The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-12-18
ENGLISH YIERs ABOUT COTTON.
IFron Smith. Edwards & Co. 5 Circular


LIVERPOOL, December 1.-Our market la
not experienced important hacluotlons durln:
tho past month, and c!Oses vt rather over til
opening pr!cos.
Our last report closed upon q strong market
Duriu. all October the tendency Of prices hat
been inward, the trade and exporters had Geci
large buyers, aud tho buoyant feeling con
tinucd during the first few days OF November
niddIinc up!ands reaching 1t1. and fair Dho!
lerah Sid. pcr h. Blu. thero was not muci
confidence felt in the movement, as trade il
lancashire was known to be very Dad, and i
was believed that great reduction o. COZ
sumption would take pl &C as soon as the Par
liamentary elections were over.
The chiet circumstance that haC supportco
our market was the extraordinary scarcity o.
American cotton, and the very small shipments
that were advised FROM America. But as soor
as exports to England began 10 increase an un.
easy :ej .,e came over holders, and Our Mar.
ket sanx into depressed slate; american or
the sno fell to 10bd. for InludlinG uplauds aid
fair T Haollerah to 8td., aud American cotton 10
arrive was pressed tor sale till Orleans. shiI
Savannahs at 10l., and January shipment o
uplands was sold az low a. 9;l. The du!lness
was Increased by the receipt of better accounts
of the prospects OF tho American crop. Tue
weather was reported IS very +ne picking was
said to be going on tayorably, ana estimates
were generally raised 100, 600 to 200 600 bales.
Our market accordingly remained in some
what depressed coadltl IN for . fortnight, and
the trade only took during these two weeks
| 81 600 bales per woek.
But attention was now awakened to tho tar
dy increase of the receipts OF cotton at the
| American DORIS; for lnroo weeks III su cesslon
the, IN aged between 70 900 and $4,000 ba!os-
figures which we're not thought consistent
with the large estimates Il IVY coming forward
shipments to England increased materially,
say to an average OF fully q, 900 bales per
week, but this attracted less attention than the
smallness Of the receipts. Accordingly bet
! ter feeling sprang up in our market ten days
ago. and the trade becoming uneasy at tine
| rapid reduction Of stock and the poor pros
poets of future supply. bought heavily tor some
days tthelr takngS for last week being 74,0O0
bales) and prices advanced ID to FL for
American cotton on the spot nnd 81 per lb to
arrive East Iadia cotton on the spot rose Id
to ad per lb. On Friday and Saturday last q
quieter feeling set in, but today, under news
that the weeas receipts arc ouJ "a 700 bales
and shipments to England 20 600 bales, there
is renewed buoyancy in the market, and, with
large business dong. prices are advancing,
and close at lid for middlng upiands On the
spot, 105d to 10ad for Savannans Ia arrlyo ship
named, 10id to 1851 for Orleans, in same posi-
ton, and SID for tar Dl4,llerah on the spot.
Tao touo Of tho Manchester market during
the past month has rfsctei tnat OF Liver
pool. During most OF the month it was
depressed. Tho complaints OF spinners ind
manufacturers we: o loud and universal. and
the opinion prevailed that utter tho elections
were over there would hc an extensive resort
to ''short time.n There We're, indeed, l:,aaY
Individual cases where short time working
was adopted, and the consumption was NJ One
time probably cut short some thousand bales
per week. But after the elections were over =
much better demand fOr goods and yalno
sprang up in Manchester than had beea 'x-
pacted; very considerable business WIS done
at rlso corresponding with that in Liver.o i,
ald Instead of Il general resort TO shor! time
there was oc.u1lly decrease OF It, and the
great bulk OF tho mills were kept on ful tine.
At the same time ther: was No material i'd
plovcment OF to position o: the pro u.rr rs
com moared with what il had been in tho car!t::
plrt of the month, the ialrsin between coioa
and cloth continued FAR to- small, and the
large consumDtion is oa!c TO b; accounted iur
bv the cxtrcn c reluctance TO s:o1 inTchlnery.
We now estimate tho consumption at % OO0
bales per week, including, as before, an unu-
saally large proportion az email haics, and SIC
do not think that the trad, s.ulI large siock.
though they must naTG aldel during last
week about 20. 0)0 bales tn their Iesor"os.
The money market during tho past mrnth has
begun to show faint signs OF activity. Tic bank
rate has been raised from to q !pcr cent,
afler continuing for about sixteen months IT
tue former leyel-a sign Of commercial ssaSna-
ton uncquaIed we believe, in modern timos.
The ri.e in the rate has been brought about
chiefly bv the introduction Of foreign loans into
the London money nlarket, whereby collsls!cra-
BILE quantities OF bullion have been withdrawn
from the bank. For the present this advance
appears to be adequate; bat it weuld not be
surprising if soIno further stiileninS OF the
rate of interest took place; Tor il is still far
bcloY it's natural level. Trado gcucr.liy ia inI-
proving throughout this country, anl III a still
moro marked Degree on tho continent OF Ed
rope, and therefore capital Is likoly to come
into increased cemand tor commercial pur-
poses.
The prospects of our m1rkot at the present
time are bound up il special manner with
the out-turn Of the American crop. W. direct
attention first TO this point. The picking sea-
son has been fine and prolonged till towards
the end OF last month, When We were adyis"
OF a "killing frost," but it was too late to do
much harm. Estimates have shown i cidcd
tendency to increase ald whereas q month
ago the fayorito opinion was 100 600 to 2 j00-
600 bales, or the same az last crop, wo would
now say that 2S00, 900 ID the favorite figure.
At New York, tle At!autic ports, all Mobile
rather smlllor estimates Nre current, but Ut
New Orleans msuy place the crop as high as
200 000 bales. The reason OF this discrepancy
IS that tho crops in the Atlantic States and
Alabama arc admitted by all to be deficient.
By most persons the falling OF Is put al twenty
per cent. from last year, whereas in the States
bordering the alisssslppl and in Texas the
crops are said to be mach better tam last
year. and promise large increase, c.tImatel
by.some as high as fifty TO sixty Per cent.
/. appears to u, however, that the scale OF
receipts we ara uew having IS not cqaa. 10
what might be expected with q crop of
9 500, 900 or 2 100000 bllcs. Picking Is now
nearly competed. the high prices ruliig 9ro
very remunerative to p!a tiers. a1d encourage
tbem to dispatch their crops !apd.y 10 mar
ket, aud we should have expected hr this ,:;ne
to have seen weekly receipts OF luO,U0J DI.c5
il existing views OF crop are sound. ls il al
legged, however, that the low stage oil the A'a-
bama River and the tributaries OF tho il'ss.s-
sippi prevents froe Navigation, a:i! accounts
for the small receipts; alid NC b1IeyJ this t.
DO partially correct bu: W: doub. il it iuc-
nishes full explanation. R!ilwly com;nGn-
cation is now very extended thrJu .hout tn
Southern States, and tho forwarding oi tie
crop does not depend so much upon the r,vo:s
as it used to 10, aud therefore We tank the
present low scale oY receipts Is suggestive o.
grave doubts as 10 tho accuracy o. Largo eSti
mates. Oae thing seems probable: il the re-
ceDts continue about their prcst ut Il ,IlD I1r
some time longer, NC may expect contInu-
auce OF uueaslness amongst SpiuncrS OIL the
score Of future supply aid occasional spurs
OF speculative demand i'll this market. end Ii
would be unfortunate if by these m:ans Z high
scale OF prices Vas kep5 up i'll the ci.iy part
OF the season, To bo Ialsill II by heavy re-
ceipts of cotton ut the American ports il tne
spring months.
1t is to ba learol, however. that whatever
estimate OF the Amer can croo NAV p.,vc