Southern telegraph., 1838-11-07

were on the eve of receiving large orders
Car goods from the United States; many Of
which would reach England by the steam
ship Great Western, about the 18Th Octo-
bsr, igstant The probability is, that the
Cotton market would at least BIO sustained,
oven f prices do not advance, by the in.
creased demand which would naturally fol-
low; especially as it is entertained that the
consumption is rapidly increasing on the
continent, and stocks on hand lighter in pro-
portion. 1l
II cannot but afl,jrd the most lively renec-
ton to the Cotton Planter, to notice that the
increased consumption of American Cotton
in Europe approxmates more than was con-
templated, towards an equality to the in
creased production .t u. e
During the last winter, and portion of
the spring moaths, the greatest anxiety was
manifestation the occasion Of those unex-
pested large shipments of Cotton then going
Gprward; and there appeared sufficient cause
for fearing that such unusually large ship
nents would materially depreeiate tho val |
ue ofColton IN Europe; but finding those
fears dispelIed by the continuance Of sales
at nearly uniform prices, is a circumstance
OF real interest, to Cotton growers particu-
Iarly, and worthy Of Interchange of congrat-
ulations on the subject, by all who are inter
To.tbe abundance Of unemployed capital
in Europe since the late commercial difficult
ties, and particularly in Great Britain, aud
1ho low rates of interest, only 2 to 3,per CT.
per annum, on short and active loans, added
fothe circumstance, that the holders of Cot
Ton were few 10 number, may be attributed
those nniformprices which were maintained,
especially in Liverpool; which market is the
acknowledged index Of the proportonate
Value of Cotton in the various markets
throughout Europe. Holders are enabled
by the ease in obtaining loans, to retain lar
ger stocks on hand than was customary. and
without much Inconvenience. A trfing
decline was found to bring forward such
Capitalists who are contented with the pros
poct Of small profits, in remuneration for in
tercst on the funds invested; and of which
class, many stand ready in case of decline,
70 employ their funds in the purchase of
Cotton, Besides these favorable views on
the subject, the idea of few weeks addi-
tonal supply to the customary amount of
stocks on hand, is not now contemplated
with that terror of decline as heretofore,
which often led to serious sacrifices and con-
tentions among holders to be first to sell.
Such, unfortunately, too frequently took
place in former years; holders allowing pam
les to be created among themselves, indu-
cling forced sales, whereby prices became
reduced far below a just medium, ana rem
dcring the market for a long time thereafter
vacillating and uncertain. All parties in
tercsted in the great staple commodity can
not but wish for uniform prices; and any
important change in value, either by reduc-
tioi on forced sales or enhancement BY an
undue spirit.of speculation, is generally III
the end regretted, by both the grower and
the manufacturer.
This Year, particularly, tho prospect is
good, that this market win be ono of the best
for the diposalof Cotton, prompt sales, and
for as high prices, that either the Northern
or European markets will justify the ship
pets, to- offer Many of the principal Cotton
spinners and manufacturers abroad, willhave
agents to effect purchases In this market, be.
ing fully aware, that they can find the quail
tiles most desirable, and the easy mode o.
paymon, by tho negotiation of Bills of Elk
change. whereby they often receive the
Cotton at lis place of destination before the
bills run to maturity. There will also be q
large amount of funds and credits place.
here by onterprsiDg capitalists abroad, fol
the purchase, in this market, of the product:
of the country, and designed for shipment L
other ports or markets. There can scarce
" exist a doubt, that throughout this season
there will be sufficient competition in thii
CITY to Justify holders inacceptng the high
est offers, after the Cotton is fully placed be
fore purchasers, and the qualities fairly ex
hib,ed on the market; and, thus far, the pri
ces paidsFere, win only yield profit by
rise in Europe. L51Sj 4ha
Thevblighting influence Of the past two o
three months of continued dry weather, hai
had its effects on all the products of the Mis-
sissippi Valley, excepting, probably the So
gar crops Of Louisiana Tobacco, Grain ant
Cotton, have, IN most situations, suffered Sc
we're injury, and the crops will no doubt b.
less than average ones. Throughout III
Grain portions of the country, vithyery fey
exceptions, we hear of many we'll foundet
complatntsi and in some places there vii
not be Grain produced, beyond the want 9
fhc inhabitants, -. !. f...-,,lss,
q Excepting onithe bottom lands, the dr.
veatherghas materially curtailed the crop
Of Cotton throughout the CottopFegiou, an
in addition to that misfortupe,t early col
weather from the 18Th to the Goth, Instant
represented having destroyed the openin
hollis. The Sugar CROP this year, promise
10 be more abundant than has occurred fo
many years past; the cane throughout tb