(Weekly report by courtesy Messrs. Spunt & Ca.)
Chinese Cotton:—Our market con-denned in a weaker direction throughout the past week, registering at the close a net decline of $2 for August Cotton and about $0.75 for the new jerop months. While the foreign matkels may be said to be quite steady. the general sentiment among the local professionals and cotton, merchants appeuts to be athos the following fact well supplied for their present needs; there 3s no improvement in the demand for yarn; (3) the huge in-Jereage in the acreage of the domestic Jerop which, together with the favour-fable weather conditions now being experlenetd, indicates a bumper new season crop; (4) the probability of unavoidable liquidation of the large holdings of old crop cotton by the bull syndicate which will undoubted. ly affect the market to a rear extent, particularly at the time when the new crop cotton comes up on the open market. It is reported that a special organization has been formed by the syndicate for the disposal of the pool fertton. Tt is rumoured that some complaints es to the quality of ten-ered cotton from the July delivery have been lodged with the Cotton Goods Exchange and a board of in-[spectors is being appointed by the Jexchange to investigate and certify fas to whether or not such claims are justified. "Holders of pool cotton appear to be rather pessimistic and believe that a heavy loss thereon is inevitable. Bueiness for spot cotton may be said to be practically nil, but about 40,000 plouts of new crop cotto comprising Tungchow, Shanghai and 'Ningpo cotton, have been booked by some of the Chinese and British Mills, 'Most of the Tocal spinners, particularly the Japenese, are watching the situation very closely and it may' Jexpected that no sooner a further recession of two dollars per picul is registered they will absorb as much fof the new season's production as Possible, it being a fact that no mat-for how low the foreign markets may go the values of the indigenous Growth will, nevertheless, still be the cheapest for local consumption, Yarn:—During the week just ended prices declined about $4 per bale Fwhich was brought about by dint of the. weakness in the raw colton markets as well as by liquidation on the part of tired longs. Spot business may be said to have been quite normal but the total quantity was not large enough to stimulate prices. The futures market 1s easier, due to the fact that spinners will be working on a remunerative basis as the Taw material for forward deliveries will be supplied them at fairly favourable rates, and by way of protecting themselves against any adverse, fluctua tions in the future some of the mills are making hedge sales of their out: put In the Cotton Goods Exchange.
Text read from the printed page and cleaned; old type leaves the occasional error.