Northern Times.
Liverpool, Merseyside, England, 1857-09-24 00:00:00

ANNUAL STATEMENT OF THE COTTON TRADE

OF AIIIELICA.

NEW ORLEANS, Ss ee. 1, 1857.
In the review of the past season's operations in this
important staple, which we now propose to enter upon,
it may be proper to state, by way of note or preface, that
the quotations which we usa are fer a classification
assimilating to that of Liverpool. The classifications of
France, the Continental Ports, Spain, the North, &c., call
for higher grades, and these usually command an iro to is
above our outside figures.
The first bale of tha new crop came from the Southern-
most part of Tex.'s, and was received here at the unusually
early period of 15th July, but the first bale from the
Mississippi V illey was not received until the 6th August,
which was eleven days later than the first receipt from
the same section the year previous, and the total receipts
of new crop up to the tat September were only 1,166 bales,
against 23,2e2 bales the year previous. The supply of old
crop was nearly exhausted, and the year commenced with
a stock unsold, in first ane second hands, estimated not
to exceed 2,500 bales, a considerable portion being low
cotton of the old crop. The early receipts, too, besides
being meagre in quantity were comparatively poor in
quality, the first pickings in several sect ions having bsen
injured by the severe storms at the close of August ; but
a marked improvement was soon observed, under the pre-
va'ence_of favourable weather and more full maturity, and
ready sales were effected at improving prices, the supply
nof keeping pace with the demand (which was mostly for
France, the North, 111,-xico, end Spain) for a considerable
period. The opening quotations for new crop middling
were lle to 1 lie, but, the market continued to move up.
ward, and the closing quotations of them nth of Septem-
ber were 11,1 : to I lie, with reported sales during the mont h
of 69,20) bales. The average price of middling for the
mouth was 1 to Me. In the early part of Ootober
there were accounts of killing frosts (en unusually early
period), which had more or less influence, and at the same
time supplies were interrupted by ueusually low waters,
even the main chaunel of the Mississippi being so shallow
that the packets could only bring in parts of cargoes.
Under these circumstances prices were run up sti.l further,
and on the 10th October the quotations fur middling were
121 c to 12Se, but at this point the first reaction of the
season took place, the demand not having fully responded
to the increasod supply. The reported sales for the
month were 149,500 bales, the lowest quotations for mid
dling being 114 to file, the highest 124 e to 12}c, and the
average Ile to 11Z e In November the general tendency
of prices was in favour of buyers, the European advices
not meeting expectations, but the sales were large, par-
ticularly at the close, summing up for the month 224,000
bales, the lowest quotations being flee to In r, the high-
est 11 so to like and the average 1 li, to 1 Ile. In Decem-
ber a continued good demand, particularly tor the medium
grades, and great confi lence on the pert of holders turned
the advantage again in their favour, and the average of
the month for middling was llic to 120. Reported sales
for the mouth 226.500 bales. January opened with a very
active demand, and the sales for the first five days summed
up 87,000 bales; being the largest amount ever sold in
five consecutive lays in this market. On Mond Ay the
12th, under favourable European advices, the sales
reached 29,000 bales, which was the largest number of
bales ever sold in one day in this market, while the
aggregate cash value (about 1.500,000 dots) was greatly
in excess of any other day's business on record. Prices
advanced tic within the month, but the market began now
to feel the pressure of stock, the receipts being consider-
ably in excess of the previous large crop year, and there
was a slight yielding in favour of buyers at the close.
The reported sales of the month summed up 302.500 bales,
the lowest quotations for middling being llic to 12ec, the
highest 124 c to 121 c, and the average 121 c to 121 c.
Throughout February the demand continued generally
good for the medium qualities, but their comparative
scarcity (the great bulk of the stock being of the lower
and higher grades) caused the business of the month to
fall off to 201,000 bales, though prices still advanced, the
lowest quotations for middling being 12/0 to 12id, the
highest 121 c to 13c, and the average 1210 to 1210. In
March the scarcity of the middling grades and their
steady appreciation forced some attention upon the lower
qualities, which improved materially in prices upon tha
previous nominal figures. The reported sales of the month
summed up 179,000 bales, arid the further advance in
middling was /e, the lowest quotations being 12ic to 131 c,
the highest leee to 1310, and the average 131eo to lei o.
The month of April witnessed quite a severe struggle
between holders and purchasers, but the remarkable
frosts of the sth, 13th, and 23rd of the month (the last
the most severe), put it beyond all question that the crop
of 1857-58, whatever might be its ultimate extent, must
be a late one, and this conviction, with a rapid falling off
in the receipts and reduced rates of freight, tended to the
advantage of holders, and enabled them to maintain still
further advanced prices with remarkable steadiness
throughout the mouth, the quotations for middling for
nearly the who'e period being 1310 to 131 c, which was the
average of the month, with reported sales of 95,100 bales.
In May the demand was confined almost exclusively to
the middling and good middling qualities, while the great
bulk of the stock consisted of the lower and the finer
grades, and the business of the month fell off to 58,500
bales, the market opening at 131 c to 14c, falling off to 131 c
to leic, and recovering again at the close to 13/ to 140.
Under similar circumstances, and with an unusually
limited number of buyers for the period of the season,
June passed with sales of only 46 800 bales, the lowest
quotations for middling being 13/c to 131 c, the highest
131 e to 14c, and the average Idle to 1310. In July there
was a strong disposition to purchase, but the low stock
of desirable qualities, and the constant upward tendency
of prices, together with tte advanced rates of freight,
tended to check cp rations, and the business of the month
was confined to some 23,000 bales, middling opening at
140 to 1410, and closing at 142 e to 150 ; being the highest
quotations since 1839, and giving an average for the month
of 144 c to 141 c. A similar state of things confined the
operations of August to about 12,800 bales, the lowest
quotations for middling being 141 c to 150, the highest 15e
to 151 c, and the average of the month 14/0 to 150 per
pound, the season closing with a stock unsold estimated
not to exceed 3,000 bales. The reported sales of the entire
season sum up 1,587,700 bales, against receipts of 1,513,247
bales, the excess having resulted from local speculative
movements.
We have thus rapidly sketched the season's progress,
from its opening to its close ; a season which has been
marked by prominent and important peculiarities, among
which may be noted the remarkable steadiness and firm-
ness with which factors have generally maintained their
position, even under the pressure of unwonted stocks and
unfavourable Europe in advices, and when, as in the mouth
of January, with navigable rivers and the increased aid
of railroads, the receipts at the ports exceeded by same
50,000 bales the amount received up to the same period
the previous year, when the crop was 3 527,000 bales.
But early in the season the general impression seemed to
be that it would prove to be about a three milliou bale
crop, this estimate appearing to be quite generally adopted
as a practical basis of operations ; and it has been adhered
to with a steadiness, confidence and unanimity, notwith-
standing the adverse representations of pirties elsewhere,
that we have seldom witnessed, to be more than confirmed
by the actual result.
With respect to the quality of the crop just disposed of,
we have to remark that the early receipts for some time
did not compare favourably with the receipts in the
corresponding period of the previous year, when, by the
way, the quality of the early pickings was unusually good,
the crop being a very forward one, as indicated by the
unusually large receipts iu the month of August. In most
instances they were deficient in staple, colour, and clean-
ness, but this was attributed partly to the effect
of the August storms. Early in September, how-
ever, the receipts began to exhibit a marked improvement
in quality, and for some time they presented an unusually
high a 7.,rage, scarcely any lots below low middling having
been received up to about the middle of October. Then
the low grades began to appear, and they subsequently
constituted an unusually large proportion of the receipts,
weighing heavily on the market during most of the
period, and sometimes being wholly unsaleable, as the
main demand of the season has run upon qualities ranging
from low middling to strict middling. It may be
remarked that the receipts of the season have embraced
a larger proportion of very low cotton (some of it
positively trash) than has been observed since the storm
year of 1845-46. Decidedly the most objectionable feature
has been the dust and sand found mingled with the cotton
to an extraordinary extent, and such complaints of loss
have been received from the manufacturers who have
tested lots of that character, that in future they are
likely to be almost wholly unsaleable, or only disposed of
at a much more marked difference in price than has
prevailed during the past season. If this evil, and
another to which we have often called attention—the
mixing of several qualities in the same bale—can be
avoided by more care in the gathering and packing of the
crop, that care will be well bestowed.
'I he course of the market throughout the entire season
is indicated by the following tables, which show the
monthly fluctuation in prices, with the rate of freight to
Liverpool, and of sterling exchange, and by reference to
them it will be seen that the general tendency of the
market has been upward, until the advance realised ou
middling within the year reaches 4c per pound, the
opening rates being 11c to llic, and the closing 15c to 15ic
per pound. 'The average prices of the season for all
qualities we find to be 12ic per pound, against 9 last year
and 9 1-16 c the year previous, and the average weight of
the bales we have ascertained to be 456 pounds, against
455 pounds las- year and 444 pounds the year previous,
making an aggregate weight for cotton received at this
port of 690,040,632 pounds.

Table shcw:ng the quotations for middling cotton on
he first of each month, with the rate of freight to Liver-
pool, and sterling bills, at the same date.
Midlling. Sterling.: Freight
Per Cont. to
eta per lb. premium. T aver col.
September........ll to 114 ........ 91 to 9t.... • ... 7-16 to
October .
November .
Dece nber
January, 1857-- 11,1 to 121.... .... 71 to M... .... 9.16 to
February, „ l2l t,) 12; ........61 to 71... .... 9-16 to
March, „ ... —l2l to 13 ........ 71 to 8 -16 to 15-32
April, „ .....12! to 131 7i to 81
May, „ .....131 to lt. ........9i to 91 3.16 to
June, „ ....• In to 14 .. 9i to 10 ........ 5-16 to
Jul,. IP
August. „ ..• • l4l to 15 ........91 to 10 .... ~.. 7.16 to
Table showing the highest and lowest points in each