Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1860-07-05
From the Charleston News.

The Cotton Trade.
The London Morning Chronicle OF May zatn mas pup
lished what has been characterlsticay calico la1lc
article n relation to Cotton 1t processes to speak oy
the card as relates to large prospective losses out us
givngs-out seem to have unsubstantlal oundatlon
It dscourses darky of losses at the rate OF % IO % ~
per bale Liverpoothat orders Tor cotton nau gone
out last winter the United States m account OF DOCK
keepers clerks &c-that cotton has been purchased IN
England under the bill of lading and document system
for parties of the present crop is
u Millions and the next is estimated at millions OF
bales and that the cotton trade this season has been ao
normal aud much to the same effect. 1t is Impossible
to say what contingencies dependent political events,
such as war in Europe and in the East may affect the
consumption and demand but the naked fact that the
stock is 100000 in Liverpool of itself proves nothing
We remember when 100000 bales were deemed large
stock in Liverpool but has there been any period IN the
history of the Cotton trade in which prices have nuctu
ated less than during the present season. indicating stead
mess in the demand and the absence of speculation In
the Manchester market at former periods, one active
week was almost invariably followed by of inactivity
and dulness There has been during nearly the whole
of this season remarkable uniformity with few atera
tons, Notwithstanding the stock rapidly accumu-
lating. The Chronicle winds up in the following achry-
NOSE strain
When we last touched upon the subject described
the abnormal state Of the trade Speculative buyers,
anticipating small crop and large prices, had bought
largely n expectation OF covering past losses but
enormous crop deluged them with cheap cotton. Man
chester had been consuming largely but it could not de-
YOUR so fast New York could supply or Liverpool
cater and thus the manufacturer revelng in the pick
of abundant market and cheap, was working hard and
coming money! We then noticed one important sign
of change India was glutted with the manufacture and
had notified her condition. Since that time the effect OF
the Indian advlces has given pause to Manchester But
there has been pause at Liverpooa the cotton has
not yet arrived Bales heaped upon bales yet the
cry is still they come The total imported is to be
two millions 2 = millions of bales. The holders are
said to be losing from FL to Il. los bale that
with the lowest average of Fl less the lowest total OF
two millions bales the loss in money will be two
millions sterling.
Now nhen is this loss to accrue? We cannot sup
ply the date OF the final windup but calculation,
made knowledge of the facts will assist the readers
reckoning For the next six weeks, bills cotton will
be maturing in this country at the rate of 81 100000
sterling week. These bills to be met only in two
ways-by sales of cotton, the facility and profit o. which,
with 100000 bales now in Liverpool and lots afoat
the reader compute for himself by bills drawn
on the holders of cotton in Liverpool 1t is not for us
to pronounce where the loss will fall The liability of
certain parties is obvious enough but responsibility
is word of double meaning.
In the language OF law morals il implies accounta-
Oty; in the language of trade implies the means to
make good responsibility and it happens sometimes that
parties legally aDswerabe do not answer when called
upon. In that what will be done with the paper
on whom will the penalty of overrading in glut re-
coil 1t Is easy to write the question the answer must
De worked out practically, fear, in dismal characters
hopeful people IN America, see, specializing on
he probability that the weak class will be swept
way without SO much injury alarmst and croakers
would make the people believe but they have cheer
ul way over there OF looking upon these commercial
hunder storms as something rather wholesome than
otherwise for clearing the air while our easy folks in
ne city are quite enjoying the present lull.