Year holidays the piece goods market shows considerable life and with it good deal of strength. This year, however, there is a striking contrast to 12 months ago, and things ha been dull and disappointing. A year ago there was a considerable amount of stock in hand which had been imported at comparatively cheap rates, Jand importers were quite prepared to take advantage of the higher prices ruling after the New Year ettlement to dispose of it. So the Chinese year opened briskly. At the present time all the cargo held Hocally has been imported at considerably higher floures, and the 1a values do not show any chance ering replacing costs, Conse Jquently cargo lonly sparingly, and it is stated that lone or two important firms have not sold a solitary package.
'The position ix that, except in the ease of a very few chops, many vf {the offers here are up to' replacing fcoxts, the more so as Manchester prices have shown a tendency "to stiffen within the past week. Ax already pointed out the Chinese have acquired an optimism, not generally" shared by foreign firms, that the recent political settlement is likely to be permanent, but if their view is correct every reason exists for a hopeful outlook, both as regards the ind price auctions were' resumed, but as a general rule they were too soon for the trade. Many of the most important dealers have not yet returned from up-country, and as a consequence this section of the market was to a large extent in the hands of the speculators. Orders were largely absent because the news of the settlement at Shanghai had not been received in interior jcentres.in time to allow dealers there to send in their orders and adjusting prices. Blacks and one or two other varied ties lost what they had gained prior to the holidays, but it is felt that. when this process has been completed general advance may be looked for in the present state of local market sentiment.
Text read from the printed page and cleaned; old type leaves the occasional error.