This has been a rather quiet} week for mill business, and prices closed on Thursday, the day before settlement day, at approximately those of a week ago both as regards yarn and cotton on the local Exchange.
American cotton is about 50 points higher on the week.
From all accounts the weather throughout China is favourable for the cotton crop, and the same would appear to apply to America, In their weekly market report Mesers, J. Spunt & Ca, state:—
China Cotton:—Very little demand was discernible for spot deliveries during the past week but a fair volume of business may be recorded for deliveries during the next four/five weeks at favourable rates, mostly for Shanghai grades, and while prices in general intimate ed a weaker tendency during the early part of the week a slightly firmer undertone ensued at the close.
With the exception of some insect damage in the Haimen district, near general so far been favourable Tangchow, weather conditions in
for the picking process now in progress, and with average sunny weather until those operations are over there need be no apprehensions as to the quality and qua the final outrun of the new season crop. However, it would be inadvisable as yet to be over-confident. on that feature, as any decided setback would change the whole situ tion. The general sentiment for the. moment on the part of large operators is still bearish, but it would be well to remember that every bearish factor has been discounted in recent. declines, and it appears doubtful, the face of the current steadiness in the American and Indian markets coupled with the ever downward trend in the rates of exchange, that such operations will prove success ful in the immediate future, More over, up-River traders are adopting a very cautious policy, and are luctant to sell any cotton for for= ward deliveries at current rates for the simple reason that, although the crop situation is quite favour= able in its present aspect, there every probability of experiencing some difficulties in. transportation considering the recent communistic. movements along those places Local merchants are also refusing to sell at very low rates either old or new crop cotton unless such stocks are already in their posses sion. Spinners, on the other hand, are enjoying the benefits of a fair remuneration on their products and. will probably pay better prices for the raw material whenever it bee comes incumbent on them to. replenish their requirements of its However, the market will continue to be governed by the daily crop reports and the attitude of the farmers as to the marketing of the crop no matter what its size may, eventually materialize. The fluctuate tions in the foreign cotton markets will also exercise a great influence the value of the domestic fibre, arn:—The market has been keeping quite steady throughout the past week although actual hi done was only on a moderate scale, Some 2,000 bales of 20's counts have been booked for export to Szechuan and further orders are still looked. forward to in the near future from the same source, Canton det wore not active buyers during last week owing to prices ruling there being lower than that in Shanghai. The turnover of the business was not so encouraging and hence there was some hedge selling of forward contracts in the Chinese Cotton Goods Exchange by some of the local spinners. Stocks locally have been increased since last week, anid it is also reported that stocks in the interior towns of Kiangsu. Province are also heavy. As a matter of fact some 16's counts have been shipped from mills in Tungchow to be sold in this market. However the sampin market Keeps quite steady, and so long as the political disturbances are not getting worse, 'a revival of a brisk demand from" all ports may" yet be expected at a not very distant date, September ex-mill MeGinned, September x-mill Shens! No, 1, Octw\Nov, exemll Shenel Ordinary, Qt/Aiov.ex-mi Sept. ex-mill "me market! Steady. 4
Text read from the printed page and cleaned; old type leaves the occasional error.