The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1843-01-03 00:00:00

Commencing the year with a stock equivalent to nearly
six months' consumption, and with the probability of an im-
port amply sufficient to meet the reduced wants of the Trade,
any advance upon the rates than current could scarcely be
looked for by the most sanguine, though some littleim-
provement in the demand for manufactured goods might
reasonably have been expected. Those. however, who at
this period calculated upon some partial return to commer-
cial prosperity were doomed to disappointment; for, gloomy
and dispiriting as was the position of affairs at the conclusion
of 1841, trade continued to undergo increased depression,
though it was hardly thought possible that it could pass
through an ordeal more severe than it had experienced in the
two previous years. Through the months of January, Feb-
ruary, and March, the secour ts from the manufacturing
districts, and the foreign intelligence, were of a most un-
favourable character, added to which, there was great dis-
tress at home from reduced wages, and a general want of
employment among numerous bodies of the working classes.
This combination of evils, of course, operated against the
market, sensitive as it is, at all times, to the passing events
of the day. During this period, although it was well known
that the stocks held by the spinners were unusually limited
there appeared no inducement for them to purchase beyond
their immediate wants, and the average weekly quantity
taken by them up to the 31st March amounted to 20,740
bales varying in no single week materially from this amount.
Speculators, influenced, probably in some measure, by un-
successful results of their previous operations, kept quite
aloof from the market, the average weekly sales for specu-
lation up to this period barely amounting to 2,000 bales.
Owing to this long continued dulness, prices gradually gave
way, a progressive decline having taken place by the end of
March of id. upon the ordinary and middling. and of Id. per
lb. upon the fair qualities of American, compared with the
quotations of 31st December. It is a fact worthy of notice,
that whilst the cotton denominated " Fair Upland" has ge-
nerally been looked upon as an index of the market, it has
formed no such criterion during the past year • and, perhaps,
no circumstance afforded a stronger proof of the prostrate
condition of the manufacturing industry of the country than
the inability of the, spinners to provide themselves with the
better descriptionk; No doubt, the unusually large stock of
ordinary cotton held here through the greater part of the
year, and the extraordinary low price to which it was at one
period forced down, contributed in some measure, to this
result, and a fair export demand, operating upon a limited
snpply of the better kinds, doubtless had also its effect. From
whatever cause such a circumstance has arisen, it must be
bailed as a satisfactory indication of the mechanical skill and
persevering genius of the English manufacturer, that he can
adapt to a purpose, hitherto deemed impracticable, these
inferior descriptions.
In the month of April, public attention was directed, to
the comprehensive measures brought forward by govern-
ment, with a view to renovate commerce, and to impart new
vigour to trade, for the equal benefit of all classes of the
community ; and, highly important as were the changes then
proposed, they were deemed of greater value, inasmuch as
they were considered to be the foundation of other improve-
ments in the commercial system of the country. Although
no sudden revival of trade was to be expected from any le-
gislative enactments, yet a complete revision of the tariff,
embracing a reduction of the duties upon 750 articles, in-
cluding most of the raw materials of manufacture ; a removal
of taxation pressing unduly upon the commercial classes; an
amended corn-law ; and, in lieu of prohibitory duty, a mo-
derate fixed rate upon most articles of food : alterations like
these could not fail ultimately to produce some beneficial
effect; but, at the time, they necessarily produced much
langour in business, from the uncertainty existing as to the
extent to which various interests might be involved. During
the second quarter of the year, little variation occurred in the
market. Speculators came forward more freely, particularly
in the second and third week of April, when their purchases
exceeded 26,000 bales. The relief afforded to the market
from this cause was partial and temporary, for the trade,
with few exceptions, still acted upon the principle they had
adopted in the earlier part of the year, of limiting their
purchases to their immediate wants, the quantity taken by
them, during the eight weeks ending 20th May, being rather
less than the average of the first three months. After this
period, some little improvement in business became rcani-
feat ; the accounts from Manchester were less gloomy and
desponding, a decidedly better demand for both goods and
yarn had set in, which, of course, produced a corresponding
effect here. The sales to the trade, which up to the 20th
May amounted to the weekly average of 21,000 bales, reached
in the ensuing three months, an average of 26,300 bales. But
this additional demand had little influence upon prices ; the
heavy stock during these months, particularly of the ordi-
nary qualities of American, depressed the market, and, in
the middle of July, when the estimated quantity of all sorts
held in this port amounted to 670,000 bales, prices of this
description were at the lowest point, being -id. lower than
the quotations at the end of March, and fully ld. per lb.
lower than at the commencement of the year, whilst the
fluctuation in the prices of fair," during nearly eleven
months of the year, did not exceed Id. per lb.
The approach of harvest was looked forward to by all
parties with great anxiety, much of the evil of the two pre-
ceding years being attributed to the great deficiency in the
crops ; and the winter of 1841 having been most unfavour-
able for sowing, the prospect up to the end of May was by
no means promising ; but the propitious weather of June and
July quickly dissipated all doubts. The fate of the harvest
being no longer uncertain, both speculators arid the trade
purchased with great avidity ; the sales during four succes-
sive weeks, ending 12th August, exceeded 40,000 bales per
week, the trade alone taking 121,000 bales. This proved a
most seasonable relief to the market, and produced an ad-
vance of id. per lb. in those descriptions upon which the de-
cline had been most severely felt.
The progressive improvement in most branches of business,
which was daily becoming more decided, received a sudden
check in the month of August, from a remarkable outbreak
in the manufacturing districts. This " turn out" was not
confined to the cotton trade, but extended to nearly all classes
of workpeople, through the vast regions of industry in Lan-
cashire, Yorkshire, Cheshire, and Staffordshire. Some idea
may be formed of the mischievous results to the commerce
of the country, from so many thousand hands being unem-
ployed for more than three weeks, from the fact, that the es-
timate of cotton alone thrown out of consumption by this
event exceeded 50,000 ba es. On the resumption of work by
the operatives in September, the trade holding a larger stock
than at any time previously during the year, and finding a
difficulty in establishing any advance upon their production,
commensurate with the advance upon the raw material; pur-
chased very sparingly ; the quantity taken by them during
three mouths ending November 4 averaged only 15,000 bales
per week. Prices consequently had a downward tendency,
the decline upon common American being nearly equal to the
previous advance. A temporary impulse was given at the
end of September, by the destruction by fire of 42,000 bales •,
but the effect was momentary, and the market soon relapsed
into its former state of inactivity. No new feature occurred
up to the latter end of November, when, upon the unexpected
arrival of an extra overland mail from India, with news of the
successes of the British forces in Northern India, and of a
treaty having been agreed upon with the Emperor of China,
more favourable to British commerce than could reasonably
have been expected, the markets became unusually excited,
and the sales of the ensuing fortnight amounted to 95,000
bales, establishing an advance of id. per lb. upon the common
qualities of American and Surat. Since that time, owing to
very favourable accounts of the forthcoming crop, and a sup-
ply of new cotton, unusually large for so early a period in the
season, prices have again receded, notwithstanding the pur-
chases for consumption have been extensive, and trade in
Manchester in a more healthy state than for some time past.
On a comparison of the present quotations of American with
those of the 31st December, 1841, they will be found id. per
lb. lower.
The deliveries for consumption during the last eight weeks
from this port amount to an average of 26,630 bales per week,
and the total deliveries from the ports of the United King-
dom will be found, as usual, in the annexed tables, which
contain much useful information connected with this im-
portant trade. By these, it appears that the total deliveries
to the trade amount to 22,920 bales per week, beingB6B bales
per week more than last year. An allowance, however, must
be made for the increased stock now held by the trade, which
is generally estimated at 25,000 to 30,000 bales more than at
this period last year.
To the importers of long stapled Cotton this year has
proved to be one of great disappointment, the demand having
been almost uniformly languid throughout. Prices gradually
declined up to the end of November, when some little im-
provement took place ; but the year closed with a reduction
of ld. on Sea Island, and Id. to Id. per lb. on the average
of Brazil and Egyptian, from the rates current December
31st, 1842.

East India Cotton alone now requires to be noticed. The
import into Liverpool this year has been 169,800 bales, against
162,000 in 1841, and 109,000 in 1840. The stock is 100,470
bales, against 80,300 in 1841, and 38,600 in 1840. The ex-
treme fluctuation in price has not exceeded .Id. per lb. at any
one period, being influenced by the changes before noticed in
American descriptions. The middling qualities of Surat are
now ad. and the better kinds ad. per lb. lower than at the
close of 1841.
With regard to future prospects, it might, perhaps, be the
more prudent course to offer no opinion, but leave to others
to deduce from the facts herein given, from the critical events
of previous years, and from their own observations the pro-
bable course of this nvirket during the ensuing year. But, as
public attention has for some time been directed to the sen-
timents of a body so practically acquainted with the cotton
trade as this association, some remarks of a prospective cha-
racter will naturally be looked for on the present occasion.
It is desirable, before hazarding any opinion, to glance for a
moment at the present position of Great Britain with regard
to her foreign and domestic relations ; considering which are
inseparable from a broad and enlightened view of this impor-
tant trade. No doubt, at the present time, so far from there
being grounds for despondency, there is much that is cheer-
ing in the prospect of an extended foreign trade. The fact
alone of four ports in the richest provinces of China being
newly opened to British commerce and British enterprise is
welcome in the extreme, though the advantages to be derived
therefrom may be gradual and remote, rather than immediate.
A new commercial treaty with Brazil is in contemplation,
and it is probable that it will lead to important treaties for
the extension of trade with the colonial possessions of other
countries. The exports of Yarn to the Continent of Europe
throughout this year have been npon a largely-extended scale.
and are not expected to diminish, whilst from other parts of
the world the accounts are such as lead to the hope that there
is increased confidence generally, and that the export trade of
Great Britain will now be placed upon a more satisfactory
foundation, and yield a more profitable return than it has
done for some years. The history of the past, however, proves
that the value and extent of national exports afford but faint
indications, and are no certain tests of national prosperity ;
but that a healthy state of the home trade contributes in a far
greater degree to invigorate commerce, imparting more con-
fidence and stability to the manufacturing interest. Any sud-
den or rapid improvement in the home-market can hardly be
looked for under present circumstances; a long series of un-
propitious events (too fresh in the recollection of all to re-
quire to be particularized here) have paralyzed industry, and
occasionedlenormous losses of capital and great depreciation
of property. Evils and difficulties of such magnitude are
not suddenly surmounted; and, although the present re-
duced prices of provisions must, to a certain extent, operate
favourably upon some portions of the community, yet the
sudden decline of 25 to 30 per cent. in the prices of all de-
scriptions of agricultural produce has spread dismay amongst
those immediately interested, and must, for a time, create
some embarrassment. Great and paramount, however, as
the landed interest of this country undoubtedly is, it has
learnt that the continued supremacy of England, her pre-
eminence in wealth, and the maintenance of her influence
over the other nations of the earth depend upon the extension
of her trade and commerce. It has learnt, too, to rely more
upon a participation in the prosperity of these mighty in-
terests than upon a continuance of high legislative protection,
which is too apt "to extinguish that useful zeal which gives
life to industry, and produces a chilling and benumbing
effect : which renders men indifferent to exertion, by the in-
dolent security derived from restrictive regulations." That
the important changes which have taken place, and the con-
tinued agitation of further changes will, for a time, be se-