4 m/s, credits 2/8 2/83, No particular reasons for this collapse were advanced, except the slogan "no support." When, at the Beginning of the week, one of the foreign banks failed to open _its doors, the market was thrown inte} panic, and the already weak der tone was replaced by a stampede. Wild rumours, coupled with grossly exaggerated supposed oversold gold Positions, were cabled abroad and re-telegraphed to Shanghai, where they augmented the already existing panic.
Towards the close of business, on October 1, the Shanghai market! closed distinctly steady, after having shown uninterrupted weakness for a rather lengthy period. On October 2 the Shanghai market firmed up considerably, rates ad-_ vaneing from 14 to 2 per cent, when compared with the morning of the previous day. It was very cliff. cult to find buyers for T-T. and even export bills at acceptable rates of exchange, The last day of the! week witnessed a sharp reaction, but too early to say whether it' will be of lasting effect.
Text read from the printed page and cleaned; old type leaves the occasional error.