The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-04-16
THE ENGLISH COTTON TRADE.
Smith, wards & Co.'s Monthly Cotton
Circular.

Smith, Edwards & Co.'s Monthly Cotton
Circular.
ADELAIDE BUILDINGS, CHAPEL STREET,
LIVERPOOL, April l. 1869.
During the month of March our market was
ouiet till near the close, when o decided inn
nnrovement occurred. which raised prices on
the spot ad. to I'D. per lb. above the opening
prices, but Surats to arrive have been advance
ed I'D. to ID. per Id.
We still estimate the consumption Of the
Kingdom at 46, GOO bales per week, the same as
in our last issue. The average deliveries du-
ring the seven weeks of dullness, from the 4th
February to 25th Match, were 45, 600 per week
from Liverpool and London, and as there can
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 that time cannot have been
much under 80, 900 bales per week. We there
fore thi * that our estimate OF 40 600 bales per
week as the existing rate OF consumption for
the whole Kingdom ia, perhaps. fully low, and
We rather incline to think that 4S,oOO or 5o,ooo
bales will be the rate before long.
IL will be noticed that the deliveries to the
trade from London th's year are much above
the average, being 5000 bales per week up 10
this date, and the stock there IL now reduced
to N 900 bales. against 70, 900 bales last year.
The average deliveries to the trade from the
two ports up to this dato now stand at 81 700
bales. against IS 300 bales last year showing O
deficit In their takings OF about 15O OO0 bales.
It il believed that our splnnerS now are entirely
bare of stock, md probably hold 100, 600 bales
below what thcv did at this time last year.
Tho money market during the past month
has remained easy aud without change, the
rates for tho best bills in the London market
being occasionally fraction below the bank
ratio of three per cent. There seems little
chance of any change at present
The prospects Of our market-lt must DO OIL
lowed by all-have undergone change during
the past month, aud that change has been in
the direction Of higher prices. The current Of
feeling which prevailed in rian"l.--t>. ~
lower prices, has passed away, and the preva-
lont opinion now among intelligent men ~ IN
favor OF higher scale OF prices being main
taiucd for long time 10 come.
THE chief agent IN efftctlng this change has
been the extremely disappointing out-turn OF
the American crop the receipts throughout
March have ouly averaged $1,000 bales per
week. against Ga 600 bales last year, and the
total deficiency in receipts at the por.s, as
compared with last year, has run up to the
alarming figure OF iething over 100. 600 bales.
AGAINST this, it is alleged thnt some increase
ms gone overland, to American spinners, but
the data on this head arc not very reliable. 1t
must be admitted that these figures give far
smaller crop than vas once expected indeed,
IL is difficult to avoid the Inference that the
total will fall below last year. At all events. it
seems pretty certain that the receipts at the
norris will do so-perhaps to very considerable
extent. No doubt it is still alleged by some
parties in America that receipts are held back
in the interior partly from bad roads and
partly from speculative spirit among
planters, but we do not think that this ex-
Dlanation can be relied upon; the decline IN re,
ceipts has been 80 uniform at all points that il
indicates apparently the approaching exhaus-
| tion of the crop. Nor does 1t seem ut all likely
that planters will hold on to an article that is
paving them profit Of 100 per cent. AS TO the
badness OF the roads, we believe that an unusu.
| nj amount of rain has fallen in the South, bnt
the same cause has made oil the rivers nayi-
gable, aud thereby drained the most distant
sections, and we should tnlnK tnis mas COM ai
| nensated for any difficulty in hauling to interl-
or depots. Altogether, We find it impossible
| To believe that this year will be so different
from oil past ones as to brtDg to light large
amount OF cotton luring April and May, when
| February and March have shown O constant
unbroken dwindling Of receipts, and that With
| full rivers and most tempting prices 10 Tue
| planter. We confess we see no valid ground
| for beleyiu, that the receipts ut the ports for
| the remainder OF the season will exceed the
same period last year, when they reached abou,
| $50 600 bales.
When we look at tho figures Of foreign e1'
ports the case seems even more alarming
| There is now a deficiency OF 100000 bales II
! the export 10 Great Britain, as compared Wlth
last wear. and also $4,000 bales to the CONT
nent We do not see how these figures can
he materially reduced. Th9re is only an ex
| cess of about 100, 900 bales in the American
ports over last year; but American spinnors, w
believe. will require moro than during the re
| maindar OF last season, and, therefore, we d(
not see how the deficit ln export to Europe
can be less than $50 900 bales 1t Of this crop
and it may be considerably more, ana further
n ia obvious that nearly all of it will fall upor
this country. Amore alarming fact than thil
| II ia difficult to conceive, tor We were stintet
| in our supply Of American cotton last year, 81
much that our stock in warehouse here va!
run down 10 one weeks consumption before
the new crop arrived, and it's easy to perceive
that q severe economy must be practiced thi'
yelr to cut down the deliveries further o.
200, 1000 or $50, 900 bales.
| When We return to other sources OF suppl,
the prospects do not brighten. The accounts
| from India that We most rely on relterate wha
we stated IN our last issue, that the exports TO
this year will fall largely below the past one
From Egypt. Brazil and minor sources, We ar
receiving about the Same supply, so that /
|
| total import of cotton this year will consldera
blv exceed 250, 900 bales. Meanwhile spinner
hold no stock here or on the Continent. Stock
OF goods. also. are very low so that there is NJ
"bufflr" to break the effect Of Il Ialnlno suppl.
| Of the riw material.
Under these circumstances We might calcu
late on mu III excitement and heavy rise o
prl .cs wero tho old speculative splrl, afoat u
th.s county but times ara much changed
The manufacturing interest is impoverished
tho speculative spirit Is weak. and every ON
| dreads and deprpcatcs high prices, and lend
as little help as possible to forco them up
The shippers of goods from Manchester get M
encouragement from distant markets; India re
malns stagnant, and returns considerably les
than current Manchester costs; most OF TIN
foreign markets arc IN the same way, and ther
Is little probabi ity OF any urgent demand 70
Goods such as would rapidly raise prices II
Manchester. We believe very cautious sriri
will prevail among shippers OF goods so loni
as these high prices LIST. and this will go fn
to cheek speculation in the raw material. Stil
it cannot DO enc that somc moderate actlv'
IL Of trade is now duo in Manchester, and II
be evon sufficient 10 keep the ira 10 ouylnf
from our marke; 80 900 bales pcr week. 1t VII
act upon prices.