Daily Nashville patriot. [volume] (Nashville, Tenn.) 1860-1862, 1861-08-08
From the Augusta Consttutionalist.l
An Interesting Commercial Letter.

Il
We have been permitted to publish the fol-
| lowing Interesting commercial letter from
Liverpool, per steamship Arabia, to our fell
| low-citizen, Mr.. Thomas S. Metcalf
IL MANCHESTER BAY,
LIVERPOOL, 18th July, 1861.
| T. S. METCALF, Esq, Augusta:
Dear SIR: had this pleasure last on the oath
| Nav. Our cotton market has at last taken a
considerable start, after long period of vac
citation, and MiddlIng Orleans is now firm at
| SID, while the lower grades are higher in
proportion, and proper style of Ordinary
| is worth I'D. p ID. In that class the rise
from the lowest point touched in the depres-
sion of February is 12@ I'd. p b, and 1 am
| selling purchases made last month at Cd. p ID
profit. The future course of our market now
| depends, of course, almost entirely upon the
progress of civil war in America. The pub
| lie mind in this country has at last got thor
| oughly aroused to the danger that springs
out of the continuance of this contest, and
! the general feeling here is that prices will
| reach Cd. p 10 before September, while con-
| siderably higher rates than that are anticipa
| ted before the close of the year, if the block
| ade of the ports continues. For my own part
| see nothing for us but a gradual rise in
prices till consumption sustain complete
collapse, unless a prospect of settling your dit
cuLties opens up before long.
Il K,
rather dangerous invest, and if it reaches Cd.
next month, prudent men will clear out their
interest in it entirely. / do not perceive at
present any practicable method of settling
your trouble. still think it is very likely they
will be composed before the end of the year,
and if this was effected in October or Novem
Der with cotton here forced to 3D., or possibly
10d. R H., there would likely be complete
panic, and fall of I'd. or Sd p To. OF course
a oroat 6aal diamonds unon tna prnSnaotS nf
the next crop. My own advices lead me to
think that the area planted will afford with
a good season 1000, 900 or more, and that
supply with perhaps 10000 bales more East
India cotton than usual, will be sufficient to
carry US through the season without Mid
ding Orleans ruling much, if at all, over I'd.
p Do. Trade in Manchester still continues
very bad, and the majority of spinners and
manufacturers are working to positive loss;
still there is little "short time," and the con-
| sumption keeps up to nearly the old figure.
In the last few days the tone of Manchester
has improved, partly owing to the better &C
counts received from India. The monsoon
| there had set in favOrably, and more healthy
state of trade was looked for in consequence.
These advices may support Manchester for
| some time, even in the face of an advancing
cotton market, and l question now whether
there will be any severe check on the con-
| sumption short of 3d. for Middling Orleans.
There are already, however, various mills
where short time has recently been adopted.
| l know myself of several in the Blackburn
| district. In this country the course of events
| in America is watched anxiously, but with
| out perceptible bias toward either side.
We listen very passiyely to the violent in
| vectives on England, INDUCED in by the
| Northern press, but have no intention to de-
part from strict neutrality. No attempt
will be made to interfere with the blockade
| of the Southern ports, if it is effectually
| maintained, for at least several months to
come, but if it does unfortunately happen
that this war is likely to be protracted
| through another year, and no shipments of
| cotton be permitted to Europe, do think
| the urgent necessities of France and England
| would lead them into strong remonstrances
| and, possibly, even to Interior measures.
| Still this is a remote contingency that no one
likes to contemplate. At present, there is a
| strong desire in this country to avoid any
| embodiment in your troubles, and we would
| submit to great inconvenience before de-
parting from the line of nOn-iutervention.
am yours, truly,
SANITEI SMITH