(Weekly report by courtesy of Messrs. J. Spunt & Ca.)
Chinese _Cotton:—Notwithstanding the firmness that prevailed during the previous period the market suddenly reacted for the old crop cotton and continually declined during the, early part of the week under review, Gescending to the extent of $3 lower than last reported. This is attributable to liquidation on the part of outside bulls who were not in a posl-Hon to take up their contracts and through their procrastination they were compelled to liquidate at the last moment, and at the same time the bull syndicate were not prepared to take up any further contracts, as they were well aware of the fact that whatever they would take up would Involve heavy losses by selling however, arrangement that appears to have been made with the Cotton Goods Exchange, the July settlement was successfully carried out, It is reported that the total tenders amounted to 106,000 shih-tan and loans against raw cotton were available at very favourable rates interest. "During the weaker markets quite 2 good deal of shorts. covering was noticeable, hence prices Feacted upward by $150 from the Towest. Prices for the new. crop months also declined "about $50 in. sympathy with the weakness in the foreign markets as well. as the ideal weather conditions now prevailing in the domestic cotton belt.
Business for new crop cotton on the part of spinners has not as yet commenced except in the case [Some of the Japanese Mills who have made some commitments on Lingpao Cotton and Tientsin and Shantung [American seed cotton. is generally anticipated that the new crop will be larger than Jast crop, the mills are not so book their requirements now, as they Took forward to taking advantage of lower rates prevailing in the near future, Yarn:—A better demand was noted Jduring the early part of the week under review and prices for spot }yarn have been firmer than that for forward months. "However, prices for fulure months have declined bout $5 per bale. In the event of there being no hostilities in Kwangsi province, it is generally anticipated that there will be further improvement in the demand for yarn. from the Southern ports in the near future.
Probably owing to political disturbances in Europe, all buying centres that area have shown little Interest Ju various articles of China produce during the past week.
American buyers also appear to have withdrawn,
Text read from the printed page and cleaned; old type leaves the occasional error.