Conditions Monotonously Unalterable During the Week: Market Unaffected by Heavy Purchases on the Part of a Local Company The following review of the Shanghai exchange market deals swith the week ending July 27:—
One might appropriately try to vary the title of a recent successful. German literary. effort "No News from the West," by substituting the word "East" in its special Bearing on exchange. Conditions fare monotonously unalterable, even fas regards the price level of yen anid gold bars; and this says a good deal.
'On the morning of July 25, one of the large local concerns bought from £600,000 to £600,000, without materially' affecting the "market, This fact might serve as an argue ment that after all silver is not 30 wenk, On the other hand it must be pointed out that signs of real strength are still Incking. An argument in support of this theory is to 3 be found in the attempt on the part of all banks to exchange as much 'a8 possible of their silver funds here against early remittances old currencies to their credit aprond. Differences in exchange for forward delivery are not only being fully maintained, but. show signs of growing, The petual market difference Letween August and October in Shanghai is 5/16d, and/or £ U.S.*$ in the T.T. rate, fa fine which banks may sooner be inclined to pay than to receive. The movement is, after all, to be considered merely a vicious circle, since the silver fands disbursed by one financial institution wander into the coffers of another bank, As ong ax specie does not leave Shai hai, there can hardly be an amelioration of the situation, After a long interval there was a transaction in effective gold bars recorded on Thursday last, when a foreign bank purchased a moderate, amount for export abroad, At the close of the week interbank rates wore as follow:
Kao ce lid. Gass, Ya07
Text read from the printed page and cleaned; old type leaves the occasional error.