The Sun.
London, England, 1866-04-21 00:00:00

Movements of Cotton in America.

Our readers are aware that ever since the close
of the war we have maintained an estimate of the
probable supply of cotton in the South largely ex-
ceeding the estimates generally entertained among
manufacturers and by the cotton trade of the
United States and Great Britain. Our views as
to the supply of raw material have regulated our
opinion upon the condition of prices in the goods
market, and have so widely differed from those pre-
vailing in the trade that we presume many of our
readers have been unable to understand our position.
Through all sorts of complaints and charges we
have steadily adhered to what we deemed a sober
estimate of the stock of cotton, satisfied that our
views should remain to be tested by ultimate results.
Those results are now appearing, and we are prepared
to compare opinions with facts. About a year ago
we said with reference to the probable stock of cot-
ton in the country :
"We apprehend there can be little reasonable
doubt of the existence of large quantities of cotton
in the South. Probably from two millions to two-
and-a-half millions of bales would be a safe esti-
mate of the balance remaining, now that all the
ports have fallen into our hands. The amounts
found at Savannah, Charleston, and Wilmington
are a very imperfect criterion of the stock in the
country. The ports have been naturally regarded
as the most exposed places for storing cotton ; for
they have each been long threatened by our navy ;
and, during late months especially, there can have
been little doubt in the minds of the Southern
people that their seaports must soon fall into our
occupation. For the purpose of safety, therefore,
the cotton has been stored in the interior of the
country ; or it would perhaps be more accurate to
say has been there hoarded. A value is placed
upon cotton in the South of which we have a very
imperfect conception at the North. It is true that,
wapnrtsesoefntt,neit
pdeooepsle 'b.uht
ulitttilte
is towards
the
at
only
otfhae
meehotipneg
large portion of the population when the war shall
have closed. It is the-calp
on which they hope
to be started in business again
when hostilities shall
have ended ; and it is consequently i
preserved
with
as much care as gold itself. We must not therefore
suppose that be cause our raiders have not discovered
any monster piles of cotton bales in their progress,
there is only a small amount of cotton in the South.'
It will ultimately come forth from the attics and
cellars of a thousand private dwellings. It will be
found not only in the hands of cotton planters, but
distributed, in small lots, among nearly all, who
have had a surplus of means which they wished. to
invest in something that would depreciate little
during the war, and then, when peace came, they
can promptly convert into ready money by sup-
plying themselves with the commodities that will
then crowd into their markets."
We now find the total supply of cotton in the
South, at the close of the war, including the new
crop, to have been nearly 2,200,000 bales, or about
half-way between our minimum and maximum esti-
mates. The total is obtained as follows : _

Baleg.

Receipts at the ports from May 1, 1865, to Sept
1, 1665
Receipts at the ports from Sept. 1, 1865, to Feb
1, 1866
Estimated amount in the interior on Feb. 1, 1866 550,000
Estimated stock at the Southern ports

Total supply in the South at the close of the
war 2,195,000
Add stock in other than Southern ports 60,000

Total supply in United States
It thus appears that in lieu of a supply of
1,500,000 to 1,750,000 bales, very generally antici-
pated until quite recently, the supply reaches fully
two and a quarter million of bales, or 630,000
bales beyond the average estimate.
We are enabled to present our readers the result
of a very careful estimate of the total supply of
cotton in the United States on Feb. 1, 1866. The
statistics have been compiled from a survey of the
stocks at the several points, under the auspices of a
number of manufacturers and merchants, and are,
we understand, endorsed by the Secretary of the
Treasury, as approximating official estimates based
upon the reports of Treasury agents. The follow-
ing is the estimate :
COTTON IN THE UNITED STATES ON THE IST DAY