Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-03-21

prices, we see on the side of consumption
an inability to cope with these prices, ex,
cept at ruinous sacrifice of capital.
The development of the American crop
is more unfaYorable than any one could
have expected. We have been told each
week that the receipts were sure to increase
before long, that bad roads or some other
temporary cause accounted for their small
ness, but instead of increase we 6nd q
further tendency to decrease, and the aver
age for February is only 5000 per week,
against g, 600 bales last year. II seems
now almost beyond doubt that this crop
has been over-estimated like the last one,
and it seems highly probable that the ex-
port to Great Britain will fall short of the
total from the last crop by 100, 900 bales or
more. Prices in America have been
steadily kept much above this market, and
it is surprising how the export of cotton
goes on in the face OF a constant margin
against the shipper. 1.e
The stocks 10 the American ports are
now tolerably large, and it seems probable
that some nearer assimilation of price
must take place, between the two markets,
30 that a moderate weekly export to
Europe may continue but We see no indi-
cations of hurrying off the balance of the
crop, and it is not likely TO be shipped to
this side st such a rate "a to allow any
rapid accumulation Of stock here. Con
fdence in the staple is much stronger ir
America than here, aud the speculative
spirit is more lively.
With regard to Indis. We are sorry t.
say that the prospects Of supply have be
come worse. The general opinion now en-
tertained in Bombay is that the export fol
this year will fall largely below the las
one. This ia owing to two causes, viz ih'
scanty supply Of old cotton left in thu
| country on lst January, and the disap
| pointing Out-tuTn of the new crops. II
usually happens that a considerable shsr'
OF the old crop, sometimes 2OO, 900 to 900,
600 bales, is not clipped till the spring
months, but last year the country wa
cleared Of old cotton more thoroughly thai
| was ever known before, and il ID now found
that q mere trifie of the old crop remaine'
for shipment this year. When TO this
added AN admitted deficiency in the neV
crop, it is seen that the prospect of suppl
from Bombay is very unsatisfactory. Som
L HOu5cs arc eSuundtlDB tue oenCicuCJ "a ~
year ct 20 per cent, or say 25O, 900 bales
but We think it unWise to put any estimat
on such uncertain data. From the othe
side of India we have not such reliable IN
formation, but We are not aware of am
reason to expect better supplies.
1t seems, therefore-iakiug q genera
view of the question-that there is bu
Little prospect of this country receiving q
much cotton a last year, and there ma,
be very serious deficit. But it does no
follow that rise in price is necessary, AM
it is somewhat doubtful whether eVeI
present prices can be maintsined. Con
sumption for the present has fairly broker
down. Manchester shows distressing 10
ability to cope with American cotton at
per ID, and it seems likely that We mus
encounter 4 long period of bad trade re
duced coniumption, and great econom
every way 10 the use of the raw material
We incline TO look upon this as set-oi
against the bad prospects of supply, an
though there seems TO be little scope 70
mnch decline 10 price, under existing cir
eumstanees there is abundant room 70
caution, for we are tresding upon Tathe
dangerous ground.