'A great deal of nervousness is still observable in the market this week. The fluctuations in exchange tend to promote such a sentiment, and in addition a certain amount of depression has been aroused in sympathy with Japan. The result has been to a considerable extent a condition of stagnation. The future is a matter of guesswork, for while a section of the dealers believe in the return of high exchange and so a continuance of relatively cheap goods to the consumer, another section inclines to the belief that the time has come when China must offer higher prices to be able to compete with other purchasers.
Of private business there was practically none during the week, while the auctions showed an easier spirit. Although the demand from consumers was limited, there were signs at the beginning of the week that dealers were tending to recom: er from their pessimism, but more than likely this was merely transitory, for later on the depression was as pronounced as ever. With prices generally lower, it was felt that the raising of the Japan-ose embargo and the waning of the boycott would have the effect of making Greys still easier, but already it is reported that dealers have to pay more for Japanese goods.
'As for Manchester prices. there is no expectation of a drop even although the price of Mid-American cotton has fallen since March 5 from 99.15 to 25.45, owing to the ginners' report being more favourable than was originally anticipat ed. A drop in cotton such as this has little effect on Manchester, being discounted by the plethora of orders from the whole world. In any event, too, Manchester has been paying much higher rates than quoted to obtain the better grades required. It is reported that the manufacturers are perfectly satis: fied with the present lull in orders, as it gives them an opportunity of taking stock of their position.
With reference to the recent at tempts to revive the boycott on the part of students, it is reported: that a quantity of Manchester goods were mistaken for Japanese cargo and confiscated. This caused a certain amount, of trouble before they could be released.
Text read from the printed page and cleaned; old type leaves the occasional error.