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“...with the big piece-goods firms at this port, and it is there that British interests have been predominantly established. During the past year, however, an entire change has taken place, and, apart from the goods which entered the country direct from Japan, there was a regular traffic from Shanghai direct to Dalny, where goods entered duty free. There can be little doubt that the Japanese are making a bid for the cotton cloth trade of Manchuria, and the increased number of spindles and the new mills established by them during the year all show activity and a keen spirit of competition. For the present the Japanese spinnings which have entered the country are not as favourably spoken of as those of Manchester, but the markets will need careful watching and ener- getic working as soon as it is possible to gain a fair footing in the country again. Manchester Although the year has been bad for piece-goods as a whole, it is goods. probable that Manchester has suffered less than any other competitor...”