14
in Hongkong and Canton this year, which may be considered satisfactory. The outlook for next year is not very promising as stocks in native hands seem heavy.
BILK.
At the beginning of the year the Silk market was, dull and prices had a downward tendencys About the middle of January an improvement set in, but was of only short duration, prices having dropped by the end of February some $60 per picul. Stocks accumulating rapidly, dealers had to make further considerable con. cessions, filatures fine sizes suffering most. The lowest point was reached towards the middle of March, when values were from $100 to $150 per picul lower than at the beginning of the year. Demand from European markets now made itself felt and by the end of April prices - had advanced $80/$90 per picul, a drop of 6 per cent. in exchange facilitating business. The market ruled steady during May and a fair turnover was done. During the early part of June demand slackened off but improved later, values advancing $30/$40 per picul in spite of a rise of about 5 per cent in exchange. During July prices rose a further $40 to $ 50, exchange dropping some 3 per cent Steam filatures for mechanical weaving and coarse-sized filatures were most in demand, August and September saw bat small fluctuations in values as well as in exchange. October opened dull, prices losing from 1 per cent to 3 per cent.; this was, however, followed by a steady improvement, chiefly due to the small crops and the further fall of 5 per cent in rates of exchange. Prices have experienced an advance of about $100 per picul during the last three months of the year)
The
The seven crops of this season yielded about 34,000 bales against 50,000 bales of last year, but large stocks of old season's cocoons and silk having been carried over to the new season the deficit has been partly covered. quality of the 1st and 2nd and 6th and 7th crops has been very good; the silk of the other crops was, however, rather dirty and not up to the requirements of mechanical weaving. No improvement has been made in the reeling of steam filatures and the export of native silk, owing to poor winding and irregularity of size, is falling off steadily, and threatens to stop completely in a few years, if means are not found to improve this kind of silk.
CASSIA.
[January 4, 1909.
had
THE HONGKONG WEEKLY PRESS AND
of the season. Total export of Matting Owing to the vigilance of the British Consular to the U.S.A. during 1908 is estimated officials these attempts have been fru at about 450,000 rolls. A good amount of but the temporary disorganization of trade business has been done in Mats and Carpets, the feeling of uncertainty that prevails, the total export of which, principally to Europe, its effect both on prices and consumption, and is estimated at about 60,000 rolls. Prices were the result of the year's trading has not been anything but remunerative. Floods and typhoons satisfactory. were pretty frequent this year and large damage The restrictions above referred to take the is reported from Lintan, where considerable form of various complicated and unworkable quantities of straw have been destroyed by a systems of licensing sellers, and buyers of recent conflagration.
raw drug, the establishment of a monopoly by limiting the number of dealers in same, and restricting the sale of raw opium to quantities not less that one whole ball of the drug. The highest price for Patna touched during the year was $1,220 and the lowest $920.
Demand for this commodity ruled fairly good during the whole year and total exports of whole and broken Cassia are estimated at about 55,000 picals. The market opened rather low and during April and May prices still further declined, a rumour having been circulated to the effect that the crop would yield considerably more than last year. Since the month of June however values have steadily advanced and have now reached a level which has not been seen for many years past. The report of a large crop was evidently an exaggerated one, the stocks now left being only very small. These are held at the present time by Chinese speculators, who look for still higher prices. Thanks to the efforts made by the Cassia Guild the quality has this season been slightly improved but still leaves much to be desired. In spite of the promises made by the Guild to remedy the old complaint of all foreign houses, viz shortage in weight, this trouble still continues. Business is now practically at a standstill, the prices asked being beyond reach of home markets.
MATTING
ہیں۔
METALS.
The expectation that values had reached their bottom by the end of 1902 has not been realised. Prices rather continued their downward course and have only latterly kept fairly steady. For some metals even an advance has to be recorded Malia. The sale last year was limited to on the rates ruling in the beginning of 1908. 15,100 chests and this quantity is to be reduced Generally speaking, business has been fairly yearly by 10 per cent. The remarks regarding satisfactory to both importers and native dealers, Bengal apply to this description also. Fluctua firstly because both acted cautiously, and second- tions have been more violent in Malwa ly because the decline has not been very accen-highest price touched during the year was $1,330 tuated and was occasionally interrupted by a and the lowest $900 for new drug of temporary recovery or steadiness.
quality
With the heavy decline from the abnormally high rates ruling before the American crisis set in, prices have reached a level which may be considered fairly safe, and in many instances is lower than it has been for many years past. As usual, low prices act as a stimulant on con- sumptive demand, and the position being regarded with more confidence, the volume of business has rather increased in some lines.
Prices compare as follows:-----
:
Silver Quicksilver Nailrods Lead
Spelter
Copper.
Yellow Metal.
30th Dec. 30th Dec,
1907 -1908 £ 8. d. 247 8 4 0
£ 8. d.
22
I
8 9 6 15 0 6 0 0 15 5 0 14 2 6 19 10 0 21 2 6- 164 0
0 66 10 0 7d.
KEROSENE OIL, PETROLEUM AND
BY-PRODUCTS.
5
6
The kerosene oil market for the year has been extremely strong, owing to the gradual drop in exchange, and the firm position at home. The. delivery into consumption has increased for all brands, and lubricants have held their own, while there has been a material increase in wax, naphths, and other by-products, over the preceeding year.`
FLOUR.
4
the
good
Persian. The import of this drug into China is to participate in the reduction of 10 per cent. annually, the sale for next year being limited to 1,000 piculs. The highest price touched during the year was $950, and the lowest $830.
TONNAGE,
Last year was one of exceptional inactivity for the freight market in the East, low freights ruling all over the coast, while want of employ- ment forced many steamers to lay up at various ports, notably Hongkong. To a certain degree, according to Messrs. Aagaard, Thoresen and Co.'s annual report, the dull state of the freight markets in other ports of the world accounts for some of the old, and, for the coasting trade unsuitable steamers remaining. here, owners apparently preferring to keep them out East as long as possible in the hope that things will again brighten. When our last review appeared the market was quiet, and early January brought a further depression and the usual listlessness. The approach of Chinese New Year further accentuated the bad state of the market, while the reports of abnormal rainfalls in Indo-Chins threatening the crops also had a deteriorating effect to some degree. At Saigon old crop cargo was getting scarce and rates to Hong- kong dropped to eight cents per pical.
was done
Goal freights remained idle, with very little inquiry, Haiphong to Canton being fixed to $1.60 and Moji to Swatow at $1.40. February There has been practically no trade in opened quietly in all directions with the ex- estimate would not put the total at more than inquiry was well maintained, and quite a number Australian flour this year, and a generous ception of Saigon to Hongkong - where the three thousand bags. Of course fair quantities of boats were taken up at rates ranging from 14 have been finding their way to Shanghai and to 16 cents per picul. To the Philippines, rates Singapore but nothing of any moment has been also improved a little, 26 to 28 cents being landed at Hongkong. Dealers however anti- obtainable, and some fixtures were concluded cipate business as the result of the American at 24 and 25 cents to Java, while Saigon
one instance freights having been put up to the level of Suez to Singapore in rates. The Australian crop has not turned out on the basis of 16 cents per pioul. During well, and the bumper harvest that was expected the first half of March rice freights from is not likely to be realised. The best price for Saigon to Hongkong continued to be the Australian flour is £8 per ton c.i.f. which is mainstay of the market. The enquiry, however, equivalent to $2.40 per quarter sack.
gradually subsided owing to the fall in the price in the previous year. During the cake season crawled up to 165 cents fell to 134 with scant The market did not show the same activity as of that commodity here, and freight which had there has been a considerable falling off, due enquiry. Chefoo and Yangtze river ports came principally to the fact that the crops in South in the market to Canton and many of the regular China were fairly good and to the fact that high liners, which, owing to lack of cargo, had been prices ruled on the other side, the low exchange thrown on the open market, again found employ- causing a decline in the demand. The imports ment in this direction, while the opening of of flour from 1st January to 30th December Tientsin helped to improve matters. April, amounted to 3,889,938 sacks of 50lbs each.
RICE.
As against the incresase of twenty-five per cent recorded last year the shipments from Saigon show a falling off this year of about four million picals. Up till 11th December the total export amounted to 12,545,615 of which 2,745,800 were consigned to Hongkong, 1,104,790 to Manila, 8,765,400 to Japan, 1,298,743 to Sourabaya, and 3,288,300 to Europe.
which in ordinary circumstances should have been one of the best months of the year, proved this The season opened rather late, ie. in April,
year to be a discouraging exception to and the demand more than ever favoured the
the rule. Coal freights, however, were well Tungkun make, for which large orders were
maintained, Moji to Swatow being done at placed and which, as a consequence, fetched
$2.15; Hongay to Canton at $1.80; and from unusually high prices. The Lintan, Mattings
Karatzu to Canton $2.70 was paid, this latter during the greater part of the year were more or
being the highest rate paid for coal from less neglected and concessions in prices were
Japan during the whole year. A small number freely obtainable from manufacturers. However,
of steamers found employment in the Saigen- towards the end of the period under review
Philippine trade in the early part of May. a good demand sprang up for the highest
Bengal Opium. In accordance with the Freights, however, were weaker, in sympathy grade, viz. the 116 warps Matting, stocks agreement between the British and Chinese with the Saigon to Hongkong market where of which in America were getting very Governments to reduce the export of Opium the inquiry was very limited, and where rates reduced, only comparatively small contracts from India yearly, the Government of India did not in any instance exceed 12 cents. having been placed at the commencement of the sold at auction in 1908 46,800 chests against Idle tonnage began to accumulate in Hong- season. Although the lower exchange now 50,400 chests in 1907. Fluctuations have been kong, and the order of the day was to get ruling allows this class of Matting to come in very heavy during the year, due to the decline North by hook or by crook, the Northern under the low rate of duty at a considerably in silver, and to the various attempts made by market, bad as it was, being considered better higher price, those paid for these late the Provincial Officials to place restrictions on than the one down here, especially as no improve- contracta are below the rates at the beginning the sale of raw opium contrary to the Treaties. ment could be expected in any of the local trades,
OPIUM.
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