The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-07-05
THE COTTON SUPPLY.
Market Rates In Eurepe-American and
Astatic ProducIiou.

June 2l.]
The combination OF circumstances now anecting
the cotton trade suggests the inquiry whether pre-
sent rates can be maintained. Throughout the
whole OF the season We have invariably expressed
the Deuel that tho American crop OF last year would
be found to be equal to 3,000.00J oaes ano tho pre-
sent saLstcal position OF the trade ~ the
,na c,, On "a, other nana inc exports OF Ess'
and there Ii reason to believe that ut the CLOSE OF tho
season they WIN not show any considerable decrease
as compared with last year. The position OF affairs,
so FAR as The visible supply Of cotton ID concerned,
may be reduced TO figures IN the following Maoner:
1871 1862
Stock In Liverpool AMI London. ess,0O0 sos, 600
Stock IN continental ports. $4,000 $4,000
| AhJat for all Europe from United
| States uncluding shipments to
Aioat for ora ali Europe from India ''
Stock in United States ports '''
On snipboaId In Bombay june Is. isS 1876 $500
Total bales. ...."...........l .e5oo0 ,,45A,00o
This excess in the quantity Of cotton available for
consumption in Europe over last year x.li probably
fartner Increase Already the receipts ~ the Amer
can outporis nave exceeded tue mJdest estina,es
formed by the trade ON this side, the total to June
Is ha ing been 2,7o6,0 900 bales against 2,O3O,VO0
during the corresponding period last year. Judging
noin the manner in winch the receipts keep up
particularly at Memphis-it II not Improbable that
the largest estimates OF the crop may be exceeded.
1t is, however, not impossible that pianters have
hurried forward ;ner cotton 10 market In order to
take advantage OF present RACES, because large
extra breadth Of land has been placed under eJtlOn
reason to believe that the growing crop viii
considerably exceed the one now b,ing forwarded
10 market. Our reasons for this belief are readily
stated. fhe last few cotton crops nave been very
remuneranve TO planters. and every available
acre mas pe:n plac d under cultivation where me
state OF TIE labor market allowed IT, The Old cry IN
the Southern States, o. "tJo much cotton and too
little cocn" WA probably be again heard, ana that
too ut no distant period. In 4 recent article we
pointed out that The cultivation OF the forner had
been pursued IL the dangerous exclusion OF the latter
and recent advicss counrm us In the opinion. But
act
greatly Improved system OF cultivation has come
INTO vogue, and the crop H. therefore, less aDle to
fa0ure Fertilizers have come into very general USE
and The baroarois custom OF sweating me soil has
ut length been given up; tbe yield Day therefore, be
anticipated TO nc propoftloDate to the expenditure IN
fertilizers upon tue soil. A9am We 6nd tnat many
poor or Impoverished EI,nl.tlons-:iid We lcar the
l l are very nanerous-iiaye been vacated and
ana more productive cotton Lands. In point oil fact
The tendency OF cotton cutisa,or3 now is TO work
comparatively Small farms well and not TO attempt
to crop extensive plantations with an insufficient
supply OF LABOR The resaits OF this VIII. we believe,
VIII viii be- " more naspenSens p Sf the wsaths StO
consideration OF mucn importance at the picking
saason--the most critical period IN the history
OF the crop, when everything depends upon the ra-
pdlty with which the cotton " yatnered. We have
nothing TO remark, on tue present OCCASION, on the
neglect Of planters TO raise sufficient supply OF
cereal produce FOR the use OF their hands, but the
tmpOlIcy of the course Is very evident. The Indian
crop mas proved to be more abundant than was ex-
peced, and II the monsoon Is delayed we shall prob
ably IND that the deficiency viii not cxceed 10000
baies. The latest adyIceS state thar the cotton
arriving nc Bombay IN unexpectedly large quanti-
ties: values were accordingly somewhat depressed,
end 1t was even believed BY some SPECTATORS that
Ire results Of the seasons shipments would prove
equal ~ lSSt year. IL will be safer, however, to
reckon on cnSency OF from S0 900 TO 100 900 baies
Unfortunately the rackec," or assessment In KIND,
prevents the ryo;s from Sisposng OF their produce
ns early or az readily ~ tls, would otherwise do
particularly. we believe, IL tle Dollerah disrict--
an injustice that hope 10 see speedily removed
With regard to the probable cocr-c o. prices We
see little reason TO anticipate any inpO.St decline
from the rates now current which are pcpw the
quotations OF last year, and which, when the poJ,.
ton OF the manufacturing trade fairy considered
appear likely 10 be maintained. There Is large
amount OF spinning power still unemployed in Ian.
cashlre, and advantage would be taken o. any de-
cided downward movement In Values TO reopen the
mills or TO resort 20 full time. Sucl Is no5 Tx ly to
Occur just yet. though we hope TO see resumption
of the wonderful activity whica once characterized
the Lancashire district be ore many months have
elapsed. This, however, chiefly Deepen Ia upon the
yield OF the American crop now approaching ma
tury III, aS we have pOlnted out a.ove viii prUba-
bly, be the clse 1t shows further considerable III
crease over The crop of 1885, tn can be NJ ques
ton as to the tendency OF the quotations
20 supply us with large quantity OF cotton
annually, and that the South, with every advantage
OF climate and quality OF staple VIII not be able 70
dislodge her atog Their from the very imp 1Ttant po
sol she has now attained in the market. The ryOts
have found cotton to be q very remuneratye CROP
ana they would still find 1t pay handsomely ut
Considerable reduction in price. But We believe
that the present position OF the cotton supply jus-
nes the quotations now current and We should re-
greet any Il-avised reduction. The prospect in the
more distant future we regard as very encouraging.
Year by yOr Southern planters are able 10 bring
more capit. TO bear upon the cultivation OF cotton
and every Improvement In the mole and system OF
culture viii be followed by an improvement in the
staple ITSELF The extent OF ianl cultivated s jtlst
now limited by the scarcity OF labor, but this is
difficulty that time VIII remove, and we believe that
the period is not far DIST INT when we snail have TO
chronicle return 20 Old figures In recording the eX-
tent Ul the American cotton crop.