COMMERCIAL INTELLIGENCE, Suaxamar, Ist Novesmnen, 1881.
We may characterize the week since last mail left as an eminently dull one in business here, for although there has been more doing in Cotton goods, the total sales of these has not yet been large and prices have been disappointing to holders, Trade at the outports is said to have been very quiet lately, except at Newchwang, where some improvement is reported, Sales of Shirtings amount to 41,000 pieces St lbs., 4,500 pieces 7 Ibs., and 1,500 pieces 6 Ibs.; of Cloths 3,600, White Shirtings 13,600 at good prices, English Drills 1,725 and American 6,500 pieces; for Dutch Drills there is a good market, There is nothing requiring particular notice in the position of the market for Woollen goods, which are not much asked for.
Exporters to Europe have been unable to purchase Silk owing to the high prices demanded by dealers, and to the support given to the market by the Chinese speculators, who hold such a large part of the unsold stock of 23,000 bales. The few sales that have been made, have been at full rates and occasionally at an advance on last week's prices. A fair business has been done in re-reels for America at higher quotations. When the result of the October auctions in London were known here, a considerable disposition to purchase silk was shown by English and American houses, but the demands of holders prevented business being done.
There has been a continuous enquiry from a very few buyers for Black Teas of good or fair quality, and prices have been steady; and the same may be said of Green Teas, which have been continued in demand, despite the discouraging advices that have been received from London and America. The export of Black Teas is now some three millions of pounds short of last year's, and it is expected that there will be a deficit of nine millions on the season. Although Green Tens have lately been arriving more freely, it is thought there will be " deficiency of about four millions of pounds on the year.
The share market has quiet during the week and transactions have been few. The prices of all stocks dealt in on this market are too high to lead investors to purchase freely, and for the same reason speculators are chary of dealing in ther, Hongkong and Shanghai Bank shares have been steady at the quotations given in ow last—11L premium for cash exchange 73}, and 117 for the 31st of January; and at these rates there have been a few transactions on Hongkong account, Today, 113 for cash is reported as on offer. During the week Waterwork shares have been in demand and the price has advanced 30% per share to they are still wanted, chiefly by Chinese, who seem to have formed a most favourable opinion of the undertaking. The works are being rapidly pushed forward. All the Dock, Gas, Insurance, and miscellaneous shares quoted in Messrs. Bisset's list, which we give in another column, remain unchanged in price, and, with the exception of one sale of a North-China share at Tls. 1,125, have not been dealt in during the week.
The applicants for shares in Birt's Wharf Hide Curing and Wool Cleaning Ca. are understood to have raised 80 per cent. of their subscriptions. We hear that the shares of the Shanghai Tannery Ca. will be offered for subscription this week.
Of shares mostly locally held but not dealt in on this market we learn that those of the China Merchants' Steam Navigation Ca. have advanced some 20 per cent. in price since the publication of the last ammual report. This is no doubt partly owing to the favourable result of the year's operations, but is, we think chiefly to be attributed to the fiot that Chinese merchants have, at last, been induced to take shares in the Confpany; and also to the elimination of the Official class from its control. Kaeping Mine shares are also in demand among the Chinese, who are said to be willing to give 15 per cent. premium for them. "Late advices from the mines state that a new seam of coal of very superior quality has been found. Machinery and plant of every description has recently Leen arriving in large quantities, and the works will-be pushed forward as to have the mines working next spring or early in the summer.
Exchange opened at the closing quotations for Jast mail, but the receipt of advices of firmness in the Indian markets caused a slight advance is rates for private paper without any business resulting. It soon became evident that the supply of merchants' bills would be very stall, as business in silk was on the most limited scale; and a fair demand set in for 4 months Bank paper at 5s. 18d., and for telegraphic transfers at 5s. 03d. In consequence of this and the want of private bills, rates reduced 4 though the advices of the allotment of Council drafts and of the Silver market in London, were favourable to the maintenance of quotations here. Credits and documents were sold at 5s. 1fd. Yesterday, rates for mercantile paper were rather firmer, being 5s. 1d. for first-class credits and 5s. 13d. for documents. Bank paper was sold to a small extent at 5s, 11d., and telegraphic transfers at 5s. Od. At the close of business, Bank bills 4 months sight are offered at 5s. 1fd, telegraphs 5s., credits and documents being 5s. 1fd " 5s. 2d, During the week Rupees have been sold at 3033 and 3033, chiefly at the latter price. Transactions of every kind have been on the most limited scale, and are likely to continue so, while our silk market is in its present inflated condition. Interest has been low; but at the close of business it has advanced to about 7 per cent. per annum, in consequence of some of the foreign Banks declining to lend to the Chinese, Tu his report of this date, Mr. A. Bielfeld says that there have been no sales of lead during the week, and that prices are lower. Nailrod iron has been sold at auction, 5,000 bundles Belgian Sohiers at Tls. 1.78 to 1.79, and 2,000 bundles Cleveland at Tls. 1.94 to 1.95. Small sales of Glasgow bar and Middlesborough pig iron, "to arrive," have been made at Tls. 2 per picul, and Tls. 16.25 per ton respectively. In other metals the transactions have been trifling. Kerosine Oil has been dealt in only to a very small extent, the sales reported being of cargo in warehouse at Tls. 1.525 per case.
The Freight market continues unchanged.
Opium (new) is rather lower.
There has been a speculative business during the week in Raw Cotton, some 12,000 bales having been purchased at from 113 to 13 taels for ordinary to best. Holders now demand higher prices, as good staple is becoming very scarce. Sugar in over-supply, and consequently no improvement in the tone of the market can be reported. Trade in this article is said, by the Chinese, to have been very unprofitable during the season.
Text read from the printed page and cleaned; old type leaves the occasional error.