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7
May 2, 1904]
The Austrian Lloyd s.s. E. Franz Ferdinand arrived from Japan yesterday, and Capt. C. Matcovich reports that on the voyage he picked up three men and a woman from a waterlogged craft. The lookout-man observed a vessel, drifting helplessly at the mercy of the waves. Steaming close up, it was seen that she had people aboard in great distress. Waves were washing over the craft, breaking into sheets of white foam as they curled over the bulwarks. It was a little wooden Japanese ship, named the Leasyochi, of 67 tons burden, as was afterwards learned. Capt. Matcovich put out a life-boat and ordered a rope-ladder to be prepared. Three men and one woman were rescued. The natives had been caught unawares by a fierce squall sails being blown to ribbons, and the hull strained to such an extent that the united efforts of the crew with bailers could not keep water from gaining on the hold. The E, Franz Ferdinand was some 200 miles from Moji at the time. The poor shipwrecked people had been several days in distress, sometimes seeing a steamer in the distance, and making frantic efforts to attract attention. Time-and-again their hopes were, dashed to pieces when they saw the vessels recede. Being in the track of steamers, they were at last sighted. Had one of the many belts of fog experienced during her voyage from Japan swept over the vicinity at that time it might easily have been otherwise.
COMMERCIAL.
SILK.
From Messrs. A. R. Burkill & Son's Circular dated Shanghai, 16th of April:-The home mar- kets are reported quiet and quotations show no change. Raw Silk.-Some business has been done in Teatless at a slight decline in prices, whilst coarse silks which are scarce have received some attention from buyers. Hand Filatures.--Áre in small demand, Crack Chops for America being very scarce. Steam Filatures.-A considerable business has been done in these, chiefly low grade chops, but a small improvement in demand for the better chops is also to be noted; these latter are not very plentiful and are relatively firmly held. Yellow Silks.--Stocks are practically ex- husted. Wild Silk-Tussah Filatures are wanted, but much higher prices are now being asked for the best chops for Autumn delivery. Waste Silk. -In Gum Wastes we do not hear of any tran- sactions. Some 1,200 piculs Tussah Waste 60/40 have arrived from Newchwang, and a further 800 piculs are expected. Most of these arrivals are under contracts made some time ago. Dealers ask Tis. 30 for 60/40 cargo.
SUGAR.
Hongkong, 29th April.-The position of the market is the same as when last reported. Shekloong, No. 1, White. .$8.35 to $8.40 pels.
CHINA OVERLAND TRADE REPORT.
COTTON.
HONGKONG 22nd April-Limited business at last quotations. Stock about 1,700 bales,
Bombay..
29.00 to 31.00 pioul 31.00 to 32.00
Bengal (New), Rangoon
and Dacca...... Shanghai and Japanese, Tungchow and Ningpo, Sale:-100 bales.
82.00 to 88.00 82.00 to $3.00
MISCELLANEOUS IMPORTS. HONGKONG, 22nd April.—The prices ruling are as follows:- COTTON YARN----
Bombay-Nos. 10 to 20,...$ 90.00 to $128,00 English-Nos. 16 to 24, 114.00 to 120.00
22 to 24,
120.00 to 136.00 to 155.00 to
职官
"
28 to 82,
38 to 42,
Reported sales 100 bales. COTTON PIECE GOODS-
J"
128.00 142.00 170.00
per piece
Grey Shirtings—-6 lbs. ......... 2.30 to 2.40
7 lbs.
2.50 to 2.80 8.4 lbs. ...... 3.50 to 4.25 9 to 10 lbs. 4.80 to 5.50 White Shirtings-54 to 56 rd, 2.90 to 3.25 58 to 60 3.50 to 4.00 64 to 66 4.25 to 5.75 Fine.
6.00 to 8.50 Book-folds 5.00 to 8.00 Victoria Lawns-12 yards 0.85 to 1.75 T-Cloths-6lbs. (82 in.), Ord'y. 2.30 to 2.80
7lbs. (32,,
2.50 to 3.00 6lbs. (32,, ), Mexs. 2.50 to 8.00 7lbs. (82,,
), 3.10 to 3,80 to 4.05
21
33
...
8 to 8.4 oz., (36 in.) 3.30
Drills, English-40 yds, 13 4.75 to 7.30
FANCY COTTONS—
14
Turkey Red Shirtings-14 to
DAMASKS-
8 iba. 1.90 to 4.25
Brocades-Dyed
Chintzes-Assorted
0.9 to
Velvets-Black, 22 in.
Velveteens-18 in.
0.14 to 0 15
per yard
0.23 0.26 to 0.45 0.18 to 0.22 per dozen WOOLLENB-
1.00 per yard Spanish Stripes-Sundry chops 0.75 to 2.50 German
0.60 to 0.85 1.25 to 4.00 per piece
Handkerchiefs-Imitation Silk 0.76 to
Habit, Med., and Broad Cloths
Long Ells-Scarlet, 7-10 lbs. 7.80 to 9.50
Assorted
Camlets--Assorted.... Lastings-30 yds., 31 inches
Assorted
Orleans Plain, 31 in.
CASA...
Blankets-8 to 12 lbs.
Fine quality
METALS-
7.95 to 9.65 13.00 to 35.00
12.50 to 21.00
10.00
to
per pair 4.50 to 9.50 1.25 to 1.85 per picul 4.80 to to
Square, FlatRoundBar(Eng.)4.30
ERGOLE...........
4.35 to 4.65 to ............ 6.40
to Wire, 18/25 oZ. .................................................. 9.40 to Wire Rope, Old *...................................... 8.00 to
per picul
Iron-Nail Rod
Swedish Bar
Small Round Rod
Do.
"
2, White... 145 to
Hoop to 1in.
7.50
17
Do.
"
1, Brown...... 5.85 to
5.90
27
Do. Swatow,
5.75
"
8.25
"
Do. Do.
13
Do.
2, White...... 7.40 to 1, Brown...... 5.75 to 2, Brown...... 5.60 to
7.45
"
5.80
"
5.65
33
"
2, Brown...... 5.70 to No. 1, White...... 8.20 to
Foochow Sugar Candy. .12.70 to 12.75 Shekloong
.........10.85 to 10.90
21
RICE.
HONGKONG, 29th April.-Some demands having come forward the prices are slightly advancing?
Saigon, Ordinary
22
"
Round, good quality Long
UNNING
Siam, Field mill cleaned, No. 2
..$2.90 to $2.95
****
3.70 to 3.75 ...... 3.80 to 3.85 8.30 to 3.85 No. 1
...... 3.45 to 3.50 4.20 to 4.25 .................................................. 4.40 to 4.45
33
11
Garden,
White,
+
Fine Cargo
OPIUM.
......$1000
27th April. Quotations are:-Allowance net to 1 catty.
to $1020 per picul.
to $1080 do. to $1140 do. to $1200 do. to
do. to
do.
Malwa New
Malwa Old
Malwa Older..
$1120
Malwa V. Old · ******...$1180
Persian fine quality ....$890
Persian extra fine
Patna New .............$1345
per chest.
do.
.$910
Patna Old
Benares New Benares Old
to $13524 to ................................$1345 to $1337 to
do. do.
METALS
Lead, L.B. & Co. and Hole Chop 8.50 to
Australian
8.50 to YellowM'tal-Muntz 14/20 oz.40.00 to Vivian's 14/20 oz.40.00 to Elliot's 14/20 oz.40.00 to Composition Nails,
.61.00 to .38.50 to
Japan Copper, Slabs.. Tin..
Tin-Plates
Steel + to Quicksilver
Window Glass
.86.00 to
per box.
J
7.00 to per cwt. cases
6.20
.......................................155.00
to
to
per box 4.25 to
J
The low rates ruling have caused a reversal of the ordinary course, bankers finding more sellers than buyers, and as a check have raised 'their rates. These inconvenient fluctuations not un- naturally awaken interest in the currency question, so often mooted, but given up as practically hopeless. A much more determined effort is being made now to evolve some workable scheme, but the magnitude of it, as portrayed in the following article which appears is one of our local dailies, shows how difficult it will be to establish "Monetary changes are slow even in the most advanced of commercial nations." There is nothing more suspicious to the great bulk of a than tampering of a government with national people, most of whom are more or less unthinking, coinage. Even the most stupid can understand the system which has been, however crude and however inconvenient; but few are able to estimate the advantages of any proposed reform, and there is always a wide-spread fear that currency changeê mean loss. Hence the necessity for caution and slow progress.
But the events of recent years have made a change so desirable for China that further delay would be dangerous if not impossible, and many suggestions have been offered, notably those by the Commission on International Exchange of United States of America, as to the manner in which the alteration is to be brought about. Nothing proves so' conclusively what a loosely-connected congeries of states the Chinese Empire is, as the almost endless variations in her currency values. To get rid of this once for all, to have a currency which will be taken without demur at its face value from the Amur to the Hai-kiang, to relegate "touch" and trickery to the limbo of forgotten sqeezes, will be a relief indeed. Commercially, its effects must soon manifest themselves in the growing ease and rapidity with which transactions may be con- cluded. There will be no further doubt as to rates of exchange, and to the householder in particular the double loss attaching to payment of salaries in taels and purchase of supplies in dollars will no longer be a tax. Whatever the ratio, and 32 to 1 has been suggested for various good reasons, the advantages to trade of & nonfluctuating standard can hardly be over- estimated. Some diplomacy will have to be employed to ensure this, but an agreement between the silver-using countries to buy in fairly regular quantities the bullion they need, instead of continuing the irregular and spasmodic pur. chases of the past, would help to keep the price fairly constant, especially if a certain maximum, Bay twenty-eight pence, were fixed beyond which governmental purchases would close. The matter is very complicated when looked at from all points of view, but with three great silver markets, those of Londoa, the United States, and Mexico, the difficulties should not be insurmountable. It is the London market which at present is the arbiter of the silver world. Of the 200 milliona of ounces which roughly represent the world's annual output, about one-half is divided between the United States and Mexico in the ratio of about 7 to 3. One advantage in fixing the 1 to 32 ratio is that the danger from counterfeiting would be reduced to a minimum. Politically, the change will be one of far-reaching. effect. A great step will have been taken towards the unification of this great land, and with its unity must follow that increase of strength which division ever sacrifices and China will stand before the world again as a whole. Her coinage will be her own, not that of an alien. She will have a place in the world's money market, from which at pre- sent the chaotic condition of her currency excludes her. Her indebtedness to the outer world will no longer be subject to the wrenching fluctuations which we have seen of recent years, and knowing exactly what will be required of her she can with all the more self-reliance set herself to the task of meeting her liabilities without fear of complication at the last moment. Her credit will rise in con- sequence, and in sympathy therewith there must al- most necessarily follow a lessening of the tendency of later years to rely first on one then on another of the Powers competing for predominance in Peking. China must learn to stand alone, and the old advice, "Put, money in thy purse," still ranks as amongst the best that can be given to those who wish for independence. Socially, the promised reform will be welcomed everywhere. What with Native taels of endless variety, with Mexican dollars, Native dollers, Japanese yen, depreciated small money, bronse cents, copper "cash," and semi-copper-semi-sand “cash," "the present condition of the currency doing duty in China would be hard to beat. With one uniform coinage the resident at the Treaty Ports, the traveller in the interior, the native in the village and the citizen in the town, will all alike find themselves freed from present trammels.
Messrs. Noel Murray & Co.'s Report, dated Shanghai, 21st April, states:-History as usual is repeating itself, and once again our market is following the course now become quite customary at this season of the year, although surrounding circumstances are so entirely different. There is next to nothing doing, and in fact but little enquiry, for the reason that holders are not prepared to accept the lower prices buyers are offering; the consequence being the latter are supplying the consumptive demand from goods they have on hand, and judging by the clearances, must be rapidly running out of stock. The continued recovery in exchange is in a large measure responsible for this, although merely brought about by the exigencies of the situation. '
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