On the focal Exchange vara prices are more or less those of a week ago, but cotton is about three-quarters of a tael per picul stronger. This has been brought about largely through the pro-ability of but little cotton being delivered on to the Exchange this month. Tt would appear that Shanghai cotton merchants are determined not to deliver on account of the 50 cents per picul discount from standard prices which now applies to deliveries of Shanghai machine-ginned cotton.
Generally speaking Shensi cotters are too dear to send to the Exchange, so that it seems distinctly probable that there will be very little cotton finding its way there.
There is not much actual demand for fresh yare business, and clear-fanees: leave much tobe desired.
In their weekly market report] Mesées. J. Spant & Ca. state:—China Cotton:—Another week has! passed during which actual business Jdone was on a very small scale, but} prices on the local staple showed a steadily ascending tendency, registering at the close a rise of about Tls. 0.50 per picul higher than the level ruling during the previous period. Though no extra pressure the demand for the raw materi yet perceptible, the undertone! in the rates, strange as it may seem, inclines more toward firmness" bordering on a further advance, This is presumably caused by' very slow movements of the new! season cotton from the interior marts and up-river ports, and for} that reason may be set "down as being of a temporary nature, and that" no sooner a more normal influx of the raw product takes place such will, to a more or less extent, modify' the expectation of those who are, at this early stage lof the season," endeavouring to retain their holdings with a view to obtaining better remuneration than is warranted by the present conditions in our market owing to the very meagre improvements now Jevolving in the yarn trade as well Jas the depressing state of the world textile markets. Since the publication of the Bureau Report the American market has been keeping in a steady to firm posi-ion and the fluctuations "are entirely dependent on the opers-fons of the speculators who" are, more or less, influenced by the stock market." As to the week-end report compiled by the Chinese Cotton "Merchants Association, one may note that the local stock Jeotton is about 104,000 piculs more Imore than that of the corresponding po last year and which "comprises more of the indian and American "grades. Shanghai Me-ginned cotton is also about 16,000" piculs more than that of last. year which shows the Jack of demand from our industry fous neighbour and evolves a bearish factor for the standard cotton futures.
Yaru:—The market during the past week has been on the easy side with no signs of any material improvements in the near futare. Some of the Chinese Mill owners have worked "very hard towards supporting the market but such a policy has not proved to be successful as yet. Business for export has been booked some 8,000 to. 9,000 bales in all counts. The sampin ket has been rather firm, but does not seem to give" much encouragement: to the bulls of the Tocal yarn market.
Text read from the printed page and cleaned; old type leaves the occasional error.