The piece goods market has naturally been of smaller interest during the present week owing to the settlement consequent on the Dragon Boat Festival. No auctions have been held, and business has been largely confined to_ the sales of privately held cargo, With regard. to these the slight rise in exchange seems to have helped a few dealers who wished to take up goods, and a number of transactions are reported, particularly for Tsinanfu and the north. Dealers have also been keenly on the lookout for lots which appear at all cheap, and seem to be willing to hold them on a speculative basis. The continuance of this business substantiates the more healthy tone which has been noted in the market of late.
The reports of looting in Ichang and Wuchang have not shown their effect on the market as yet, except partially in the case of Hankow which has wired to stop shipments. On the whole, dealers seem to take up the attitude that the looting is not likely to spread. They express the opinion that its origin is largely political, probably directed against Peking, and that, however serious its present results may have been, no drastic interruption of trade is likely to ensue.
Conflicting reports are current as to the prospects of new business with Home. One telegram received a day or two ago suggested that Manchester prices had stiffened up and were now about 40 per cent. above local values. In other quarters, however, it is reported' that some dealers have been booking orders for spring goods, for delivery about November. These latter orders must, of course, be of very small volume, as only the dealers who still retain credit can hope to put through such business. In the great majority of cases importers require a very substantial margin before business can be contemplated.
Corron axp Yarn.
Local Cotton Market—The bull movement in China cotton which has been in progress for the past three weeks seems somewhat to have abated its force. Tungchow was quoted as high as Tls. 28 during the present week, but mills were only buyers at about Tis, 3 lower, and such a discrepancy has served to emphasize the artificial nature of the movement. The absence of business at these rates coupled with the report of further supplies en route has resulted in an easier tone, while some qualities are lower in price than a week ago.
Text read from the printed page and cleaned; old type leaves the occasional error.