We informed from anthoritati sources that at meeting of the Cotton Yarn Guild held on Wednesds; authorizing the oottion of all fo. resolation was passed ® majority
contracts for yarn. It is expected that s circular to that effect will be sent to the foreign merchants in the cunree of a day or two.
The position is serious as such repudiation, taken with the recent toment of the President of the jokers' Guild regarding nati China trade. The reason a vague, but principally the noceesty for such a course is ascribed to the dislocation caused to the markets by the revelation.
world is very prosperous, Sach The cotton trade in every pert of ihe repudiation will affect Sioeshectin Migbtly unless the Piece Goods Guild follows soit, The Indien mills have concluded very little forward business, and 0 far as they are concerned they would not have mach to complain about. The Japanese mills would be very badly affected if the dealers here shoald be able to repudiate their contr Bat the position with the local mills would prove really serione, as they are booked il. They have bought the and would be embarrassed with heavy stocks in hand, At the same cit is considered that, as cargo is wanted very badly, poss would be of no great moment.
if avy dislocation should be
Bat the moral effect of such s course would be disastrous to the trade in the extreme.
Whether the dealers would be allowed to repudiate or not, in spite of their resolation, is another question, The matter has been discussed in these calamus, and there are no two opinions about the impossibility of such a course. So fi nts go, the revelation would be a flimsy cause to advance, and possibly the Guild may be iflaenced by that before ihey approach the foreign merchants with their resolation.
Text read from the printed page and cleaned; old type leaves the occasional error.