(Weekly report by courtesy, of Messrs. J. Spunt & Ca.)
Chinese Cotton: Since the issue of our last review our market_moved gradually upward and on the whole registered an advance of $0.50 higher than that prevailing during the preceding period. The main factors that infused firmness in the local markets were the unfavourable rates of exchange which deterred commitments on the foreign bre and the general expectations that the government will continue in its efforts to 460 regulate exchange rales as to reduce as much as possible importations of the raw material and which will tend to enhance the values of the Indigenous growth. The selling press sure for the time being appears to be over and the bulls are again suming a firmer attitude and. are withholding their stocks until prices appreciate further. Quite a number of timid shorts covering is now becoming noticeable. Spinners are still continuing on a hand-to-mouth policy and although they are freer in ¥0- placing cotton for their 825 and 42s counts they are more or less in a dim cult position in buying up the raw material for their 16s and 20s counts 'a5 the prices for Shanghai, Tungchow, and Shensi grades are ruling firmer than that of the Lingyao grades, de" to lower spot stocks of the former, particularly so as the receipts are falling off owing to the near approach of the Tying Ming festival. " Taking bird's eye view of the situation at the moment, while we may still expect some further advances in the near fulure it is rather diMeult to, predict any material improvement in the raw material.
Yarn: An advance of $8 per bale for forward months has been register ed during the week under review and such upward movement was brought about by the strong support of the ulls who bravely took up a large quit ity, around 7,000. bales, from the Cotton Goods Exchange, As most of the stocks in the ware houses of the Cotton Goods Exchange have now reverted to the hands of the bul A more encouraging sentiment pre-valls, and any selling pressure of yarn futures seems unlikely in the near future, provided no. untoward break in the colton markets, adverse rates of exchange or any' political disturbance takes place in the interim, Suawonat Manxer seasons have proved, have fluence whatsoever on the prices of native wheat.
The Shanghai Flour Market has been rather steady, Prices continue fon the low side, although based on foreign wheat prices mone of the mills is able to produce flour at present price level.
Text read from the printed page and cleaned; old type leaves the occasional error.