The local Cotton and Yarn exchange is still closed though it reported that the directors "have arrived at a settlement." It is understood that all outstanding contracts for Yarn shall he settled on the basis of the last quotation om the Exchange before it closed plus one tael a bale, but it is handly thought likely that this arrangement will ko agreeable to all parties semed. It is reported, also, the directors of the Exchange will consider the question of ad-lustment of Cotton contracts within the next few days.
During the week there has been big rise in American Cotton. On August 8 the report issued by the government gave the condition of the growing crop as 69.5 per cent. of normal, indicating production of only some 13,492,000 bales. This official estimate. was some million bales below the. average of private estimates and was the cause of wild buying in Americs On publication of the official report Cotton soared 200: point-this being the maximum permitted under the rules of the New York Cotton Exchange. On the following day prices again rose some 150. points, but closed only 65 points above the previous days quotation, Since this, prices have eased off slightly. This enormous rise means that the price per picul in Shanghai advanced Tls. 6,50 in two days. General opinion seems to infer that the official estimate is too low.
Clearances from the mills have been very disappointing during the week, dealers seem averse to placing, new business.
Chinese Spot Cotton quotations:—Tungchow 39, Shanghai 37/374, Shensi 383. Chinese Yarns quota 16's 137/147,20's 148/102,
Text read from the printed page and cleaned; old type leaves the occasional error.