Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-04-20

IA Ia favor Of q high scale of prices
BEN 2 maintained for a lorg time &c
The chief agent in effecting this change
has been the extremely Disappointing
oat-tuFn Of the American crop the re-
CENTS throughed March have only hV-
eraged 370O bales per week, against
81 coo bales isst year, aud the total ue-
hciency ia receipts st tie portsi as COM
pared with lsst year, has run up to.the
afsrming figure Of something over lVo,-
$50 bales. Against this, it Is Slieged o 5
socse increase has gone overland 10
American spinners, but the data on TINS
hesd are not very reliable. It must De
admitted that these figures show 3 Tar
smaller crop than was once expected
indeed, il is difficult to avoid the infer
enee that the total will fall below last
3 At ali events, IL seems pretty GER
lain that the receipts st the port viii do
so-perhaps to q very considerable ex-
tent.
We confess we see no valid ground for
believing that the receipts at the ports
for the remainder of the season Will eX-
ceed the same period OF last year, when
they reached about 250,0OO bales.
When we look st the figures OF foreign
| export the case seems even more slarm
ing. There is now s deficiency OF S5UOi-
coo bales in the export to Great Britain,
as compared to last year, and also 3O.OoO
bales 10 the continent. We do not see
how these figures q be materially re-
duced. There is only an excess OF ABOUT
| 100, 600 bales in the American ports over
last year but American spinners, we
| believe, will require more than during
| the remainder OF last season, and there
~ 90 knUr tho hChA1F IN OK
ports to Europe can be less than 250,OOO
hsles out OF this crop, and it may be con
siderably more, and, further, il is obvious
that nearly all of il will fall upoa this
J country. A more alarming fact than
/ this it is difficult to conceive, for we were
stinted IN our supply Of American cotton
last wear, so much SO that our STOCK II
-wsrsnonse here was Tun Town TO one
weeks consumption before the new crop
arrived, and it Is easy to perceive that q
severe economy must be prscuced thls
year TO cut down the deliveries further
bv 200 600 or 250, 600 bales.
When We turn 10 other sources of sop
ply the do not brighten. The
accounts from India tina we most rely
ON reiterate what we stated 10 our last
issue, that the exports for this year Will
fall largely below the past one. From
Eeypt, Brazil and minor sources, We are
! receiving about the same supply, go thai
iC seems more than likely the deficit IL
our total import of cotton this year VIII
considerably exceed go 900 bales. Mean
while spinRers hold no stocks mere or Oh
the continent. Stocks Of goods also are
very low, 30 that there is no buffer 10
bresk the effect of 8 famine supply Of
the raw material.
TT-ar- thee, fFrnnnafanno wa m1Enl
calculate on much excitement and q
heavy rise Of prices were the old speeu'
iative spirit sfiORt in this country but
the times are much changed. The man
u'seturing interest is impoverished the
speculative spirit is weak, and every one
breads aud deprecstes high prices, and
lends ss little help as possible to force
them up. The shippers of goods from
Manchester get no encouragement from
distant markets; India remains stag
Dant, and returns considerably less tnan
current Manchester costs; more OF the
foreign markets are in he same way
and there is little probability of any ur.
gent demand for goods such as would
TapidIv raise prices ia Manchester. We
believe a very cautious spirit will prevail
among shippers of goods so long as tness
high prices last, and this will go far tC
check speculation in the raw material
Sill IL cannot be denied that some mod
crate activity of trade is now due IL
Manchester, and il it be even sufficient
20 keep the trade buying from car mar
ket so, 900 bales per week, it will do very
well.
A large export demand has fairly SCI
in, and as there is now CREST scarcity d
cotton on the continent, and very LITTLE
sfioat from America for that quarter, Il
seems likely that q brisk demand may
continue for slme time. These iIhu'
ences appear to be in favor OF our mar
ket, AMI, taken in connection With the
miserably poor prospects Of future supply.
would seem TO justify our present range
Of prices, and possibly some further sd'
V2Lcs sooner or later.