The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-04-16
THE ENGLISH COTTON Trade.
smith, Edwards & Co.'S Monthly Cotton
Circular.
ADELAIDE BUILDINGS, CHAPEL STRIFE !
IduEnro0I. Anril lQgo

ADELAIDE BUILDINGS, CHAPEL STRr ET,l
LIVERPOOL, April l, 1869.
During the month of March our market was
provement occurred, which raised prices on
the spot Cd. to 3D. per Id. above the opening
prices, but Surats to arrive have been advance
ed I'd. to I'd. per lb.
Kingdom at 46, 600 bales per week, the same us
in our last issue. The average deliveries du-
ring the seven weeks of dullness, from the 4th
February to 25th March, were $4,000 per week
be no doubt that the stock held by splnners is
decidedly less now than it was at the beginning
OF that period. it seems that the average con-
sumption during thGt time cannot have been
much under 50, 600 bales per week. We there
fore thi * that our estimate of Al, 900 bales per
week as the existing rate of consumption for
the whole Kingdom is, perhaps, fully low, and
we rather incline to think that $4,000 or $4,000
bales will be the rate before long.
1t will be noticed that the deliveries to the
trade from London this year arc much above
the average, being 5000 bales per week up TO
TINS "a date @ ana the stock there tn IRE y now reduced
The average deliveries to the trade from the
two ports up to this date now stand at 50, 700
bales. against IS 800 bales last year. showing
deficit in their takings OF about $50 600 bales.
bare Of stock, and probably hold 100, 600 bales
below what they did at this time last year.
The money market during the past month
has remained easy and without change, the
rates for the best bills in the London market
being occa sionaly q fraction below the bank
rate Of three per cent. There seems little
chance of any change at present.
lowed by all-have undergone change during
the pnst month, and that char.s.e has been in
the direction Of higher prices. The current OF
feeling which prevailed in Manchester q, month
ago, and to some extent also here. in favor of
lower prices, has passed away, and the preva-
lent opinion now among intelligent men is in
favor OF higher scale OF prices baing p1ain-
tanned for long time to come.
The chief agent in effacting this change has
been the extremely disappointing out-turn of
the American crop /; the receipts throughout
March have only averaged 81 1000 bales per
week, against GA 600 bales last year, and the
total deficiency in receipts at the por g, as
compared with last year, has run up to the
alarming figure Of something over 100 600 bales
Against this. it is alleged that come increase
the data on this head are not very reliable. It
must be admitted that these figures give far
smaller crop than was once expected indeed
it is difac to avoid the inference that the
seems pretty certain that the receipts at the
ports will do o-perhaps to q very considerable
extent. No doubt it is still alleged by some
par, lies in America that receipts are held back
planters, but we do not think that this ex-
planation can be relied upon; the decline In re-
ceipts has been SO uniform at all points that it
indicates apparently the approaching exheus-
tion OF the crop. Nor does it seem at all likely
that planters will hold on to an article that is
paying them q proflt Of 100 per cent. AS to the
badness OF the roads, we believe that an unusu-
al amount Of rain he's fallen in the South, bnt
the same cause has made all the rivers navi-
gable, and thereby drained the most distant
sections, and we shOuld think this has COM
pensated for any difficulty in hauling to interi-
or hnr vuo Ind s,onv Ia
to believe that this year will be so different
from all past ones as to bring to light large
amount Of cotton during April and May, when
February and March have shown o constant
unbroken dwindling OF receipts, and that with
full rivers and most tempting prices to the
planter. We confess we see no valid ground
for believing that the receipts at the ports for
the remainder OF the season will exceed the
same period last year, when they reached about
$50 600 bales.
When we look at the figures OF foreign ex.
ports the case seems even more alarming.
There is now deficiency Of 100000 bales in
last year. and also $4,000 bales to the conti-
nent We do not see how these figures can
be materially reduced. There is only an ex-
cess Of about 100000 bales in the American
believe, will require more than during the re-
mainder of last season, and, therefore, we do
not see how the deficit in export to Europe
can be less than $50 900 bales o 1t Of this crop,
~.
II is obvious that nearly all Of it will fall upon
this country. Amore alarming fact than this
1t is difficult to conceive, for we were stinted
In our supply Of American cotton last year, 60
much that our stock in warehouse here was
run down to one weeks consumption before
the new crop arrived, and it's easy to perceive
that severe economy must be precticed this
year to out down the deliveries further by
20O, 900 or 25O, GOO bales
When we return to other sources OF supply
the prospects do not brighton, The accounts
from India that we most rely on reiterate what
We stated In our last issue, that the exports Tor
this year will fail largely below the past one.
seems moro than likely that the deficit in our
total import OF cotton this year will considers
bly, exceed $50 900 bales. Meanwhile spinners
hold no stock here or on the Continent. Stocks
OF goods, also, are very low, 80 that there is NO
"bnffer" to break the effect cf famine supply
OF the rsw material. I y s75 "A
Under these circumstances we might csIcu-
late ON mu IN excitement and heavy rise zoi
prices were the old speculative spirit aS1oat in
this country, but times are much changed.
The manufacturing interest is impoverished,
the speculative spirit Is weak, and every one
breads and aeprecates high prices. and lends
The shippers Of goods from Manchester get no
encouragement from distant narkets; India re-
mains stagnant, and returns Donsidefa6sS less
than current Manchester coatss most or the
foreign markets are 10 the same way, and there
is little probabi ity OF any urgent demand for
goods such as would rapidly raise prices IN
Manchester. We believe very caut;ous spirit
Will prevail among shippers OF goods 80 long
as these high prices last, and this will 60 far
to cheek speculation In the raw material. Still
10 cannot be aeniod thAS some moderate activi-
" OF trade 1s now Que Ia Manchester, and II 1t