ports Dull June 4.
The outstanding features in business during the week have been the continuance of the stronger movement in piece goods and the raising of cotton to higher levels through the action of speculators. The piece goods auctions have been brisk, and it is of special interest to note that Japan is making purchases at these sales, apparently fearing a shortage of high grade cargo in the near future. As regards China cotton the position seems to have been accentuated even more than a week ago when it was reported that the shorts were being badly squeezed, and speculators have succeeded in putting prices up to what is considered an unduly high level.
Meantime exports remain dull, and the more active inquiry of a few weeks ago has not produced business worth talking about. The only line in which any movement seems to be taking place is flour, quantity of which is said to have been booked in the first instance for Egypt. This is rather interesting as recently Egypt was a seller, and whether the present movement is the result of. speculative purchasing, or whether (as is suggested in one quarter) the flour is intended for Austria, it is impossible to say. Other exports are very quiet, especially tea in which business is only being done in fine Keemuns, and that to a very small extent. Silk has had a very quiet week, the market being dead. Hides are reported to be moving from Hankow. The crop reports are now coming to hand with more certainty, and while we already know that silk is going to be very short, it is also learned that the wheat crop will be considerably below the average.
Text read from the printed page and cleaned; old type leaves the occasional error.