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


The position of the cotton trade
is well calculated to inspire con
sumers, on both sides of the Allan
tic, with caution. Stocks in Europe
are unusually light and consump-
ton is again to be curtailed, as
manufacturers fear TO lay in supplies
freely at current high values, inasr
much as the large markets of the
world arc disinclined, if not incaN
pable, of absorbing goods at prices
&hich producers are compelled to
demand. Smith, Edwards d Co,
of Liverpool, write that while on
the side of supply we see nothing
to justify the hope of much lower
prices, We see on the side of con
sumption an inability to cope with
these prices, except at ruinOus
sacrifice of capital" Ellison, Hay
ward & Co, of the same city, regard
the prospects as "worse even than
they were a month ago" and think
that at will require very careful
buying on the part of the trade TO
keep prices from advancing" The
last mentioned firm figure out a visi-
BILE supply from all sources for
Europe, on the LIST inst, of 954, 600
bales against 1,153,OO0 bales same
time last year, and 1,274,OOO the
year before. Geo. Fraser, Son d
Co, of Manchester, think the only
chance of an amelioration of the
unsatisfactory state of trade lies in
the continual exercise of the prin-
ciple of hand to mouth buying of
the raw material, and a resolute
persistency in curtailing production
until the prices at which sales can be
effected begin to show some little
profit.
On this side Of the Atlantic, a
similar state of affairs exists. The
raw staple continues to rule rela-
lively higher than manufactures,
and the only mills that are under
stood to be working at profit are
those which were fortunate enough
TO lay in supplies in the early part
of the current cotton year, before
the upward movement of prices
commenced. Meanwhile, with the
receipts at the ports falling off and
the estimates of the crop reduced,
the position Of the market would
seem TO be one Of considerable
strength, albeit prices have fallen
off about two cents per pound from
the highest point of the season.
The receipts of cotton from India
(our largest competitor) into the
United Kingdom have shown pro,
gressive decrease during the last
three years, viz, 5,493,77O bales ir
1866; 4,449,259 bales in 1867, anC
4OS, O95 bales in 1868. Here W.
have a decrease Of upwards of +:
million bales since 1866, with tn
prospect of still greater decreas
for the current year China, whicl
contributed $4,000 bales to tn
British supply in 1866, did not sen,
any last year. From Brazil, Their
was a small increase. The Egyptial
advices are to the effect that the es
Inmates of the current crop ar
materially reduced. The reason o
the i'll success Of the leading foreigl
producers of cotton in their effort
to compete with our SOuther
States, is supplied in the followin
brief extract from a leading LOndo
commercial journal Of late date
India and China are at present vi
able To compete with the Souther
States Of America in the productio
Of this staple, as preference will a
-&lys be given TO the superior quail
~ of American cotton III
English Cotton Supply Association
however, enjoin upon India al
Egypt the necessity of putting fort
renewed efforts in the culture
cotton, as the quantity coming
hand from all quarters is insutiicie
to meet the requirements of trad
or the powers Of consumption, al
because, being the cheapest know
article OF clothing, the use Of cott'
is fast becoming universal, and /
demand for the raw material mt
increase as the population 8,
larger