(Weekly report by courtesy of Messrs. J. Spunt & Ca.)
Chinese Cotton: Prices during the past week declined by about $1.50 lower than that indicated in the pr vious period and which is ascribable to the following factors: (1) weak hess in the foreign cotton markets, (2) the very favourable rates of exchange for importations, (3) lower consumption through curtailments in spindleage and stoppage of spinnings due to labour strikes and (4) continued poor demand for mills' out put from the interior marts due to onefelaxation in the money situa tion. "Owing to distress cotton being offered at fairly low rates such engendered a downward tendency in the futures markets. The consensus of opinion is that there need be no anxiety about any shortage in the raw material as the balance of the indigenous crop will adequately meet the requirements of domestic consumers. It is being rumoured that the japanese mills here will reduce their spindleage owing to the unremuners ive returns on and the very slow disposition of their output. The out-ook at the moment is not very bright and it Is generally expected that further declines will be experienced fin the near future in the local markets, Yarn: In the early part of the week prices declined by about $4.00 per but reacted as last reported which evolved on strong rumours being clr~ culated that a bullish syndicate being organized to support the yarn futures for near positions. Taking into "consideration "the dimiculties under "which local spinners are labouring it 1s reasonably expected that production will be considerably reduced and in the event of any fair demand arising during the next two months such is very likely to bring about higher rates and a consequent boom market, Shanghai, Spot ex-mill '0.00 Tungchow, Spot ex-milt 42.50] Shensi, "Spot "ex-rull So $49.35] Ningpo, Spot ex-rally 22211012! §tn.00 Lingpao No, 1 Spot exemili'"s:2. $38.0 Uingpao lower grade, spot ok:
Text read from the printed page and cleaned; old type leaves the occasional error.