The southern press. [volume] (Washington [D.C.]) 1850-1852, 1851-03-14

DIsnNUTIoN OF CorToN CONSUMPTION IN Eu-
RoPE.-Advices to lst of February from Eng
land say that "the fall of cotton has been ac-
companied with depression and an eagerness to
sell, usually consequent upon downward price,
Among the reasons for this alteration is an ad-
vance in the rate of interest Mt the Bank Of Eng
land, and a corresponding change among private
bankers and money jobbers. grounded on an
apprehension that the spirit Of speculation and
overtrading had been carried to such an extray-
agant extent us to require some check to prevent
a recurrence of revulsiens, similar to those that
occurred in 1928, 1897, and l847 and at several
earlier periods" AIS
another reason is that of cotton--7O,OOO
bales less had been taken for consumption than
was represented in the brokers' returns-an er-
ror only detected at the end of the year."
Cotton statements often proceed from hands
engaged in sale Of the article, and of reckless
spectators, both having an interest to conceal
their purposes. There was the like error at the
close of l849, and there probably will be SIM
liar one at the end of the current year.
These accounts have convinced many persons
what they before appeared to doubt, namely
that an article suddenly raised to double it's or
binary value cannot long be sustained ut such an
unnatural value as cotton has lately borne
There is also another and far more cogent
reason than has been usually assigned in the
foreign statements for the decline ia the value Of
cotton. The returns being made upon the last
day of the year of sales and stocks on hand, it
can only then be ascertained what has been
taken for consumption, aud what remains in
hands Of holders -
The United States crop of I849-l850 has
been upwards of 100000 bales short of the pre-.
ceding one, and considerably below the average
crops of 1912 to l846, when the cultivation was
probably % to 30 per cent. less extended than
it was in the season Of 1849. Such being the
position of this staple, it was pretty universally
believed that the stock in Europe, at the end Of
1850, would be nearly exhausted.
The returns of stocks on hand, with the cor
rection of the error or Misrepresentation of sales
to manufacturers in Great Brtar,-which con-
sumption was over-estimated to the extent Of
10000 bales,-show that on the 3lst of De-
cember, $50, the stock on hand in Great Bri-
tain was only 81 bales less than the previous
year, which was somewhat larger on the Eu-
ropean continent
But what is more to the purpose, the supply
on hand, in Europe, ut the close of l85O-the
year OF one Of the shortest crops, in proportion
to quantity Of ground under cultivation, that
was ever produced, and far below the avera2e
of preceding years--was 829,806 bales, In ex-
cess Of that of l848, while the exports of cot
ton from the United States to Europe amounted
to 268, LOG bales more than in 1850.
These facts show great diminution in the
consumption of cotton in 1850 There will
probably be still further dminution this year,
because the season has opened with prices con-
siderably higher than those paid at the previous
one, and with greater glut of cotton fabrics in
all parts Of the world, and more especially in
the United States, South America, China, and
India, than has existed for several past years.
Yet, within few years, an immense number
of failures occurred in Great Britain among spin
ners manufacturers, and shippers Of cotton
goods, from over-manufacturing, and over-ship-
rnents to foreign countries from which returns
did not cover half the shipping expenses.