(Weekly report by courtesy of /sessrs. J. Spunt & Ca.)
'Chinese Cotton: "There was hardly Jany' activity noticeable throughout the past week and prices ruled easier Jat the close, The slow demand for Mills" output, the absence of any material offtake on the part of spine ners and the reactionary tendency in beeer the American markets were the principal {actors which influenced. our market. While a decline of only 50 fe ents a picul was registered in the Hocal market the basis in the interior leased off some $4 in Hopeh and Shan tung, $2 in Shensi and Hupeh and about $1 in Kiangsu, Reports from four correspondents in Tientsin inleate that the quantity remaining In {the interior of that province amounts only ten per cent, of the current ferop there, because. of the heavy exports of both rough and American Seed' cotton to Burope, US.A. and Japan, direct from that port, since last fall.
From other authentic sources the indications are that stocks in the /Shens! province are stub quite heavy Jand that the remainder of this year's ferop there is estimated to be around 900,000 piculs and that due to lack of PRD transportation facilities "the _move-[ments thence are very slow. Tt be safely stated that in the averas the balance of the domestic crop general remaining in the country less than 30 per cent. which, however, may not all be marketed, that most of the farmers or holdfers are fairly well financed. So far fan increase of 18 to 20 per cent. in the "acreage for the" indigenous! growth is expected to take place in {the various cotton districts and parti feularly in the north-western fnces. Spinners in general supplied. with the raw material for fat Toast about three months, more. Therefore, any considerable demand on the part of consumers is very gt ly ioo kely in the near future, particularly so when Mills' output is not being freely' disposed of for the present, Enthusiasm on the part of bull speculators appears to be subsiding since the reactionary trend in the foreign markets as well as the neglglble demand now. being experienced both for yarn and cotton, In view-{ng the situation as above stated one may not expect. very much firmness {nthe local market although any material retrogression "appears _unkely "to evolve in the" mina 'Yarp: Demand continued on a very meagre scale during the past week and the market manifested an case undertone, "As. bulls! holdings hat been heavily liquidated and' prices for futures receded over $10 a bal since the highest figures recorded. fortnight ago, the technical position mes more healthy and any further decline from the present level may gi tract fresh buying! on the part manipulators in the Cotton Goods Exchange. Stocks in the. warehouses of the Cotton Goods Exchange have been reduced to about 20,000 bales and as prices ruling on spot yarn are higher than those quoted in the Exchang" heavy "tenders. of new inst April standards. are. rather doubtful. "Pending any unforeseen circumstances, the policy to buy scale down basis may eventually Prove profitable, Be Pane' ofthe maticet'ieaai'* SY"
Text read from the printed page and cleaned; old type leaves the occasional error.