July 31.
Trade generally in Shanghai—m China for that matter—may be described as stagnant; lack of confidence prevails in the China markets as in the world markets, which are more or less commercially chaotic, and the ups and downs of exchange have not helped matters here. Last month (June), with the sterling rate down to 4/3 and American exchange well under 90 for a time, things began to look up for the export trade, but with exchange now up a shilling export orders have diminished again. On the other hand, the rise has not been enough yet to assist imports materially.
But what matters it in hot weather? The average Chinese merchant is just now more concerned in figuring how he may least exert himself and keep cool, rather than to trouble himself about business, having confidence enough in his own country to know that trade will pick up again all in due time. 'A hopeful sign is found in the fact that the past week has been one of good clearances in piece goods, and between the lines of this may be read the news that internally China is clearing up. That goods are going into general consumption is a good sign always, and as is well known, the piece goods situation is a key to the general posi tion of China trade.
Text read from the printed page and cleaned; old type leaves the occasional error.