Weekly report by courtesy of Messrs. J. Spunt & Ca:
Chinese Cotton: A larger volume of spot business on the domestic Staple, than has been experienced for some time in the past, may be registered as having been done with the mills in general during the week under review. Our market exhibited not a little excitement and moved in avery strong direction engendered by' continuous covering of shorts arising on the one hand from the firm attitude and aggressive opera~ tions on the part of determined bulls and on the other from the steadiness in the American and Indian markets coupled with the prevailing easier rates of exchange, Holders of cotton of the indigenous growth are very much encouraged in entertaining expectations of still higher markets being stimulated by tae statistical indica~ tions of the ever diminishing stocks of the Chinese crop and particularly that of the superior grades. The net change for the week in prices on the whole indicates an advance of a further $1 per picul higher than that current during the previous period.
Having the foregoing in view. there appears to be little inducement for any trader fo adopt the bear: side of the market and unless the nes of the Indian staple approach a parity with that of the domestic bre and a fair quantity is booked to meet the requirements of coal consumers, our market, though subject to reactions fuctuative, will evince no decided retrogression the near future. Therefore buying on recessions is not inadvisable and 81 particularly purchases of old crop "Yarn: it is pleasant to state that! we have had & succession of firm markets during the week under review. and prices consistently. advanced about six dollars per bale} ne in a measure to a better demand but. which advances, it may be] stated, were mainly stimulated by the strong upward tendency in the raw cotton markets. The appreciation in the raw material has of late een quite commensurate with the rising values of mills' output and. which happy situation has not been experienced for many years in the past.
Text read from the printed page and cleaned; old type leaves the occasional error.