Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1866-03-22
MONETARY AND COMMERCIAL
OFFIcE or TIE UsIox AND AMERICAN, I
TurnanAR March % 1855 [

terday at 12g1z. which is a slight advance from
Tuesday. It was bought here at 126 and sold
at rs.
Bank Of Tennessee is bought at IS. with good
demand.
Union and Planters are unchanged. The for
mer is firm at IS, and the latter at ST.
Southern money remains dull and inactive. II
sells with difficulty at the advertised rates.
corToS.-The transactions on yesterday were
very limited We heard of only 30 bales selling.
at prices varying from 3 to 9OJ4, according to
quality. We heard Of no special New York dis
patches. With holders there seems to be hope
full feeling, in view Of the rapid decline of re-
ceipts at the various points. and the favorable
adviees from Europe.
The following monthly circular Of SAMUEL
SIXTH. Of James Finlay 4 Co.. Liverpool, pre-
sents some interesting facts. and their view Of
the cotton question. up TO that date:
LIVERPOOL. LIST March. ls66.-The past month
has been uneventful, 50 far as our market Is con-
ceracd, and IL closes at prices about q to I'D per
pound higher in American cotton than when il
opened. though Indian cotton generally is y TO
Ny last circular quoted middIing American
upland cotton, lsl4d fair Dhollerah. l611d. and
Egyptians. 2z14d per n; the feeling was very do
pressed. for the continued large receipts in
American cotton hsd shaken confidence. But
within few days change came oyer the mar
ket. one week Of light receipts was reported from
New Orleans and Mobile, and sanguine persons
jumped 10 the conclusion that the long looked
for falling of !" had fairly set in quite strong
demand sprung. up for American cotton and
prices advanced fully Id per n. and sales of mid
ding were made at l91zd for uplands, and 20d for
Orleans; little change took place in other kinds
But the movement was short lived-the next
American news reported increased receipts. and
cur market relapsed into dullness. Prices grad
ualy lost the little Improvement and slowly set
tied down TO the point from which they started
in American cotton. Surats were more pressed
for sale, holders feeling alarmed at the large
amount aioat. and both on the spot and TO ar
rive they were eagerly offered at low rates. An
improvement in the money market failed to in
hnenee us favoTabIy. The bank rate was reduced
last week from 10 per cent, but it had no per-
eeptible effect on business, and the heayiness in
creased up 10 last Saturday, when middling up
lands were sold at lSd. and in one or two cases
even lower. The dGricd's news was before us on
Monday, with dates 70 the 9Th ult., and as it
shows some slight indications Of diminishing re-
ceipts at the Southern ports. decidedly better
tone was impaired 10 the market, and a good
business, ehhfy in American cotton, has been
transacted during the last three days at harden
ing prices, bringing quotations up TO the point
named above.
The import and outgoings from Liverpool dur
ing the FIRST three weeks of February exactly bal
anee each other. The import averages 5000
bales per week. the deliveries TO the trade Al 900
bales, and for export 1000 bales per week. so
that the stock remains unchanged, viz: $4,000
bales. The average import so far this year flor
eight weeks is 5000 bales, and the outgoings
trade and export 81 900 bales.
In Manchester during the past month trade has
been remarkably healthy; orders for goods
abound from nearly all foreign markets, and man
ufacturers have been kept well under order, and
many of them hold contracts extending till May
and June. The demand is chiefly for prime
makes Of goods, no doubt owing to the fact that
csnsumers all ever the world have found, by Bit
ter experience. that the adulterated fabrics so
largely produced a year two ago are the most
costly articles in the long run. For this reason
a great difference in price now exists between
good and inferior makes of cloth and yarn, and
this is one of the strong demand in our mar
ket for American cotton. The consumption con-
tinues at the highest point compatible with the
bales per week for the kingdom, of which probably
one-half in weight is composed Of American cot
ton. The class of goods now produced is little
if at all, inferior in quality to those manuiac-
less is one reason why the demand for them keeps
50 active.
The aspect of the money market has changed
very decidedly for the better during the past
month. The long continuance Of the per cent
rate produced at least the natural reaction, and
the reduction to per cent. last week seems like
ly 70 be followed ere long by further downward
movement. A great fall has taken place IN the
rate Of exchange at Bombay, say from . Sd TO q
I'D per rupee, and the result this is that silver
is not wanted for export 70 India, and thus
great relief il given 10 the London money mar
ket. II seems probable that we shall have pc
Rod Of comparative ease IN money put . excite me
ton market-should this occur later in the year
would quickly tell upon the foreign exchanges,
and raise the rate Of interest.
The prospects OF our market at the present time
turn almost exclusively upon the question Of sup
ply. That of consumption may be considered as
settled for there can De little doubt that the de-
rers can produce for n long time TO come. The
disturbing influence of an unsettled money mar
ket is also likely 10 he in allegiance for some time
SO that all eyes are fixed upon the question Of
cotton supply for the next few months.
1t must be allowed that the prospects have
greatly improved since the beginning OF the year.
Few expected the receipts in America would have
continued Mt their maximum scale up TO tnls
time and the total received since the end of the
war is now l6jQ.O00 bales, and as twenty eight
weeks yet remain to the end Of the cotton season.
it may be considered that my first estimate of
2,000O00i is now placed beyond doubt, and the
real question is whether the amount VIII not be
considerably larger. Were the receipts 10 con-
tinue few weeks longer ~ the rate OF % 1000 to
CO. 900 bales per week, the total could hardly tall
short of 2.250,0O0; but the news by the last
steamer gives indications that perchdncea decided
falling of is at hand and II that be the case the
total may even yet be not much over 1000. 900.
There have been. however, 50 many false cries
OF falling off in receipts" that great caution
will be felt here in accepting that conclusion, and
only two or three consecutive short weeks will
satisfy the trade that bona fde exhaustion is
showing itself. Were this to happen promptly It
would give considerable support 10 our market
and take away the vague fears OF possible large
decline and some Of the trade would probably
likely that any great excitement would take place,
as the quantity already received in America and
the enormous supplies a1oat from India insure
very large arrivals here for several months to
come But if, on the other hand, receipts IN
America continue unchecked, or nearly so. for
some weeks yet, great depression Will be felt here
for a heavy accumulation OF stock m the next two
or three months will, in that case be unavoid-
able.
observed that the exports from Bombay the past
few months have been enormous, and far beyond
what any one Anticipated. The export in Decem-
Der was l6O 900 bales, in January 1--WE may calcu-
late fully as much, and by telegraph we learn
that Il continued on the same scale to the middle
Of February. From Calcutta the last ,nnii also
advised the unprecedented export OF &.OOO bales
TO this country and il is believed there are at the
present moment 65o,OO0 to 100000 bales on the
water from lndia-an amount quite unprece-
dented.
There Is good reason, however to believe that
these enormous shipments are quite exceptional,
and simply owing to the thorough emptying of
the country, caused by our great advance last
autumn. II is alleged by many that the new crop
(which is now beginning TO be shipped in guam
tity from Bombay is Eluch shert Of the last one,
and there certainly good grounds for bellev-
ing that il can hardly equal II. IL Is probable.
however, that the shipments from Bombay may
keep fully up 20 last year for some time yet, be-
cause railway communication will the interior Is
now complete, and the crops will be delivered
From other producing countries there is nothing
new TO remark upon. The continued small de-
| lyeries ~ Alexandria, and the wretched quality
Of the crop abundantly confirm the shc5t estimates
and only half a crop seems probable. From Bra
Ei a considerable increase over last year is still
confidently predicted. .f
We are now in position 70 estimate with some
| approach 20 accuracy the probable import into
Liverpool till the Ist Of June. period Of four
teen weeks. We may assume the supply from
America 20 be not less than % 900 bales per week,
though il Is not improbable Il may average $4,000
bales. The amount of Indian cotton aAoat, by
mail dates, say 10000 bales for Liverpool, will
reach us and probably something more if the
vessels make average passages, say n total OF
10000 bales and we cannot be far wrong in as
suming the same aggregate import from other
producing countries IS we had during that period