Market Report, dated Shanghai, January 6, 1908.
Bom! the interval, business being hampered, partly by the holidays and partly by the decision on the part of the Chinese brokers, who have formed " guild of their own, to carry into effect their pre-concerted movement regarding the increase of brokerage from half per cent to one per cent as from the Ist current. To this may be added the fact that the Szechuan merchants had bought enough to last them for some weeks more, and would not, therefore, go in for more just at present. As a result of these deterrent factors, the turnover has been considerably curtailed, the sales announced being only 2,500 bales.
Reports from Tientsin are anything but encouraging. There is a tightness of money all round. The credit system in vogue there has made its unwholesome influence felt, bringing several importers and dealers into trouble. Confidence has been badly shaken. Orders from Tientsin have ceased to lend colour and tone to market, Trade conditions have considerably improved in Newchwang, but the unfavourable character of exchange render business for the moment impracticable. But Newchwang probably will show good returns after the Chinese New Year.
Szechuan and the River-ports are responsible for the business, however small, that has come to pass during the interval. The course of prices has been marked by violent fluctuations. Prices ruled top high in the beginning owing to weak exchange. Latterly Silver showed somewhat sharp. re-sction however, with a view to give practical shape to their resolve to charge one per cent brokerage, the brokers tempted the importers with fancy prices showing an advance of Tls. 1}/2 in the face of a serious rise in Exchange and many importers, availing themselves of this opportunity, are said to have quilted their holdings to the extent of 1,200 bales. The position, however, has been rendered too artificial to be healthy for the same brokers, having attained their end, do not now show any inelination to bay even at went of Tls. 2 in price.
Nothing of note has transpired in the American Cotton Market during the interval, Mid. American being to-day quoted at 6.074. per Ib., Our Liverpool friends, however, adhere to their former bullish notion and anticipate higher level of prices even if we may temporarily lower. The Bombay Yarn market raled quiet and featureless in the beginning, but the recent rise in hss imparted a favourable tone to the market and we hear some heavy contracts have been concluded for forward deliveries to the extent of 10,000 bales.
Our market closes quiet bat firm. There is neither the pressure to sell nor the inclination to buy. The Thinese are now busy settling their accounte for
Text read from the printed page and cleaned; old type leaves the occasional error.