From Messrs. I.pert & Co.'s Weekly Market report, dated Shaoghsi, January 9, 1907.
Business has opened very quietly, partly owing to the approach of China New Year which falls this year on the 2nd proximo. Beyond a small inquiry from Newchwang for American Sheetings for shipment via Dalny, which has been filled by Chinese holders at Tis, 3:75 to Tls. 3.85 for 3} yards quality, very little! new business has been reported. The attention of the trade has been centred on Exchange which has risen 2d. to 2}d. during the week; the rise in silver has been even more rapid, an advance of 2hd. being recorded yesterday since the end of the year, whilst to-day there comparative fines, both Chinese and foreign is w reaction of Until there is some prospect of
importers are practically suspending large operation the former are disposed to make the most boogery advance, trying to obtain concessions in the few purchases they may be negotiating, but ate not meeting with much success as current rates for goods are still a long way below replacing cost, even at 2/7} exchange. The market for Bombay yarn may be quoted about, Tls. 1.00 per bale lower, but sellers generally are holding their hand.
Telegrams from America report that purchases of Drills have been made there on the basis of 12/44 c.i.f. for P.M.C. 10/2) for 3} yards and 9/9} for 3} yards; these prices are the equivalent of about Tls. 51g Ts. 4.274 and Tls. 4.124 at current exchange obtainable, so that the buyers are either calculating upon an advance in exchange or " further considerable rise in the market here.
Clearances of American goods last year have been on smaller scale than for many years, and as stocks both here and in the North are getting into small compass, whilst supplies are on the way are very light, the prospects for the Spring are brighter than has been the case for some time; anxious as importers are to do business they will not go on clothing the Chinese at a loss indefinitely.
The export from England for December is on a reduced scale, although dyed and printed goods are still heavier than the condition of the market here would seem to warrant; it is, however, unlikely that the heary shipments made in January to March 1907 will be repeated this year, and as stocks are gradually being reduced to small proportions, the market ought to be ina healthy state as soon as demand for the Spring begins.
Last month's exports from the United Kingdom Hongkong and China sre telegraphed privately as follows:—
Text read from the printed page and cleaned; old type leaves the occasional error.