By courtesy Wang & Ca.
Snanghai, July 30.
Unprecedentedly high levels were. reached by the Chinese Government [Bond Market in the course of strong trading during the month of July. In fact, many issues almost, if not Jactually, touched 80 per cent. par while 96 Millions was traded at 1950, with unofficial quotations at above 121.00, though these high prices were not maintained for long.
For two days during the early part of the month the market was thrown panic as the bulls sent it perilously. high on the first day followed by an. equally Wild bearish attack Jerashed it with a slump of several points. Thereafter, however, business gradually returned to normalcy and by the end of the month only mild /Ructuations were recorded as trading 72t) proceeded calmly as if the storm that threw the market into such turmoil only a fortnight ago had never happened.
The month opened with a steady strength following the June settlement. Although trading was alternately heavy and quiet on the days Jof the first week, that period closed sudden "stone or Salada it ith saaien renal mounts als lea tothe fever Trading onthe "thowing Monday lhe market when the market gained phenomena ally with at least one issue suspend~ fed, Almost as sudden as the advanc the market slumped heavily on Tuesday to lose all it gained on the preceding day. The rest of the week was devoted to adjustments of prices, resulting in fairly wide fluctuations in both directions. Net movements for the second week were small losses, slight weakening influence was at work at the third week a3, following the wild buying of the last boom, many speculators found themselves funable to take delivery and. were Toreed to set off their positions at disadvantageous prices. As the July settlement gradually approached, selling to set off these positions became more determined, Nevertheless, thanks to the firmness of the market, losses Jncurred were by no means substantial.
On the first two days of the last week when all outstanding July positions had to be liquidated, movements, were limited and did not show any Jdifnite trend in either direction, Upon the removal of July quotations Wednesday and Thursday, the market again resumed a more aggressive tone crat Sead cee nowt Following is a tabulnied report of Jone Compar- Fist Tana: {com Ses OER ae haa me me
Text read from the printed page and cleaned; old type leaves the occasional error.