To the Editor of the omrnt-Cutna Dey News."
Sm,—The present position of the local woollen and piece goods porters is probably worse than it has been in history and not all of them seem to realize how serious To-day dealers, I wil) call them that although the majority of the stocks in the godowns were ordered sre brokers with no financial backing, tell their importer that they "can deliver" this cargo "next sear" knowing full well that there ix not the slightest pr pect of th doing so. In the my fashion change and the-importer himself is extending drafts, paying margins and new rates of interest and at the same time storage charges are mounting. This cargo will have to liquidated sooner or later—by the importer, At present he hopes aguinst hope that the dealer will be able to keep his promise being influenced by the fact that, if he does take matters into his own hand and enforce his contract by selling the dealer's account, he will under no circumstances be able to make the dealer pay the shortage involved. This is bad enough, but the same dealer liar cargo from other 20. per cent. and more down. What earthly chance is there of kis ever clearing his old goods?
Various suggestions have been made. The most sound is the form ation of w Piece Goods Importer Association which could perhaps control these mushroom dealers; but this Association is impracticable for necessary to 40 into Basing an opinion ups several years of importing it, see to me to be evident that most of thanks for this state of abe solute chaos can be offered to the Provisional Court and, it must be noted, that the Chinese importers and dealers suffer equally with the foreigners.
porter is going to make a fool of himself by putting one of dealers before' the Court as ins stand at present. To do means large expense and ect in prospects of the case never be finally heard and the goods toing still in his godown with that results stated above, in-other words he is throwing good money after bad and making a fool of hi into the bargain. If the Provi al Court would gain the confidence of the merchants by han Tew quick judgments and enforcing them against the dealer concerned.
sporters would feel that they had some backing and if the Court would stick. to. this policy thee would soon be a much. healthier atmosphere about the town.
The old Mixed Court days were far from perfect in this respect, but the threat of proceedings did create an impression party concerned and, through, had some result, either in getting the cargo cleared or, more probably, driving the man to his native clime, This had the advantage of letting the importer know definitely where he stood with the man's cargo and what to do with and, what was better still, pre vented for some time to come this dealer placing orders with other impacters on the same basis—"heads 1 win, tails you lose."
My assertion is that very few: importers to-lay have the slightest idea of their own position. They, are holding cargo for dealers who, under the old regime, would have been in Ningpo months aga, They have this man's cargo on their Hooks. at indent price against the respective draft whereas it should be written down from 25 to 30 per cent, and in some cases more. The day of reckoning will have to come, but when will this be? The sooner the better and the only way to Dung this state of affairs to a head by the Provisional Court, If ime porters knew that they could rely upon quick action from this quar the worst offenders would be uteried aut of the market within month, The immediate effects would be startling for the importers ut further disaster would be avoid ext year,
Text read from the printed page and cleaned; old type leaves the occasional error.