The Sun.
London, England, 1863-01-05 00:00:00

THE SILK TRADE.

With regard to the silk trade, the following re-
marks are from Messrs. Durant and Co.'s circular :
" We beg to hand our annual statement of stock, im-
ports, and deliveries of silk. You will find an
in-
creasedlBooin import of 5,200 bales in China silk ; of
Japan silk; and 1,459 in Canton silk.
Thus showing
an aggregate increase as compared with last
of
yearfully 10 per cent. in the weight of silk both of the
imports and deliveries. The aggregate stock remaining in
the warehouses is the same as last year, a high average,
especially as 5,000 bales China and Japan silk
are now in
course o: landing, and prices close 20 per cent. above the
quotations of last year, still the new year opens with a
buoyant appearance. The extent of business done and the
amount of the deliveries in the year 1862 has been very
large, almost on a par with our largest years, but we fear
the result has not been satisfactory, certainly it has not been
so to our home manufacturers and throwsters. All
hope of a return to profitable trade vanished very early,
and the high range of prices, and the slug-
gish nature of the demand for goods made it
one long continued struggle for them. Importers have on
the whole done fairly well, but to speculators and dealers it
has been a year of great opportunities. Starting with
moderate prices, cheap money, and the expectation of a re-
petition of the lamentable shortness of the European crop,
one element only was needed, and that was courage—no
trifling requirement, lookingat the generally depressed tone
of the market and the miserable result of the trade of the
two previous years, the large stock and the almost certainty
of the continued limitation of demand from America—still
that courage was not wanting, many believing that the
limitation of demand from America could not continue.
Slowly but boldly they commenced their operations very
early in January. At first the effect was comparatively
slight, but by the middle of February an advance was
established of 10 per cent, and this was increased to 20 per
cent. before the close of March. Then came the first halt
followed by a retrogade movement, and from that moment
the course of prices was subject to frequent fluctuations
more or less important—never receding to the lowest
point from which we started but namely regaining
the highest point till the middle of November, when the
impression became very strong that the total quantity from
China and Japan might not exceed 75,000 bales. The down-
ward movement commenced in April and continued till the
beginning of May—it had then reached 7i to 10 per cent.—
about the second week matters began to mend, and when
news arrived from America that for a day or two induced
the belief or rather hope of modification if not arrangement
of the difficulties, we had recovered the fall of 7i to 10 per
cent. which had been established, and fora few days the idea
entertained of a further advance, but as the favourable ex-
pectations passed away so prides began to recede, and the
close of June found us again 7i to 10 per cent. under the
highest point. This tendency continued till the arrival of
the new China silk in August, and the first transactions
were upon that parity, but upon receipt of the China
telegram early in September of very large settlements and
large shipments for the overland route, a further fall of 5
per cent, was established. This extreme depression was
short lived—early in October, an opinion began to gain
ground that the large settlements, twice, indeed three times
repeated must be the consequence of a well founded belief
in the shortness of the crop, and that the large quantity
brought down from the interior was to be looked upon as a
measure of precaution, and arising from the altered mode
of business in China rather than a proof of the existence of

increased quantity. Very large business was done, the deli-
veries of the month reached almost the highest figures
known, except in the month of March and in November;
we again reached the highest figures of March and May,
and with them we commence the year, notwithstanding the
quiet trade and small deliveries of December.