The Sun.
London, England, 1866-01-04 00:00:00

The Trade of 1865.

Subjoined are extracts from circulars relating to various
principal branches of business during the past year :
SUGAR.

(From Messrs. Travers.)
The heavy fall of January continued up to the beginning
of May, the advance then obtained was supported till Sept.,
when prices suddenly attained their maximum value for the
year, while the declining rates of Nov. have gradually
lowered sugar to the position which it occupied 14 months
ago. The three events which have principally characterised
the sugar market during the year have been the effects re-
sulting from the close of the American civil war, the threat-
ened introduction of beetroot sugar in large quantities into
Great Britain, and the highly satisfactory state of the deli-
veries. In attempting to estimate the future prospects of
the market, the position of America with regard to its sugar
supplies must be especially taken into consideration. Be-
fore the civil war the production of sugar in Louisiana
amounted in round numbers to 200,000 tons ; but although
this source of supply was presently almost annihilated, the
people of the Southern States did not make up the deficit by
foreign importations ; they simply did without sugar, while
at the same time the consumption in the Northern States
was also much diminished. Circumstances have now changed
—the Louisiana production still remains extinct, but all
American ports are open to trade, and the deliveries have
almost regained their former level, so that it may be ex-
pected that this enormous deficiency, which at present
is chiefly met at home by a production of 30,000 tons
of maple sugar, will during the coming year, as it has
during the past year, attract large foreign supplies to
the United States. To fill the void caused by the loss of
Louisiana crop, the production of beet root sugar, which
was 387,600 tons in 1857, is expected to amount this
season to 560,000 tons, and is likely to go on increas-
ing, and cultivation in tropical countries has also been
extending, so that the total production of the world is
probably as large, if not larger, than it was before the war.
During the same period, however, the consumption in
Europe has become considerably larger, and the American
demand will probably reach its former level. Notwithstand-
ing the gradual resumption of cultivation in Louisiana,
which we may reasonably expect, it seems hardly probable,
under present circumstances, that the extreme depression
which marked a large period of the old year will also
characterise 1866 ; but, on the other hand, those who are
sanguine that prices will speedily rise should remember
that the most speculative season of the year, from August
to December, is now past, that stocks are heavy, and that
the new sugars will shortly begin to arrive. It is also well
to remember that in what may be termed the speculative
months—in other words, during the autumn of the year—
any sudden advance in the English markets will for the
future almost assuredly be followed by heavy importations
of beetroot sugar, since the raw material of that article has
to be worked up as speedily as possible, on account of the
danger of frost injuring the roots. On the whole, looking
at the average price of sugar which has ruled during the
last few years, the stocks now on hand, and the supplies
expected during the next few months, the market undoubt-
edly appears to be in a healthy position.

FREIGHTS.
(From Messrs. Stringer, Pembroke, and Co.)
The year just closed has been far less favourable than we
could have wished to very many shipowners. It commenced
with low outward freights upon all long voyages, and most
of those vessels which went seeking to India and China
returned with miserably low freights, coupled in many in-
stances with very long detention abroad. We commence
the year under more favourable auspices. The establish-
ment of new steam lines in India, causing a considerable
increase in the shipment of coal, the increased demand for
our manufactured goods, the expected large shipments of
railway plant and materials, and the increased consumption
of coal on the Indian railways, lead us to expect that the
improvement which has been established outwards will
certainly be maintained, and probably augmented, for
some time to come. The largo accumulation of tonnage
in India and China during the recent great depression in
freights there has very materially reduced the amount of
disengaged shipping on this side. Another element in
favour of activity in outward freights is the gradual resump-
tion of our trade with the United States. The much-desired
termination of the lamentable civil war in America did not
produce the immediate benefit to shipowners expected by
many. Considering, however, how greatly the resources
and energies of both sides were taxed during this fearful
struggle, our commerce with them is making rapid pro-
gress; but it must of necessity take considerable time to
reorganise labour in the South before we can receive our
old supplies of cotton from that quarter.

LEATHER.
(From Messrs. Boutcher, Mortimore, and Co.)
Our present annual report of the leather trade will be
found to bo in many respects more satisfactory as regards
the interests of the manufacturer than we were enabled to
offer at this period last year. The improvement has taken
place principally during the last five months, it has been
steady and general, free from speculative transactions, and
is still progressing. The year commenced with an active
demand for most articles, but the subsequent extreme.dry-
ness of the weather checked the consumption of heavy
goods, and probably of other descriptions also ; as from
March until August only a limited business was done, and
prices in somo cases rather receded; after that they began
to rise, and have had an upward tendency during the re-
mainder of the year. We attribute this improved position
of our market almost entirely to an increase in the home
consumption, as the Australian trade has been very quiet,
and but little has been required for the supply of military
orders, either by our own or foreign Governments. The
Customs' returns, it is true, show an increase in our ex--
ports, but these have consisted largely of light calf skins,
basils, and sheep skins of all kinds, with some other light
goods to the United States, which have not affected the
general product of our tanyards.

LINSEED.
(From Messrs. Edwards, Eastty, and Co.)

We have on this occasion a pleasing retrospect, the trade
of the past few months having been of an unusually remu-
nerative character. The continued success of the new as-
sociation terms greatly facilitates business, besides having
most materially improved the character of the imports. The
same absence of speculation remarked in 1864 has charac-
terised 1865, the operations having been almost entirely
confined between importers and consumers. During the
last few weeks, however, the prospects of the future sup-
ply have attracted attention and led to a change in this
respect, which may not improperly continue, and cause
greater fluctuations in prices than we have been accus-
tomed to for the past two or three years. Tho market
opened dull last January, at 595. for Calcutta seed, and so
remained, but with a steady trade until the end of March,
by which time the price had gradually receded to 575. 6d.,
and that, too, notwithstanding importers had then adopted
the system of guaranteeing sound bags, and which system
has been since found to work so well. A very mild spring, I
and consequent dull cake trade, kept the market very quiet
until in the middle of May 535. 3d. C. F. I. and sound bags
was accepted, and this was the turning point of the year.
By the following month prices had improved about 3s. per
qr.,and a steady business was done thereat until the end of
August, when a further is. was made, and prices went on
gradually improving
without a check up to 68s. at the be-
ginning of last month. Heavy arrivals have given a dull
tone to the 'markets since then, and 665. 6d. is the exact
value to-day for linseed on the spot. Black Sea seed com-
manded the same price as Calcutta early in the year, but
glace the relative yalue of oil and cakes has altered, the

-
former, notwithstanding the greater weight given and the
facility of delivery at outports, has been quoted at about 1e
to 2s. per qr. less money. Very little seed has offered af-
ter arrival, nearly the whole of the imports (and this ap-
plies to all descriptions) having been contracted for while
on the way or for future shipment.
WOOL.
(From Messrs. Willans and Overbury.)
In spite of the sudden conclusion of the war in America,
an event which many persons regarded as likely to exercise
an immediate influence on the wool-market, and a further
large increase in the imports of colonial wool, prices, with
one exception, have touched no extreme point throughout
the year. Fluctuations within moderate limits have oc-
curred, but excepting during the latter portion of the No-
vember series, when very high rates were paid for good
combing fleeces, the wool market has passed through no
period of great buoyancy or severe depression. On the
whole the year 1865 closes under encouraging circum-
stances. The revival of an American demand for woollen
fabrics has given increased impetus to consumption, and
stocks in the hands of dealers and manufacturers aro un-
usually light. In the absence, therefore, of any unfore-
seen commercial or political disturbance, a brisk demand
and firm prices may be confidently looked for at the coin-
mencoment of the new year.
HEMP AND JUTE.
(From Mr. W. 11.11indley.)-
High prices have ruled, and for the most part still rule,
our market, and these, coupled to a large speculative de-
mand, have augmented the general excitement. For the
present any immediate reduction in quotations must not be
expected, though most fibres, now unusually high, will
eventually descend to the average of former years. It is
satisfactory to note that the year's trading in hemp, jute,
&c., has been almost entirely free from those disasters
which characterised that of 1864. Baltic hemp has fluc-
tuated very much ; at the beginning of the year clean
hemp was quoted £3l per ton, at which it stood for about
three months, when reports of the immense shipments
which have since taken place caused a gradual fall to
£27. This low price brought in speculators, and it rapidly
advanced to £35, but has since receded a little. Manilla
hemp has advanced about £2O per ton during the year
This advance has been • gradually going on with but
little interruption ; the present price, though unprece-
dentedly high, does not seem greatly to check consump-
tion, and if the deliveries do not materially fall off, the
stock must entirely be exhausted before many months elapse.
Jute, as usual, has been an article of great speculation, and
has had an enormously increased consumption. At the
beginning of the year the market was very dull, and prices
—soon giving way—about the end of April attracted the
attention of speculittors ; this coupled with the report of 0
short crop, had the effect of pushing them up fully 50 per
cent. ; the report is now generally believed in, and if the
existing rate of consumption continues the present rate
may be maintained—at least, for a time.
PROVISIONS.
(From Messrs. J. and E. Corderoy and Co.)

The cheese trade during the past year has been on the
whole singularly unsatisfactory; and the combination of un-
toward circumstances with which it has had to contend—
especially since the commencement of the present season--
may be considered almost unprecedented. It was reported
in the early part of the season that the supplies of cheese
from America would be the most abundant ever known ;
this, however, has not been the case 'so far as shipments
from the States to this country are concerned, as in 1864
the total importations were 595,475 boxes ; in 1865, 547,536
boxes; showing a defiCiency of 47,939 boxes. We cannot
but be impressed with the increasing appreciation of
American cheese on the part of consumers, and the high
range of price for the best sorts. The finest factory dairies
are equal to almost anything that can be made in England,
and now that the prejudices of the public are swept awai
we may expect that they will successfully compete with
other descriptions, quality now being the test of the value
of cheese, without reference to the place of its production'

TOBACCO.
(From Messrs. H. N. Davis and Co.)
The downward course of the market since the declaration
of peace between North and South has been tediously slow,
with, however, no symptoms of reviving, although holders
(it is-submitted), against their future interests, did their
utmost to maintain the high rates ruling previously. The
demand throughout the year was active, but with few large
transactions, the home manufacturers preferring to act only
for immediate requirements ; and although some futile at-
tempts were made to excite a speculative feeling, there way
an entire absence of any such desire on the bulk of the
trade. The predominant feature with reference to quota-
tions during the past year has been a continual decline on
the lower grades of North American growths, resulting in
a reduction of ld to iv per lb on all classes of Western leafs
also on fine and medium strips, and id to 2d on the com-
mon in comparison with those of Jan. 1, 1865. The fore-
going facts clearly illustrate what may be expected to be
the sequel for the present year, as the stocks in all markets
are more inferior in quality to those of the preceding years
and nothing but the certainty of small crops in the United
States this year can preclude the market receding from its
present position for medium and inferior classes.

FRUIT.
(From Messrs. R. Witherby and Son.)
Currants—The prospects for the early months of 1866
are favourable, as prices nearly approach the level of the
last two years, whereas the quality in general is superior,
and if fine fruit should, as last year, come into demand,
fair supply exists at commensurate prices. For low descrip-
tions the trade must continue to look to old fruit, of which
about 3,000 tons still remain with very limited sale at out
quotations. Raisins-The trade of the season has been
almost throughout in Valencias, and shippers have again
to be satisfied with the general results. The system of sell-
ing on arrival has been carried out with advantage to
parties, and consequently the clearances have been uniforret
the prices satisfactory, and we are left without a burden-
some stock to be worked off at any price during the spring•
The old style of cargoes of one brand has fortunately main
way for a more convenient system of many marks, which
have again conduced to a long range of price —a fact always
pleasing to dealers, and, in moat instances, more remune-
rative to shippers. Figs—The clearances have been large,
and very few parcels are now left in first hands. TO
prices for low descriptions are much higher than last year,
and fine fruit is only in limited supply.