A circular has been issued giving [the information that the Fidelit; Trust Company and the Interna: tional Bank have been _merged under the name of the Fidelity International Trust Compan; The capital of the Fidelity-Tnternational Trust Company will ho $1,500,000 with a like amount irplis and undivided profits total capital, surplus and ided profits of $3,000,000. The total deposits will be ap. proximately $20,000,000 and total resource Will exceed $23,000,000. The many will be a member of the Ni w York Clearing House As-n and the Federat Reserve System. The present active and salaried officers and employees of both institutions will be retained in their respective capacities under the nierger.
The increased capital of the international Trust Company will enable it to handle a larger volume of business than has been possible for cither institution in the past, Th connexion with this merger, there will be no Hindu weddings {it has to be mentioned that the during the next 12 months, the International Bank, here alluded Present colossal absorption can to, must not be confused with the only be for hoarding purposes, International Banking—Corporation.
Japan's Gold Reserves The outflow of gold to Jay Shanghai Market Report the United States, which a Aug. 21. to about $7,500,000 in the first 10 days of July, was expected to con-!
engagement reached approximately SPAWN Gistince SIGNS ous three tinue until the total of the July The goods market has! shown distinct signs of being tired 811,900,000, The metal is "being Weeks or so there was the nearest shipped ivom San Francisco at the! yronch to a spurt' which has direction of Japanese banks in New; pEPYON? £. Some time, but after this slight rush and brisk bidding either the Japanese Govern-at the auctions a reaction has set ment nor the Bank of Japan," said jy. This is probably. only a. tem-Akira Den, Japanese Financial) porary feature, although it can-Commissioner, "'has any connexion) not be denied that certain dealers with this gold export, which is only! are hoping for better times. The the normal exchange operation of fact of American cotton being private banks. At present the! down and exchange up suggests total reserve held by the Govern- to them the hope of better condiment of Japan and the Bank cf/-ions in the near future, a hope Japan, consisting of gold reserve at} that must be largely illusory. We home and current credit abroad, is} have to-day the fact that Fast Y.1,921,000,000, or about $1,000,000,- Blacks and Fancies have been in 000, and the capacity of the Govern- demand at the auctions, but the ment to hold this credit is limited] prices realized are little more by the condition of the Treasury. than 50 per cent. over the June replacing cost in Manchester. It is futile to hope even for a continuance of the cheap goods that have been the order up to the present.
The six shilling exchange is undoubtedly helping dealers in connexion with the orders they placed last autumn. It is stated that a considerable quantity of sterling has been settled during the week on this account. The higher rates have also had the effect of causing the movement of cargo, and packages purchased at auction some time ago are now being delivered.
In Greys and Whites the undertone is reported good, but with the exception of a very few of the best. known chops, business is confined to Japanese imports. There is no doubt that on account of the recent financial shinip in Japan merchants there are very short of money, and instructions seem to have been given to dispose of cargo at whatever rates offer. Accordingly we find that in a place like Ningpo, where formerly the boycott was strongly conducted, Greys and Whites of Japanese manufacture are now finding a sale, although at very much reduced rate. It is stated that sonic sales have been made below actual cost price, and the rates are certainly far below present replacing quotations. So far only a small trade has been done, and the real demand for Greys and Whites will not take place until next month. Should the market have by then recovered from its temporary lethargy. a good demand all round is expected.
One unsettling feature during the week has been the new Korean tariff, more particularly so as nobody knows what it is to be, and this in, spite of the fact that. it comes into operation so soon as the sth instant. Chinese dealers this week have been talking of an import duty of 40 per cent. om piece goods, but it appears more likely that it will not go beyond 20 per cent. This tariff will undoubtedly affect the market for pure finish white shirtings, which have up to the present been largeily favoured in Korea, and while mean that dealers will probably be _able to dispose of thely commitments in other centres, will result ina diminution of the trade from Henie.
Text read from the printed page and cleaned; old type leaves the occasional error.