The piece goods market during the past week has been very quiet indeed and as regards new business only a few miscellaneous lines appear to have been booked.
Cotton yarn prices have recovered slightly, no doubt due to a rather more buoyant tone ju the New York market and a slight advance in cotton prices, "It is rumoured that tone dealer, with considerable commitments in cotton yarn isin difficulties, but apparently this has not yet had any influence on market price Tels reported that in many Instances cotton cargo is b ing DUE in bond pending an improvement in the financial situation, and several not needed for ments are alto being bonded.
A slight improvement in clearances has taken place during the week and dealers generally upbear to be making stiff reductions in prices of all sorts in order to tempt Lup-country merchants. and to secure funds for China New Year. All dealers are reporting, great, lent:
sin collecting outstanding accounts and under present conditions it is considered likely that the carry-forward of old accounts will be in the neighbourhood of about 40 per cent., a¥ against a normal carry-over of 16 to 20 yer cent. There is no Woubt that sone arrangements for the release of present stocks of Japanese cargo will have tw be made before any decided improves ment is to take place in the local market, and it is to be hoped that the banks and merchants involved will be able to make effective representations in the proper quarters over the matter, It is estimated that out of a total amount, of Japanese cargo held up in this piece goods represent some the Yuenfong sanction Thursday 290 packages. wor the tone gave ind of being influenced by the present political crisis in that doubts cannot elp but be entertained regarding the financial situation after China New Year.
Speculators therefor were not active and merchants aking purehages for immediate ments were handicapped what restricted demand. result all dyed goods, with the possible exception "of "hi sapling and reds, were heavily, essed. Venetians proved "ili dispose of and further severe lumps took place in almost all Chops." The demand for velvets was even worse and these goods declined to the extent of about 1} mace yard.
Coatings were affected to a somewhat lesser degree and with, very few exceptions Malians were Also Knocked "down ab very nich ver figures: quantities of these Hoos were moderately heavy, but the. local market proved fairly rong for Medium qualities, after she price level had been adjuste As regards greys the market mained steady, northern centres interested and also. Ningpo.
lar tone prevailed for whi anda decline of only 1 lee was White lawns, in the other hands, lost mace. is reported that Tientsin has sent "own instructions to cease opera ons on the market, and no further dications of business from Korea. Lave been seen, The generally satisfactory tone of st week cannot be said to prevail present, Deliveries are definitely vy unsatisfactory, but fair quanti-Hes of black Italians have. been leared for the local market dar the past week, and also white ings for river ports, has been one of the controlling factors in the market and has brought about a moderate revival of Bull speculation on -the part of the outside public. In the mean time, the American cotton "market Kept up a rather firm aspect. in sympathy with the strength of the New York Stock market. The Indian staple has also manifested a stronger tendency and a considerable volume of contracts previously booked with the local mills ha Deen cancelled with a fair premium to. the buyers." In consequence of which there has evolved a better feeling in the market due to expectations of replacenients: being made by some of the spinners from the domestic growth. Owing to unfavour-lable rates of exchange prices of the American fibre are not so attractive for the time being. At the close, however, the undertone of the local market is steady.
In summing up the situation and taking into consideration the question of supply und demand in the world cotton markets we fail to see Jany reason to depart from our former opinion, therefore, if the market has been bulled to a standstill, we do not wish to as being enthusiastic 0 ide, but we think the recent advance about all that can be expected and any further appreciation ix unlikely, For the present the market may keep in a steady direction and we would advise taking advantage of trong markets to. sell and. take moderate profits on weak markets, Yarn:—During the past week there has been no change in the fundamental conditions of the market. Fluctuations were within narrow' limits, evolving a steady tendency at the close of the week. While there may not ly. boom market in the near future draws nearer to the Chinese year~ end settlement and the ever existent Financial diticulties ruling in this we would not encourage being on the hear side as the stocks Jare very light indeed.
Text read from the printed page and cleaned; old type leaves the occasional error.