1909-12-31 — Page 9

THE HONGKONG TELEGRAPH FRIDAY DECEMBER 31 1909

whole, however, the wine merchants of the the old Post Office and Law Courts sites in Amazon forests is very expensive, so that Colony do not consider the 'outlook as at al! | Queen's Rɛad, when the

anless tradal co-ditless improve, the South encouraging. If the Liquinis Ordinance has NEW POST OFFICE AND LAW COURTS ...

Amoricen as well as the Congo Valley article come to stay, the public will have to grip and shall have been completed; burit is consider can only be put on the market when prices role bear it, but it may not be dat of place to rd to be more than probable, that the Govern, high-which consideration points more and suggest here that it is capable of being amendment will put those valuable central spaces up more in the direction of the rubber market hav ed to some advantage. Under the present to public auction and that they will' realise ou ing to look forward for the bulk of its rubber regime rebates are belog given to the naval sale a very high figure owing to the admirable supply in the future to the Malay States, Ceylon, and military canteens and masses, whilst stance they will make for shops and offices. and Siam. There the conditions ata entirely') axemption has been granted for, wines supplied There was some talk of the vacant spaces bai favourable to the rubber-grower and au is man•' for the use of vessels sailing out of the port | ing devated to the purposes of a Central Police ioned slenýbore, investors now bavo a senso and also export. All this necessarily entails Station and Magistracy, but that this will come of safety in the fact that the Malay Sales have a great deal of "work both for the wing mere to pass is a very remate probability considering bren solidly confederated, with the addition of chants and for the Export and Import Depart the straitened exchequer of the local Govern the three great Siamese States of Kedah, Tring ment. Why not adopt the system that pre-ment and the retrenchment reforme which have gana and Kelantan-all of which » re now come walls in Britain and the other British Colonies, beas recently set on foot in the Police as well prived in British Malaya, whereas Johore State, where one import duty is levied ca ali fiquors as in other Departmerts, However, it will be which cratains fine rubber country and includes and rebates given for cantelor, messes, ships two years or so before we bave the new Post amongst its planters the Pears Brothers' of stores and export ?

Office and the Law Cour's in working order, soap fame whose crops have secured top prices and many thing'unlooked for may transpire in

on the Loudon market, is practically under the interval. Quite a lot of inquiries have been British protection, an that from Bingapore made for ground for villas in British Kowloon and to the borders of Siam, the whole papirola and sales have been concluded as much higher may be safely said to have been merged into ratos. thom were qubied last-reat. Ground the British Empire. Before this came to pass for the railway has been resumed by the hole was a Government at a rate of $3.75 at Tsimshatsui whilst adjacent ground to the terminus is now

by Government also,

THE COAL MARKET.'

The export compiled by Messrs. 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 this year and 1908 in the Coal Market, the prices ruling slightly lower. Contracts made for igro principal consumers have had all their require ments for the coming year provided for, The following is a general review for the year.

NATURAL NERVOUSNESS

insufficient to tap the wild trees of the Amazon basin where the Brazilian taxstion is so beary and the expenditure no great that only a very high market price makes the rubber payable We have heard rubber growers from the Malay States assert that their industry would still be upon a payable basis if the market price fell as low as 1s. 6d. per tb., and certainly 25. per lb, would leave an appreciable profit.

PROSPECTE..

shares ware obviously nervous, but with the Before the boom began the holders of rabber Improvement of the market this weakness kas dhappeared. The reason for this nervousness to the fact that the industry was of a kind which is not far to resk. It was due in the first place the public had never been sociated with before and secondly to the fact that they were satirely unable to gauge the future possibilities of this trade. Of course so far as the Malay States were concerned, it was only natural that investors should be backward in faunching money in the various enterprises fleated in that peninsula, so long as there was any question at

become splidly federated and the three great all about the governmental security of the country ("but now that British Malaya has

jaotan have been incorporated in the Feders- tiou, investors can afford to place their monies in regarding the security of their loveatments

at $900 were reported, In the last week of the ment are visible, and the opening of next year, however, a slight reaction inok placo and yeas will no doubt soon further advance in the business was done at $895 and $800, with fur-price of this stock, Prospects for rojo, ars ther possible buyers, this check in the upward better than ever and if the price of sugas keeps tendency being probably due to the fire on up large profits should ensue. Luzone: hare board the German mail Pring Ludwig in been subject to some slight fluctuations, Hongkong harbour on the 14th instant when the and the highest price reached during the extimated loss to cargo by fire and water was year was $30. Porak Sugars, as a direct about a million dollars. Roliable information result of their successful planting of rub;; places the Union Society's proportion of loss bar, have experienced a considerable adradce Shares are wanted to-day at Sooo. Naith about 75% on last year's rate. This company at no, more than half a takh of dollars. and at the closs of the your show a rius of- Chicas were the medium of only a small bus! is in a very sound position and it is rumoured hens an shares are firmly held and difficult that its profits for the next few years will be of the year) slight fluctuations varying from to obtain." From Tls. 104 (the opening price greatly enhanced. Tir. 5 to Ti 6 below or above this price have little to report. Rauby actuated between $9 Mining Shares,-In this line there, in vary

with buyers, Yangtokes commenced to show of June. There are sellers at the close at 56 taken place, but they generally close strong to 56 with a fairly big business about the and signs of improvement from $175, and by the and it is possible a arm offer-of between $1/sh end of March the high price of $135 was would be accepted, but the stock in atter freely offered. The stock fairly well mainly neglected. This is dse, on doubt, to tained its position from then onwards, and the neglect by Straits, and other investors comparatively few changer in the rate occurred. who are now giving all their attention

they soon declined to $187. This price was iner four-weekly retura pablished by the Com Cantons closed rather weak at the termination to Rubber shares... The per ten yield of gold of last year, and with the opening price at $195 has been increasing, from month to month, the

from then a further downward course was followed, in consequence of the vary bad rezult crushed from the Bukit Koman mines, Chin- of as much as 749 'dwts, to every ton of ore

since been accepted and even at this rate 71s, tot and in some instances Tls, 21 was holders are more inclined to sell.

obtained, An easier feeling now pravalle and Tin, so latest advices from the North sport saliers at

show lower rates than those for-1909 and all the being arbitrated upon prior to is resumption. † (orpeless in the four States ab-vo mentioned by rich provinces of Kedab, Tringgang and Ke- maintained throughout the whole of April, and pany's new manager showing a gold recovery

on the part of investors to go in for rabber es- reason of the fact that the uncertainty of the governmental regime. made them neasy, and money placed in the Malat Peninsula trade is as secure ai though it were devoted to any solid codcore at Hrme,

properties have changed hands bat got at any but, happily, "all this bas passed away the Malaya'ı rubber flelds without, any qualms | of the year's working and as low as $145 bas ese Engineerings advanced from Tis. 17 to

IN YAUMATI

appreciable advance on the prices obtaining in 1908. A feature of the market during 1909 has been the number of investments made by

active in

STOCK EXCHANGE.

this heading a decided improvement bas to be Fire Insurance-ip the two stocks under

JAPAN: SE COALS, Abant 915,000 tons merived here during the your under review, this being about 75,000 tons ‚ more than the previous year. The Miti Bus Ch ́nate from Australia and San Francisco. fair profit on money'ingaş'e i goen, lì. behorester one for share business than its predecessor, recorded. China Fires opened with salon at son Kaisbu, as in previous years, takes the lead, their importations amounting to about 500,000 zon?, out of which 45,000 tons went to Canton, The Mitsu Bishi Gosht Kwasha coutine to rack second, their total scrivals during the year reaching 115,000 tons. The balance is distri buted among different coal importers, the most important of whom are Mesirs, Bradley & Co. and Mesire Ataka'& Co.

CARDIFF.COALS AND PATENT FUEL, The quailty that reached the Colony aggre gates: about 48,000 1001, out of which the Admiralty bad some 20,000 tons discharged here and some 15,000 1001 passed through bound North, Several small aurivals, amount.

log in all to 5,000.tons, went into the hands of the local dealers. Some 12,000 fous passed through Hongkong be and for Vladivostock and or Japan..

i

AUSTRALIAN COALS.

About 46,500 tons.arrived during the year al of which was for consumers. The demand for this coni locally has considerably fallen off The strike as wired by Reuter in the latter part of the year did not at all affect abis market. As per telegram received during the mouth the

strike has now ended.

KAIPING COAL

During the year under review, 7he. Chinese Engineering and Miring Co. Ld, opened. branch office in this post and imported some 51,000 tons, cut of which 11,000 tons went to

Canton,

HONGAY TỪAL.

. There arrived about 85,nde tops, half of which was for Capton, the balance for local Industrias.

ན་

PULO. LAUT.

Five steamers with about 18,000 too arrived during the year and found ready Chinese buy

15.

LABUAN COAL

Only one vessel with about 3,000 tobar rived during the year and the coal does not find ready buyers.

.

SEDATIK COAL.

Three steamers with about 6,000 100s reach- ad this port and the cool found ready buyers. There were used for tatals nod the reports given seem favourable.

DAIREN COML

Soma 17,350 tons arrived during the second half of the year and most of same west to Canton,

BUNDRIES

Four steamers with 4 700 tons Tourane con! reached here on their way to Cantos, about -8,600 tons of Haiphong coal also passed through for Canton and some 6,200 love also reached bere from Kebao, half of which went to Canton and half bound North..

PETROLEUM,

During the year which bas just closed the petroleum market has remained in what may be described as a normal site as compared with the state which ruled in 1908 and very much similar quotations have been book ed. The Standerd Oil Company, who, of course, iemain the staple suppliers of the local market have no advance to report and the average sale rate continued to stand at about £3.40 er roughly a to 15 per cent beller than last year's figures, whereas a solid market is anticipated in 19to although sales may not Bach auch a high level as they have touched in recent years when-the stock has reached as high a rate as $6 per cost. On the whole, how. ever, the tendency in considered to be upwards in the same mann er på all the China trade con

tieues to improve generally, so that we may look for an all-round colidity as far as the

coming year la concerned.

These investors have been very apr culation in landed property at the prevail ing low terms with a view to au chances ment such as the state of the Colony's trade would seem to justify. been "all breughout fair inquiry for properitos. in well situated paris of the city, such as Bonham

Docks. Wharves and Godowns. All stocks

There has han almnät:cessed from being a more payable Gold in the Bank of England has been deplet with inquiries at Sit&. Apart from its marits Wharfs. This stock vnsa. from $16 to $64, ip

the your a very

Strand, Jervois Streal, Win Lok Street, Dei Vax Road, Connaught Road and Queen's Rod-all of which paints to the fact that investors-especially the Chinese-are opinion, that prices in the 'anded estate matke have touched

A

LOW WATER MARK.

of

•

FEVERISH STATE

of the rubber, market. Stould such a slump in rubber recur at that which occurred in January last, it will spell disaster, but, whilst verity, expert opinion is that the market it is impossible to proptery with any degree of will hold firm generally for the next two

years,

On the other hand, so far as the getting of a

The year 1909 has beno a comparatively bet Hongkong inventors to walk warily. Rubber although, in spite of expscistions to the cot- stock has been so much watered in consequence trary, it closes with large depreciations in $105, and with the exception of a slight weaken under this heading, in sympathy with the gen of the boom which has secarted in 1909 that it some of our local stocks. The Reserve of og 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 speculation than the othersnild industries of the ed, owing to heavy withdrawals to America Colony, which industries have naturally suffered and Berlin, due to heavy speculating bolt in as an investing stock ramours of the purchase spite of the severe competition offered by Holtu in the market wing to the great amennt of the United States and Germany, and the effect of the Company's stock by another powerful New Wharves and Godawas, and have well available cash tied pin rubber scrip. This has been an enormous rise all through this organisation got abroad, which explains holders' mainiaized their position. The company has h led to what might be described as a star-year in the American Market. In consequence disclination to part with scrips even at the entirely completed the re-erection of their ing of our local industries, which, though they of this, the Bank of England rate of discount present greatly enhanced price of the stock. wharves which were destroyed by the disastrous may be sound investments, suffer from the has risen accordingly and the high rate of 5% The element of speculation is almost wholly typhoon of 1906, and with the revival and ex- high rate of exchange ruling, perated against vestors for their reliably steady dividends. completion of the Kowloos Railway there is has been reached. This, coupled with the moved from these shares which are held by pansion of trade which is anticipated with the the expediency of remiting money-back to the Hongkong Fires have likewise been a very no reason why their carvings should not agalo Recently, the property known as No. 66 Don

Colony that had been sent to England at ad- firm market during the year and from $325 reach its old level especially at the terminus bam, Strand was sold by auction to Mr. Leung

fore, prepared to re-invest their capital in gold about the middle of July. Between this month contiguous with the Company's property. A vantageous gold rates. Those who were, there. the opening price-improved steadily to $345 of the British section of the Raliway will be Kwad-sang for Mr. Wo On Cheung for $10,000

investments opportunely turned their attection and October su additional rise to the extent of further severe drop in Hongkong and Wham after spirited bidding, No. 6 Bonham Stand, There is always the danger, too; "Rabbers" with the result that practically about $40, is recorded, and during this period poa Docks has to be recorded bringing the on 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, were Mr. Chuen ing for $14,600, whilst N 384 rubber will be produced before long. Certains left severaly alone. Our local Bank, however, maised firm up to the end of the lattering of this year. All through the year, the a fair business was put through. The stock re price down to about half its value, at the open- Shanghai Street on the Kowloon side was foldly some of the most acute brains in Europe and has been doing a fairly good business, and month when numerous selling orders came severe competition as well as the falling off of for $1,000 to Mr. Un Kam Wal, and No. 5 the United States are actively searching for a shareholders have benefited greatly in the way into the market with the result that the trade wore greatly felt by this Company, which Connaught Road West add:No. Des Voeux substilate for the natural poduct, the de- of increased divid.nds The shares have been rale receded to $370. at which they close furnish the explanation for the reduction of the Road West went to Mr. Chan Shek Shan for mand for which is growing every day for continually improving, and never in the his-weak with an inclination to rolls $17,100%

dividend from $4 for the hail year to $.j. the various industries where On the upper, levels sa Hongkong island Mr.,

its employ.tory of the Colony have they advanced to soch Shipping-In sympathy with bad trade, With a capable and energetic new manager, A. Deojson's residence to Condelt Road was fact that the supply and demand point to a very

ment is indispensable, but it remains a solid high figure as that quoted during the course China and Manilas have suffered to a consi-rearganising the whole establishment prospecie said, it is understood, fer the sum of $37,000 good market for the incoming year, whilst roh Insurance stocks have done well daring the the rpening price of $14 at the beginning of which, it is hoped, trade is about to receive, the of this year. A lew of the principal Maxipe derable extent, and have declined to about half appear more hopeful, and with the Impatus Apaltier residence in the same district-vis, ber is entering more largely into other Indossarly part of the year and appreciations in vary. During the first few months of the caring of the Company should comet- "Lena Cortage in Seymour Road-was put tries both in Europe and America, and so far. also of their ahres have to be noted, but to year a ilump occurred and shares went as low pondingly increase. The quotation for George up to auction by order of the mortgages and, nothing can be shown as a sign that there will wards the close of the year some of the Com-as $6, and even below this price has been ac. Fenwicks shows's declion of $1 from the last cutiously enough, it was bought back by the first vendas, Dr. A. S. Gomes, at one-tbird competition with

be a synthetic rubber put on the market in panies suffered seriously from bad firide, with cepted. This was the direct result of the very rate of $13, and it is doubtful whether buyeri Para rubber although consequential Heavy depreciations in their heavy loss the Company sustained in its past could be found even at a good deal under this the price at which he had originally sold it, some of the best brain in the United market quotations. Fire Insurances have been yerr's working. And as is usually the case rate. In the case of the "Newlands" Estate, it was Stater and the Continent of Europe ste

a quist markat, nothing of any importance oc with stocks of this kind, a re-action soon set in much during the whole year, and although Shanghai Docks have not fuctuated told by order of the mortgagee and was acquiz actively engaged to the direction of the creation curring putil about the latter end of the year, and the price rose sgaia to $2, but the next few very little business has been done, the prica ed at the price of $45,000 by Mr. H. N. Mody of a material to take the place of rubber at a who since the purchase has applied to the cheaper rate than the actual product fetches positions dot the close. The slackness in out of favour and neglected at $8. Douglases of the usual half, yearly dividend of Tis. 3) when prices lose steadily and maintained their months saw a further decline and now they are kept fairly steady, The socouncement Government for a very considerable extension During the depression which came to a head shipplag experienced throughout 1908 con have been a very restricted market during the is welcomed by many and it is hoped the is the Conduit Road direction, whereby a very about a year ago and had then existed for iuued right into the middle of this year, and year and only slight fluctuations bave to be management might be able to pay a more fas approach is provided, nicely turfed and another year before that, rubber-growers of Cey in consequence shipping shares bave suffered noted. The price of Hongkong, Canton and substantial fasl dividend, Shanghai and plaated with palms and tropical shrubs. Al los sad the Malay Staten cot down expenses to most the only other transaction worthy of note

materially. Towards the close a brighter pro- Macao Steamboat Co.'s shares was well main- Hongkow Wharfs, after the disastrous drop the lowest possible limit and this had a healthy spect in apparent and rates are beginning to talved during the first half of the year but to experienced last year, ruted firmer and was the sals of one lot of Crown land, compria-effect on the industry which had been consider secover, especially Indo-Chinas, the price of wards the latter period with many firm in towards dividend ing sea-bed and foreshore, at To-bwa-wan, fored to be fairly free from any danger of surplus which shows a decided improvement dering the quiries the stock ross to $31 and at ore time to Tis 180. The disappointment of above-

time in March which there was no competition and which was sold for $15,830 -a very small advance on the the growers were reckoning without their host, atleation, and closing rates show a cosalderable rate, Towards the end of October an easier Tis 6 per share coupled with the heavy speca

stock belag got rid of hastily. As it happened, past few works. Reficeries bave absorbed much shares were taken off the market at over this bolders at the declaration of a dividend of only upset price.

As regards the subber market since the acquisi. advance of prices quoted at the close of 1908. feeling prevailed, and they were largely dealt alive purchases, caused the shares to drop tion by Great Britain of the three great Siamese Both Docks and Wharis have suffered a great in at 531 (ex div.) and slightly under, but this again and they have since been on the down.. Malay States of Kedah, Tringganu and Kelantan deal rot only is sympathy with the general de was only temporary, es rerewed buying toward move and as low as The 121 was offered which have now been incorporated in Lritish pression in trade but by reason also of strenuous brought the price back to somewhere about its and accepted. At the close, however, a firmeil Malaya investors have an increased and very competition. Hotels and Land shares bave old level. They are now firm at $33, with only exists and buyers will probably pay The 130. Justifiable security in putting their money into ppreciated in value. "Rubbers" have maco the Industries of the Peninsula, The sudden polised the attention of lavestors while dab.

a few shares offering. Immunity from disaster Lands, Hotels and Buildings-Hongkong or mish p during the typhoon season coupled Ladi have been a firmier, market and the rate nothing less than rise of rubber in the yesṛthat closes to-day was

blers have also struck a good thing in them with the recent visit of the American tourists which ruled $91 at the beginning of the year la During the six months of their introduction should account for an improved balance in the now Sros. Hongkong Hotels opened firm at PHENOMENAL. -

Into the Colony, it can safely be said 'that Company's trading during the second half of $85; but wankened towards the end of Marck- At the end of 1908 it was effued at 45 d. perbas diverted into that direction. The abnor Chinas were entirely neglected, and it was only March they were quoted at $73 and S43 for the

Over a million and a half of money bas the yeav., Darings he early part of the year, Indo- when shares could be procured at $80. Ib. first-class quality, and that was by dc means rock-bottom price, for it afterwards fell away mally high price obtained for the saw ma sometime in April that they began to exhibit old and new shares, respectively, and this price to as low as 36. 6d. per lb. But as the year pro- tedal has opaced out a new fold for com signs of a revival late comparative activity.was malatalaed up to a few weeks ago when gressed the market recovered wonderfully pany promotion and hardly a week passes Considerable speculation as to the prospect of a they once more came into favour and the old owing, no doubt, to stocks, being held up la by without some new company, always avere dividend for account of 1908 working took place, shares were sold at $771, and the new at Say, London and New York, with the result that subscribed, springing into existence both in and from 553, the price at which the stock The completion of their new building in an pricas stiffened up considerably ard when the the Straits and London. A very large business closed in the previous year, they were forced op xiously looked forward to as it will greatly help warehoused material was put on the market it has been transacted in this line, and profits to about $ir and between these rates they were to augment profits. Humphreys Estates have proved alterly inadequate. to satisfy the have in some cases been large.

largely destin. The stock suffered a tremendous deteriorated in value to common with other demand. In May Bret-class rubber was' Reviewing the varifus stocks as they.ap set-back on it becoming knows that the comstocks. A very strong demand zet. is about sold at 6x. per1b. whilst in October first-class pear in the Stockbrokers Association list, pany was unable to pay any dividend en ac the middle of the year and shares changed sąd, par lb. For a while it appeared that mir Kalumpong rubber fetched no less than 95, ww fod that Hongkong and Shanghai count of the heavy to the Company sustained, hands freely at Sex, only to subside again in ket prices would go even higher, but this anti-the beginning of the year, and from then found. Confidence is now belog restored, very weak with sellers at 581, without laduciog Banks opened with bayers at $840 stand at one time bardly any buyers could be the following few weeks. The market closer cipation did not solidify and the price, receded onwards a steady advance as the result of and with numerous firm buylog crders on buyers to come forward. Wen Points have not steadily to about 75. 6d, whereabouts it stards Arm buying brought the price up to $1,020, and the market the price is steadily advancing. fluctuated much and remained between $4. to day. Meanwhile there had been a feverish speculative spirit abroad in the marks in Hong shares. Towards the taginning of pil a closing price of last year and the general

even as high as $1,030 was buld for some Shell Transports rose to about double its and 46. keng as well as in other centres, but in the sight workening tendency made itself apparent rpinion is that a further substantial rise will upward movement has set in and rates forʻall Oogen Mills-in Shanghai Miflu a further face of a declining market rask speculation and the quotation receded to fogy at which gradually quite ed down and a saner tons they remained fairly steady during the follow-a prorats allotment of one row share to every provement on last year. The price of our local soon take place. The minasgement have mada | stocks, aspecially Ewos, show a decided im prevailed By those well qualified to gauge log fire or six months. At the close a further 100 old shares held by shareholders on pay. the position of things, there is every likelibrod Inclination to bay is evident and after a few ment of only $1 per share, Shareholders in that there will be a farther fall in the price of small sales at $995 and 59971, further subs this concern have beseted greatly in the way this staple in the Spring, but that it will endura tantial lots could be placed at the latter rate, of dividends and the Company's earnings are for any length of time does not appear to be Market closes to-day at 51,000, National Banks yearly increasing. Very little business has been subject to a great dest of fluctuation and Miscellaneous Green Island Comente bave

crops, which have reached as high as 6s ird probable in view of the refusals for forward have appreciated somewhat, and this is not to been done in Star Ferries and with the excep. the price of Sio i now 571- During the past be wondered at in view of the very limited tion of a slight variation in the price there is few months more bayers have come forward for the sor harvest, .-'

„number' of share obtainable fo the market, nothing of interest to note. Union Waterboats and the price is gradually Improving. Chida and the price of $65 buyers, at which they close, remained standy, - is purely nominál, så abaran ara very scarce;

Providents ruled fairly firm and a good quantity Refineries-Chios Sugars after closing weak | has changed hands. During the year vast handing bays ruled wank, and a corresprading to $140 during the first six months. From this and from Tis. 190, they slumped -- until as Marine Insurancos. Some stacks under this || at $119] at the beginning of the year Improved depreciation to the price of Sumairas occurred" continued decline in prices'bas followed their time onwards, funther advances are noted, and low as Tis too was accepted, Shons for equally unsuccessful year's working. Union when the figura of fry) was reached about December Settlement helped to misg the frantance was an exception. With the open. October,, numerous selling orders appeared price and Thu, 1371 is the closing rata. ing price of $8zg, at which they were firm, and a large parcel of abares was dumped-on-Langkais bara also fidctu led very wánly backed by further, reliable-buying orders, a the market, cuting slichness which contiene and after rising to ever Tis, 1,150, steady advance took place, throughout the first for some t'me. The very firm ma/ket for raw dropped to Tis/650. Towards the class shey half of the year, and $845 was reached early to sagar his hulped considerably to keep up the are picking up again and buyer) baya April. Expectations of an improved dividend price in spite of the heary speculation pre. Tis, 940.. Of the unsafter stocks in this helped to maintain the market value and shares vailing, and the approach of November saw ry, Hongkong Electrics have adva kept very firm's lo October we find they wers | a fresh rise in ika stock, which continued and close at $20. China Bòrasou) quotad $847} es dividend of $47, being an until about the middle of December when | stantial rise after the rubber coltivation can be carried, on al From this period onwards, they continued to a back has to be noted, caused entirely through our got sflost that

IN THE MALAY STATES AND CEYLON advance of $5 on the previous year's quotation as high as $160 was paid. At the close a vidend and wached the rate of expenditure that would be wholly, slow and sales at May and avan small. False F'the Dacomber Battlement, bui signs of improve. I struck within the

One feature of the value of landed estate must not be lost sight of, and that is, that in almost all survey reports, drawn up on behalf of mort gegees, properties of the Chipere description have been re-valued at from twenty to thirty per cent below the figures at which they were previously assessed,

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

RUBBE

That Hongkong investors have been carried away in the forefront of the rubber boom is only too apparent if one scans carefully the rubber share market. But should our local in vealors seek for any conpolation in their eager plunging into robber shares they will find at any rate a certain ensolation in the fact that they are in good company, for both the Looden and New York markets are still an a sound basis although prices have steadied downwards considerably, whilst la Singapore and Penang, where the pulse of the market la most distinct LANDED ESTATES.

ly observable, large jabbers and small are place On the whole the prepeity market has shown ing contracts for forward crops at a figura amasked improvement since last China New Year. In Wing Lok Street and Honbam Strandtion of the favourable rates during the next well up to 78, per lb.--that points to a protrac some properties, have been sold at an appre- two years, notwithstanding the fact that a clation of from 30 to 40 per cent. as compared temporary 'slackpess is almost certain to with the prices ruling in 1908. There has not ensue in the early part of next year. This been muck business dene en the whole but temporary depression, however, does not aloze that it is regarded as doubtfal if tha what sales have taken place have been os a necessarily mean that investors is the rubber harvests of wild rubber will Ingressa'ruf vary much more satisfactory buis than was the Jadustry need have any cause for alarm and ficiently to keep pics with the growing re. case twalve months ago. On the Kowloon side the advice given by those persoza who are quirements, and the world will naturally have aumerous transactions have been carried out intimately connected with the trade is to hold to look to the rubber plantations of Ceylon, the monly by Ben Chloese, and it is a matter of on even tighter than when rubber fell to rock: Muley States and Sjam mora, and more to common knowledge_that the Chiness. ara-just-bottom:pilces twelve months-ago-That-it-will-supply the wants at all the... (rades inte Awaiting developments which are sure'o antus go as low again is very far from probable, for which rubber, enters au a vital factor, The upon the opening of the Kowlook-Canten rail the enhanced rates prevailing have made the output for gog of automobila tyres is estimated way and which must have a very appreciable export of wild rubber from Brezil payable, and roughly at between $50,000,000 and $60,000,000 bearing on the landad property on the other to this cause is dan largely ike decline of the whilst the estimated output of rubber for 1919 side of the Harbour. This activity in the market to more normal and substantial is roughly calculated at between $90,000,000 direction of the Kowloon has naturally led to waton. It is a well-known fact that the an enhancement of values in the Joland of

and $100,000,000,′ .. BRAZILIAN TAXES Hongkong itself, A good deal of interested on rubber exports are exceedingly vexatioon kaelynity in felt regarding the ultima's fate of and the collection of the staple Self from the

So great is the demand for rubber for the

AUTOMOBILE IN' USTAN

mill has not been maintained and from 59, at which they opened, a gradual deciine resulted, closing at $6 sellars..

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