Northern Times.
Liverpool, Merseyside, England, 1859-01-01 00:00:00

COTTON.

In glancing over the events of the year now closing, it
will be remembered that it was ushered in with many
indications of returning confidence, and a general belief
that the course of trade, for at least some time to come,
would be one of steadiness and prosperity. Prices of all
kinds of commodities were at a moderate level, and
money, it was expected, • though naturally still held
tightly after so recent a revulsion, would gradually, as
the season advanced, become cheaper and more available.
The months of January and February, to a considerable
extent, verified these anticipations, for, though the year
opened with the rate of discount at the Bank of England
at eight per cent., the month of February had not closed
before that establishment reduced it, by rapid steps,
down as low as three per cent., a circumstance of itself
indicative of great confidence on the part of the Bank
directors in the progress of amelioration, and one which
apparently operated as a stimulus to investments in cot-
ton at rates which went on steadily advancing. The
enJiancement in the value of American cotton during
this time reached I,ld. per lb., and in that of East India
4-4,(1 per lb. upon the closing prices of 1857. The Eastern
demand for manufactured fabrics too commenced about
this period to afford great support to the Manchester
market, and, in an extraordinary degree, has indeed,
throughout the year, made amends for the partial
cessation of American orders. The stock of Cotton also,
from the long prevalence of easterly winds having kept
out supplies, became so restricted that at the beginning
of March there were not more than 84,000 bales of
American left in the port, a point to which the stock had
never been reduced, at any time, during a great number
of years past. It was at this period that prices reached
their culminating point, fair Orleans being quoted 84-d
per lb. on the sth March. A few days afterwards, how-
ever, and following upon a change of wind favourable to
arrivals, a decided reaction set in, and, as the aggregate
imports of three consecutive weeks reached the large
total of 410,000 bales, (the greater part being at a profit
• omfalrkdettoil2,asd per
mlbe.duiapteenlythineatsht eanb
a e sutda,bullisihye.dsuppipAcieesd,,)
atnhde
so eagerly were importers desirous i?freat lizing, that con-
stantly declining pnees were submitted
close of the month, the depreciationAlTipahndilsraa3cdrluelecedotivioediryip, eorf_lb4,.
for common, and Id per lb. for better qualities of American ;
whilst East India descriptiop had fallen 1-d per lb. from
great for
the highest point of the market.
how-
ever, seemed to have been too sudden and too
the circumstance which gavet rise to it,. for, after a short
took
kh of
place,confidaenndeethaegaMitainsetheaedstielyr
d
in
of May a further d
tpea pause
perin tlhbe, lal olr
ngdsn
ngiododdie
But at this time,na
evoanns ea*.
rmearrirkeedt,csoantutinbgy vtebrey
of Id per lb. was realised.
receipts at the American .
pqouretuse,ehoolfdearsdvioncecse moforheebalaame anxious sellers, and the
market relapsed into a quiet and drooping condition, and
the advance last mentioned was completely lost before the
month terminated. The business of the next two months
continued to be of the most inanimate character, though
during the • decline this period did not exceed 3-16 d per
lb. in American, whilst Surats, from their scarcity, even
improved in price to the extent of id per lb. August
brought little relief to the dulness previously prevailing,

for though the news of a treaty of peace having
concluded
-
concluded with China operated some little in favoar
the market, the effect of this was only of temr-orary
duration, and the month closed, as it had comirxreefe,
devoid f spirit, and unchanged in price. During this
lengthened period the state of trade in the manufattatisz
districts had continued of a very favourable chazaz.!er,„
and would, no doubt, in ordinary seasons, ham
produced a corresponding effect in this market, but the
recollections of the recent panic seemed to be still operat-
ing on the minds of holders, and rendered them afraid er
holding stocks in any but moderate qnantities, thereby
keeping the market generally oversupplied with CAKICETI,
and inducing Spinners, who saw the position of reatlers,
to adopt the policy of buying only for their irumelate
requirements. This state of things continued until the
receipt of advices, in September, of rains and bask
the Southern Cotton districts, followed by serious :veer-
flows of the Mississippi, created considerable alarm few
the safety of the growing crop, and, as a consequence. a
general desire on the part of both the Trade and Farr-
ters to increase their purchases, the enlarged transens
resulting from which forced prices up id. per lb. The
fact, however, of heavy receipts at the ports dulas the
month of October, rather tended to throw discredit aplan
the low estimates of crop which the floods of September
seemed to justify, and a decline of id. to ?id. per lb. took
'place by the end of the month, in all descriptions bat
Surat, which, for the reason previously stated, renzaineZ
unaffected. In November, the receipts still contimuirg
upon an extensive scale, increased estimates of crop were
by. each succeeding packet becoming more general, bat
spinners have allowed their stocks to run rather law;
were at the same time obliged to re-enter the mulct.
and, as the supply here had become again much tea-
tracted, and the shipments to this country front he
United States were known to he very limited, the erect
of the prospect of an ultimate good supply was partially
counteracted by the influences immediately in operatics,
and prices were in consequence, fully maintained throiqk-
out the month. The market in the present month sif
December has derived some additional tone from the
unexpected 'reduction, on the 9th inst., of the min al
interest by the Bank of England to 21 per cent., bat ia
other respects the same influences have continue& be
operation, and prices, after fluctuating a little, re artha
without alteration at the closing rates of .Noyeralmr-
We quote to-day " middling" and "fair" Orleans retina
7d and 7-Id per lb, Mobile 6Z-d and 71d per lb, Upland.
and 7d per lb, and Surat 6rld and Oitd per lb, which, s-
pared with the opening prices of the year, show yr
advance of 1d per lb in American, and Id per lb in Sins .
descriptions. HArwooD and M‘Vicia-
The prospects of the Cotton trade for the future hire
rarely worn so cheerful an aspect as at present, wiat
cheap food- cheae.money - a more legitimate use of it--
an American crop of unexampled abundance -antf
reasonable hopes of more liberal supplies from cakir
quarters the industry of this great staple may look- far
ample employment; every appearance indicates that an
vexed question "an insufficiency of Cotton " will be
shortly set at rest, and a tone, of healthy confiderzw,
based upon moderate prices, imparted to the trade sLtit
as it has not seen for several years.
JOHN WRIGLEY AND Sera..