The position in the piece goods trade at the beginning of the year was that Chinese dealers were unwilling to buy at any price until they had cleared the stocks previously left on their blands. The foreign merchant had too much stock left with him, and was anxious to sell, in order to make room for new arrivals, The country, however, was denuded of stocks and was willing to take plenty—if only there wa some means of facilitating busin The trouble was principally due to the restriction of credit by native banks, as also the fact that foreign banks would give no more chop loans to native banks. It was found, however, that foreign banks, which had over much money on their hands, were willing to help, if only some arrangement, which would safeguard their interest, were possible. In any case, the native banks never moved in the matter. When the native banks refused to give credit to local dealers, the latter in their turn were not able to extend facilities to outport dealers. The outports dealers, again, were unable to bring about any improve ment in the situation, because the money of the interior was mostly in
Text read from the printed page and cleaned; old type leaves the occasional error.