For the Week Ending November 5, 1927
The local exchange market showed distinct firmness during the week, under review. The advance was. somewhat rapid and was halted by; reaction which made itself felt on Thursday last. The decline in local ates was brought about by demand from importers who had set their minds on a limit of 2s/7d for T.T. fon London. Merchants business was transacted at this level, foe delivery up to Chinese New Year, though that rate was by no means generally obtainable, nor for uny Tength of time. Import requirements which were allowed to accumulate,—current needs, as well.as prospective future demand, may be estimated to aggregate about.
million sterling,—though it must be admitted that this is a somewhat: ozardous guess, The, determina tion on the part of buyers to enter the market for, the acquisition of considerable amounts, at a level of 28,'7d, was sufficient to halt the advance, until either the demand had been satisfied, oF else,. until other factors had intervened.
On Saturday. the local market! became steady anet-more and closet distinctly itin. This in face of ce" per drawn at Shangh: the absence. of, natable amounts Undoubtedly there isa fair volume of export being transacted up. North, especially in' Manchuria, fact Which finds its echo in the The Money Market Signa are not wanting that money is, getting tighter here. "This. evidenced by the disappearance of emmms which have hitherto futed on forward transactions of old currencies. cable transfer for November delivery can now be had the same rate ox T.T. for Jan-wary, while U. S. $ for near can be ablained at a higher rate than for forward delivery. "Another symptom of consequence is the dimination of existing. silver. stocks, fur tore silver has left Shanghai dor-Ing the past week than was import here, Tientsin got 2 milieu fads in sycee from. here. The raving rate on Shanghai up there "now 107.60 Shanghai taels for 100 Tientsin taels, as compared with the mint-parity of 106.50: This shows. that sycee is needed in the North, for financing exports, ard inekdostally that it pays. well sycee from, Shanghai to Tien
Text read from the printed page and cleaned; old type leaves the occasional error.