The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1849-09-18 00:00:00

THE COTTON TRADE.

The transactions in Cotton have again been limited,
(considering the large consumption which is going for-
ward in the manufacturing districts), arising from two
circumstances, the non-arrival of the American steamer
Hibernia, and the determination on the part of spinners
to keep their daily purchases within as limited a quantity
as possible. In the Broker's circular of Friday last the
week's sales are put down at 31,700 bales, of which spe-
culators and exporters have taken 10,000, so that the
Trade have again taken considerably less than their weekly
requirements. Notwithstanding the comparative small
purchases on the part of the Trade prices remain pretty
much the same as they did on the previous Friday, fair
Orleans being quoted at 5/ per lb., which is a significant
sign of what spinners may expect when they are forced to
again make their appearance in this market, which they
will be obliged to do before very long, having now drawn
heavily on their own stocks for the past four weeks ; but
as we have before stated, " there are none so blind as
those who won't see." It is well known that there are
dozens of spinners buying almost daily for immediate
wants, and some of them consumers of 200 and 300 bales
per week, and whether these gentlemen are pursuing the
safe or prudent course remains yet to be seen, but with
the paucity of supply which is unavoidable for the next
three months, we have our misgivings. Should the Cot-
ton Market during the next few months take the turn
which to us seems inevitable, such of them who have read
these articles, (which we have given for the last three
months,) without giving them due consideration, will only
have themselves to blame ; we care not whether he is a
merchant, spinner, or speculator, he is naturally preju-
diced in favor of his own interest, and it is unadvisable to
reject information without first weighing it well. During
the past week we hear that the operatives in some of the
mills at Bolton have turned out for an advance in wages,
but this cannot be of long duration, for they will either
have to submit, or should trade further improve, of which
there is every prospect, their employers will have to meet
them LIBERALLY. The home trade of late has improved
very considerably, and we know that at a small concession
on the late advanced prices of twist and manufactured
goods, there would be an enormous business doing for
foreign markets. In the Liverpool Courier of last week
there was a small attempt to write cotton down, and the
writer of the article warns holders of cotton not to forget
what occurred at this period of 1847, when it was thought
by many, cotton might advance to 10d. and Is. per lb.
Now as it is advisable that the cotton market should be
kept as steady as possible (any unsteadiness in prices in-
juring the spinner and the manufacturer more than any
other cause, buyers of goods immediately taking the alarm
and stopping their operations, in the hope of purchasing
on better terms), we shall recall to our readers the ANA-
LOGY of the two periods which we conceive to be the aim
of the writer in the Courier. In the early part of Septem-
ber, 1847, fair Orleans were worth 7td. per lb. ; we had
experienced one money panic in the spring of that year,
and were just in the thick of the second, confined more
particularly to the importers and factors of corn, with
provisions comparatively high and potatoes rotting, and
were on the point of the greatest commercial shock this
country ever experienced.
It is just possible that the writer in our contemporary
might have been a holder of cotton at this period, and
might have counted his chickens before his eggs were
hatched, but he cannot persuade us that the reflecting
portion of the community, and the business men, were
sanguine of prices going to 10d. to Is. per lb. But how
stands the matter at the present period ? In lieu of mid-
dling Boweds bing worth 7d. and fair Orleans 71d., (after
all which has been written of the present high price of
cotton,) they are worth to-day 51d. and 5/d., or just one
penny and a halfpenny less than they were at the same
period in 1847. We are now securing a most abundant
harvest, we have an easy money market, with every cer-
tainty of its continuing so, and have a larger consumption
of cotton than at any former period, a natural consequence
of our limited exports of last year.
There is only one more point left to discuss,—the pro-
bable reduced state of our stock before we can receive
fresh supplies from America, and though we have promi-
nently demonstrated it in previous articles, we will go over
the ground once more:—

Bales.
Our stock of all descriptions this day is 570,000
Probable import to the Ist Dec., including India 70,000

Export, 11 weeks, at 3500.

640,000
38,500

601,500
Consumption, 11 weeks, at 28,000. 308,000

Probable stock Ist December next 293,500
In estimating the consumption at only 28,000 bales per
week, we think unprejudiced parties will agree with us
that of the two, we have rather under-estimated it. In
regard to the export, we have taken that also at a low
figure, indeed we should not be at all surprised to see it
considerably greater, for we understand that France, in
addition to the extraordinary demand from other places,
is indirectly drawing large supplies from this market.
Last year our total supply from this period to the end of
the year was 350,000 bales ; this year, in all probability,
it cannot exceed 200,000 bales-50,000 from India, and
150,000 from the States and other parts;—and of thi
quantity, as we -have before stated, not one-third can bes
received before the month of December. Last year we
received from the States alone 150,000 bales of the old
crop ; but this year we cannot receive one-third of this
quantity ; by the last advices their stock was reduced to
100,000 bales, being only sufficient for their own consump-
tion.

In the foregoing statement it will be observed we have
entirely omitted all reference to the coming crop in
America, either as regards a late season or any injury it
may have received, both of which, though doubted by
some parties, are in the chapter of accidents, and which
should not be lost sight of, more particularly as it is now
generally believed that the last crop did not exceed
2,500,000 bales, the other 200,000 being made up from
Cotton loft over from the two previous seasons, the prices
current in this country, in 1848, at all events, not offering
sufficient inducement for the planter to send it forward.
For the ensuing three months we look upon it that the
article of Cotton resolves itself into simply one of supply
and demand, and, with these facts before them, our
readers will be able to judge for themselves.

CRICKET.—The match between the Collegiate and
Warwick Clubs was played on Saturday, on the Collegiate
ground, and terminated in favour of the Warwick, who
won the game with five wickets to go down.