Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1867-07-05
From the New York World.
The Cotton Trade

dent upon this country for supply of the
article, until the war here cut off her sup
ply and compelled her to cultivate the
plant within the limits of her own posses
sions.
The countries which are the most sue
cessful in cultivating cotton next to the
United States, and whose SroWths have,
for years. been placed by the side OF our
own in foreign markets-but with only
Ismau degree of success-are Brazil Egypt,
and the East Indies. These countries hay
ing had experience in the cultivation of
the staple, and possessing facilities for its
production propoTtionate to the extent of
the consumption, it only remained for
them on the withdrawal OF their success
fll American rival, b extend their opera
tions and increase their facllltleS to the
highest degree within their power. This
they did when it became apparent that the
United States would not be likely to re-
sumo the leading place Ill the markets for
several years after the breaking out of the
rebellion. There was little risk in direct
ing all available capitol and labor to this
end The mills of England were closed :;
her people and her ships were idle; her
stock Oh had was exhausted, and her com
merce-Ler best prop-WaS suffering at
the rate OF nearly one hundred millions
YEAR She could we'll afford to take cotton
cost. She could afford to take under the
government protection and assistance the
cultivation of cotton in her own Indies,
and send skill. and capital to energize and
Increase the efforts of Egypt.
But the growths of all these countries
could not stand before the American cot
ton, previous to the war nor can they, by
any possible means, do so now, the mo-
ment the South is capable of producing a
million and a Laif OF two millions Of bales,
foreign growtLs can retain the field and
furnish England with the bulk of the cot
go she requires for consumption but no
longer.
La 1860, when American cotton was sell
ing IN the Liverpool market at eleven and
a half cents per pound, Brazilian was ask
ing fifteen and half cents Egyptian the
same figure, and West Indian fifteen cents:
and in the year 1864, in the same marker,
when American cotton was scarce and
prices were up, it was sold at tifty-tive cts.
per pound, against fifty-six asked for Bra
lillian ffty-tve for Egyptian and fifty
four for West Indian. This, it should be
remembered, was at a time when all the
American cotton Eng land could get was by
running the blockade and with all its ex-
IRENE scarcity and with the great risk in
obtaining the article it could sell for one
cent pound less than the Brazilian. The
Egyptian crop OF 1864 vas about two hun
dred and ninety thousand bales Of four
hundred pounds to the Dale, and the East
Indian crop, for the same year, about SIX
hundred and seveuty-fiv thousand bales,
of like weight. OF the entir4 quantity of
cotton consumed by Great Britain in 1860,
fully nine-tenths was from the United
States and the remainder drawn from
Brazil, Egypt, the East and West In
dies. OF the quantity taken up by
the continent, about seyety-hve per
cent was American and the
baance East Indian. In 1864, of course,
the quantity contributed by this country
was q mere bagatelie compared with the re-
suits Of former years. Yet, while Great
Britain paid in 1860 about two hundred
aud five millions of dollars for four and q
half million bales-which comprised all
the cotton she purchased in that year-at
an average price of eleven and a half cents
per pound, she actually paid in 1864 over
four hundred and twelve millions of dol
lars for about two and tWo-third million
bales, at an average price OF about forty
five cents. In this latter year, the sum
paid on American cotton was forty million
dollars on seventy million pounds, against
one hundred and fifteen million dollars on
about one billion pounds paid in the for
mer year. In 1864, the supply was drawn
from all quarters of the globe; East India
furnishing the largest quantity, Egypt be-
: ing next in order, and the United States
) following. England paid the East Indies
: over one hundred and seven millions for
cotton that year, and Egypt more than
? siXty~siX millions neither of which cOun-
7 tries received more than six and a quarter
millions IN 1860. While the continent
: consumed seven hundred and fourteen mil
, lion pounds in 1860, it used but three hun
dred and sixty-eight million pounds III
: 1864 and while in the former year it paid
S us over sixty millions Of money, IN the
t latter year il paid but little to US, and paiC
one hundred and sixty millions to other ma
tons. In. the great cry for cotton SEN
forth by England, and the stimulus impart
, ed by the exorbitant price, even China anC
I Japan increased their supply to fifty mil
1 lion pounds in 1864.
! These facts and figures will serve to ex
. hibit to the people OF this country the
t money influence Of the staple, its impor
s lance as an item Of commerce among ma
/ tions, the loss 10 England caused by thu
! termin 4tion Of her supply from this coun
d try, the immense loss to the South III being
4 cut off from the purchases of the world du
u ring the wal, and the disaster her creates
: interest has sustained in the movements o
a competitors to establish successful foot
: hold in the market during her disabled
n condition. The South has nothing serlou
/ to fear from her rivals in cotton produc
}. ton, unless her crops annually fall mucl
q short for several years, by reason OF tn
e worm or wet season, or from her failure t.
t, establish u satisfactory labor system pro
y vided, indeed, we except long contlnu
e ance of high prices Ii prices contlnu
n above twenty-five cents for eight or te
ears, it is probable that she will sustai
heavy and even irreparable damage bu
if she can throw two and a-half Milo
g. b lies in the market per year within thre
tn years from this date, the balance Will b
Ca, in her favor, she will promptly resum
her lost place in the markets.
" Let her bend all her energies to etfec
ST this result and not become discouraged b
10 obstacles which she should firmly face an
- s lrmount-which she can surmount, an
y which must be surmoInted by her, soone
Is or later It had better be at the start tina
I, at distant day, when the hundreds OF mi
le lions which should be collected to her co