The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1867-05-04
Tho Cotton Trade.

III tne movements and
In the fluctuations of the price OF
cotton, we publish the FOLLOWING
article from the New York Mercantile
Journal: "'' -
That never failing source of
anxiety, the condition of the cotton
market, has again assumed such an
aspect as to awaken much remark in
business circles here and abroad.
Last autumn the prospect of con-
tlnued peace in Europe, and the re-
conclllatiOn of all jarrino elements
IN both North and South America.
leo every one to believe that the ex-
pected crop of American cotton
would not be sufficient to meet the
demand: But the revival of general
war excitement beyond the Allan tic,
nLnng every avenue of trade with
alarm, and. the comparative stagna-
ton OF commercial currents here.
have produced results very different
from what the most skillful and ex-
perlenced dealer in the great staple
would have predicted four months
ago. All the usual tests of business
seem to have failed upon this .occa-
sion, and things are in so abnormal a
state, that it is difficult to reach any
definite conclusion.
at home. the usual movement has
been greatly impeded by causes
which have been repeatedly set forth
and are now familiar to. the merest
child. Great Britain, our chief Gus
toner, has been hampered by the
effect OF last years crisis, which con-
tlnues to be very severely felt, and
while on one hand the demand for
manufactured goods has diminished,
on the other, owing to less produc.
tlon, the raw material has not been
80 much required. Still, expectation
to the British ports is sufficiently
maintained to indicate that they will
absorb larger share of the crop than
they did last year. The general
estimate OF the stock on hand at.
Liverpool was from 70, 600 to 5000
bales, but the regularly ascertained
figures are as follows; for 1866,
there We're 267, 900 bales American:
~, 600 East India and China, and
115, 900 Brazil, Egyptian, &C., making
o total of 553, 900; for 1867, there are
332, 600 American; 141. 600 India and
China. and I'll, 200 Brazil, &C., or
GA, 600 in all, exhibiting IN in
crease Of $1,000 for the wear. or
from 15, 900 to 10000 more than was
supposed.
The best authorities think that
this accumulation will grow until it
nearly equals, if it does not eventual
ly exceed, comparatively, the maxi
mum of last year, and prove suffi-
clent to prevent any speculative
movement. When we use the guard
ed terms employed above, our readers
will remember that it is feared that
the cotton crop for the present year
may be 10000 bales less than the
last. In addition to the disastrous
influence of the recent inundations,
many of the Southern planters have
become discouraged ut the prospects
OF the cotton business, and yield
ready assent to the language of
portion of their press, seeking to in
duce their abandonment of the old
staple and the subsi tuition of cereal
crops in its stead. The continuance of
cotton tax is powerful argument
on this side of the question. That
this burthen must be got rid of, or
that our cotton production is in
danger of serious decline, is only
too evident from the preference shown
by european manufacturers for East
India cotton, at the difference in
price of Cd. per pound. j It is also clear
that the Oriental growers are making
handsome profits, while our own are
reaping very. little. if any. The
months Of May and June will see the
heavy arrivals at Liverpool from
India commence as those from the
United States fall off, and these will
swell the stock on hand to point
that may thow all the control of
prices into the power of original
buyers.
Notwithstanding that the existing
aspect of the cotton trade is, rs we
have pictured it, by no means moro
than usually encouraging, 80 favora-
ble turn may yet be given affairs
both here and in Europe, within the
next sixty days, as to yield us sub
stance for more cheering comment.
For the moment, however, the
promise is not dazzling, and the ex-
pectations of those who hoped for
better things last Autumn, must see
their realization little longer de-
ferred.
BRIEF BUT EMPHATIC.-The New