China's ability to. pick herself up after an adverse, as she usually docs in her own remarkable way, whether things have gone wrong politically or commercially, was illustrated this week in the piece goods auctions. The recent political conflict at Peking, which had a reflexion in a near military Clash in the immediate neighbourhood of Shanghai, looked for a short time Tike a forerunner of civil war again, and the natural result was that business was suspended here last week, and the usual auction sales of piece goods had to be postponed.
With the, at least temporary, defeat of the Anfu crowd at Pe-King, a wave of confidence has swept the local markets this week and really it was almost marvellous the way in which trade was resumed after the lull. Orders were not large, naturally, but they were of stifficient volume to be of substantial promise, coming as they did from various sections.
It is repeating a three-year-old story to say that prices here are far below replacing costs from Manchester, but it is true nevertheless that selling prices here are under current Home rates. There has been some decline in Manchester recently, but telegraphic advices received yesterday indicate renewed strength there, and prediction is made of further advances, the opinion being that Manchester prices have touched the lowest point for the present season. To equalize the drop in exchange from say 9/- to 3/- means a considerable rise yet in tael prices, and the question is—what figure will China stand?
Anfu-enforced holiday, Kungping For the first auction after the put up and sold some 225 pack-it was the first sale since the be-ages on Tuesday, and considering ginning of trouble at Peking, the result was very satisfactory indeed, the market being strengthened by an underlying steadiness that had a irish tendency throughout. The brightest feature' was a healthy inquiry from Changsha, which, as usual, comes after a clearing of the politicqmilitary atmosphere in Hunan.
At the smaller Ewo sale the following day, when 70 packages changed hands; prices were up and down, but on the whole averaged steady, though some 50 packages had to be withdrawn.
Here there was good inquiry for Chefoo, which nort is attempting to feed some of the Shantung territory that would ordinarily be supplied by way of Tsingtao and Tsinanfu. Tt seems the Tsinanfu piece goods guild have displayed a keen dislike for handling goods that have reached the former German port by Japanese steamers and have for some time been receiving cargo by rail vid Pukow. That the Tientsin-Pukow railway has been taken over, literally speaking, by soldiers has resulted in extreme congestion of traffic, goods carriages having been taken over for troop transport, with the net result that a large quantity of niece goods consigned to Tsinanfu has accumulated in the railway warehouses at Pukow with great uncertainty as to when it may be moved. Chefoo, consequently, id ving to get a hand in as a distributer and is seeking* to supply some of the smaller Shantung towns that Tsinanfu would have reached. Stocks at Tsinanfu are said to be very small, and the dealers are badly in need of the cargo stored at Pukow.
Yuenfong on Thursday sold 524 packages, the quantity they had intended' offering the previous week. Prices were somewhat Grregular, but the average result showed little change as compared with the previous sale. Blacks were steady. Greys were one mace lower and whites three-fourths mace lower.
Lack of inquiry from the northern centres, notably and naturally Tientsin, proved detrimental to the higher qualities Italians and bleached goods, and some heavy falls were registered. Tientsin usually calls for heavier goods, and of course Tientsin had her nearer troubles. Velvets and Venetians were in good demand. Medium and low greys were well supported by Kiukiang and Hankow, and Changsha buyers were here prominent also in the bidding. Clearances for Changsha have shown considerable _improvement of late, in which may be seen a feeling that confidence is being restored in that centre. Korean buyers showed considerable _interest in Yuenfong's sale. Higher qualities lacked demand, while a ER PONE
Text read from the printed page and cleaned; old type leaves the occasional error.