Sik When reviewing the course of this Market in 1873, we attempted to give a summary of the various causes which had led to the great decline in the value of Silk during that year, viz. increasing supplies both here and in Europe, deteriorating quality, natural reaction from the over-speculation of several previous years, and a spirit of economy throughout the World, and most notably in France and America, which greatly restricted the use of this article of luxury. Although the fall in values during that year amounted to no less than Tls. 100 per picul, or from 20 to 80 per cent, a depreciation which, in a trade charac. tensed by such extreme competition as this, entailed enormous losses on all concerned in it, yet, as it has proved, we were not even then at the end of the decline. Before the disastrous Season of 1878-74 closed, prices had dropped another Tls. 60 per pical, or 15 to 20 per cent., and the value of China Sille was on the average less than two-thirds of what it had been only a year and a half before, while common Silk of nearly all classes was worth barely half its previous value, So great was the disorganization of the trade in Europe, that Silks bought here even at this great decline showed heavy Josses on arrival there. On the panic-stricken Markets of last July and August in London, Tsatlee Silk was forced off by Auction at 14s. for Red Peacock, and 10s. a 11s. for the lowest grades, which in January 1873 had been worth 21s. 6d. a 29s. 6d. This proved, however, to be the turning point of the market, and we have since seen a fair increase in consumption, a recovery of 5 a 10 per cent. in values, and trade which, so far as the present Season has gone, has on the whole yielded a fair commission to Exporters, It is much to be regretted that there is, as yet, no perceptible improvement in the reeling of our Silk. The Crop of 1874.75, like those of the two preceding Seasons, has been coarsely and irregularly wound and imperfectly cleaned, which is the more unfortunate as the demand of consuming markets has been entirely for fine.sized Silks, Coarsoness of size has not been by any meana\ confined to the lower grades, for many of the best known Chops have shown a great deterioration in this respect. Hence best Chop Silks have as a rule given poor resuits to Exporters, and would now appear to be unduly high in proportion to lower qualities. On 1st January 1878, best Chop No. 8 Teatlee was worth Tis, 560, and it is now worth Tls. 410; the commonest: Tsatlee was then worth Tls. 410, and it is now ajworth Tls. 26 the fall on each class has been Tls. 150 per picul, but whereas No. 3 then cost 37 per cent. more than common, it now costs 58 per cent. more, a difference in value: great beyond all precedent.
One of the most notable features of the year has been a continuance of the great increase in the direct Export to the Continent of Europe; this com. pares with that to London and America
Text read from the printed page and cleaned; old type leaves the occasional error.