy suppiles North concerning freights described a weak. Japan will doubtless supply its quota to week of November to their record limit, were the year, bad news came to the effect that the

at a3 cents per picul. Reports from thá

the deplenished Canton stocks. · Ai

received during the preceding two months badness of rates, and notwithstanding the demand bised on the reported wholesale curtailment of rice crop was far short of anticipation owing to Ha ghong frado, rt. gards the

led to a giut in the market and the demand for for tonnage the rise of freight rates has not bead "nad bann-cake trade the area under poppy cultivation in Yunona disesirous doods; whilst the Bhogkak 'rica...

THE LIVELY, NORTH. from Vladivostock and Newchwang, advicerad Szechua's. With the exception possibly of folds also guffered from the floods and tosuck an

Al board freights in the South 'had shown a

tonnage had consequently, essed off for the

been maintained. At the end of November no say that the crop is abo'milly heavy, but it the troublous times of the Taiping rebellion extent that outside tonnage was pot considered stacking-off towards the end of April, the Nor time being. The Mafi rate, which had stood bas largely almost wholly-bees bought, up whe opium fitched as much as $2,000 a chest as likely to be required. Tois decessarily led her trade had more than made up for the de for some time at 52.ro, declined to $2 and later demand for tonnage for Yangtze loading for by buyers in Europa, and at cargo outwards in Nanking, never in the whole history of the to increased ac ivity from the, Yarglize, where Aciency, and in consequeres of tonnage getting only 51.75 was offered. For Hengkung Cusion the South had yet come into the market. As not easily procurable the big freighters aut pium trade in China has the commodity com-

the rice crop was good and unharmed, and the scarcer, and scarcee rates of freight from the

a suitable steamer secured $1 do, but after this regards 'coal freights fixtures' had been more East will be is much demand for the home-minded the price that it did in November big companies regained a firm bold of this Yangisze and Newchwang southwards im only $1.50 was on offer, Some inquiry, which numerous, but tonnage, expecially of big car ward trade and rafes munt pecénarily esbance,ast when the Patna articio wsi quoted as much trade, which had bean endangered through dis- proved further, being on the 1st of May jo per came to nothing in the end, was made for ion.riers remained scarce during the - whilst the devotion of these verses to this $1,675 per chest, The reaction has agreements with the shippers. As the monthcent, better than they had been, a month pre-

age to load coil in Borneo for the Philippines the volume of business transacted wis on branch of trade will ratreally give greater since set in and for the same opium the closing proceeded, however, the Saigon market proved vious. In consequence of the rice market be and Hongkong. One fixture was made to about the same scale as in the preced scope for the smaller, carriers, so that the quotation to-day is $1,430 per chest. On the not altogether unremunerative, and chanterers | coming sluggish, chart, rass reduced the Saigon. / bring Manchurian coal from Daloy to Hosging' fortnight, with estes slightly better.In freight market should continue to be very solid whole the year has been an extremely profitable secured lonnage in Hongkong to the extent of Hongkong rate sa 14 centi, The rate war kong at $2.10. The freight market touched, throughout the Now Year-certainly much one for all. engaged in this particuler benach

some 33,000 piculs, whilst a few steamers were between the North German Lloyd and the

"LOW WATER MARK more en than it has ruled during 1909. Sa of trade. The gross value of the importations fixed for the Saigon-Philippices trade. The Slamere-Chinese combine now berad lo earn-

in September, during which month it went far as the import trade is concerned, the leading of opium in 1909 is estimated at between rates secured from Hongkong to Saigon-vary eat, the former company booking cargo at 7/22 from bad to worse: The Saigon rate receded shipowners bere declare that there is a slight thirty and thirty-five million dollars.

ing from 13 to 15 cents-were a fair index of cents at aralost 18/2; conta formerly. New corded.. For the Saigon-Philippines trade a Saigon again came to the front with inquiries but not very appreciable improvement, evinc.

The position of

the state of the freight market. Things slightly chwang had several fixtures for Canton, the few charters took place at rates abowing a down. for prompt loadlag, This may be accounted ed substantially by the diminution of busi

improved toward the end of the month and asst one ou a basis of 37 cents per picul~the ward tendency. The only hopefal sign at the for by the rice crop coming earlier than was best done by the Wharf and

"aigon Java fixture was closed at 22 cente highest rate on record since 1904. The Wuba par picpl.

TPYHOONS AND FLOODS,

1

THE YARN MARKET

FLOUR IMPORTATIONS,

A SLUGGISH, FEBRUARY. With the advent of February, it had bees confidently anticipated that there would be

Chaton trade continued strong and more top page was asked for the Wubu-Swalow and Wahu-Hankow trade than could be obtained, le coal freights 82.10 was offered from Moji to

- COAL A OLUT IN THE market."

to 8 cents per picul and no fixtures were re-

Coal

FIRST HALF OF DECEMBER

Fome instances. At the middle of the month there was still a certain scarcity of loppage

felt and a good many inquiries for freight re mained unanswered. Agalast all' expectations

expected, thus making millers desirous of getting rid of their old stock as soon as possible, as well as to the fact that the rice crops of the Canton River valley had been seriously

Godown may be thus briefly summarized: Although Company, Another fact which went to sale during the year show on improvement show the state of the market was that over those of the previous twelve months, the number of ships loading out from Europe trade, as a whole, so far as Hongkongʻis con- bud to weak fresh ports for the discharge of "ered has been remunerative.. thair cargoes apart from the older treaty peris. whilst there was also a difficulty la filling ships on the old coasting trade routes. A consider ible camber of vessels which had formerly been employed in the Far Eastern trade was whan compared with the statistics of the previous This state of affairs was attributable to heavy with no staámere `ohtaicable. Towards the business in rica had been prophesied as being of loading in ballast. The lower price of grain fald up at Home owing to the difficulty of pro-year. As for Australian flour it was wholly curing payable cargo. Regarding Homeward eliminated from our returns of Imports during the past twelvemonth, owing to the ready dalo which Australian wheat fetched at re-

There has been a serious falling off in the broadening out, hut up till the end of the fini Hongkong, but even at that enhanced rale half of September the market did not improve being unsbla to deal with all the trade rates.

business, there was a very

2 FAIR EXPORT. FROM CHINA

mportations of American flour into Hongkong, amounting to a less than 900,000 bage in 1909

damaged by the foods. The regular liners jumped from 9 to 14 cents, but even at that rate tounge was procurable, as the price is not payable for a vessel which has to go to the port led to several fixtures at fairly good rates from Saigon to Singapore. After the closing of Newchwang, intporters of beans have bad in- ducement to take up two boats from Dalny and Chefoo to Canton-one at a5 cents and the other at 36 cents per pient Concerning Yang- as freights a few charters have also been

arranged in Shanghai from Wühu to Casion and Chinking at liners' terms.

beginning of the month was the firmness of the local sugar.market and the fixture of two more vessels seemed to indicate that more freights were alightly bettor. Daring the latter toppage would be wanted fater os. signs observable of the Saigon rice trade

charterers found it impossible to secure tono.

in any way and Axtures were few. There was week of the month sot a single order was

Dage. The Moji-Slagspera rare, stond at $3 traceable for any prompt or forward dates and the. Wakama'gu Canton rate at 52:70

so demand for Saigon rice and consequently na new charters were placed. A fairly large stocks of grain held in Canton and a very middle of the month the focal rice market likely to take place from Baigon to the Philip. sluggish rice market here, and hopes were not showed signs of improvement. fiollo had the pines if the mis held off much longer in the entertained that much improvement would make first sugar shipments of the season to North islands and two charters were made on the itself felt until March: Northern business, too, Chlon ports and the crop was described' an ex+ had been hampered by the intervention of the cellant. The feverish activity from Yangtze ordere on the Saigon at Java markets had banis of 21 cents. It was recorded that the China New Year holidays, and a lively poris had slightly, abated but sufficient stocks been picked up by the North German Lloyd market was not looked for until the re-opening of rice were still left to warrant the employ: Orient steamets at rates which were considered of the ice-bound posts. During the remainder meat of outside bottoms in addition to the usual to be very low for the business by local owners of the month the freight market remained in liners. The end of the month saw a practical and agents. As regards coal freights, thers an inanimate condition, southern freights is collapse of the Saigon to Hongkong market, was, towards the end of the month, a slightly particular being a source of disappointment to only two liners being settled, both at miserable batter inquiry fox tonnage and several fixtures owners who happened to have tonouge in rates. Advices from the North ales reposted were concluded at much the same rates es position in one port or another. In places like | a dull market there.

those quoted above. The features of most Faigoo, Bangkok and Singapore modera vensolu were disangaged'owing to lack of aŭch employ.

interest in September were the opening of the With the incoming of Jone there was no Im Nowchwang season, which led to several fix ment at would leave even the smallest marglo provement. On the contrary, the freight market tures at the subpred rate of 26 cents per pigal, of profit. What little cargo there was moving was decidedly feables and but few inquiries with a further demand for tonnage confidently in the Saigon Hongkong" trade was readily were made, Both up North and in the South anticipated, and the fact that the local booked at 8 cents per picul by the vessels the market was almost bire of orders, Na

SUGAR MARKET WAS FIRM. from band to mouth so as to avoid a recurrence the rubber market das to

There has been a decided boom in usually employed in the too. A faw steamers recovery whatever had sat in with regard to During the first fortnight in October the eager of the financial crash which took place eighteen menal rise in the price of this product in the

the pheno- found employment from Talienwan te Canton the Saigon trade and after the fixture of a market became stronger than ever, months age, when several big firmi both in Lond-a market from 31, 6d. to aver gx, per pleul." -

-one at if cents and the others at lo cents per couple of vessels at ro cents no further tonnage Hongkong and up North had a very bad time1b but this appreciation was largely artificial

seemed to be wanted. Adrices from the North and were only saved by the Banks. The Home-oing to old stocks belog let loose, and though

described the position of the market as having ward trade for 910 is distinctly encouraging rubber is now steady at about ys. 6d. per lb

undergone a decided change for the worse. and the immerse bean export from Manchuria investors would do well to go carefully, as

still practically owing to the long continued Export from the Yangtze had come to a stand. la absorbing all the spara tonnaga at very fair depression—which may after all be only tem- rose to 13 cents per pical. The first charter for absence of tale; la consequence of which thers but it remains to be sean how things will work for coal from Moji to Hongkong was almost

LANDED ESTATE.

In most classes of produce and also from the munerative prices in the European markets, Philippines. The export of rice from Japan to spite of the decreased importations the and Indo-Cbion ports was very good and aggregate value of this staple commodity, based the bean export from Mancharia showed an on the average market price rating for the year, spormous advance, with the result that dif. is over eight million dollars in round figures. culty aro a in getting heavy tonnage to carry this freight booked for Europe. The The landed estate market, though quiescent, Import trade did not improve in the same has been fairly well maintained doring the ratio although it ruled beller during the year st year and local brokers are confidently thao It had dose for some time past.

hopeful that is 19in there will be an aobance. in-ent of business over and above what may be satisfactory feature was that Obinene importers had practically worked of all their old stocks naturally expected from the general upward and in future it is not likely that large stocks trend of the Hongkong market in all its de- will be bold. On the contrary, the policy of Chloese importers seems to be to live more

0.0

parimsats.

A BOOM IN RUDDER.'

"

rates, so that steadiness may be looked for in this direction. Importers are doing very well,porary-is prophesied by brokers who keep a

but nothing in the way of a boom can be ex pected, in the near falú.e at any rate,

There is no doubt that

IN A GENERAL SENSE the trade of Chius must increase enormously

kean eye on the London market.

THE STOCK EXCHANGE

has beed in a parlous condition throughout the year if we may except the introduction of so entirely new featum into the local Rialto of rubber" stocks about the middle of the year

I

A FREIGHT WAR.

la the ensulag month of March, Saigon busi. there was a slight improvement of rates, which ¡ñess contioned to drag considerably although

JUNE A DULL MONTH.

Sugar

During the last half of December a slight improvement took place in the freight market so far as Southero trade was concerned, where- as reports from the North wore to the effect that the market there was in a

STATE OPSTAGNATION,

For the Saigon Hongkong trade the sudden demand for tonnage led to several fixtures rang. |ing:from 13 to 14j cents per pical. "Fürther tonunge was not placeúbloafterwards on account

of the depressed state of the incal zice market and the exorbitant prices demanded for the old freights from the Philippines to Chios bad now crop, which was reported to be almest exhaust. faltbed, at any rate for the year, owing ed. However, the prospects of the new crop to the fact that all available stocks in were reported to be exceedingly favourable and the islands had been boog't up by the fair average. Dalay and Cheloo to Canton had the outpat may be looked forward to as a very

one of the immediate effects of the Paysa Bill, United States at high prices.

This was

two fixtures at the rate of 16 cents. Tonnéga

to-morrow.

the souson was obtained from Newchwang at

was no water in the inland creeks and the out in the locoming year. Of course the pro- obtainable. As regards time-charters, local 25 cents to Canton, and it was calculated that riva 'boats, of course, could not bring cargo bability is that all Philippino sugar will go to the Chinese in the ballel that a firmer tone will the northern port would es-open about the 17th down to their shipping ports. An insignificant United States in fature unless China pays very prevail in the Spring took up two vessels-ide of the month. But the most important feature demand showed for the Newchwang-Canton high prices. The immediate conrequence base and the Fri-for forward delivery at terms of the market was the sudden revival of a con- business. Goni freight formed the only branch ban that China has had to go to favs for her which have not been disclosed. Time-chartage cers which had the year before been floated of the coast trade which did not participate in entire suger supply, leading to a good in, which brokers generally regard as a baros but which had disappeared from antics in the the general depression. As the mouth ad, deal of chinide toonage being takes meter by which the freight market can best' ba' - se vests go on and as the railways system is The shares of the Rubber Companies have interval. This was a combination of Chinese anced, there was no improvement in coast up, and it is more than probable that in future gauged, was limited to a few steamers only, but connected up, with a consequent facilitating almost entirely absorbed the attention both of and Siamese merchants, who were evidently freights. Owing to steamers being in ample China will have to depend entirely upon java there is a general optimistic tone in shipping and cheapening of freights from the interior to the investor and speculator to the exclusion determined to make a bold bid for a share in supply, ratas could not rise, and to some cases for har sugar supply.

circles regarding the year which wa enter upon the shipping ports and in this direction Euro of all sound fadustrial conceros la Hongkong the traffic between Bangkok and Hongkong, they bad even further weakened. In the Sai

FREIGHT MARKET IMPROVING, porn merchants and shipowners consider it and Shanghai. Sonio small fortunes have been hitherto monopolised by the North Germahgan to Hongkong trads, ons fixture was settled

During the first half of October, chartering

FREIGHT PROSPECTS FOR 1910. deplorable that so much opposition is abowo made in forward rubber scrip purchases, but the Lloyd. With this and in view they chattered, as low-as-g-cepta-per-pical Two-Heamers operations had been_on_a_much larger scale The prospects of the freight market for the by-the-local-getry in the various districte amount of local capital tied up in the new form for one year, als Norwegian steamers, which, found employment in the Saigon-Philippines than what had been the average of late, dee incoming year are distinctly promising, owners where railwaysara desirable against the employ of security to Hongkong investors to altogether all being of modern build, were eminently suit trade at as1 and 44 cents per picul serpretively, mostly to the opening of the Newchwang and and agents looking forward to the next twelve. ment of foreign capital and foreign anglopers out of all proportion to the comparatively ed for the trade. The total carrying capacity: Thate was no room for outsiders from Bang Yangtze seasons. The "aigon-Hongkong rate month with an equanimity which they were not for the construction of the several lines con- small profits made. Quotations for shares of of these vessels amounted to over 200,000 kok to Hongkong, the entire business being had meanwhile receded to a nominal figure of able to assume at the beginning of the your roop. templated or in hand, for there can be lule Hongkong conceros show no appreciable dis piculs. The birth of this concern had an un-absorbed by the North Garman Lloyd steamers 6 cents per picul, while a few Saigon-Philip. Several chartere have already been secured for doubt, even among the Chinese gantry, after parity to-day with those obtaining a year ago doubted bearing on the local market, for it meant and those of the new Chinese-Slamets 5,5. Co, pines fixtures had bean concluded at 24 cents, 1910, as far forward us April-May, and contracta, the sofry show made in the Hapkow-Canton with the single actable exception of the once that a freight war must unius betwsen the who appeared to bara every confidence in the with more demand for tornage anticipated, have bad also placed by some of the large Railway affair, that both foreign nogionern and considered gill-edged recurity of the Far East, North German Lloyd and the new venture and success of their venture, as they had just on Two Salgon-Java charters were made at to firm, including Mesirs: Jardine, Matheson & foreige capital are necesser to carry out rail. vis, shares of the Hongkong, and Whampoa that, consequently, outside tonnage would gaged (or and year another steamer in additiodents par pical, which rate, however, would not | Oo, Matin, Bamual, Bamuel & Coʻrand the way buliding entergilios as tblogs stand at pré- Dock Co., which are to-day Ally per com be› stand no chance of obtaining employment on to the sin, then dmployed j and kinohra wers have been accepted by the owners withani s . Erst Asiatic Co.) whilst, de regards the Ocean