Independent Democrat. [volume] (Canton, Miss.) 1842-1844, 1842-11-05
From the Augusta COnstit1tionalist.
PROSPECT OF THE COIION
TRADE.

The attention we have been enabled TO
give TO the recent Intelligence received
from abroad. leads us to advise the cotton
planters TO sell their produce as soon as they
are able TO carry il to market they should
not, on any account, store 1t and wait for
better prices for ir is our opinion that the
price of the great staple of the southern
section of the Union cannot improve, for
some time TO come, though that price may
be subject to fluctuations. tits proper that
we should give, and as briefly as we can,
the reasons for an opinion thus entertained
and expressed.
l. lis now well ascertained that the
production of cotton is in advance Of the
CONSUMPTION. and will continue to be so,
until the cultivation of that staple is much
reduced in the cotton growing countries !;
and as there is no likelihood of this circum-
stance in the United States, Texas, the
East Indies, and other countries, it is rea
sonable to conclude that the production
will continue to advance, beyond the con-
sumption, until the raw material becomes a
mere drug in the cotton markets, when its
cultivation will have necessarily to cease in
those countries where the land can be ap-
proprated to other kinds of culture.
9. Until the year 1884, the annual crop
of the United States was not much beyond
the demand for consumption. Since that
time the crops have increased 10, 20, 80,
and 10 per cent. while the demand has only
increased 10 and Is, and in one year about
20 per cent. Thus the demand in the
years preceding 1894, beyond the supply,
led to an extra cultivation of the raw mate
uial, which has been continued ever since.
The crop of 1881 amounted to 100000
bales five wears after to 100000, and
in le4l to l,GS0,000. The crop Of this
wear may amount to 1900, 900 bales, l20,-
900 more than last year. The export to
Europe during the year ending the lst of
this month amounted to 100000 bales,
showing an increase over the preceding
year of 10000 bales ; but it will have to
bear in mind, that the stocks in Europe, by
the latest accounts, are extraordinarily
large; that the demand for the new crops
will be moderate until those stocks are ex-
hausted, and that before such stocks are en-
trely exhausted the supply from the new
crops will appear in market in large guam
titles. So that if the crop Of the United
States amounts to Is, or indeed 10 l,7OO,-
600 bales,the supply cannot fail TO be in ad-
vance of the demand. With the present
stocks on hand in Europe, it is our opinion
that Great Britain will not require more
than 500 to $4,000 bales Of the new crop,
France from 800 TO 100000 bales at far.
thest and other foreign countries about
10000 bales. Thus it is seen that with
a crop of about 100000 bales the supply
of the raw material in Europe must great
ly exceed the demand.
8. The accounts from the manufactur-
ing districts of Europe, recently received,
are not encouraging to the cotton planters
Of the United States. Not only in Great
Britain are the manufactures in depressed
state, But on the continent of Europe, they
are in an unthriving condition. The
causes Of this depression appears to US obvi.
Gus. There are now too many manufac.
lures in Europe as compared with the pop
ulation, and the means this population pos
sesses to consume manufactured produc-
tons. When Great Britain alone supplied
the world with the produce of manufactures,
the consumption was more than equal to
the supply; but for the last twenty. five
years the continental nations have entered
into successful competition with the British
This competition has not as yet led Great
Britain to operate a decrease in the pro-
auctions Of her manufactures so that the
markets of the world have continued to be
supplied with, nearly the same amount oil
goods manufactured in Great Britain, but
with a large additional amount Of goods
manufactured in other countries, and all
this without the operation and Advantage Of
corresponding increase in the number oil
consumers. Ii the consumers had increas,
ed iE the ratio of the increase of the pro.
auctions Of manufactures, the depression
which now exists in all the manufacturing
countries of Europe would not have taken
place. Hence the fear to be entertained
that all rare materials must have in value a
declining tendency for some years to
come.
4. Another cause TO which may be as.
cribed the depression Of manufactures in
Europe, is the great improvement in ma
chinery. Formerly the manufacture Of
goods and the supplies were slow and ex
pensve. Now, by the improvements in
machinery, goods can be manufactured
more speedily than the orders for supplies
are made. This circumstance alone Gre
ates an accumulation of manufactured ar
ticles in the stores of The manufacturers
which dimnishes profits, by deriving nc
interest for capital invested. This cir
cumstance moreover leads to a curtail'
ment Of manufacturing operations, and