There has been rather a favourable development daring the past two or three days, although it is donbtfal whether it can be called more than momentary. Wo understand that there ix some movement of cargo to Chefoo, ingtao as also to Foochow, business being on " prey cash his. "The local no longer credit with and the local native dealers do not. offer credit to outport and op-country dealers. Cargo has been ped to these places only alter reipt of cash in Shanghai. @onsequently, it is needless to say that the basiness is of no great volume.
We stated that the fall of Naoking might open up the Yangtze Valley to trade Te hi sense, and it has not. There have been inquiries from
cargo, but they can do basines only on Kiokiang and other Yangtze ports for credit, which the Shanghai merchant is vot willing to Under prevent political conditions, it impossible to ssy whether any sub-
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