According to the Returns oe farnished to the Shanghai General Chamber of Commerce, the year opened upon as with a minimum stock of 838,000 pieces of all weights (a minimum stock, because the Chinese speculators of the previous autumn were heavy holders, bat of their holdings the Chamber neither asked nor got any hai holder has been greatly indebted for account from them), and it closes with an estimated supply on hand of over 1,500,000 pieces, with which to commence 1878. The deliveries—re-exportations, &e.—for the first six months of 1877 exceeded those of the same period of 1876 by about 220,000 pieces, but from Ist July to 31st December, by a similar comparison, they fell off by very nearly 900,000 pieces, and the business of the two years shews that 1877 has 800,000 pieces; while, in its receipts, one backward to she extent of close upon. 1877 exhibits a deficiency of 400,008 pieces, the decrease in the supply having likewise taken place within the past six months. Now, considering that the last half of the year is generally the busiest and witnesses our heaviest clearances, the foregoing figures clearly point to some very unusual and most weighty disturbing influence at work in our tradal channels and centres; and we are of opinion that this serious derangement of our trade has had its origin and development in the famine, more than in any inherent defect, inferiority, or adulteration attaching to the goo: themselves. For the first three month: Grey Shirtings generally were yielding very decent profits upon the homo cost bat hope, pointing to a continuance of such a strange phenomenon, nor dreaming of the recurrence of evil days, made speedy arrangements for an overwhelming supply from home to replace those goods that had gone before" into consumption. So soon, however, as the Northern men had fairly rid themselves of their heavy winter purchases and had no longer any object in supporting the market, down went prices; evil days, aye, months of them, supervened; demand fled from Shanghai, and the difficulties and troubles of importers multiplied, until all around them seemed one thick darkness, from which the only escape was by forcing their holdings off by Public Auction. Moreover, there were times when even that prop failed the more tender-hearted of the philo-auction section of holders, when they were ashamed, afraid, to realise at the rates tendered. Eventually, however, they were forced to submit, and fortunate indeed did they consider themselves, when their firmness recompensed them subsequently by the attainment of better vaines. But more frequently the boot has been on the other leg, and often have they had to deplore the influence which impelled them to reject their earlier offers.
The past year has shown that the day of COMMON or EXTRA FILLED Grey Shirtings has nearly gone by in China, In Japan, there is still'a market for the article, and to that country the Shang-
Text read from the printed page and cleaned; old type leaves the occasional error.