Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1853-12-08
FOREIGN BUSINESS PROSPECTS.

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circular:
TaE CoTroS TRADE in all its qualifications is still
lahorng under the accumulated evils so often refer
red to in my previous circulars as likely TO cause
protracted depression. The present position of the
Turkish and the Labor questions realize the worst
previous anticipations. The grain markets have
continued to rise till at lastchecked by the improve
meut which has occurred IN the weather during the
last two weeks, which has happily allowed large
breadth Of land to be sown with wheat and there
is now a fair prospectof the seed being all got IN
In the position of the Chinese and other foreign
markets there is little change while there Is no pros
pect of any early increase of business for the Aus
traian Colonies which still reported to be suf-
fering from plethora of importatons Money con-
tnues dear though the pressure is somewhat re-
eved by the recent large importations Of gold and
by the improved weather for tilage. All this looks
gloomy enough but there are sufficient indications
IN the opposite direction lead that
the worst of the depression Is now past The re-
cent course of affairs and the policy of holding aloof
from the American markets consequently adopted
by both the spinners and the Liverpool merchants
has had most salutary effect. 1t has already al
lowed prices to fall considerably in America with
every prospect Of yet greater decline, and it has
reduced shipments for this country toless than the
weekly average of the same period last year. At
the same time the great dminution | look for in
the ecepts at the American ports from the causes
explained above under the proper head, Will give
weight to the short crop view. We have therefore
three important elements now coming into play in
favor of the market, viz great reduction in the
production Of goods and yarns consequent upon the
strikes which must needs soon tell upon the value
of those articles a more than proportonate reduc-
ton in the early imports Of cotton aud more gen.
eral prevalence for time of the short crop idea
which will stimulate the confidence engendered by
the other causes. The effect upon the Liverpool
market Of the actual commencement of nostilties
and the breaking down of the American markets
has now been tested and such is the scarcity Of the
mddlnG and better grades Of american cotton that
hardly any effect has been produced. This scarcity
viii increase, while some Of the depressing iniu-
erces will pass away, and therefore believe that no
important decline IS now possible at this side ill to-
wards Spring, when the receipts at the ports, the
shipments to England and the Liverpool stock will
again increase, and when more trustworthy ideasof
the crop may be expected to prevail The stability
OF trade generally, has, By the recent combination
Of difficulties, been tested III remarkable manner
and no weakness has been discovered, mot single
important mercantile failure having occurred but on
the contrary, the abundance OF money in the hands
Of the public has been established by the signal
failure Of the recent speculations for fall in the
public funds consos having rallied in spite of the
commencement Of war about per cent. from the
lowest point, in consequence OF continued invest
mcnts by the public The main difficulty remain
ing Is the Food question, and it is one which cannot
easily be disposed of but as prices are now higher
in this country than in France it is to lie expected
that larger proportion OF the foreign supplies will
be shortly directed hitler, which fact taken in con-
necton with the recent favorable weather for sow
ing, may prevent any further undue advance till
Spring, when our wants, and the supply to meet
Them will be better understood, and parties interes-
ted in the cotton trade may shape their course ae-
cordngly, should they then discover stronger ground
for alarm Should the deficiency ultimately prove
so great as some anticipate, it will undoubtedly be
in the summer when the last crop becomes exhaus-
ted that the scarcity viii be felt and not during the
season in which half to threc-fourths of the crop
besides good stocks Of old wheat, will still be on
hand. Famine prices may be possible even under
Free trade, but not think, till the scarcity is ac-
tualy felt for after the lesson Of 1877 the country
Is not likely to create famine for itself through
mere speculation, and therefore, upon that head as
upon the other possibilities affecting the safety of the
present price of cotton, think we may feel Sc
cure till Spring, and the operations of the trade,
which have of late been restricted very prudently
to an inconvenently small amount, may in the
meantime, without disadvantage, be somewhat in
creased.