The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1839-06-25 00:00:00

THE COTTON TRADE.

The following circular, dated New York, June 6,
and issued by the United States' Bank, has been re-
ceived in Liverpool. It appears from the Postcript
that the issuers of this document did not intend that
it should obtain publicity in this country. The im-
portance of its contents, however, is too great to admit
of our suppressing it.

New York, June 6, 1839.
You have, doubtless, received the very unfavourable ad-
vices by the Great Western, in relation to the cotton market.
These advices, it is apprehended, do not disclose even to the
full extent the dangerous situation in which our great staple
is placed.
The diminished demand for yarns and cotton goods on the
continent, the short harvest of the last year, the shipment of
bullion from Great Britain, and consequent rise in the rate
of interest by the Bank of England, must all inevitably tend
to a greater and more accelerated decline in prices, if some
steps are:not promptly adopted to prevent the remaining stock
of cotton now in this country from being offered for imme-
diate sale in the European markets.
If the consumption of raw cotton in England had only di-
minished some 10 or 15 per cent., still, in consequence of
the now clearly ascertained deficiency in the last year's crop,
(which has fallen nearly as low as the lowest estimate,) past
prices would not only have been safe to the shippers, but
profitable; and hence, they are not obnoxious to the charge
of unwarrantable speculation, which so often deprives the
spirit of rash commercial adventure of all just claim to sym-
pathy.

This extraordinary falling off in the consumption of the
raw material is, perhaps, not a little aided by a determination
on the part of the English spinner to have the residue of the
crop at his own price, under a belief, that, as the great and
tenacious holder of the last year is out of the market, there
exists no serious difficulty in his way, by working short hours
for a few weeks, to accomplish this desirable end. It becomes
necessary, therefore, to supply the absence of that great pro-
tector by some co-operation among individual interests.
Now, it is quite obvious, that but one of two modes would
be likely to counteract the result that must otherwise in-
evitably flow from the causes just indicated.
The first would be to organise, through the aid of the
Bank of the United States, and the banks in the principal
emporiums of the different States, a combination sufficiently
powerful to advance a sum on every bag of cotton, on this
side of the water, which would ensure its being kept in this
country for three months.

The other scheme would be to concentrate in one house in
Liverpool, the whole, or the greater part of the cotton now
to go forward, by an arrangement for unfailing, adequate,
and collateral aids, sufficiently powerful to enable the house
in question to hold over until a greater part of the present
stock of cotton in England is worked off at an advance price ;
a result which the successful execution of this plan would in-
evitably secure.
The first scheme, however, is liable (notwithstanding its
direct and immediate power to produce the desired result) to
the conclusive objection of arresting all our foreign exchange
operations, which might hazard the ability of our banks, even
in the Atlantic States, to continue specie payments, whilst
the last project would be entirely free from this objection, as
it would at once augment the current of exchanges, and en-
able us to weather the crisis, which the first plan would be
but too apt to produce.
These views are the result of a conference which, yester-
day, was held with one of the most influential and intelli-
gent merchants of Philadelphia, in conjunction with commer-
cial gentlemen of equally high standing from other portions
of the Union.

It is, therefore, announced to you, on the best authority,
that an arrangement has been made, by which an advance of
three-fourths (on what may be estimated as the present mar-
ket value of cotton. say 14 cents) will be made on every bale
in this country, at our principal shipping ports, to all holders,
if they desire to avail themselves of this advantage. The
consignments are to go forward to Humphreys and Biddle,
who, sustained by adequate means on both sides of the water,
will be able to hold on until prices vigorously rally.
If the usual casualties of the season render a short, or any-
thing under an averagetcrop, probable, this plan must result
in great profit to shippers and benefit to our country. If, on
the other hand, the autumn should disclose the promises of
an abundant harvest, the large stock of cotton which Messrs.
Humphreys and Biddle, in case the shipments are made to
them, would hold, would probably induce the great and
powerful interest which sustains them, to enter the market
in the United States early in the autumn, by advancing on
the first quarter of the new crop, in order to retain it on this
side of the water for a reasonable period, so as to make the
final result of the short crop of 1838 entirely safe to all Ame-
rican shippers and holders.
A copy of this circular is inclosed to the principal cotton
factors and shippers and Presidents of the Banks in the
southern cities, to whom, with all proper deference, it is sug-
gested, in case the advance on the shipment to Messrs. Hum-
phreys and Biddle should not cover the full convenience of
the shippers, that the institutions over which they preside do
afford, on good personal security, the residue of the accom-
modation which may be required.
Your hearty co-operation in this plan is solicited of saving
the interests of your great staple, which must end in esta-
blishing, not its speculative value, but its fair price according
to the just relations which supply and consumption should
bear to each other. An agent, empowered more fully to
disclose these views, will be in your city in a few days, on
his way south, and will be prepared to carry them fully into
effect.

P. S.—From the most authentic sources of information,
you may take the following as the probable and entire stock
of cotton in the United States, of the crop of 1838, on the
15th day of June next ensuing,—either actually present in
depst, or to come forward from the interior markets :

New Orleans
Mobile
Florida
South Atlantic States
New York
At unenumerated points

274,500 bales.
Of this amount the manufacturing establishments of the
United States will require at least 75,000 bales before the
new crop comes forward, leaving about 200,000 bags for
foreign export. It ought to be remarked, that the bales this
year are about 15 per cent. short weight, from the now
general use of the smaller compressing boxes, with a view
of rendering the cotton packages more portable.
N. B.—For obvious reasons, it is not desired that this
private circular should appear in the public prints : make
otherwise what use you please of it.

We have been favoured with the following commu-
nication addressed to a respectable house in this town.

NEW YORK. JUNE 7, 1839.

Since I had this pleasure on the Ist instant, 1 am without
any of your favours. The accounts per Great Western,
were of the most disastrous kind for the cotton interest, and
have had their effect here, but there are causes operating in this
country that will be developed before the Great Western's
return, which will reinstate confidence, and she will carry
out as good accounts of the state of things in this country as
before. The truth is, the United States' Bank has again
come forward to relieve the dealers and holders of cotton,
both in this country and England, and will controul what
balance there is in this country at all events, and operate on
your side to an extent, to effect your market and give itsta-
bility. She has given a pledge to hold from 200 to 400,000
bales of cotton till the 15th of Oct. next, if necessary to effect
such an object, this, with our 400,000 bales short crop, will
leave you a light stock on sale on your side ; there are other
houses on your side who will do the same, and I have no
fears but in the end all will come out right. The Great
Western, to sail on the 13th, will carry out all the particulars
of this arrangement, and will probably reach you before this
does ; by her I will give you my views more at length.
The news by the Great Western has put down prices here
2 to 24 cents per lb., in a few days will recover something,
we think ; the stock on hand is getting reduced fast, and the
evidence of the shortness of crop is daily becoming more
apparent. Export to England this year, 591,139; receipts
this year, 1,282,237 ; stock on hand, 276,495 vessels—load-
ing, 60. Export to England last year, 878,431; receipts last
year, 1,626,740 ; stock on hand, 326,163 ; vessels loading,
107. ire estimate that our short export crop will average
about 7,700 bags per week.

ALTERATION IN THE ARRIVAL & DEPARTURE
OF THE MAILS.

On Thursday, the alteration in the arrival and departure
of the mails consequent upon the increased speed of travelling
by the railway took place. We annex a table of the changes.
On the evening of that day, the London morning train, which
had previously arrived here at half-past eight, came in at
seven; Friday night, it did not arrive until nearly eight
o'clock. On Friday morning, the double mail to Dublin
commenced. There will now be two deliveries daily of the
London letters ; the first at a quarter past eight in the morn-
ing, the second at a quarter before eight in the evening :
The letter box will be closed as follows :
Two o'clock in the morning,—For Warrington, Wigan,
Macclesfield, Birmingham and the line of road, London and
the line of road, and for the Continent of Europe.—For Man-
chester, Rochdale, and the York line of road.—For Preston,
the North Road, and Scotland.

Fifteen minutes past six in the morning,—For Newton and
Manchester.—For Dublin and Ireland.

....
Forty-five minutes past seven,—For Maghull, Ormskirk,
and Southport.—For New Ferry, Eastham, Neston, and
Chester.

Forty-five minutes past nine,—For Warrington, Birming-
ham, and the line of road.

Half-past ten,—For Prescot, St. Helen's, and Manchester.
Half-past one in the evening,—For Kenyon, Newton,
Bolton, and Manchester.
Three o'clock,—For Birkenhead, Eastham, Chester, and
North Wales.

Four o'clock,—For Ormskirk, Preston, the North Road,
and Scotland.—For Wigan and Manchester.—For Chester,
Wrexham, Ellesmere, and Shrewsbury.
Six o'clock,—For Warrington, Birmingham and line of
road, South Wales, Bristol, and Falmouth, and for London
and the line of road.—For Manchester, Rochdale, and the
York line of road.—For Dublin and Ireland.

The several deliveries will be as follows :
FIRST DELIVERY at 8 : 15 A.M., including mails from Lon-
don and the line of road—Falmouth and the line of road—
Scotland and the North road—Manchester and the York
road—Dublin and all Ireland—Chester and North Wales.
SECOND DELIVERY at 11 A.M., including mails from New-
ton, Kenyon, Bolton, Manchester, &c.
THIRD DELIVERY will include the second Dublin mail due
at 11: 30 A.M., and which will be delivered in 30 minutes
after arrival.
FOURTH DELIVERY at 1 : 30 P.M., including mails from
Chester, Wrexham, Ellesmere, Shrewsbury, Prescot, and
Manchester.
FIFTH DELIVERY at 3 P.M., including mails from Eastham
and Chester.
SIXTH DELIVERY at 4 : 30 P.M., including mails from New-
ton, Manchester and Birmingham, and the line of road.
SEVENTH DELIVERY at 6 : 30 P.M., including mails from
Ormskirk, Magbull, and all the Penny Post-offices in the
neighbourhood of Liverpool.
Etmani DELIVERY at 7 : 45 P.M., including mails from
Manchester and the York line of road—London, Birming-
ham and the line of road—and the Continent of Europe.

TRINITY CHURCH, RUNCORN.—An eloquent and impres-
sive sermon was preached in this church on Wednesday eve-
ning last, by the Rev. Fielding Ould, B. A. Incumbent of
Christ Church, Liverpool, which was followed by a collection
of £2610s towards the liquidation of the debt upon the church.
The building fund is exhausted, leaving a debt, for which the
building committee are responsible, of nearly three hundred
pounds. We hope that the friends of the church and religion
in Runcorn will make a vigourous effort to remove this se-
rious incumbrance. Their bounty cannot be applied to a no-
bler object. We are happy to hear that Trinity Church is a
great bossing to Runcorn, when, before its erection there
was only one church, with accomodation for 604 perflous, and
the PoPPilatio4 Pr the phi nearly 8000,
.