(Weekly report, by courtesy of, Messrs. J. Spunt & Ca.)
Chinese Cotton: In sympathy with the continued advance in the values of American cotton our market fosied a somewhat firm. undertone Stass during the past week and the reason why' the appreciation here was nol at all commensurate with that req!- Steed in the cotton markets abroad.
because of the rather slow demand experienced In the yarn trade as well the heavy stocks here of the -dommatic growth. Furthermore, th cent advances he American markets are considered by local opera. tors. as being more of a speculative nature. than otherwise and tha thereby the technical position weakened at the present high level of prices, Over 10,000 bales of Ling~ pao and' Shantung American cotton have been purchased by the local mills, mostly for Japanese interests, at slightly higher rates than that last ruling. While receipts show but very Tittle' increase, the basis in the in= terior has become very much firmer. The value of Shanghai cotton has risen about $1 and advances of from 50" cents to 75 cents have been registered in the rates of Shens!, Shasi and Hupeh grades. "However, appears that no anxiety was visible on the part of local spinners to enter~ fain any offerings as, presumably, they are well supplied for the near future and also that they are aware of the fact that the balance of the crop in general will pumice to cover their fulure requirements, Exports, if-any, may be confined to certain grades' only, suchos Tientsin and Shantung rough etc., and will there fore have very little effect on the Jocal_ market, Although the general sentiment does, not indicate bullish views at present, yet it would be 100 presumptuous to adopt any bearish Policy having regard to the higher values of the foreign staple and the firm spot basis in the interior. So Tong as the foreign markets continue a steady direction the rates here witl eventually appreciate, as the
Text read from the printed page and cleaned; old type leaves the occasional error.