Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1846-05-15
Naval Stores

The sudden and unprecedented revulston In
the price Of Naval Stores has cast most Sc
rous gloom over the prospects of this section
Of North Carolina. Stimulated 10y the extra
ordinary prices " hich Turpentne commanded
during the whole Of last ~ nter, many OF our
citizens have Withdraw n their labor and capl-
tai from their wonted channels, and have en-
barked them in making Turpentine, which
held out such allnGing PROSPECTS to all wh"
might engage in it. Lands and negroes have
been both purchased and hired at high prices.
in the anticipation that the product OF the pine
would continue to command such price as
would amply repay any outlay. The bubble
has bursted. Turpen,ine has tumbled down
from 81 to -, and Spirits of 'rnrpenllne from
IS to 35c per gallon; and it is with extreme
regret that We are compelled to express the
opinion that neither of the articles have reach
ID The lowest point Of depression yet. 1t has
now been amply demonstrated that the sole
cause Of the sudden and unlocked for rise in
prices las: winter was speculation. This te-
yer Is now over. A revuIsion has taken place,
and its consequences will be felt most severe
| ly. We fear, by this ectlon Of North CaroIna.
! AS an evidence that the recent high prices did
not have their origin in proPortI"nate increase
in the demand for Naval Stores, either in
this country or Great Britain, we may state
that, from the best information we can obtain,
there is at least l25 900 barrels of The old crop
! Of Turpentne now on hand in New York,
| Liverpool and London, al"ne. We also learn
| that there is considerable quantity of Spirits
Of Turpentine now on hand in New York.
some six or seven thousand barrels, as near as
We can ascertn. This, We think. is proof
positive that the recent high prices did moi
/ ,It nj
Store market, perhaps. never was in a more
unsettled state than at the present moment. =
There is more Spirits on hand at present than
is required for consumption, and consequently
the distiIers of North Carolina. with few
exceptions, have suspended operations. ln
deed, they have no data to go upon at presp ut,
and therefore we think their course a prudent
one, at least for time. The consequence Of
all this is tina. our market is extfemel depres
sed. Indeed, business in the Naval Store line
ia almost at a stand. Having made these pre-
liIninary remarks, We would beg leave to make
the following
to our friends In the county. We wonld say
to them that we think it would be their bes
policy not 10 force the present crop into mar
, ket for some time vet. Hold up il possible
Let The present stock, both Of Spirits and thu
raw material, be in some measure worked of
Let the market assume something like
healthy tone again. This IT will do in a few
, weeks at farthest. and then something lik'
stability in prices may be calculated upon
But as things now stand, with an alread,
overstocked market, if producers continue +,
throw the coming crop Immediately into mar
ket, the effectcannot he otherwise than to dra!
down prices still lower. We think then tina
the hest policy, and indeed the only policy. i
to hold up; bring AZ little to market as posi-
BILE, for some weeks; let the stock now Of
I hand work itself of. Then will como a de
mand. and we hope healthy demand, a
something like fair and reason Bile prices
which may last throughout the season. 1t i
, in our opinion, sheer madness, under presen
Z circumstances, for she psodsoer 10 hsisg III
8 nav material 20 market.