The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-02-21
ne Pssspssts o. Cstssn-Ssosk In Grsss

The late accounts from Liverpool furnish the
annual statement OF the cotton trade tor the past
they Justify, not only the maintenance Of the pre-
sent prices in this country, but promise an advance
The import into the United Kingdom, of all do
scrlPtions Of cotton, has been l,749000 bales,
10, 900 bales. The consumption has been l,5l4, 900
bales, against $50 900 the previous year, de-
crease of but 10000 bales. The exports are
H2,OO0 bales against 2540O0 the previous year, be-
ing an excess of Is, 900 bales. Taking the con-
sumption and exports together. the difference be-
tween the two years is but 50 900 bales. This re-
suit Is highly favorable to the growers OF cotton,
and is an effectual answer to the dismal fore
either side of the Atlantic, that any considerable
advance IN prices would materially reduce the con-
sumption, and prove disastrous to the manufac-
turing. interests. The fact, however, has been
averaged for the past year 50 per cent over those
of lS49, the consumption of Great Britain has
fallen oil but three per cent! and the manufacturing
interests were never more prosperous The past
history OF cotton shows that advance of price to
std., has never materially affected consumption.
In entering into any consideration Of the future
prospects Of cotton, the stock on hand is an por-
tant element, and we regret to say that we have
faith In the accuracy OF the recent report OF the
stock hand in Great Britain, on the let Of jan
uary last. On the contrary, we cannot but believe
that it has been Intentionally over stated, and that,
for the purpose of unfavorably influencing prices in
this country. 1t is not the first time that such
game has been played. On the LIST Of January,
1850, a protested recount OF stock added sc, 900
bales to the previous estimates This discovery OF
a cheap remedy for short crops bears date January
/, 1850, and the success of the first experiment
has, doubtless, prompted its repetition Since the
year 1916, the estimates of stocks at the close of
the year have always been made up from the egu-
lar weekly market reports, and their accuracy has
never before been questioned; probably because the
anticipation OF short supply had never before
been sufficiently vivid TO arouse the inventive ia
Guilty of the British manufacturers, But the ap-
prehension OF an insufficient supply for the last
two years has been go urgent, and the interests
involved so great, that the old established and
hitherto unimpeached mode of estimating stock is
suddenly found not to answer the purpose; ID
thrust aside, and method substituted by which
any anticipated dmnuton of supply is compensa-
Ted by an exaggerated estimate Of the quantity on
hand.
AT the close of 1919, go confident was the belief
that the general estimate of the stock would show
large reduction, that it produced tendency of
prices TO rapid advance and a buoyant market,
when, 10 to the amszemont of every one, the dis.
Covery was made in Liverpool that there was the
small item of 100, 600 bales snugly slowed away,
ard Of whose existence the whole mere ante
world was profoundly ignorant. Accordingly, the
stock was ampihed from Ass, 900 to $50 900 bales,
and prices immsd iately declined on both sides of
the Atlantic Again. at the close OF the year Just
terminated, with serious apprebensions of short
supply from this country, and prices advancing the
estimated stock, as deducible from the weekly re.
ports ID found not to answer the purpose OF the
manufacturers. Another little item OF IS 900 bales
is disclosed, of whose existence, as BEFORE no one
had a suspicion. The stock by this remarkable
discovery, is again raised from 400 900 bales to
535, 0OO, and again prices are checked and the
market depressed. Now, we appeal to the common
sense of every intelligent merchant and planter If
any faith is TO be placed in these statements. Can
be believed that there existed at the close of lSi9
in the Liverpool market, 100000 bales, over one.
fifth 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 it TO have escaped the
vigilance of importers and dealers, and still more
OF the whole body of shrewd and watchful specu-
lators, who operated in tina. single year to the
heavy amount of $4,000 bales Again, after so
severe a lesson, Is IL conceivable that an error
OF similar character. TO the amount of IS 600
bales in the stock Of 1851, should be allowed to
creep in undecided by the same class, nerved to
edoubled vigilance by the sharp experience of the
past, end the magnitude of the interests they had
at stake for during this very year spectators had
operated to the extent of 100, 600 bales Is it not
fair to conclude that these most opporune dis
coveries have been merely tricks OF the trade, by
which the pressure consequent upon short supply
might be allevated, and the necessities of the
sumer covered with specious veil Z The effect
OF such deveiopement is necessarily sudden, well
ss injurious, and under the influence of the panic
produced, the agents OF the manufacturers seize
the opportunity to supply their wants. We do not,
therefore, believe that there was any such stock OF
cotton IN Great Britain the first Of January, a.
$685. 600 bales and deductng these strangely disco
veIed Quantities OF 100. 600 and 10000 bales, in
whose existence we have not the slightest conf
dence the actual stock would be but H5, 900 bales
The declaration Of such a stock would have cause
pncee IN this country, on legitimate grounds, to
advance TO 10 cents, and even higher.
IL may be thought Liberal to make such imputa-
tons, but Il is the first time that the producing
interests Of this country have been deireuded by 4
deliberate and systematic misreprese ntation OF
fass. Witness the accounts sent out TO this coun-
fru in finn frnFN htsttx 81
sources, and seconded by influential journals, OF
the condition oil their provision crops which were
represented 10 be so abundant as to render it inn
probable that any supply Of breadstufis from this
country would be needed; and this when the crop
in Great Britain had signally failed, and the pros
pect OF famine was staring them in the face Bat
then object was attained In consequence of these
delusive accounts, prices fell in this country and
farmers hurried their produce To market, for fear
OF sull lower rates In the meantime agents, de.
spatched across the Atlantic by British capitalists.
uaversed the whole country, making large pur-
cbases, and the farmer was thus defrauded of tho
produce OF his labor Let the cotton gro wers take
warning, lest they also be misled by similar msre-
presentations, and be v ctlmized for the benefit OF
the Manchester spinDers.
But granting that the stock of all kinds Of cotton
in great Britain be as is stated in the revised esti-
mates, still the prospects Of American cotton, al
though somewhat influenced by II, are not aitoge-
ther dependent upon It, and not such to JUS
tliy the reduction OF present rates at least, and
Of the recent advices, submit to any material re-
duciion.
The import Of American cotton into Great Bril-
tain during The year just closed, was l,lSt,000
bales; her consumption and export ,230, 900 bales;
or 81 600 bales N ore than the import. Her stock,
though 1000 bales more of this years crop was
received than In lel9, is, nevertheless, diminished
by 40 900 bales "The stocks of cotton too, at all
the ports in the world, are considerably less than
they were last year" Our crop thus year. ISJ0-5l.
in all probability, will not exceed l59, 600 bales,
and every bale Of this will be consume 4, and more
will be wanted. The stocks in France and on the
continent, are small. These markets will re u,re
300 COO bales the consumption Of this country will
require 100000 beles; and, with these deductions,
where will Great Britain obtsin a supply equal TO
her consumption of the past yearl Gould the deal
ers and cotton growers in this country withhold
supplies for three months, and thus compel her to
prove her stocks by working them up, we cannot
doubt that the price Of cotton would advance much
beyond the present rates Planters should not
lightly yield the power they now have Of die
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