Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-06-01
FINANCE AND TRADE.
OFFICE OF THE DAILY APPEAL I
MEMPHIS. May 81, 1870. J


FINANCE.
The movement in cotton is limited and
cotton bills are In demand as exchange
is becoming scarce at several Of our
banks. Rates are beginning to assume
more definite shape and are frmer at \
premium selling, while bills are easily
placed at par on all Eastern cities. One
bank, however, proposes to sell at 81 90
premium, and 50 far has refused to take
exchange at better than z discount.
There is an active demand for discounts,
and regular customers are generally ae-
commodated on the right kind of secu-
rity. but it is not in every instance thst
our banks are prepared to take even the
best of names, having already as much
discounted paper on hand as they care to
carry. The demand does not come from
any particular branch of trade, but is
general, though probably u cotton men
and retail dealers are the most persistent
borrowers. Many of the former, who
usually at this season have large balances
on hand, are now being carried by the
latter.
The demand for City Scrip is light, as Is
also that for County Warrants and Ten
nessee money, and quotations are IN
changed.
There is a good inquiry for Memphis
bonds; $1,000 were offered at 4613c, and
was no doubt taken. Several orders are
on the market, and the offerings are light.
Memphis and Charleston Railroad stock
is nominal at 42@4Sc.
COTTON MI GOLD.
Under this head a late New York But
Ietin has an interesting article, showing
that there is a closer connection between
the two tbs is generally supposed; not
merely as respects the United States, but
also the great markets of Europe and
asia. In the United States, when the ex-
ports Of cotton are heavy tho shipments
of specie are light; this, at least, he he
rule, subject Of course to exceptional va
riatOns. In India, as the exports of cotton
increase the imports of coin increase; and
rice persa. We have now before US the
returns Of the trade Of the port of Bonn
bav. for a series Of years past, which indi-
cate a striking connection between the
current of the precious metals and the
fluctuations in the exports Of produce, Of
which cotton constitutes the main item
and which may suggest some explanation
of the late moderation OF the exports OF
gold from this country and its sccumula-
ton at the money centers of Europe.
During the interruption of the cotton
supply caused by our war, the value of
the exports of cotton from India enor-
mOusly increased, and as a consequences
there was an absorption in that country
OF an immense proportion of the current
supply of ths precious metals; after the
war, the value Of the India exports of that
staple largely decreased, and, as a conse-
quence, there was a corresponding redue
ton in its importation of coin. Fol the
three fiscal years 1854, lS645 and 1866,
the exports Of India produce CHIEFLY cot
toni from the port of Bombay, aggregated
! SIC, OOO,O NJ rupees. The country being
anabls to take payment for this enormous
export by an increased amoun of foreign
merchandise, coin had to be sent there in
volume, and the net receipts Of
a.. g. the gross imports less the ex-
ports), at that port, for the three years,
were AS, GOO, 600 rupees. This was virtu-
ally 50 much coin lost utterly and
forever to the money markets of
Europe. Fortunately, the close of
war reopened the old supply
of cotton, and the eastward drain
OF specie was arrested just at the period
when it was becoming a source of grave
danger to the financial arrangements OF
Europe and America. During the three
1867, 1875, 1859, the aggregate
of the exports OF domestic produce
from Bombay was only 667, OOO, 900 rupees,
against i,Il0,O 900, 900 for the three preced-
ing years; and the net imports of specie
only IFS, OO0,0 OJ rupees, against 49,
OOO,O 900 for the former period. The follow
ing statement shows the exports of India
produce and the net imports of coin ct
the port OF Bombay for each of the last
six fiscal years:
rH,w-nr ]