(Weekly report by courtesy of Messrs, J. Spunt & Ca,)
Chinese Cotton: A considerable volume of spot business was trans acted during the past week by for~ eign mills against their sales of yarn at very remunerative rates." Prices advanced about $1 for spot cotton While those for forward months ap-Preciated only about 50° cents as compared with that last reported, Spot basis continued to be firm in the interior but the general sentiment in the local bazaar appears to be rather uncertain owing to the renewed eneral strike Ju the Japanese mills at Tsingtao. While the arrivals from up-river ports and. Shantung and Honan Provinces have been. quite plentiful so has the off-take by local consumers been commensurately in Targe quantities. The supplies best Lingpao cotton with which 425 can be spun as well as Shangt Ningpo, Tientsin rough, are already showing signs of gradual re~ duction in stocks" and It may be Feasonably expected that basis, for Such grades will firm up as we draw nearer to the latter end of the season. Forelitn markets continue in a steady direction and importations are. still impracticable for the time being. Stocks of the raw material in the hands of local spinners are estimated to meet their requirements for about fo" months on the average and as the' prospects inthe yarn situation appear to be very bright the mills Will no doubt book their further supplies Tater even at higher prices, Viewing the. situation broadly. would not be advisable to induce any bearish idea. at present, but absorp~ tion of suitable lots at even current rates would be the best keynote to adopt by both spinners and investors.
'Yarn: Our market showed connual advances during the past week registering arise of $20 per, bale. 'The principal factors contributive to such appreciation are the paucity of stocks both in spinners' and dealers' hands as well og the renewed strikes Tsingtao where prices shot up over $20 For bale in one day. Demand from various quarters has not been so very great, Bul it is generally ad~ mitted that the advances were due to ho other reason than that of scarcity in the supply. Pending any new developments it is dien (o predict fine way or other the trend of the market in the Immediate future, But buy, ana" good reaction for the forward monthe would not be an, une wise polley 40 adopt for the time Stone Bridge, suspended business owing to lack of supplies. The shortage Is due to the detention of rice boats in the Soochow Creek at Chi Wang Mino by the Authorities of the Kading Hsien, 'The latter began to detain the boats at 3 p.m. on Decomber 1, 1936 and up to the present, some 200 rice boats carrying' a total Jead of 20,000 piculs of rice have been held. "According to the Kading, sion "Authorities, this action has been taken in compliance with the order from the Kiangsu Provincial Authorities who, it is reported, (prohibit "the transportation of rice' with-Huchao to places on the sea coast in order to prevent smuggling, Four representatives of the Bean and Rice Hong Owners' Association, Foh Yeu Road, and two other rice organizations, called at the Shanghai Elly Government ard the Bureau of Social Affairs, on the forenoon. of December 3 and requested the authorities to ask the Kading "Hsien Authorities to release, the rice boats detained by. them. At both places they were promised their request would receive consideration, 'Those representatives also proceeded to the Kading Hsien in the evening of December 3, and appealed to the magistrate' who promised. to convey their appeal to the Provincial Authorities and obtain instruetions from them,
Text read from the printed page and cleaned; old type leaves the occasional error.