Exchange on Import Po-ition at Moment Suly 20, Except for the fact that there has been a drop of about Tis, 5 in local yarn, the effect of the political situation on the local markets has been principally confined to the influence imparted on exchange. Generally speaking the seat possible trouble is too remote to call for any outstanding fluctuation in the course of local business, so to the present interest seems to be centred in the possibility of higher rate of exchange assist-1 merchants who have already esrgo upon their hands. On the other hand the higher exchange has exercised an adverse effect upon the possibilities of a revival of the produce business which remains very dull. It is worth mentioning that the continuance of the present crisis is likely to deprive Tientsin of the bulk of its exports which come chiefly from Manchuria and Mongolia—fors and' skins, wool, cereals, ete. In view of the fact that Vladivostok has an anneal export of 5,000,000 tons of beans, the interest of Russia in the seizure of the CEI readily understood.
Text read from the printed page and cleaned; old type leaves the occasional error.