are in a condition of well nigh entire stage:
Both the axpoth and import trades of tion. American adi tell of tea, of common and low grades, being sold at a ruinous Tu silk thers is little doin, prices demanded by Jay higher than those ruling in either Lyons London; one of the consequences of al that in imports almost nothing is only are purchases made upon the mo significant scale, but, owing to the depreciation in matsu, buyers are holding back falllment of contracts, hie abnormal state from taking delivery of their goods in
of commercial a! must come to an end; before long buyers and sellers will adjust their differences, and tra resumed with activity, especially when it la the case that the farm e bulk of the population, sporous by Feason of the high price at which they. sell their rice, and now a harvest compared to be twenty per cent. above that of last year rewards their exertions. They will be heavy purchasers of yarn and piece goods. Perhaps one of the minor elements disturbing the usual depreciation of the paper currency, is mopla which has seized the natir of "direct shipments." spread, and organisations are being got up in Tokio,' Yokohama, and Osaka, which are under Goveroment sanction, and probably even instigation. The supposed profits of foreiga houses constitute the ' Will-o'-the-wisp" that tempts the Japanese into makin; rash experiments on their own account, and nothing probably but painful experience will teach them the fallacy of their expectati and that there is a limit beyond which cubi overreaches itself. Alsop's fable (which has been translated into Japanese) of the dog and the shadow, might be thought over advantage by the class of persons who seem to be willing to risk the substance of high cash prices on fal shadow of still higher prices abroad, but which, when interest and other have been deducted, will prove to be cases lower than they could have foreign exporters. If nothing else wil they' will moderate their expects become more rational in their dealings.—Japan Herald,
Text read from the printed page and cleaned; old type leaves the occasional error.