On the local Exchange yarn has advanced about Tls. 3a bale during the week, while cotton,—after Auetuating' to some extent, closed at about the same price as last week, American cotton is easier by 40 or 50 points, Many shorts in yarn have been' covering during the past few days, and this is largely responsible for the advance registered.
There has been no great amount of actual new business with the mills.
Some mills have been buying! largely during the past week, particularly American cotton, while Some business in both Indian and Chinese varieties, has been brought to book.
The world's consumption of American cotton for August is estimated at 863,000 bales, as compared with 1,108,000 bales last year.
In their weekly market report Messrs. J. Spunt & Ca. state:—
China Cotton:—The past week has been an uneventful one as far" as prices are concerned and a meagre volume of business for the domestic growth has Yen done at slightly receding figures, evincing at the close an easier undertone, The continued declines in Ameri can markets, the heavy purchases of Indian and American cotton by the Iccal spinners at favourable rates, the absence of any sevivity-_ 1g demand from our industrious neighbouring exporters and the restricted buying power on the part of the Iceal mills do not appear to have influenced to any appreciable degree prices on the local. staple, which may be accounted for on the cone hand by the fact of the domestic new crop not proving to be as. abundant as was expected in the' carly part of August, and on the other by the withhelding movements by mest of the farmers in the interior, particularly in the Kiangsa and Chékianig Provinces in that they show no cagerness to part with their stocks at rates mere in consonance with spinners' views, However, weather conditions during the picking eeason are as favourable as could be desired. The arrivals from up-river ports are expected to increase gradually, and with hardly any hope of export business, considering the lower rates on the for~ ign fibre, there is every probability of heavy" recessions in prices soon as transportation facilities in the interior become freer and safer with" arrivals increasing daily. Spinners. will certainly not commit themselves in filling their future vequirements at current rates. while they can see no prospects of any sharp rallies in the present situa ti Yarn;—The yarn market during! past week has shown some better aspect than it has before. This was merely due to an optimistic feeling among the operators who, expecting that the internecine warfare will soon be over, are anticipating a brisk demand in the not too distant future. Business done for export aniounts to about 18,000 bales in all counts and prices evolved an advance of one to two taels per bale,
Text read from the printed page and cleaned; old type leaves the occasional error.