Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1868-11-18

continue to be eanvassed with good deal Of in
terest. on both sides of the Atlantic, and very
naturally, since they have an important bear
ing, not only upon the gold and exchange mar
kets, but IN greater or less degree, upon all
branches OF commerce The popular estimates
of the current American crop vary from 2s00-
700 to 2,I5O,OOJ bales. Some of the Southern es-
Inmates are considerably below these figures;
though, making all due allowance for draw
backs, VIC are inclined to believe that the yield
will not fall below that Of last year. The cotton
cIop of 1878, estimated in the early part Of the
season at q 5J,00J93, 10000 bales subsequently,
IN the height OF the spring speculation at 2 TO-
0g0@2, OO000. proved to have been 2,43l, 100. or
including The amount consumed in the South
ern States. PSI, 600 bales. The low values in
December, resulted in q speculation that forced
prices in the spring up to q point that reduced
consumption largely, and left the trade. both in
cotton and cotton goods, IL yerEunsatisfactOry
condition.. The current supply IN England, not
withstanding the heavy arrivals fr)m Bombay
IN October. Is shout 200 bales below the cor
responding period last year, with strong proba-
billty that asimilar disparity will be maintained
to the end Of theyear. The results of last seasons
business indicate that supply from other quar-
tiers than the United States equal to that Of last
season, would. with our own crop, furnish cotton
enough for the present wants of the world, at
prices somewhat below the ruling rates Of the
last six months COnsiderab Gales have been
made here lately for December, January and
ding upland. but whether these figures afford
reliable index of the future or not, remains to
be seen. The best English authorities do
not appear TO anticipate any increase of
supply during the ensuing year. From this
country, they seem to be prepared for
a possibly small decrease, though they look
for an increase from Egypt and Brazil, As TO
the extent of the Indian crop, all is as vet. IN
certainty, suffice it that \ considerable increase
Is looked for from the 0omTaWutte and DharWar
districts, but less from the DhOllerah and Breach
districts. owing to the losses by floods. A pos
sible short supply from all sources tits thought
Will be eounterbalancei by the unfavorable
state OF manufacturing trade. On this point
smith, Edwards x Co., Liverpool, remark /:
The large production of goods which has gone
on for some months, cannot apparently be taken
on at any advance on present rates. aud any
further rise in the raw material must be, in the
main, an addition to the serious loss the spin
ner and manufacturer is sustaining. Low as the
price Of goods now is, compared with the raw
material, there Is no inducement to the mer-
chant to ship to India. The accounts Of the
Calcutta market are extremely bad a failure OF
the crops in the central provinces threatens a
famine. and no relief can be expected, till ex-
ports from this side are much reduced. W have
seldom known the news from India more dis
cOuraglng than at present"
The trade in goods, on both sides Of the At
land', during the present year, has greatly dis
appointed the hopes of manufacturers. There
has been no buoyancy at any time, except when
impaired By the rapid advance of the raw ma
terlal, while every pause in cotton, has at once
been followed by a heavy market for goods.
The number Of spindlers that could be put in
operation, has been large enough TO have
worked up more than the supply, but the guam
tlty Of goods produced, wOr8ing as they have,
has evidently been in excess Of the demand. at
fairly remunerative prices. The natural infer
enca from these facts is, that unless the supply
OF cotton proves less than the present prospect,
the prices, both Of cotton and cotton goods, are
not likely to rule above the present currency.
As declining prices. like advance. often acquire
an impetus which carries them beyond their
legitimate range, it would only be in accordance
with past experience, if values should tempo
Tarlly rule exceptionally low; though from the
experience of last year, We are not likely to
witness anything like the extreme depression
which carried thu price 10 - cents in Decem-
her %