The southern press. [volume] (Washington [D.C.]) 1850-1852, 1851-02-17

clusion of his remarks, the time for which debate
was to close had arrived, when the committee
rose, and
The House adjourned.
From the Louisiana Courier.
PRospEcrs OF CorroN-SrocK IN GREAT BR,-
TAls.--The late accounts from Liverpool, SAYS
the Charleston Mercury, furnish the annual stale
men of the cotton trade for the past year in Great
Britain. On the whole, we think they Justify, not
only the maintenance Of the present prices in this
| country but promise an advance The import
into the United Kingdom, Of all descriptions of
cotton, has been l,749 900 bales against 1906
QUO the previous year, decrease Of l57 900 bales
The consumption has been 5lk 900 bales against
1880 060 the previous year, decrease Of but &C.,
600 bales. The exports are 272, 900 bales against
254 ,00O the previous year. being excess Of 49,
600 bales Taking the consumption and exports
together, the difference between the two years is
but So, 600 bales. This result is highly favorable
TO the growers Of cotton, and is an effectua an
| swer to the dismal forebodings and unfounded
conclusions of mary on either side of the At
Iantic, that any considerable advance in prices
would materially reduce the consumption, and
prove disastrous to the manufacturing interests.
The fact, however, has been established, that al
an advanced range of prices, averaging for the
past year 80 per cent over those Of l849, the
consumption Of Great Britain has fallen off but 2
| per cent! and the manufacturing interests were
never more prosperous. The past history Of cot
! ton shows that an advance Of price to Sd has
never materially affected consumption.
In entering into any consideration Of the future
prospects Of cotton, the stock on hand is an i'm
porant element, ard we regret to say that we
have no faith in the accuracy Of the recent report
Of the stock on hand in Great Britain, on the first
of Janurry last On the contrary, We cannot but
| believe that it has been Intentionally overstated
and that, for the purpose Of unfayoraby inhuenc-
| in thia II 10 nj he rct
that such game has been played, On the first
of january, 1850, professed recount of stock
added ~, 600 bales to the previous estimates. This
discovery OF cheap remedy for short crops bears
date January l, 1850, and the of the first
experiment has, doubtless, prompted it's repeti-
ton Since the year 1916, the estimates of stocks
at the close of the year have always been made
up from the regular weekly market reporls, and
| their accuracy has never before been questioned
probably because the anticipation of short sup
| PITY had never before been sufficiently vivid 10
arouse the inventive faculty Of the British mann
facurers. But the apprehension Of an insufficient
supply for the last two years, has been urgent,
and interests involved great, that the old estab-
lished and hitherto unmpeached mode of eslimat-
ing stock is suddenly found not to answer the
purposes is thrust aide, and method substituted
by which any anticipated diminu,ien OF supply is
compensated by an exaggerated estimate of the
quantity on hand,
At the close Of ls49 so confident was the belief
that the general estimate OF the stock would show
a large reduction, that il produced tendency Of
prices TO rapid advance and n buoyant market
when, 10 to the Arrangement of every one, the dis
-covery was made in Liverpool that there was the
small item of 100000 bales snugiy slowed away
and of whose existence the whole mercantile
world was profoundly ignorant, Accordingly the
STOCK was amPhed from 459, 000 TO $50 900 bales,
and prices Immediately declined on both sides of
the Atlantic. Again, at the close of the year Just
terminated, with serious apprehensions of short
supply from the country ,.and prices advancing,
the estimated stock, as deducIble from the week
y reports, ia found not to answer the purpose Of
the manufacturers Another little item of 60 600
bales is risciosed, Of whose existence as before,
no one had a suspicion. The stock, by this re-
markable discovery, is again raised from 460 900
bales to 522 000 and again prices are check ed and
the market depressed. Noy we appeal to the
common sense of every intelligent merchant ana
planter, If any faith is to be placed in these state
ments. Can j, be believed that there existed at
the close of 1910, in the Liverpool market. l00.-
600 bales, over one-ffth of the supposed entire
stock on hand, an amount calculated to have such
an important bearing on the market and on prices,
and all knowledge or suspicion of il to have es-
capped the vigilance Of importers and dealers, and
still more Of the whole body of shrewd and watch
ful spectators, who operated in that single year
to the heavy amount Of $40, 900 bales; Again,
after so severe lesson, Is IL conceivable that an
error Of sin,ilar character, to the amount Of co.
900 bales in The stock Of 1851, should be ao we'd
to creep in undecided by the same class, nerved
to rcdeubled vigilance by The sharp eYpeiirnce Of
the past, and the magnitude Of the interests they
had at stake, for during this present. year, specu-
Iators had operated to The extent Of $50 900 baes
lst not fair TO conclude thai these most oppar-
tune discoveries have been merely tricks of the
trade, by which the pressure consequent upon a
short supply might be aeviated, and the recess
nies Of the consumer covered with specious
veil The effect et such DEVELOPMENT is necessa-
ry sudden we'll as injurious, and under the in
huence Of the panic 30 produced, the agents Of the
manufacturers seize the opportunity 10 suppIy
their wants. We do not, therefore, believe that
there was any such stock Of cotton in Gres. Bri.
tain on the LIST cfJanuary, as 500 900 bales; and
deduc,ing these strangely discovered quantities Of
10000 and 90 COO bales, IN whose existence we
have not the slightest confidence, the actual stock
would be but 800 900 bales The declaration of
such stock would have caused prices in this
country, on legitimate grounds, TO advance to I6
cents and even higher.
1t may be thought iliiasral to make such impu-
tations, but it not the first time that the produc-
ing interests of this country have been defrauded
by deliberate and Systematic misrepresenta
Of flcta Witness the accounts sent out to this
country in Is46, emansting from high commerce.
al sources, ami seconded by influential journals
of the condition Of their provision crops, which
were represented TO be so abundant as to render
it improbable that any supply of breadstutis from
this country would be needed; and this when the
crop in Great Britain had signay failed, and the
prospect Of famine was staring them in the face.
But their object was attained. In consequence Of
these deusye accounts prices fell in this country,
and farmers hurried their produce to market, for
fe"r If still lower rates l.! Ike meantime agents
despatched across the Atlantic by British capita
lists, traverSed the whole country, making large
purchases, and the farmer WINS thus defrauded of
the produce Of his labor. Let the cotton growers
take warning, lest they also be misIed by similar
misrepresentation, and be vic,imised for the benz
EFT or the Manchesier spinners.
But granting that the stock Of all kinds OF cot
ton IN Great Britain be as ia stated in the revised
estimates, still the prospects of American cotton,
although somewhat influenced by it, are not alto