Page
June 22, 1908.]
had first declared, and therefore the court should treat them as unreliable witnesses.
His Lordship, in giving judgment, said that if a person who had his principal business in another colony wished to show that there was an agency here we must make that clear. Besides, the defendant's agent had borrowed money from the plaintiffs, their agent had accepted the money, and under the circumstances it was per- fectly justifiable for the plaintiff to say, that so far as they knew, these people carried on busi. ness here. He therefore rejected the application.
IN APPELLATE JURISDICTION.
LEAVE TO APPEAL.
The Hon. Mr. Pollock, K.C., asked leave on behalf of the Russo-Chinese Bank to appeal against the decision in the jury action wherein Li Yau Sam claimed $41,415 from the Russo - Chinese Bank, being money alleged to have been handed to defendants for transmission to Shanghai on behalf of the plaintiff. Mr. M. W. Slade, instructed by Mr. C. H. Beavis, appeared for Li Yau Sam and Hon. Mr. H E Pollock, K.C., instructed by Mr. Gedge, of Messrs. Johnson, Stokes and Master, made the formal application.
The hearing was adjourned till July 2nd.
Wednesday, 17th June.
IN BANKRUPTCY JURISDICTION.
SAVED THEIR MONEY,
Re the Kwong Hung Tai, the Official Re- ceiver said this was an application adjourned a fortnight ago for the forfeiture of security. Notice was served on the guarantor. Mr. Goldring represents the debtors who were then
in court.
The Chief Justice-What is the amount of the security?
The Official Receiver-$3,300 security for the appearance of the debtors.
Mr. Goldring-I represent the guarantors and I also incidentally represent the debtors, The Chief Justice-What are the fac18? The Official Receiver-I have filed my reports,
Mr. Goldring-The guarantors have only received the notice. They are willing to come forward.
The Chief Justice-And the debtors? Mr. Goldring-I only represent them inci- dentally.
The Chief Justice-You incidentally.
cannot appear
Mr. Goldring-The debtors are here and willing to go into the box.
CHINA OVERLAND TRADE REPORT,
IMPORTS.:-
COMMERCIAL.
RICE.
HONGKONG, 22nd June:-The tone of the during the week. Quotations aro::--- market is has undergone practically no change Saigon, Ordinary
$5,30
"
+1
Round, Good quality Long...
Siam, Field mill cleaned, No. 2... 4.85
Garden,
The Official Receiver-This is the first time I have seen them.
The Chief Justice-Probably the notice has had a beneficial effect.
No. 1
J1
**
White,
"}
Fine Cargo
$5.20 to $5.35 to 6.80 to to 5.60 to 6.50 to 0.70 to
OPIUM.
11
Quotations are:- Malwa New Malwa Old
Malwa Older Malwa Very Old Persian Fine Quality Persian Extra Fine Patna New
The Official Receiver-I don't wish to go on with the examination now. Perhaps your Lordship will warn these people to attend at my office when required.
The Chief Justice-Yes. (to debtors)—Where have you been all this time?-All the time in Hongkong.
Patna Old Benares New
What address?-We are ont of employment. One day here and another in a different place.
One place you have not been is the Official Receiver's office.-Yes, I will give my address and he can find me any time.
Why have you not gone there before ?-1 siw the ex-Official Receiver.
•
The Official Receiver-That is so, my Lord, he saw Mr. Kemp. I wrote this man of the 6th April and my letter was returned. I have had information that the men were out of the colony all the time.
Benares Old
5.40 6.00
5.75
been
395
Hun-
not trifling, they have been able to meet. dreds of summons have been taken out in the Mixed Court (but it is only throwing good money after bad), to recover the losses pending, the extent of which cannot be ascertained until the goods are sold and cleared. That is the situa- tion which has to be faced now, and a mighty serious one it is too! As to the business done during the week, it has consisted of the usual Auction sales and a few dross transactions amongst the natives. Clearances bave continued fairly 4.95 good, though the conditions prevailing in most of the consuming markets cannot be called very 6.55 satisfactory. Tientsin and neighbourhood have 6.80 only
favoured with a few showers, not enough to save the crops, The Man- chester market is firm with but little doing. There is no news yet of the Indian monsoon having broken. The decline in American Cot- ton in Liverpool until 6.36d.. was touched, since our last was written. has been arrested, the quotation coming to-day 6.43d. No price for futures has been received this week. A signi ficant remark appeared in one of the Manchester papers, just as the late advance in American Cotton was commencing, to the effect that Manu- facturers had a good deal of stuff yet to deliver contracted for at much higher rates than those then quoted, and in some cases would sell at a fall of 25 per cent on the orders till on their books, It is to be hoped for the sake of those concerned the rapid advance that has subse- quently taken place in Cotton will have pre- vented anything of that tort being consummated. The condition of the new crop in the States on 25th May was 79.7, against an average of 83.8 at that stage of the growing for the last fourteen cally the same as last year. The Export of Plain years. The acreage planted is 32,081,000, practi- Cottons from Great Britain to China and Hong- kong last month was 34,000,000 yards. The New York market is reported strong with no demand for Export in this direction. Cotton at the close is quoted 9.70 cents for September.
HONGKONG, June 19th.
$975
per picul. .$1003 do. $1030 do. .$1070 do. .$800 do. $580 do. $11471 per chest.
do.
.$1055
do. do.
AMOY- For the week ending 5th June, the import of opium into Amoy was 42 piculs Benares, 4 of Persian. 8 Szechuan, 12 Yunnan.
SUGAR.
KOBE, June 2nd-Beet. Market firm, quota- tions unchanged. difficulty experienced by buyers in financing their Cane-Raw-Owing to the present stocks, prices have receded somewhat.- Osaka Refined.-The usual auctions were held on the 13th and 23rd ultimo. At the former of these auctions 5,900 bags of various grades were offered, but the whole lot was subsequently with drawo. On the 23rd ultimo, 5,400 bags were
SHANGHAL-From Messrs Ilbert & Co.'s weekly
offered, 700 being disposed of at prices approxi- Report, dated Shanghai June 4th-The Chinese
mately 10 sen higher than last market quotations, the remainder being withdrawn.
Debtors then gave an address in Wing Lok Street where they said they could be found.
The Chief Justice-Where are the guaran- tors P (When one stepped forward he said)-If they don't appear next time they are called upon the guarantee will be forfeited at once.
COTTON.
KORE, June 2nd-Since last report quotations of both "spot" and "forward" American Cotton have shown a marked upward tendency. Owing, however, to the depressed state of the yarn market no important business is reportell. In view of the improvement of prices generally, holders of spot are now hesitating to sell, in the hope of realizing better rates by holding on. "Spot Middling is quoted at 31.50. Indian,-Some transactions have been done in some special growths, but business generally is quiet and dull, Spot Cotton has been moving slowly at follow- ing rates, which show some improvement on previous quotation-Broach Y 27.00. Khainguam Y 23.25, Bengal Y 22.00. Chinese. -Prices have risen considerably, but business is practically at a standstill in both" forward" and 'spot." Bost closes at Y 26,50, and Common at Y 22.00.
An answer has been vouchsafed to the Im- perial prayers. A telegram from Peking reports that on the 11th instant the Capital was visited by a great thunderstorm during which copious rains fell. This, it is hoped, will relieve the fears of farmers of the Imperial prefecture, whose crops had been in danger of withering away owing to the heat and drought,
+6
PIECE GOODS.
Akola
has been to "
settling day which takes place on the fifth day of the fifth moon has passed off without any great trouble mainly because the so-called settlements are confined to their dealings with one another, and in many cases no doubt the order of the day carry on." There is a general disposition to liquidate outstandings, but in such a market as we have had to deal with for some time back it is impossible to force business except at a sacrifice, and as even at artificially low prices, demand is anything but active, sellers are disposed to meet inquiry as it arises and to long period of depression will eventually come cartail new operations, in the hope that the
to an end. Fluctuations such as we have had in cotton, wool, metals; and exchange, upset all reasonable calculations; and spread a feeling of want of confidence in every direction. There seems to be little hope; of a rapid restoration of confidence, but month by month stocks are being reduced, and if importers continue to curtail new operations until holders have an opportunity of getting rid of old stock the trade should gradually become healthy again. The export figures for May are fairly satisfactory, and coupled with present quctations should have shirtings and T.-Cloths are quoted 3d. por piece a favourable influence on the market here. 8
shirtings 71d. and 12-lb. 1. per piece higher, up for the month, white shirtings 6d. 10-lb. while yarn has advanced 14d. per lb. Buyers are holding off except for pressing require- ments. Cotton is steady at 6.43d. There is a considerable stoppage or partial stoppage of looms both in England and America, and no heavy stocks are understood to be accumulating anywhere. Newchwang exchange has declined former years; recent shipments to that market to 72 as against a normal rate of about 105 in
aro said to be hanging fire to some extent, owing to the fall in exchange; on the other hand slightly better reports have been received from Tientsin, but rain is badly wanted for the crops in Chihli and Shantung. Locally firmness is shown principally in the cotton market where prices are very high. It is reported that five mills in the surrounding country and two at Shanghai are contemplating suspension of work next week. The Export for the month of May from the United Kingdom to Hongkong and China are telegraphed privately as following:
SHANGHAI-From Messrs. Noel, Murray & Co.'s report dated 4th June:-The Settling day passed off yesterday quietly and to all butward appear- ances satisfactorily, so much so that one of the local papers has a leading article this morning on tive powers of the Chinese, etc., and how by some the subject, and writes of the wonderful recupera- imaginary system of co-operation they are enabled to meet their engagements, and so on, showing an utter ignorance of the subject and entirely mis- full well the actual facts of the case. These are. leading its readers who do not happen to know that the Import houses here are carrying, through here, mostly of the Fancy variety, for the Chinese the Foreign Banks, the huge stocks of goods now Indentors, who, for the past few years, when the market was buoyant were able to fulfil their en- gagements, following up each transaction with orders on a larger scale. Any measure of success they met with incited others to follow their ex- ample, until the trade in the newer articles of Fancy Goods especially was almost entirely in the hands of men of straw It has now reached the climax. By an unfortunate chain of circum- consequence is a general collapse. Out of four stances the market has gone against them and the hundred native Firms who were dealing in Piece Goods last year 70 per cent are absolutely wrecked, and most have disappeared from the scene, who have survived, are mostly the men who have confined their attention to the staple makes of Printed Cottons.. Grey and White cloth, the losses in which, though
Those
Plain Cottons
In In Ia In In In In 1908 1907 1906 1905 1904 1903 1902
in millions of yards. 34. 27. 33. 43. 13. 29. 37. Dyed & Coloured Cottons,
in millions in yards. 64 13.7 11.6 10. 9.3 5.4 5.7 6 27 2.6 2.1 1.0 28 31 in bales 1800 1,300 700 1,900 300 1,200 600
Yarn
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