The outstanding feature of the piece goods news of the week has been the great improvement in clearances generally, and the ability of the markets to take up heavier quantities at only a very slight reduction in price. The rise in exchange may have had something to do with this—whenever there is a 2d rise your Chinese merchant has visions of an 8/ tael again—but the actual cause no doubt has been the clearing of the political atmosphere in Chihli, coupled with the general bareness of stocks in interior markets.
Compared with a month ago, conditions are decidedly brighter and more hopeful, and given a coatinuance of peace in China, and the helpfulness of continued rise (2) in exchange, importers of piece goods have reason to look for happier times toward the end of August. Nothing much is to looked for in any year until after August 15.
Continued strength is again reported from Manchester this week, but it would be interesting to know to just what extent the Home markets are inated artificially by profiteers. It would seem from here that the Manchester manufacturers have overestimated China's ability to buy, and have put too great dependence on orders-to-come from China. It is doubtful, indeed, if Manchester will see any great volume of China business
Text read from the printed page and cleaned; old type leaves the occasional error.