The market for piece goods has continued steady throughout the week, and prices have not sagged to any extent because of the tightness of money. The fact that this is so indicates the strong; position of the market, otherwise there would have been a distinct tendency towards lower levels. At the same time there is no sign yet of any approach to the figures which Manchester requires, and unless a decided break occurs there, we shal] have to see a very Jmuch higher exchange than the present improved rate to permit of business. Clearances have been largely affected by the condition of the money market, and it ig noted that Newchwang steamers have left with much smaller quantities than merchants had intended to place.
In the condition of affairs the auctions were exceptionally interesting, and considering everything were by no means disappointing. Dyed goods remained on the average steady at last week's prices, while the drop in Greys and White was no more than one mace. One factor tending to counteract the difficulties of financing consignments is to be seen in the fact that dealers are imbued with the knowledge that available supplies must continue to decrease, and the recent improvement in exchange kas not brought any relief to merchants who have to contract. for future. delivery. They must realize that there is nothing more being booked for China than when exchange was at 3/1d. Realizing this speculators are certainly not prepared for any. appreciable fall in quotations, and they show confidence
Text read from the printed page and cleaned; old type leaves the occasional error.