The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1869-03-10

CorroH RRruRNs-The Memphis Merchants
Exchange Prices Current OF the 9TH INST, ds-
courses as follows on the prospective receipts OF
In receipts Of cotton there is steady decrease,
and advices from the interior indicate general
cleaning out and forwarding Of the crop. Esti-
mates Of the balance remaining back vary from
one fifteenth to one-twentieth. Northern circular
holding back, at least, so far as the region from
which Memphis is supplied Is concerned. In Ar
kansas there ia some cotton yet IN the heids, but
DO laborers to pick 1t. though high wages are Of
there lie now deficit of 1881 bales. We are
now regularly advised Of daily receipts at the
ports, which show rapid decrease, anc point to
less than IS 600 bales for the current week,
against $4,000 bales corresponding week last
season, and 5000 last week. In view Of these
facts our factors are very firm, regardless Of the
course Of prices else where, confident that home
and foreign spinners will sooner or later AWAKEN
to Q correct view Of the situation.
A MANCHESTER REVIEW OF THE CorroN MARKET.
The following is from Smith, Edwards &c Co.'s
Lancashire circular of February: 7ltls rs
In Manchester during the past month more
strength has been evinced than for q long time
before, and yarns generally have advanced deci-
dedly more than the raw material, thus putting the
spinner in better position than he was 10 during
December; indeed, we are inclined to believe that
there has for some time been no loss on spinning
in the majority Of cases, and the natural consc-
quence is that the short time movement has quite
broken down, and the consumption has decidedly
increased since the close Of last year, and Is now,
we believe, $4,000 bales per week for the
kingdom.
This improvement in Manchester is very sur
prising, when taken in connection with the state
Of trade previously, for there has been no change
of importance in our leading foreign markets.
Goods in India have advanced but slightly. and
are still at q price only equivalent to the lowest
point of Manchester during December.
We think the explanation Is chiefly to be found
In the fact that buyers of Manchester products
were laboring under erroneous notions Of the pro-
bable supply of cotton during the current year,
and held off from buying in the expectation that
cotton would be cheaper, and that its products
would fall likewise. This opinion is now dis
PEELED, and the alarming scarcity Of supply IL
recognized In Manchester as fully as here.
From Egypt the accounts of the crops are most
disappointing, and the yield Is now thought to pc
no larger than the last, and from Brazil We are
receiving smaller supplies than last year, instead
of much greater, as was generally expected. IL
is alleged, however, that this is only temporary,
that the crop is late and will be shipped more
largely ere long. ~ /. u f.i.f 4 q4.i-ll. t.---f
clearances from Bombay in January are unac-
countably small. The exact figures for the month
have not reached US, but are believed TO pc about
10000 bales, less than has been known for sew
ersl years, while at the other Indian ports scarce
ly anything Is shipping to this country from
Calcutta nearly ell the cotton is going 70 China.
These facts imply an alarming deficiency of In
dian cotton during the first half of this year.
There can be no replenshment OF our stock till
June. and for two or three months prior to that
the consumption must be starved down half its
present rate; the trade will be more pinched
for Indian cotton than at any time since the close
of the American war. re.rr .r..r-7 ,ist-A
We understand that new cotton is now reaching
Bombay freely, and we expect tolerably liberal
ones, but we see no ground to expect that they
will average above those of last year. ..l
The crops, generally, on the Western side of
India are believed to be about the same size as
last year. but the quality Is expected to be better
In comparing our supply of East Indian cotton
for the next few months with last year. 1t must be
remembered that we added TO stock IS 900 bales
during March, 1868, from corrections; whereas,
there is no probability of such large addition this
year, and this goes far to counterbalance the
small excess on the water. ~ 81
Taking q general survey OF the entire position,
1t must be allowed that present prices for cotton
are unavoidable. and that they cannot be msteri-
ally reduced while consumption goes on and the
prospects of supply are poor; indeed, the posi-
ton is so critical that further serious rise is far
from impossible. Should the American receipts
run considerably under last year for the next few
weeks, there would be continued excitement in
this market. and the sdvance would 20 on till
(" short time }" was forced upon spinners; buff the
receipts keep on the same scale as last year, this
further advance will be likely to be avoided, and
perhaps some slight reaction will occur. In no
case does it seem likely that our stock can be
much increased for some time; but, were the trade
to buy largely under exciting news from America,
it might be reduced to 100000 bales.