(Weekly report, by courtesy Messrs. J. Spunt & Ca.)
Chinese Cotton:—Since the opening of the market after the Spring festival, prices showed frm linoss and moved up over $1 for future "deliveries, influenced by the excessive buying on the part of Chi-mese bankers and speculative operaors. Strong rumours elreulated in the bazaar during the early'part of She the week intimating that the' reserve system in the Central Bank may be changed in the near future and that commodities would be acceptable as security against reserve funds. 1 was also rumoured that a new dollar containing "S mace silver' is being minted and would be issued for Clreulation. in either "the month Moy or June. and further "rumours permeated the market that heavy Shipments of raw cotton were to be exported' by the Government to Germany ona barter basis, All those "rumours appear to har sllmulated this market to a more or Jess extent, but the general feverish feeling cooled off toward the end of the week owing to lack of confirma~ tion of the rumours and the absence of any incentive support ¢rom other technical sources. Consequently, scattered liquidation on the part of {timid bulls was noticeable at the close, registering a net advance of, only bout 50 cents when compared wit the level ruling before the holidays, fair volume of spot business has Geen done with some of the Japanese Mills in grades of Lingpao, Shensi, and Ningpo cotton at rates lightly higher than previously reported. While stocks locally appear fo be quite plentiful especially. of the ordinary Lingpao and Shantung American cotton, the receipts, from the interior have been practically nil and will not restive normal movement until about three weeks later. 'Spinners on the average are supplied, however, and show no anxiety to book their' supplies for the time being. The foreign staple continues in a steady direction and ithe parity: is still too wide, Im-Porlations into this country ate as yet impracticable. On the whole the market indicates steadiness, tut Jegitimate business point of Goods Bichange increased to nearly 20,000 bales. The bull syndicate said to be prepared to take up 20.000 bales on February contracts as they have arranged a joan of four million dollars with some Chinese banks. While Sampin prices have receded guile heavily during the last fow Gays, the prospects appear to be rather bright in' the near future, Nipune' of the market
Text read from the printed page and cleaned; old type leaves the occasional error.