Apr. 23, spite of the recurrence of serious trouble in the north, the piece goods market is brighter this week than it has been for a considerable time. In ordinary ci cumstances the report of a political coup, or whatever it may be, in onan would have had a depressing effect on the auctions, but the fact that this has not been the case not improbably means that some event of the kind has been in the calculations of the merchants for many months and they are accordingly able to face it with equanimity. It is likewise interesting to note that Szechuan is purchasing both piece goods and yarn, this notwithstanding the gauntlet of pirates and brigands which the cargo will have to run before reaching its destination. A report in the ''North-China Daily Nows" this week gave a vivid description of the perils abroad in the country, and such a state of chronic piracy must curtail trade to an enormous extent.
The trend of events at the auctions during the past_ three weeks has created a very optimistic atmosphere, and the feeling is current that the improvement is at length genuine, and not a mere flash in the pan as has so often proved the case in the past. Naturally it is too early. to state definite opinion, but it ought to be put on record that the sentiment of the market has undergone an appreciable change. For one thing the auctions have been livelier, and the demand is more general. Attention is principally devoted Whites, stocks of which are moving off more rapidly. This is by no means confined to purchases made at auction, but undoubtedly private cargo is being placed in consumption. A certain amount of this must inevitably be in the nature of forced sales, while it has also to be recognized that owing to pressure from the native banks Chinese dealers are compelled to liquidate some of their stocks at practically sacrifice prices. All this tends to keep prices low, but none the less the tone has shown such a. decided improvement that merchants are looking forward to a thoroughly healthy market in Whites in the autumn.
As regards Greys, an improvement on the average has also to be recorded, but this is due to the better prices given for the higher qualitil As has been pointed out already, Manchester at its present rate is unable to compete with Japanese and local manufactures, but in the meantime rather higher quotations are being offered for Japanese goods, although this market is also very stagnant.
One feature of the auctions this week deserves mention, namely, competition between speculators and dealers for goods.. The idea seems to have been that the coal strike may result in a shortage of manufactures at Home, with a consequent rise in prices, and accordingly there was a good deal of eagerness towards the close of the week to make purchases at present rates.
A few orders, principally for old chops, have within the past few days been placed in Manchester, but it is more than doubtful whether it can be described as genuine business. Probably the orders have come from firms who are anxious to keep their chops on the market, and that such business can show a profit is extremely problematical. {It is learned, however, that Chinese have been making a few inquiries for new cargo, but their price ideas are much below Home values, and in the present critical condition of things fresh business is discouraged in most quarters.
Corrox anp Yarn.
Chinese Cotton=-A certain amount of purchasing has taken place during the week, the Chinese mills having bought about 10,000 or 12,000 piculs of Tungchow. Stocks of this are rather low, and the price accordingly rose to Ts. 23.75, closing rather higher. Other mills have taken small quantities of Shanghai and Shensi. Closing rates:—Tungchow " 23 Shanghai Nanzu Shensi I Shensi LI
Yarn—During the week yarn has been very strong, and there has been a rise of about Tls. 3. For spot cargo and near delivery the quotations are still higher, as there is a great scarcity of supplies. Clearances continue brisk, and all counts are moving. The demand is general, including even from Dr. Sun Yat-sen's republic in the south. Business to the extent of about 7,000 bales is reported to have been booked by the mills during the week. The market for Indian yarn is also reported to be active owing to purchase from China, especially Hongkong.
The silk market is on the whole quieter. For white silk American demand is still good, and they are willing to pay fairly high prices for near delivery. Stocks, however, are small.
A large business is being done for America, and also. partly for Japan, in tussah filatures, and prices have risen to Tls. 530 for the best chops.
Lyons remains dead, while London is under the influence of the coal strike.
In view of the high prices being paid by America for silk, it is anticipated that now season cocoons will open dear.
Text read from the printed page and cleaned; old type leaves the occasional error.