Semi-weekly Camden journal. [volume] (Camden, South-Carolina) 1851-1852, 1851-02-04
PROSPECT OF COTTON.
STOCK IN GREAT BRITAIN.

STOCK IN GREAT BRlIalN'
The late accounts from Liverpool furnish tn
ANIMAL statement of the Cottoa Trade for the
n,st year in great Britain. On the whole. we
think they Justify, not only the malntalnauce
of the present prices Siu this country, but pro,
mise an advance The import in the United
Kingdom, of all descriptions of Cotton, has
ten l,749,000 bales, against ,9D6, ,OOo the
previous year, decrease OF l57,0OO bales
The consumption has been l,5l4,O0O bales
against $4,000 the previous year, decrease
of bat r., 900 bales. The exports are 272,ooo
bales against 254 900 the previous year, being
an excess of $4,000 bales. Taking the con-
sumption and exports together, the difference
between the two Years is but 59,Ooo Dales.-
This result is the more highly favorable to
the growers of Cotton, and is All eftectual an.
swer to the dismal torebodng and untonnded
conclusions of many or either side OF the Allan
tic. that any considerable advance in prices
wouldsmaterially reduce the consumption, and
prove disastrous to the manufacturing interests.
The fact, however, has been established. that
Mt an advanced range Of prices, averaglnr lor
the past year so per cent. over those OF lo4o,
the consumption of Great Britain has fallen oil
but 8 per cent and the manufacturing interests
were never more prosperous. The past history
of Cotton shows that an advance Of price to
sl.2d. has never materially affected consump.
ton.
In entering into any consideration OF the fu'
ture prospects of Cotton, the stock on mana IS
an important element, and we regret to say
that we have no faith in the accuracy OF the
stock on hand in Great Britain, on the ISL OF
January last. On the contrary, we cannot but
believe that it has been Intentionally over stated
and that, for the purpose of untavorably lnfi".
encng prices in this country. Ii is not the hrst
TIME IN iie that such game has been played. On
the lst of January, 1850, protessed recount
of stock added 10000 bales to the previous es'
t;mates. This discovery Of cheap remedy for
short crops bears date January ], 1851, and the
success of the first experiment has, douotless'
prompted its repetition. Since the year lolo'
the estimates of stock at the close OF the year
have always been made up from the regular
weekly market reports, and their accuracy has
ueyerbefore been questioned; probably because
the anticipation of a short supply had never be-
fore.been sufficiently vivid to arouse the lnven-
tive faculty of the British manufacturers. But
the apprehension Of an insufficient supply Tor
the last two years has been so urgent, and the
Interests involved so great, that the old estab'
lshed and hitherto uniupeached mode OF esti-
mating stock is suddenly found not to answer
the purpose, is thrust aside, and method sub
stituted by which any anticipated dinlnutlon
Of Supply is compensated by an exaggerated
estimate of the quantity on hand.
- At the close of ls49, SO confident was the
beliefthat the general estimate OF the stock
show a large reduction, that it produced ten
deney of prices to rapid advance and buoy
ant market, when, 10! to the amazement OF eve:
ryone, the discovery was made in Liverpool
that the small item Of 100000 bales snugly
slowed away, and of whose existence the
whole mercantile world was perfectly ignorant
Accordingly, the stock was amplIlled from
$4,000 to $50 1000 bales, and prices InimedI-
ateiy, declined on both sides OF the Atlantic.
Again, at the close ofthe year just terminated
with serious apprehensions OF short supply
from this country, and prices advancing the
estimated stock, as deducible from the weekly
reports, is found not to answer the purpose OF
the manufacturers. Another little item OF 6O,
600 bales is disclosed, Of whose existence, rs
before, no one had suspicion. The stock, by
this remarkable discovery, is again raised from
100000 bales, to $4,000, and again prices
are checked AMI the market depressed Now
we appeal to the common sense OF every IN
telligent merchant and planter, If any faith Is
to be placed in these statements. Can it be
believed that there existed at the close of iS-
49,, ia the Liverpool market, 100000 bales
over onc-ffth of the supposed entire stock Oh
hand, an amount calculated to have such an I'M
portant bearing on suspicion of to have es-
capped the vigilance of importers, and dealers,
and still more of the whole body Of shrcwd and
watchfu spectators, who operated in that single
year to the heavy amount OF S7O, ,OoO bales g
Again, after so severe lesson,i is it conceivable
that an error of a similar character, to the
amount Of $4,000 b,les in the stock of 1851,
should be allowed to creep in undetected by the
same class, nerved to redoubled vigilance by
the sharp experience Of the past, and the mag
nitude of the interests they had at stake, tor
during this very year spectators had opera
ted to the extent Of 100000 bales. Is it not
fair to conclude that these most opportnne dis
coveries have been merely tricks OF trade, by
which the pressure consequent upon short
supply mig ght be allevated and the necessities