The Northern Daily Times.
Liverpool, Merseyside, England, 1853-12-31 00:00:00

FROM THE CIRCULAR OF MESSRS. CUNNINGHAM AND HINSHAW.

In the review we propose to make of the details of the annexed Tables, and of the circumstances by which the Trade of the past year has been most influenced, the first consi-
deration suggested is as to the amount of the supplies which have been received, and in reference to these the Import of American Cotton primarily claims attention.
The American Crop of last year exceeded, according to the authorised tables published on the 31st August, that of any former year by 247,853 Bales, the aggregate yield amounting
so no ices 3,262,882 Bales. Of this quantityl,736,B6o Bales, or an excess of 68,111 Bales over the supply of any former year, were allotted to us ; owing, however, to the liberality of the
shipments during the concluding four months of last year (359.756 Bales against 165,297 this year), the actual import of the present year has fallen short of that of 1852 by 257,157 Bales,
being 1,533,542 Bales against 1,790,699 last year; a fact which, together with the unusually large proportion of low inferior Cotton comprised in the supply, and which is partly attributable to
the ungenial character of the earlier motatims of the growing season, and partly perhaps to an insufficiency of the labour requisite to secure in good condition a late though large crop, has for a
long time past operated powerfully on the scale of prices, depressing the lower and raising the higher classes in unusual and disproportionate degree. The general distribution of the American
Crop was as follows, viz. :-to Great Britain 1,736,860 Bales, to France 426 728 Bales, and to other Foreign parts 364,812 Bales, leaving 671,000 Bales for the Home Consumption of the
States and 127,000 Bales in Stock at the Shipping Ports, Of Brazil the supply has notmaterially differed from that of last year, being 132,443 Bales, against 144,209 last year. From Egypt
there has been a material falling off, the import being 105,474 Bales against 189,245 last year; it must however be borne in mind that owing to the low comparative prices which prevailed for
this description throughout the greater part of 1830 and 1851 a large proportion of the craps of those years was kept back, and under the influence of time high prices of last year was then
freely shipped. Of Surat the supply has been large beyond all precedent, the growth having been abundant, and the prices ruling here, at least until lately, tempting, and the revolutionary state
of China having checked shipments to that country : the amount received has been 485,527 Bales, or an excess of 159,053 Bales over the supply of any former year-last year 222,404 Bales=
were received. The Import of all descriptions into the Kingdom, it will be seen, amounts to 2,264,711 Bales, against 2,357,718 last year. As, regards the supply of the ensuing year we are
quite prepared, should the course of trade not bo interfered with by Continental politica, to anticipate an excess, and possibly not an inconsiderible one, over that of the past year, for though
the extent of the American Crop may not quite equal last year's, it must be remembered that the exports of the growth have so far fallen short of, that of 1852 by 204,4Z49 Bales, and that this
quantity, or at least an amount in fair proportion to the yield, has yet to be received ; and further it cannot but be regarded as probable that the shipments of the next crop will be during
concluding months of the ensuing year on a more liberal scale than those of the last. From Brazil and Egypt we see no reason to anticipate under ordinary circumstances of trade as
falling off in the supplies; whilst from India, should the present revolutionary state of China continue--and we fear the movement is of too gigantic a character to admit of a speedy settle-
ment-and should the prices ruling here not be unduly low, the import will doubtless again be very large.
The EXPORTS of the past year amount to 349,600 Bales ae.tinst 282,800 Bales in 1852. The cames consists of 10,000 American, 6,000 Brazil and Egyptian and 50,000 Surats.
The SPICCITLATtoN of the year in this market has been on a comparatively moderate scale, operations of this kind having in the early part of the year been checked by apprehensions
suggested by the large estimates current of the American crop, and latterly by the threatening aspect of Continental politics, as well also as by the high point at which prices, notwithstanding
these circumstances, have been maintained. The amount turned over has been 412,940 Bales against 830,650 last year.
The CoarstratmoN of the past year appears by the annexed tables to have been 1,855,051 Bales, or 35,670 per week, against 1,911,998 Bales last year, or 36,770 per week. It is,
however, highly probable that the actual Consumption of the year has exceeded the amount of our tabular statement by at least 1,000 Bales per week, inasmuch as Manufacturers, influenced by
the troubled aspect of Continental politics, by the unsettled, dissatisfied state of the Operatives, and by the greatly enhanced value of Money and Corn, allowed their Stocks some three or four
months ago to run down to the smallest possible point, and have since bought only in supply of their immediate wants. If therefore we are correct in this respect, and the Trade hold consequently
fully 50,000 Bales less than last year, and we think the fact is scarcely open to question, the actual Consumption of the year way be fixed at 37,000 Bales per week. But large as this estimate
is, it nevertheless falls short of the Manufacturing power of the country by at least 2,000 Bales per week, since the various strikes of Preston, Wigan and other places, which have now for the
most part lasted upwards of three months, and the short time which has of late been worked in other important districts, cannot be considered to involve a diminished Consumption of less than
100,000 Bales ; and in justification of this estimate of the Manufacturing power of the country it may also be added that the production of the coarser qualities of Goods and Yarns was mate-
rially checked during the first six or eight months of the year by the comparatively high prices which prevailed for the raw material. The following are the details of the deliveries from the
Ports for Cousumption as compared with last year, viz:-
American. Brasil. Egyptian. Surat. Other kinds. Total.
1853,-1,409,442 • • • 119,813 . . . . . . 119,724 . . . . . . . . 196,587 . . . . . . . . 9,485 . . . . 1,866,061
1852,-1,509,779 .. 124,459 .. .. 108,385 .. .. 160,504 .. 8,871 .. 1,911,998
STOCKS.-Thongh returns of STocit held here were published at the close of April and August last, the declaration of to-day we regret to say again materially differs from the previous
estimates of the weekly circulars, there being as compared with these an excess of 60,000 Bales, viz., of 51,000 in American, 8,000 in Brazil, 5,000 in Egyptian, and a deficiency of 4,000 in
Surat'. This discrepancy, though an important ono, will yet, in the present unsatisfactory position of the Market as regards supply, probably exercise no particular influence upon prices.
The total amount held here is 697,600 Bales against 677,810 last year; and the aggregate of all the Ports is 717,680 Bales against 657,520 Bales last year. In American descriptions there Is
a deficiency as compared with last year of 51,900 Bales, in Brazil of 5,470, in Egyptian of 17,650, and in various kinds of 2,360 Bales, whilst in Surat there is an excess of 137,440 Bales.
This amount of Stocks cannot but be considered as exceedingly moderate when it is remembered, that whilst the Manufacturing power of the country is greatly increased, the Trade hold less
as already stated by at least 50,000 Bales than at the close of last year, and that of the Stock of American held by Importers fully three-fourths consists of low and inferior Cotton ranging
from 31d. to 61d. per lb., and which is relatively even yet in but limited demand. Had Consumption therefore not been checked by the peculiar combination of circumstances which have
operated so especially against trade during the last four mouths, and to which allusion has already been made, it is clear that the paucity of supplies would have forced up prices to a point
much above the rates which are now current.
Pt:atm.-That the fluctuation in prices, at least in the prices of all those descriptions which have been in the most current consumption, should have been during the past year more than
usually limited, considering the magnitude and fearful portent of the events by which it has been signalized, viz. by the long threatened and final disruption of the peace of Europe, the wide
spread agitation of the Labour Question, the immense rise which has taken place in the value of Money and Corn, from 435. to 735. per quarter in the one and from 2 to 5 per cent in the other,
cannot but be regarded as most remarkable and as suggestive of much anxiety for the future. Still the apparent anomaly of the fact is not difficult of solution, for with Middling Orleans ruling at
the beginning of the year at the medium point of s:td. per lb., with Trade good in Manchester and the Stocks of Goods and Yarns light, :there was on the one hand but little room for depression,
whilst on the other no material rise was justifiable in the face of time large estimates of the American Crop which were then current. Under the influence therefore of these opposing elements, the
fluctuations which were experienced in the value of Middling Orleans (the fairest test at all times of the course of the market,) during the first eight months of the year did not exceed id. per lb.,
the price never falling below 50. or rising above 61d. per lb., and ruling during this period for the most part at 50. to 6d. At the beginning of August their extreme value was bid. per IL, but
from this point, owing to the increasing complication of the eastern Question, and to the strong and general manifestation of dissatisfaction amongst the Operatives, they gradually declined till
the close of September, when their most current value was that ruling at the beginning of the year, viz., 61d. per lb., although partially business was at this time done at rather lower rates, Thee
however speedily recovered from this depression, time supply of all qualities above good ordinary having become relatively very small, and during the last two months they have again ruled for the
most part at 6d. per lb. Whilst such have been the alternations in the value of the medium qualities of American, it must however he observed that the prices of the higher and lower classes,
the former of which have abased throughout the year beensirelatively very scarce and the latter very abundant, hay, gradually become separated by a wider scale, so that the rates now ruling for
the one, were the new import not close upon us, would greatly enhance the consumption of Brazil, whilst those of the other are strongly felt in forcing down time price of Surat, and in thus encou-
raging greatly time production of coarse Goods and Yarns, which, as we have already noticed, was materially checked at the beginning of the year by the comparatively high prices then ruling. The
prices of all the current qualities of Brazil and Egyptian were pretty much the same at the beginning of the year as they now are, but at the highest point, viz., in September, both descriptions
commanded higher rates by id. to Id. per lb. than those now ruling, and the finer classes of the latter, which were freely taken in the middle of the yearas a substitute for Sea Islands then brought
prices 2d. to 3d. per lb. above present rates. Surats followed closely the course of the American Market during the first six or seven months of the year, but the gradual accumulation of the
stocks of both them and common American has since influenced for the most part a slow but steady decline, the prices now ruling being about id. per lb. below those at the beginning of the year.
Although the year opened with high prices for Sea Islands they yet steadily advanced, under the stimulus of great consumption and an impression which very generally prevailed that the supply
would be deficient, till the close of August, when an improvement of 3d. per lb. for all the current qualities and 4d. to Bd. for the finer grades was readily obtainable. During the last two or three
months however opinion has been against them, the supply, in consequence of the heavy operations of Consumers in the early part of the year, having been found abundant, and favourable reports
having on the whole been received of the growth of time past season. Prices during this period have therefore seriously declined and now rule in all the lower and medium qualities 4d. to sd. per
lb. below those current at the close of last year ; the better classes however have not declined in equal degree and for them the rates ruling are about 2d. per lb. lower, whilst for fine Cotton there
are still 4d. to 6d. higher than those at the close of last year.
The enormous magnitude of time Cotton Trade and its great susceptibility to time influence of every pecuniary and political change, renders it at all times as difficult to predict the amount
of consumption, or the scale of prices, as to prognosticate the value of Money or the price of Consols ; and at present, looking at the complicated aspect of European politics, and at the contest
which is being carried on between the Operatives and their Employers, it must, by common consent, be admitted that time future is more than usually dark. Still if due consideration be given to
the vast changes, both social and commercial, which the Gold discoveries of California and New South Wales are working over the whole Trading World-and if an equitable regard be had also
to the foregoing analysis of the Statistics of the past year, and if it be borne in mind that the only increase of supply which we can, with any surety, rely upon, is from America, and that this, judg-
ing from the accounts which have hitherto been received of the extent and character of the Crop, cannot be otherwise than of moderate amount, and for the most part of low and inferior quality
if, we repeat, all these things be dimly considered, it is quite obvious that we cannot expect, under circumstances which may afford a fair reasonable scope to the Manufacturing power of the country,
a lower average of prices than that of the past year. •

LIVERPOOL MARKETS.—YESTERDAY.
(Written expressly for the Northern Daily Times.)
Some farther business has been done in Arracan Rice, at
a small advance, upwards of 3,000 bags having changed
hands on the spot, at 14s to cwt.
Considerable purchases have also been made in West
India MoLAsses, the particulars of which, however, have
not transpired.

offered at an advance of 3d to 4d on Tuesday's rates being
readily cleared off ; some extra quality of white American
made as high as Ils 6d if) 70 lbs.
There has also been an active inquiry for FLotra, both for
(consumption and holding over, at an improvement of is to
is 3d tl brl, and sack Flours are held in the same proportion
higher.
BARLEY is in better demand, at full prices.
BEANS 6d to I s if? quarter dearer.
OATS and OATMEAL are held for rather more money, but
the sales are of limited extent.

On FLOUR ;is qr On INDIAN CORN ' • ld $45 lbs on
OA:rs ; and is $ load on OATMEAL ; and at to-day's market
there was a large business done, at prices again in favour of
sellers.

CorroN.—There has been a fair demand for Cotton dur-
ing the week, from the trade, speculators, and exporters,
and the market has been quite firm for all descriptions, but
particularly for American of the current qualities, at 5-id to
6id lb, which are rather dearer. There have been taken
on speculation and for expert, 7,760 American, and 2,500
East India, and 35,390 bales by the trade. The actual ex-
port consists of 1,070 American, and 2,376 East India—in
all, 3,356 bales. The stock proves to be 63,000 bales more
than the estimate, 50,000 being Americhu. Sales, 5,000
bales, 500 speculation and export.

INDIAN CORN is again is qr dearer, with an active
demand for all descriptions.
Arrivals and exports from the 27th to the 29th Dec., 1853,
inclusive. Wheat, 6,414 qrs ; barley, 693 qrs ; malt, 802
qrs ; oats, 2,200 qrs; pease, 733 qrs ; Indian corn, 4,876
qrs; oatmeal, 6,845 sacks; flour, 1,707 sacks, 11,322 brls.
Exports to foreign parts—Wheat,
90 qrs; flour, 50 brls.
Ireland—Wheat, 283 qrs ; barley, 30 qrs ; Indian corn,
1,009 qrs ; flour, 692 sacks, 225 brls. Coastwise—Wheat,
213 qrs; beans, 25 qrs; pease, 3 qrs; Italian corn, 148
qrs; flour, 192 sacks, 825 brls.