1909-12-31 — Page 8

THE HONGKONG TELEGRAPH FRIDAY DECEMBER 31 1900

THE HEALTHY/TOKE.

trade, a fair index may be gathered from the fact that the Peninsular and Oriental S. N. Cn, at the end of April was maintained for some Are already fall up of cargo for the first four time in May and rates adviced to Stato for months of the year both for their regular fort Pains and $10 of new Benares, and nightly mail steamer and for the intermediate fair amount of business was done. The rise Cassiers with capacities ranging from foco to continued and at the case of the month rates 16,000 tons. So far as the Pacific trada is contouched $100 for new Patonma rise of over camed freights show a decided upward tendency and a good year is confidently anticipated by Owners. The coasting trade, which has under gone many vicissitudes in the course of 1909, has fairly stiffened towards the end of the year, and all classes of tonnage have been asked for.

without charterera and owners coming to terms.

But outside of that, several fixtures have been concluded on time-charters. The, rice crop reports from Saigon and Bangkok are very fa- vourable indeed, and the imports of this staple from Sium and Indo,Chink as well as from Ja pan is almost certain to exceed the imports from the rice countries of last year on account of the havoc which has damaged the Canton crop to the estimated extent of 40 per cent. In view of the Improved prospects several chartem bave been dous and inquiries are so numerous that the condition of the freight market may be safely said to point to a good year for owners -mud agents and to a full occupation of the coasting deals which had been, so to speak, cat. log their heads off for the best part of '1909 or else cunning cargens at rates ranging just below the irreducible minimum.·

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too-but immediately after a sharp ranction fallowed and the market again recuded and the month clove with $1,055 for new Patna and Benres 2' $1,075.

RESTRICTIONS IN CANTON,

It was about this time of the year that the Canton authorities began to be rather insistent in enforcing their restrictive regulations to sup prema oplum dealing «od smoking.

In the early part of June somewhat violent fluctuations took place, but it subsided im mediately afterwards and the market became dull and rates declined to $1,007) for new Patos and $1,029 for new Benares, It contioned its decline and the month closed with $99 for Patna and S1,017) for Benares.

A fair business was done in the first few days of July, but it slackened owing to the decline in Iodia, and in sympstby with it local rates dropped to $950 for Patus and for Benares $970 was the cominal quotation. A reaction, however, followed later on when a demand ant in and rates resumed so upward tendency. That mouth closed with $947 for Paing and $9721

for Bonares.

A MORE VIOLENT' PIIASE

FROM THE NORTH

In the beginning of August na come reports that the rice harvest is exception.

UNDSUAL ACTIVITY. " `ally bounteous and great quantities of the staple was "Goticed in the markel, owing to the commodity are expected to be shipped from the high prices fetched at the auction sate Yangtaxa ports in the early part of the Spring, India. A moderate, business was done This points directly to a considerable number at 5995 for Paton and $1,000 Benares. Raids of outside steamers being once more in request advanced higher later on, in sympathy with at good rates for southern shipments. It has the rise in Shanghai, to $t,ojo for Patna and to be admitted, however, that all this is in the $1,040 for Benares. The restrictiva regulations future. At the present moment the freight in Canton, the enforcement of which began in marketid at a standstill practically, but a very August, assumed 'substantial rush, gratifying both to owners and

charterers, may be expected in the opening in September, sed the Provlacial authorities, months of the New Year, as the supply and to demonstrate more forcibly their determina demand in the shipping market is on a sounder tion in. purcing the anti-opium movement; basis than it was a year ago and very much arrested a Chinese deater and to enforce obedi. sounder than it was two years ago. As regaids'ence' to their ordere imprisoned him. This action on the part of the Canton authorities aroured the indignation of the focal dealers who, as an emphatic protest against the action of the authorities, suspended direct business with Hongkong peading the release of the native dealer. After a couple months' imprisonment and upon the payment of the fun the man secured his release.

the

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..BEAN AND BEAN-CAKE TRADE

from Manchuria and Vladivostock-the exports during the past year have been phenomenally large and there in every reason to hope that this business will be well maintalood in the incoming year, for the harvest has been entirely ́favourable’änd large carriers, will be much in domind. This meses practically a stiffening of sales for homeward” business, as „thera'kio not sufficient steamers of huge capacity in the local market to meet the demand, owners at Home bave a distinct disinclination to send out, such vessels in ballast or only part-filled with cargo although Homeward cargoes are au as Bured fact. The only disconcerting pole in the boxa trade, so far as the local market is cos- cerned, is that practically the whole of the Manchurian crop has been secured by Home buyers, who have offered and had accepted prices which local buyers would consider to be untemunerative, but while this means that smaller corriors will be loss is demand for the coast trade from, Newchwang and Vladiva stock southwards, the balance of tonnage should be well maintained by reason of the fact that the more favourable rares which are expected to rule for large carriers will cause certain withdrawals from other trade routes which vessels of smaller capacity can easily fill. ́For the Newchwang busivors, reveral „fixtures have already been inade no far forward

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URITISH REPRESENTATIONS.

In the meantime consumers could not do without the drug and importers in Canton, an cordingly, devised the scheme for saving face" with the officials, by obtaining all their require. ments by way of the West River ports. This roundabout method, though entailing a slightly higher cost in transit, had the effect of removing the deadlock which for a time paralysed trade with Hongkong, leading to a formal protest being lodged with H. M. Consul-General at Canton, through the Hongkong General Chamber of Commerce, by whom representations were addressed to His Excellency the Viceroy,

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A WELCOME DEMAND

for opium arose from a quarter least expected, Salaon, at this stage, poured to orders into Hongkong and importers felt but too eager to coload part of their stock at steadily advancing prices at a time when the Canton impass fore bode such gloomy anticipations, which, for tunately for the trade, never materialised.

purposes may be left out of calculation in the Government for Formosa, and for all practical computation of the opium trade for Hongkong. Taking as a whole, the authority we consulted estimates the value of the trade in 190g in opium al between $10,000,000 and $35,000,000.

PROSPECT FOR THE NEW YEAR."; For the

year 1970, the prospect of the foreign oplam trade will entirely de pend on the movements of the Chinese authorities as regards the decrease in their cultivation, for In the rédaction of the acreage, price will further advance more and more proportionately and it is only natural that the foreign drug will follow in its wake. The year 1910 finds the Government of India, still going on with their reduction of goo chests per

to the quantity to be reduced for the following month and alsò in this year they will decide as thren years...

THE YARN TRADE."

To Mr. P. Edelfes, yarn brokar, we are in, debted for the subjoined brief summary of the Indian yars trade, during the last twelys months,

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Imports amount to 217,108 balas as against 210,175" last, year, sbowlog an increase of 16,893 bales, while sales aggregate : 138,591" balee, at against 151,243 in 1908, showing a decrease of 12,651 bales. This decrease may be partly attributed to the absence of any material demand during the last two months owing to very high prices demanded by holderi and partly to the increasing competition of TapRoese and Chinese yarn, an also of Japabese cheap cloth in the consuming districts.

than ever for her raw sugar supply. It is too tips, so that China must rely upon Java main early yet to speak of the prospects-good or bad of the 1910 crap in the Dutch islands, as it will comes until about May, but whatever hap pen there in every likelihood of a malates of, that firm position which characterissa. Che market at prosest. ́ ́. If ́ a bad harvest should result the balf million picuis of raw material hold up in Hongkong godowas will be much #ppreciated in value, but on the other.band fall harvest will cou⚫ slight slackening of the market without impairing its solid ty. There is no stock of refioed ungar held up in Shanghai and the Yangtze poris absorbs all the Colony, as the demand from india, Chefor, the available supply. To hick back for a moment to the Payne Bill, it is worthy of note

THE MANCHURIAN MARKET.

✨ FORECAST DIFFICULT, Whether, the near future will bring about

hazard

with the Northara muka. It might have any material differance, it is difficult to, b

A parplexing problem, arises in connection been reasonably assumed that: Madchuria prophecy. Wheat is now high in the United would have furnished a large consuming outlet States, but a reaction may set in at say tima for the products at the Shanghai mill-owners, when prices will again become normal and so. that is, in certain years when the crope vary in suably the American mills to come into the Manchuria sad Soochow and Yangtze ports, and trade again and even re-capture, the last ground American dour can gain a footing free of duty until this year supplied by way of Hongkong. Into the territory. Such a belief is erroneous; On the other hand, the trade must face the fact": since the duties leviable by the Costoms on that the Americas farmer has had the taste of Chisse-milled four from the Southers port, high prices and he is a very dificult customar la effect, acts as a prohibitive tax against its to haggle with. In the American farmen toi Russian mills at Harbló a virtual monopoly of operating in the American exchanges, and it admission into Manchuria thue securing for the day are found the biggest cilque of " bulls"

radiating point of Russian commercial and quotation at much lower figuran the extensiva territory around and beyond that will be opposed to their interest to me flour

ed about 103,030 picule annually from the of that before this became law. Hongkong import-political Induence in the Province. The policy

Philippine Islands, but no abxiety is falt

TKE."OPEN DOOR"

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Another factor to be taken into account in the formulation of an even approximately correct forecast is the absence of'any ¦ Karga la merchant circles about the ability of in Manchuria so loudly proclaimed to the

Increase in acreage in the wheat dalds of the the Dutch possessions 10 supply the world at large would seem to be iù prad.world, while the demand for four le increasing ma deficiency. In a review of the sugar market. tice only nominally axintent, since the tax. from day to day. It is just ponsible that in tha best sugar bat no place and may be left out of on flour effectively shots the door against couras of time North Chins gav alter the account, as the growers of this product car. China herself as represented by the four of situation, Altogether by putting large areen not compete with the local cane-sugar, and the Shanghai mills,

under wheat cultivation and 10 become a the crops from Germany, Austria, and

wheat producer. The growing demands for Ruisla find a more or less lucrative market

bread-stuff all over the world have not ceased in Europe and America The quality of the

to expand as le proved, by the fact that the sugar Imurried from Java is of Nos. 13 and 14

European markets are holding up well in Dutch dard and is of an average price of

spite of the excellent crop from Argentine and 58.50 per picul. Of the estimated så million

the bumper barvest which Australia is about to piculs of raw sugar imported into the Colony,

rather, about two million piculs were absorbed by the two local refinerias whilst of the remainder some was re-exported to the North and the rest was melted down locally for the fruit and ginger proserve trade.

RICE:

The year opened with a very slack demand and only a paltry business was effected in January, almost the whole of the month balog taken up with the settlement of accounts and the festivities of the China New Year. Oo

la balk, the rice trade between Hongkong resumption of business in February consider, and Bangkok and the French parts of Hai. ‘able settlements were made, and with occa. phong and Saigon has been much the same as sional assistance from Shangbai' the loquiry in the year preceding the present. In 1908 continued more or less active till the end of Siamese rice imported aggregated some March when prices showed an appreciation of $12,000,000. This year the leading rice mer- St to 57 per bale, and newly 31,000 bales passed chante calculate that from all sources the im- into consumption, exchange on India flacruat ports of rice have smounted to about ing between Rs. 130 and Rs. 132. Doring the $25,000,000. During the year the Bangkok greater part of April the market remained trade has suffixed on account of the low ex- quiet, but at the end of the masth another change, the tical landing now at go cents an brisk demand from the country set in lasting against 60 cents in the early part of the year. with but little intermission till the end of June,But while the Bangkok rice millers suffer, the resulting in a further advance of St to $3 per Hongkong desters have been making good Sale in prices and sales of over 35,00 bales. mosey. From both Saigon and Bangkok the Under ordinary circumstances unies and prices reports regarding the new crop are very favour would have shown a considerable increase but able indeed. From the Capton River valley, for the sherprise in silver during May and June, on the other hand, we regret to have received which not only curtailed business but checked reports of disastrous floods and typhoons, re- the upward tendency of the market. Io Jolysulting in the destruct of 40 per cent, of the the rislag tesdency in exchange gave place to crop, so that the rice shipments from the South a weaker tone and simultaneous ramours of are bound to be bigger than ever this year. On short entioncrop in America encouraged dealers the whole, the mirket has held up' very well to re-appear in the market in great force. during the year 1909, and prospects for 1910 Buying was now resumed with more or less are generally regarded as being extremely fay vigour throughout July and the greater part ourable, of August; when exchange showed signs of an advance, and a temporary depres sion was caused in the market, lasting throughout September. Ca the whole, how- ever, the third quarter-can a la close with a satisfactory experience, he gain in values amounting jo some instances to $5 per bale, over 40,000 bales changing hands while pro- spects ahead, appeared encouraging. October set in with a strong general inquiry consequent on the violent Auctuations in the American cotton, and about 22,000 bales changed hands, prices showing a farther advance of §t to $3 per bale. Businest during the last two months has dwindled into a minimum, owing to almost prohibitory prices now ruling, and the year closes almost lifeless with a meagre stock of 14.600 bales to be carried forward.

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FLOUR.

Toall appearances the high water mark in the four trade was attained in 1907, if the figures for the two following year in succession can be accepted as any criterion whereby to judge the ebb and flow of the trade to this commodity with Hongkong as the distributing contre, With a falling off in importations in 1900 amounting 10 915,000 bags as compared with 1908 and 127,000 as compared with 1907, showing, respectively, declines in imports of 224 per canf. and 35.83 par cent, Hongkong, it would appear is losing much graund in this particular branch of trade. Tabulating the tart yearly statistics we arrive at the following:

Years.

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Receipts-lo Hongkong. *· 1907 is 4,940,000 bags. 1908........ 4,086,000 1,

1909, 3,170,000

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the shortags an against 1909 in, as already stated, 916,000 bags, as compared with the figures for the preceding year..

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WINES AND SPIRITS.. There was nothing very important to record in the wine and spirit trade during the särly: part of the wear which terminates lo-day, Busli, ness was brick and merchants were well natly-

Indirectly, American flour in small quantity is imported into the Shanghai and the Southern teritory.fromthe necessity which the consumers || have to meet for mixing their four with the American staple. Flour made to Shanghai is. according to expert opinion, a trifle damp and dark in colour and therefore requires a drier | and superior flour to mix with it in order to reach the grade requisite for kusading | lato good bread. The Southern Chinameni having baca once used to bread-stuff of a superior quality, mill-owners have to com sider their idiosyncrasies if they would retain the valuable clientele provided by the fed with the turn-over that passed through their Treaty ports of South Obius whose good graces bands. But a very great change came to para, Shaughai has succeeded in winning during the when the Government decided in August that year. Much to the credil of the Northern mille su impart was to be put upon all liquors brought | they bare to fight against the odds of climatic into the Colony. On the 17th September_the- conditions which militarnagainst milling opera-Legislative Council passed the Liquor Ordi. tloos and also against the lack of knowledge on -mance which in its original form provided for this part of native harvesters in handling, wheat the following dues :-- which they do in the same way as garnering Brandy and liqueurs ........................................ $3.60 thair staple grain-rice. It is the opinion of Whlaky observers who are competent to express'judg- Gin, Rom, and other Spirituous liquors...' 1,ão- ment, that the Chinese method of thrashing the Champagneļķan wheat after cutting does not tend to improve All other sparkling wines....................` 1.80" the grain which does ant keep well unless it is. Port, Sherry, Madeira

1.80 put out long in the sun to dry. Besides, Ohi Other still wines in battle........... 1.35- pose farmers harvest the wheat in a damp Other still wines in wood........... 0.00 condition and naturally it remains damp much All other intoxicating #quors, excepting to the disadvantage of the millers..

spirits of wine, and native wines and spirits................................................ HA CH

NO‘AUSTRALIAN IMPORTS. The Importe of flour into Hongkong for fast | Australia, which made sich a successful bid your bave been practically all from America.

די

Par Gailon."

......... 240

7.40

Oo all nærive Wines and spirits :-

(4) Containing under sa per cent of,

pure alcohol by waight The mark 0.19 (6) Containing 20 per cent, or over, and under 40 per cent, of pure alcohol Sy waight

KATEGORİS 0.40

for the trade in 1907, following the anti-Ameri- ester lato competition in this merket at all, for can boycort by the Chinese, this year did not the good reason that on account of the low rate (c). Contulalag 45 per cant, ai pyar of of exchange reling Australia was not able to do

pure alcohol by weight. I,TO ay much at name their prices, although crops Spirits of wine and arrick................... 1,00 in the Commonwealth have been reported to Since the passing of this Ordinance, the liquor found the European markets much more be uniformie good. They have, no doubt, trade has got been so good as it was previously and the Christmas baslness has showed a 'most profitable whereat to dispose of their products.decided falling-off. In consequence of the . while American millers sacrificed their profits heavy duties, the Chlusse are not buying 10 across the Pacific in order to yield to the much brandy and other Europene wines an they dictates of business perspicacity by not losing used to do, but have fallen back on their natire their bold-if even for a time-on the Oriental amshus which pay only 2 cents per, quart bottle 44, against do cents per quart botila charged on brandy, or $y/ta per case. Așa result of the.

market,

DISPARITY IN THE DUTIES',

COMPENSATING OUTLET." The Colony's four trade for the year would inevitably have suffered greater contraction, in its small volume but for the fact that the Straits levied Chinese wines are naturally in greater Settlements provided the compensating outlet request by Chivate consumers, and Estopain to partially make up for the loss of the markets wines and 'spirits are looked upon as a thing nearer home la Canton and the Fakhien Pro-apart. One or two Chinate shops hava given vince. 'Singapore and its hinterland have been up the liqanz bysimete entirely so far - ku large buyers of the staple commodity and European liquors are concerned, so they have absorbed a large percentage of the im- have bes unable to use their way to pay While it is tras that the Northern market has demand for Europeza liquors, in cousTe been cut off from us, the South has come to quence, the sowthu dealers are doing increase. the rescue and is some measure made up for ed business, Spirits of wine-on which a daty. the loss of the Colony's Northern crostifcents,

of $1.60 per gallon is levied—are largely exported free of duty to Canton, where thesą. spirits are employed to a great extent in the Imported into Hongkong at the reduced rats | blending of Chinese wines, and afterwards rev

mentioned above. As anyone can sea at a Government's intention of preventing spirits glance, this practice virtually defeats the

of wine ascaping duly befora, being blended with Chinese wines. Only the other day a' seixare was made by the Revenue officers of about too jars, labelled Chinese wins but containing nothing but spirits of wine. From

EXCITEMENT IN SHANGKAI,“ While market. WRE

in a state of inci- as April-May at an average price al x8s. 6d. per piant agitation in the South, Shanghai also ton, which raid leaves a very fair profit for showed, signs of an unusual activity and owners. Other chaners have been concluded dealers: Bere, following the lead,, sushed for February-March-April delivery, which, in up prices to $1,091 for adw Pains. This the general opinion, points to a good year to continued on leto October, when, owing

In the beginning of the year best No, 10%. follow. On the whole charterers show themselves to a further advance in the China oplush were sold at 1109 and No so. at $130. anxious, In view of the present scarcity of a strong feeling tet in for a demand. and They are now quoted ́at "$116, and 5145 From the above it will be seen at a glance that ports from Pacific coast arriving in Wongkong. S1,000 licence, in vlaw of the diminished tonnage, to secure forward steamers in order to prices consequently jumped up anormous. respectively, exchange ou India ductpailog be Ell contracts which have already been concludity so much so that at the close of the tween Rs. 198 and F. 131 ibughout the ed and which must be mot at the date specified, mouth, now Faina fetched $1,350 and New greater puxt of the year. Although sales during so that the freight market should prove sound Benares. $1,150, The excitement became the year show no improvement over those of not only in the early part of the coming year feverish early in the first week of November and the previous twelve months, the trade a bat throughout the twelvemonth as well.

ascramble was made for the Indian drug is the whole, so far as Hongkong is concerned, bas Dative acticle enhanced in value and the uepre- been remunerative. With cheap colton, steadier .OPIUM.

dented record, with the exception of the price silver, and incessant sise of prices throughout fetched at the time of the Taiping rabelllon-the greater part of the yoir, more than covering 20 per chest--was established with, the prices have been obtained, and if invoice costa highest price for new Patna at $1,615 and are any guide to results the proats are more or Bow Benares $1,592. The advancing prices less considerable and commensurate with the of the native drug, which was attributed extent and volume of the transactions. its cultivation in the northern and west to the reported considerable reduction of

era provinces, stimolated dealers to lay in good stock of the foreign ding for replace mot in the abova provinces. It was mors o

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The closing few days of the year 19ut looked as if it augured well for the trade in opiam durog 1909, as, after wecks of inactivity, mar ket assumed some life and a fair business was dose. Prices continued to improve and the highest rate touched was 51,135 for new Patna, and Stoys for new Benares. However, these prices could not be maintained as the uni expected rise in Exchange made dealers cau. tipus. Another disturbing factor was the sco cumulating stock and this, combined with the sumour that

THE FEDERATE ́MALAY STATES"

A SPECULATIVE OPERATION

Prices have been steadily rising throughout the Dor native dealers have not fared badly,

gisater part of the year and iba country demand has been responsive, .

RAW SUGAR.

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than the osed of the moment, hence were going to increase the duty on opium im prices took such a high fight. But even

· ported, the market lapsed again into an Inactively, as asually, when there were no state. Amarica at this time alia stopped the buyers, the market collapsed, as there was no importation of opium into the United States, authentic report to substantiate she now of Market la consequence became lifeless. Small such a considerable reduction as it was at dirat The sugar merchants of Hongkong have sales were made in the middle of the month at mised.. Prices in the middle of the month tell every man to congratulate themselves upon $1,100 for now Fatoa, $1,050 for now Bazares,

bick to $1,465 for new Patos, and $1,400 at

the operation of the sugar market during the February opened with

the end of November, which was a normal year 1959. The market has remained firm A QUIET MARKET

price. However, in December, after a quiet abroughout the twelvamonth and a rich harvest term when Bothing was doing, a reaction set in of perfit has been resped by most of the opera for immediate requirement and quotations were fors. From all sources, the amount of raw established at $1.405 for New Patna $1,420 sugar Imposted is calculated in round Agures for now Benares. During the last few days at well over 3,500,000 plculs, vained soughly at of December, some business was put through $15,250,000. Of our two great sugar refinwist at enhanced rates,

|lo Hongkong, Messrs. Batterföld- und Swire's

at the early part of the month, but towards the middie, owing to the lesseninge of Chinese holdings, a fair quantity, was purchased at $1,061) for new Paine and $1,015, for new Benaraz. But at the end of the month a lo!! took place which deepened into March and prices continued

„CAUSES OF THE DECLINE.

this enormous disparity, the leading Lubority Questioned as to the contributory factor of fa Hongkong on, the subject of four from the Pacific Slope, to whom we owe our obligations almist entirely due to the invasion of Chiness for our facis and figures, explained that it was fenitaly by the products of the Shanghai mills,

concerned. It is the territory, South of, Shanghai, fe, Can- ton, Swatow, Amoy and Fonchow, that is wholly

TRIBUTARY TO HONGKONG.

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On June 30th, 1908, there were in all india commercially speaking, tributary to Hong In former years all these, poste ware, 241 mills working, and in-course of construckoog, that is to say, that they drew their tion, of which Bombay Island alone claimed 16, supplies of flour from the warehouses in running 2,736,181 spindler, and 35.967 looms, the Colony.. But the low price of silver and employing sor,236 hands dilly,

The high price of 7'merican wheat and four les enabled the Shanghal mills to virtually capture the market comprised in the zona within Shangbal in the North and Hoogkong in the South. Shipments to Canton alone from Shang hal, for the year, account for about 100 000 bage. The absorption by the Southern capital outlets provided by the Coast ports mastioned of Shangbal-milled flour together with the new

Practically made op for the lose in the imde between the United States and Hongkong,

THE JUTUTË 'SHROUDED IN UNCERTAINTY,

Whether the fature will see the new condi- The lowest price recorded for new Patna was establishment at Quarry Bay has been in fall loss of things changed back to the old order $20 and the highest $1,619. Daring the closing with melts averaging 6,000 picals, depends largely-in fact, almost exclusively ng weak of the year the market has exhibited whilst Mass. Jardine, Matheson & Co.'s on the European and American wheat markets considerable strength and Armorer, Rising sugar-hours has been taxed to ite atmost cut and the low or high price of sliver, always a by Bs a day quotations close, as we go to press, pat of 3,750, piculo, and it is expected that their determining factor to guiding the course of the at $1,440 for now Patda and $1,450 for new supernumerary sugar-house at Bowringtop Import irade whorela go'd-using countries: arg paras. The tendency is towards higher, which has been closed down for some ilires concerned. In other words, to w atrier and values.

years, will be in working 'order #gain' narly lm | bigħ wheat combi ad means dear dour, FRD= the incoming year, bringing the output of refined dering probiblive their entrance into comotie The turn-over for 100g has been profitable sugar by this Company up to a possible 6,000 whose inhabitants reckon their prices in silver. ly prices fell to their lowest polate, vis, $910 she twelvemonth ware effacted to its exisst of gar trade of, 1909 has been the passing of the four business in North Chios, where its pay alike to importers' and dealers, Sales during pleats. The most important feature in the so- Tke sama conditions, however, do not affect sheet and cost of raw material are calculated went had led to the stopping of the supply of on the basis of silvar values, since the Chinese sugar from the Philippines, for when the new operatives & a paid to the local cuilancy off the law came into losca American speculators country and the wheat, growers of Scochow bought up all the available stocks in the islands and neighbooring territory part with their grale at high prices, and so far as futam crops are in consideration for so many taals and can concomed they will likely fad a similar destinar | deasana par hashal;

TUMBLING DOWN.

The prospects began to look gloomy and ratas touched $935 to 5940 for now Patan and 1940 to Soto for new Bepares and business was done only for requirements.

During the first few weeks in & pril-market

was in a

LANGUISHING STATE |

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a spurt now and than took place, and ultimate.

THE YEAR'S HALES,

for new Patus and $131 for new Bannins. At 16,800 chesta Benares and about 3,000 chests: Payne Bill in the United States. This nice the end of the more market appeared to liven Maiwa. The average price for the former op and prices adkomst to $970 for new Patua must have ranged between $1,550, and $1,400 Mod $995 to $1,000-da sew Benares. Romours at this time began Circulate argarding the Par chest, while the fatter commanded about reduction of the Chim Cultivation of aut 40 per chest. In iklenview Persian oplum poppy, and sata nalive.ding advanced in ban mot besa lequired leto in any detall, since 42. It was almost wholly bought by by the Japanese

HEALTH POINT OF VIEW.

ME. PATTEN'S WHEAT CORNER.. not varied mach in Hongkong except for the Doring the year the price for four bas months of July and August when, owing to the States by Mr. Patten, Chinese dealers were wheat corner" engineered in the United coable to import and had to be satisfied with the heavy atccks they held in the warehouses on the Island. It was a fortunate circumstance that they could fall back upon their earlier purchases, since by drawing upon local demands without having to resort to au supplies merchants were able to meet dealers' purely a increase in price to any material extent. it is a mistake to think that sawakw is a more Even though Gongkong is an admittedly wholesome liquor for the Chipass than what big flour market, it is a curious fact that it Europeau, wines are. The latter as a rula aru is not always swayed... or, follows, sasu || devoid of toxic impurities, and, with the oxcop- irrefragable rule, the ups and downs of the tion of some cheap foreige brandles and whis. American market. Dealers in the Colony oftes kies, ara mai put sa the market until ressone bay in the U.5. market and stock a considerable ably matured, whereas Chinese sowTÂM IS DABEY time ahead and by purchasing at the most favoured for sale and consumption Immediately aner able times are able to supply the wania in the coming from the stiff, and is contaminated with East without being materially to fluenced by the toxic aldehydes, or, in other words, fufarol ell centre of the wheat industry in the Pacific reduction of the brandy daly to the same level | Operations of "banca” and “bulls” in the great || If the Government could son fir way to make a

Coast. In fact, for the whole of the past year as whisky-y's, $4.86 par case-they might bardly'a single period has been known when the count upon au fucrassed consumption and a Hongkong market has basa, on an even basis. | consequent enhancement of the revenus derived dealers, bere had contracted with the mille for Chinese spirit consumer, fade solace in resort" Before the American harvest of this year under the Liquor Ordinance. Whilst the six months forward supply, and even at ing again to his native sama", there is no such the present moment there is a difference refuge for the Ecropean consumer, upon whose of twenty cants (Max.) per bag between the hard falls the brunt of the enhanced taxation, Hongkong price (in the favour) and the cost of and as it is a pileous fact that the poor, man la importing the flour assuming that it had to be the biggen. consumer the levies on Jiquors purchased at the prevailing rate in the existstrike kardart of all on the class who are able to baar lig It Is, of cours, too mariy log makat on the Pacific Coast.

form a defalte opinion regarding the VRARE PRICEL The average price of four to Hongkong for pasting into law of the Liquors

the cow conditions which haya-aria

highest point was reached in August when the cuss the pros and cost, the year has been $160 (Men) pre bag; the is it within the province of this quotation was $3.72 per bag (Hongkong of a courscy), having deen from the minimum quotation of $1.10 per bag early in the year, into. Fighting the year's Importitions of 3,170,000 bege at the average price of Bido par bir the grow vains of Hongkong's flour trade (n) 1909

REVENUE hashliberto