Shanghai, May 11, Fairly active trading was witnessed during the past week under review, fand a large volume of bars were transacted, the greater part of which was done during the latter portion of the period, when the market sagged heavily. A large downward move. ment would have been resulted, had not cash bar purchases at the lower levels effected a checking force.
'The market was fairly steady during practically the whole of the day, remaining within one dollar of the' opening price, $1,140. It was a Government holiday on Tuesday and the market was closed.
On Wednesday a drop in the price of London gold, combined with a strong exchange market, strengthened the past bearish undertone, resulting in a decline to $1,137 toward the end the half-day session, 'A few buyers pushed the price up to $1,188.30 at the opening on Thurs day, but immediately after sellers commenced to predominate and heavy liquidations. by longs were witnessed. This brought about a large drop 10 $1,193.50, but news of banks buying ash gold bars soon put a stop tothe downward trend, and the market advanced again to $1,195.10. This check produced no change in the existing bearish tendency, however, for on the following day the market dropped again to $1,139.30.
The Custom Gold Unit was lowered on Saturday and heavy selling resulted. Bears were predominant at the very beginning of trading and supported by renewed long liquidations, eased the market to sag to the Jowest price of the period under re~ view, $1,12850. At this low level banks began to buy cash gold bars again, forcing the price back to the opening rate, $1,131.90,
Text read from the printed page and cleaned; old type leaves the occasional error.