The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-05-22

have been fair one, and encourages us to sub
NIT another for Liverpool, covering the e
weeks from May to October 1, VIZ:
| Bales. Bales
Stock In market May y1............526,2S $50
| Stock held by spinners increase
since January 1).................12b,0O0 y.
Imports-probable;
From the United States. ..265.000
From lndta. ................. .oso'ooO
| From Brazil. ..... .lIo,UUu
From Egypt and others. s........ $4,000
Supply to October er1..................1, 1. 1,75l, ,2s(
Estimated consumption snd export for ~
weeks st co. 900 per week. ..l,S2o,OOl
Leaving probable stock October H.. 49, .2st
| In 1867 spinners began the year with 12O ,0Ol
bales stock; in 1858 with only $4,000. In 1851
| SINNERS took 668, ,240 bales up to May /, or al
| the rate Of $1,000 bales per week, which was
5000 bales per week less than the average rate
| of the whole year. AS the actual consumption
| for that time was nearly up to the average OF
the wear, it follows that the deficiency was
made up out of the splnners' stocks, and this
e, plains and. confirms the assertion made by
the trade, in the summer of 1857 that they held
no stock, and bought only for the want OF each
week: while in 1868 the spipners have taken
1,Ol8,580 bales up to May l., or ct the rate OF
| Sc. 500 bales per week. Rather more than hall
| OF this has been American cotton, larger pro-
portion than last year. It is assumed that spin
ners have increased their stocks 125, 600 bales
since january /, and this amount we add to
stock in market. For comparison with last last
wear the reduction Of stock then 0O,0OO)
should be added also, because 30 much less
than is required up to the end OF this year.
When the possible supply and possible con-
sumption are 30 nearly equal, aS for the ensu-
ing dive months, it is not easy to propose any
adjustments Of the one to the other, that shall
carry an aspect of probability to persons inter-
ested; and when the known elements are SO
difficult to deal with, the unknown seems to
forbid the attempt. Yet there are some gem
eral rules, derived from experience, applicable
TO the case in hand, which will govern ulti-
mately the supply, the demand and the range
Of price, as these mutually influence each
other. An impression has generally obtained
among many who deal in or use cotton, that
the supply Of this raw material will be INSULT
cient for the demands Of trade up to the time
when cotton from the crnp OF 1858 will begin
to come in.
This would be very nearly or quite true, if
the capacity to consume was to be the measure
Of consumption, admitting that the consuming
power is in excess Of the "visible supply" for
the time. But that power is not at all the
measure OF consumption, which is to be regu-
lated BY profit and loss. In the long run sup
ply and consumption are mutually self-adjust-
ing under the lever of price,.
During the six weeks jusH prior to the ID;
OF January last the low range Of prices wocG-
ed complete reversal OF the relation OF sup
ply and demand, by stimulating an e1traordI-
nary increase Of consumption and by checking
the supply In the active trade which ensued
upon the recognition of this change, prices
ran up quickly and in about three months had
doubled upon those current early in January.
The impetus thus given to business has favor
ed the great consumption Of cotton which has
marked the first four months OF the year, and
enabled the trade to sell it's enormous pro-
duction Of goods at advancing prices for the
greater part Of that time. But the advance In
goods has not kept pace with the advance In
cotton. AS general feature Of the trade there
/ Is no profit to the manufacturer upon cloth
made since the maximum OF price was reach
ed. His profits will cease when he shall have
worked up the cotton laid in at the lower
prices, unless goods advance.
As the low prices in November, December
high range Of prices is producing it's opposite
BY checking the consumption Of cotton snd en-
larging its supply from every part Of the world
where there Is q bale Of cotton to ship. II the
markets Of the world were bare Of goods as in
1864 and 1885, the want would force their pro.
duction and the consequent consumption OF all
the cotton required to satisfy that want at al
kets are well supplied; too we'll stocked indeed
with goods and yarns made from .low-priced
cotton, and not yet distributed among consum.
ers to permit their taking, in addition, any
considerable stock Of goods made from the
high-cost cotton, of which heavy shipments
are on the way out. 1t is not yet time for this
state OF things to be felt and developed, but it
is none the less sure.
FOREIGN exporters in England and the whole
sale dealers in our country both assert their
faith in it and refuse to buy more goods. Man
ufacturers are brought between two tires: on
the one side high prices Of cotton and holders
of cotton claiming further advance to famine
prices, and on the other low and falling prices
for their goods. Last year when the dealers
refused to buy goods the m mills In TINS s country
the inevitable effect of which was to force
down value under pressure OF accumulated
stock, entailing heavy losses to all OF them by
the decline.
II manufacturers will repeat the process they
can do it under increased disadvantages. They
will fulfil the predictions Of cotton holders by
exhausting ,i, % the supply and putting prices up
to The famine range; at the same time they
will pile up the production of their mills for
three or four months, then to be thrown on
market at iobbeIs' prices, involving loss OF
fifty per cent. after new cotton shall come to
renew the production OF cheap goods.
On the OtQer manu-, nduulactuIels Will 81
reduce their consumption of cotton as to exc
out the supply of cheap cotton now in hand.
one-third or one-half longer time, they will find
the supply :, market ample for the reduced
rate. beside leaving $4,000 or 10t, 900 bales in
the hands Of dealers to encounter the chances
of September prices; at the same time they viii
secure wholesome reduction OF the sus =
ply of goods seeking market. The deal.
ers in cotton goods are shrewd men, and
when they see production reduced twenty
five per cent. they will know it means
higher prices, and they will move trade.
Combination, or even cooperation among man
ufacturers to effect this object, is impossible.
Each must act for himself. If each will do
bis part wisely, not asking what another is
doing, it will be accomplished and the disas-
ters Of last year will be avoided. The policy
here recommended has already been adopted
by the managers of some of the most sue
cessful mills, who have stopped severally
fifteen, twenty or twenty-five per cent, or
their looms. general concurrence IN this
course viii ensure the benefits, as general
neglect of it, pushing o large production OF
goods upon 8 reluctant market, will ensure
repetltion of the unsatisfactory accounts OF the
last half OF 1867. :.
To secure the full advantage Of this policy it
should be entered upon without delay, and
while having in hand some stock OF the cneap
cotton.
Mr.. L. Shodair's bakehouse in Newberry
wao destroyed nv fire Monday night. No other