Undoubtedly the most interesting and for the time being most important feature of the market is the effect produced by price-cutting in America. It is safe to say that had there' been any chance of a revival in business, this news would have been sufficient to kill it. Seeing these lower prices and knowing full well that Mpnchester is more or less depleted of orders, Chinese dealers are holding off in the hope of more favourable rates. The price cutting campaign has in. duced a nervous feeling, and it is natural that merchants should hesitate to commit themselves for the future while even the possibility existed of a substantial drop all round.
It is generally admitted that Home finis have given up their ideas of a continuance of the high prices of a few! months back, but' whether, even with the rate-cutting which has taken place, Chinese offers will be able to compete im the world market is another matter. Recent testing inquiries show that quotations here are in the neighbourhood of 25 per cent, below Home figures, and that is a very big gap to bridge over. There are also other factors to be considered. Certain artificial _measures are at present contributing to the fall in prices, and once their Operation ceases 'a reaction is almost certain to take place La the circumstances the falling away in prices here is to be regretted. As we have already pointed out the political unrest throughout the country is contributing to the present business sentiuient among the the River Ports as far up as Hankow. Tientsin is dead, but it is rather a hopeful sign to note a speculative demand for Szechuan. That great market has been unsatisfactory for some time past. by reason of the struggle waged there
Text read from the printed page and cleaned; old type leaves the occasional error.