We have received the following letter from the Woollen Merchants' Association _on the subject of the contracts To the Editor of the "Norra-Cuina Dairy News."
Sir,—On account of a_ clerical error, the important word '"delayed"? was left out before the word "goods" in paragraph 2 under. Section B. of our letter to the foreign firms engaged in the woollen import trade. This paragraph should have read as follows: '"According to established usage, Chinese dealers are not obliged to accept delivery of delayed goods already shipped but not yet arrived." This unfortunate omission left the impression that the Chinese Woollen Merchants' Association is asking for a wholesale cancellation of contracts. Such is not the case. We are asking for the cancellation only of such goods whose arrival had been delayed beyond the contract time.
With reference to our suggestion to fix the exchange at 6/- to a tael, we are not unaware of the fact that we are asking for an accommodation from the firms which will mean a loss to them temporarily of about 45 per cent. of the price of the cargo. It is not correct, however, to say that this is in the nature of a present. We propose to compensate the foreign firms for their loss at the market vote of exchange by giving them promissory notes which will be honoured soon as business conditions _improve. Jhis is an established Chin-
We thank you, Sir, for the publicity which your columns have given to this matter. We may not all agree as to the best measures to remedy the situation. But there can be no question whatever as to the seriousness of the situation. Action of some sort must be taken ta.meet the situation. We fully agree with you that recourse to the Mixed Court will bring but little satisfaction and that the Chambers of Commerce might move in connexion with this particular matter.
We are, ete., Tue Wooues Merowants'
Shanghai, Feb. 18.
Text read from the printed page and cleaned; old type leaves the occasional error.