Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-10-22
Cotton supply and Prices,

TIT following article from the Boston
p,st on the cotton crop of 1869, which IS
now the all important subject OF contro'
yersy, so lar as dollars and cents are con-
cernel. Will he found to be worthy the care
fnl perusaI of our readers
.In tie season Of lS67-'G9 cotton touched
its lowest price during Christmas week.
last season the lowest point was touched
bafora the middle of November, say u
oants for middling in Southern markets,
fall of about cents per pound from the
opening price Of the season. But IL nao
been discovered while that decline was IN
PROGRESS that lie worlds consumption OF
cotton had during the preceding year 81
cvccelci tle worlds supply, that the
stocks ON hand which were l,O92,OOO
bales, October 1st, 1867, had fallen to
Ga 600 bales October LIST, 1868. The
startling reduction of nearly 500, 600 bales
in the reserve during one year, showed
that the world wanted moro cotton than
could be had at TIE price. Producers and
consumers acceTted the teaching. and
prices advanced gradually from twenty-five
cents in November to twenty-nine cents III
February. At that price in New Orleans
and corresponding prices abroad, check
was given to consumption. Cotton splnners
and manufacturers lave generally dons-a
LOSING business since February last when
working cotton at market value Trade
would not bear price or cotton goods to
correspond with the higher price OF raw
cotton. Goods accumulated in stocks at
homo and in the distributing markets, or
were forced off at considerable losses.
$50 now We find. in contrast with last
year, that while the supply of cotton to
the world during the year ending October
LIST. 1869, has been about 800, 900 bales
less than during the preceding year, the
stocks remaining on hand October LIST,
1869, do not vary $4,000 bales from those
of October 1st, 1868, showing that the
world did not want any increase of supply
at he price of that year.
"The actual crop or production OF the
United States for 1869 was not more than
.. 80 COO bales, and of that about $4,000
bales We're used in the South, burnt, etc.
The foreign export from it was less than
l 40 600 bales. Tho common estimate OF
the present crop is 2.750,OOO bales. We
make no estimate, but remind old cotton
men that 80 dry season ever failed to ex-
coed the largest estimate, no wet season
ever failed to fall below the minimum es-
innate in tho actual product, reckoning
the wet and dry character from and
after July 18th.
GA crop of 3, 80, 900 bales would show an
increase of 100, 0G0 bales upon the last one.
and would afford an increase of 800, 900
bales in the foreign exports If wanted at
ring 1867 s, made consumption outrnn
supply AS, 600 bales. The higher range
of 1865 . has enabled supply of about
500, 900 less to satisfy the consumption.
The difference is the sum of both, say
500, 200 bales.
"Froly, these facts, it seems clear that at one
price consumption extends; at another 1t
contracts; that a price somewhere between
the average of 1867 8, and the average of
1865 q, is necessary to give such an eXpan-
sion to the uses of cotton as will appropri-
ate the increase in supply; and that while
the planters must concede to that point,
they hold the power to prevent the fall to
prices materially below that point, as Oc-
Cured in 1867
India sends very favorable reports OF her
cotton crop; the most favorable for many
years, in decided contrast with those
year ago The last crop was Il partial fail
IRE, to the acre, even according to the
small average OF India. In February,
1869. Mr.. Forbes, the Cotton Com
missioner for India, appended a post
cript to his report al the crop i'll the several
districts, III which, after referring to the
losses in the culture Of the American and
native varieties, he says The native
plant has suffered more severely the esti
mated loss is here given at 80 per cent,
but notwithstanding the above, otoi,aJ TO
tie increase in cuhiUdtiOn, the whole crop of
these districts will be considerably in ex-
cess of that obtained from them last year.
The result proved that both the unfavora-
bile early reports and the report of Mr..
Forbes were correct. If the fiattering
promise of this year applies to al
equal area, and shall be fulfilled, the sup
ply of India cotton may have an cxtraor-
binary increase. 1t is however quite too
early to know anything of the yield, or
even of its probabilities, which may be
wholly changed after fruiting begins. If
the promise of an abundant yield in India
shall continue to December, and the cur
rent estimates OF our crop be sus-
tanned, the discouragements of English
manufacturers and spinners will give place
to hopeful renewal OF activity by lower
and safer prices OF the raw material"
Important information.
We publish the following section from
the Revenue laws as matter of information
to those interested
To- L. . yTa.., III