Year, however, demand became very pressing. In the meanwhile, the change in the political outlook' also helped. The provincial governments, in not a few places, began to buy back the paper in circulation, Retailers had also some silver to send to the ports, There was a daily improvement in the various exchanges. With a fair demand in evidence, local dealers became optimistic, and were able to convert the native banks to their views. The result was. a very brisk business, which continued to the end of April. During two months, the total of business done was extremely heavy. Much as the foreign merchants were unwilling to part with their cargo at the prices then ruling, the need for the reduction of stocks was imperative. Exchange, of course, failed many, but there were quite " fortunate fow who had settled at very favourable terms long ahead. The trade slackened in May through sheer exhaustion, after a heavy spell of business.
The Lull in Business, The market was then waiting for a little activity in exports in order to resume business again. Although there was some activity, it was not altogether satisfactory. But the difficulty-was principally due to the fact that no indent business was possible. Even in May, prices at home were about 10 per cent. more than local values, on account of the rise in cotton. The Chinese dealer was not going to pay a higher price and order goode for future delivery while there was still enough stock locally to satisfy his needs. The market, again, was taking a rest, so everybody thought it best to "wait and see" the tarn of events. The foreign merchant, of course, was Hoping against hope for " favourable exchange to cover his losses. Tu this connexion, it must be stated that very few foreign firms made any profits in the piece goods trade Inst year.
The War and Business. for better times and s good export in the local trade; he did not get it. The foreign merchant hoped for s good exchange, which did nob materialize. No business was possible on any terme. Of course,
Text read from the printed page and cleaned; old type leaves the occasional error.