The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1860-09-03
BALTIMORE.
MONDAY, SEPTEMBER 3, 1860

The almost simultaneous arpViu Vi 'iie s'e"iiels
africa and Fulton, at New York ana 81. Johns
resnectveIv. nuts us in possession of European ad-
,,;oo, 20 tho close Of the 2lst of August. Leaving
ONT Of view ot this TIM, as of secondary import
or,co 70 fine commercjd public, the meagre details
which have as yet come to hand in relation TO
Italian and OIenal affairs, we propose to confine
opr nresent remarks to the state of the European
markets, Snd tie prospects which they hold out
during the coming year, with respect to our cotton
and breadsldfls. The unexamped activity, both
at home aud abroad, which prevails in all the va
rious branches of cotton manufacture, woad seem
to indicate steady demand for that staple unless
the Italian Question, during its process of adjust
ment, should bring on a general European war.
If this were 10 be the case, the Manchester trade
which is now so fourishing, would be materially
affected and the remarkably heavy stock Of
raw cotton which has accumulated at Liverpool
would suffer serious decline in price. If, how
ever, the principle of non inervention which Ma
PoLEoN III has proclaimed, and which the Eng
fish Government supports, shall be ngdly
enforced the supply of our great staple
estimated for the crop Of 1860 at four millions of
bales will not be more than equal to what is re-
uured for foreign and domestic consumption and
prices will be maintained. There are those, in
deed, who anticipate that the cotton crop of the
present year, owing to the long continuance of
dry weather at the South, will fall short of the es-
tmated quantity, Notwithstanding the greater
breadth o land that has been planted in cotton,
and some speculative purchases have been entered
into, but not to any very large amount which are
based upon this theory. But, however sanguine
spectators may be that prices will advance to
point considerably beyond what they are at pres
emf, it is evident that the risk Of loss which they
incur will scarcely justify them in extending their
operations, when we reflect that, on the 10th of
last month, there were no less than one million
two hundred thousand bales of cotton accumulated
at the port of Liverpool alone, of which amount
one hundred and twelve thousand bales have since
been solo, whilst, on the same day of the year pre-
ceding, the stock on hand was but six hundred
and thrty-two thousand eight hundred and ten;
or but little more than one-half what it is Mt the
present time. If we estimate the aggregate weekly
consumption of raw cotton for all England, to
be fifty thousand bales-which is about the
amount actually used-the conclusion is inevi-
table that the supply of cotton now on hand
in Liverpool would furnish the English man
uacturers for twenty-four weeks--neary six
months-with all the raw material that they re-
quire. IF we make allowance of one-third for
export, there still remains supply on hand
which would keep the English mills steadily in
operation for sixteen weeks. The unprecedented
quantity of cotton on the wharves at Liverpool
with double the usual number of bales also stored
at Havre-shows that concentration of the last
years crop has been made at those points in con-
sequence of the high prices that have prevailed
and in anticipation Of an increased demand from
the Furnishing state Of the trade The healthy
condition Of that trade, and The confidence of the
manufacturers in the future, are both strongly
eYinced by the fact that, under this immense
accumulation Of the raw material, prices have not
suffered any decline, but, on the contrary, have
slightly advanced and IN TO the hour on which
the steamers sailed, the markets 'closea FIRM
twenty-five thousand bales having been sold in
Liverpool during the three preceding days-ten
thousand Of which were purchased by SPECTATORS
and for export. We reproduce these facts be-
cause they present clear view of the state of the
cotton market at the present time, and are in
gin really exists for speculation, when the number
of bales already stored away at Liverpool and
Havre is taken into consideration.
With regard 10 the demand upon this country
for breadstuffs it is sufficient for us to say, that
unless an Unexpectedly favorable change in the
weather has taken place, within the last ten days.
there is every reason to believe that it will be
large. Wheat has already advanced from four to
six cents on the hundred pounds. Flour has ad-
vanced from twenty-five to thirty-seven cents per
barrel, and Corn has increased in price from
twelve and half to twenty-five cents and is very
firm ct the advanced rates Both in England and
in France not only has the period Of harvest been
greatly retarded by cold and incessant rains, but
the growing crops have ;,lrnady suffered material
injury The English agricultural journals state
that ''the prospect of good rcaping time s now
every uncertain" that the wheat IS much laid
with tho heavy rims 81 mat the yield even
,l,,,.,--, 6Iil be greatly Diminished by the in
element weather to which the grain has been sub
jected throughout the whole season. In Scotland
which has not suffered so much from rain as
either England or Scotland, the harvest prospects
are BETTER hut in Ireland the potato rot has spread
itself over so many districts as TO give rise TO Sc
rous alarm. In France the grain crops are suf-
fering from the same causes which have created so
much uneaSiness across the Channel. During the
whole of the harvest, rain fell at short intervals
and at least one-haf of the crop is reported to
have been housed in bad condition. In a few
isolated instances only are the accounts favorable
and the apprehension of short supply is so gene
raj in Paris, that II petition, asking the Govern
ment to abolish the sliding SCALE has been drawn
up and was receiving numerous signatures. Ac-
counts from both countries record ian upward
tendency in the value of wheat, and if the fears
which are freely expressed of a considerable de-
fciency in the grain crops should be confirmed by
subsequent advices, the quantity of breadstuffS
exported from the UNITED STATES and from the
shores of the Baltic and the Black Seas during the
coming season will necessarily be very large.