The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-06-15
Smith. Edwards & Co.'s Monthly Cotton

Smith, Edwards & Co.'s Monthly Cotton
Circular.
LIVERPOOL, June1.-The past month has been
one of freauent oscillations in feeling but the
prevailing tone has been one OF dullness, ana we
close at "a decline on the quotations current Oh
the 1St ultimo. .,,
At the date OF our last report heavy feeling
prevailed; mlddllng uplands were worth lla, anu a1
fair Dhellerah 9Hd. The public were surpIiseu az
the large scale OF American receiPsss sss IN anr
The following week rose 10 tne cd feang was
figure Of SO 600 bales, and depressed ieeI1e was S
caused here's uPlands andng gbinmen MGoe St ae 51Sd
sudden revolution Of feeling occurred tne next @
week: the American receipts fell e1 10 81 ooO oaes
and the oft.repeated prediction again reappeaIeo
fiat the crop was finished. Attention was aiso
strongly directed to the continued small snip
ments or cotton from Bombay-the uencleney 70 ~
ali Europe having By that time run up 10 ZSo,oO9
bales Quite speculative splrit was t oca
here for some DAYS; large operations tooh plact
In arrival cotton, and prices advanced q ~ ,su
p ID, bringing middling upands ana Oriesns d. ~
most to llXd and II I'd both on tne spot anu W
arrive, and April-May shipment DholeIaa 70 sssu, a.
The first check was given to the market py tne
news that the arrivals OF cotton IN Bomsay aa naa
Increased very largely, the second week ol may may
being 80 600 bales againss tSose sxagperated
notions OF Indian deficiency which were men
prevalent The next check to the marEeS was q
very large import, say 12o, 600 bales IN ane unito
M,
500, 900 bales. simultaneously with TINS, tne 1T
repressible' receipts In America again increases
and reached A. 600 bales that week. Tne JONI 81.
the market, and very heavy feeling set IN, when
has lasted almost unabated tli nov, u, ,rora
steadily declined and middlng upiaIus pn,oa,S -.
sold landing as low as l0Hd, anu OiieaaS S, q.
l0Xd, while May shipment Dholleran was sou t1,s a
cd. These quotations showed decline OF iaii
I'd from the highest point OF the month no iln u,
provement was caused by last weeks Ieceip.s ~
balanced by large week In Bomoay-I7,ooo oaies.
The stock here Increased to 6o6 600 bales, oeirg
the largest figure since 25th June, 1868.
point Of the month; middling uplanus worth
10aid to 10Xd on spot and TO arrive; iair DaU- h;
lerah 9hd to O.4d on spot and cd for May snip
ment. ho.
Manchester market during the past month mas
been more subdued in tone than In any previous
month this year; there has probably been less ac-
tual business transacted, but the great extent 10
which the trade are working under So9s9aGs tbnS mas
upon the whole, there has been more steadinesS
in Manchester ihan In Liverpool Ihere sun IL sIo ap
pears to be no dfnculty In disposing OF tne aTge
production Of Lancashire, but the remuneration
to the producers ls not great.
The consumption OF cotton we do not CONSIDER
to have undergone any change, and sun place IL
at $4,000 bales per week lor tne hineu0n q, ,ros
The prospects OF our market do not al pres
ent o6er many important features TO COM
ment upon; they have not altered IN any very
material respect since our last issue, Dut Tue teh
dency has been in the direction ol larger supplies
OF the raw material for the remainder OF the year.
The estimates OF the American crop have oeen en-
larged each month since the commencement o
the year, and instead OF three mllllons whcu we
gave In our last circular as the probable result
we would now put 9, 100 COO bales as tne ngure ~
which receipts are Pointing; there seems even
chance that that figure may be exceeded; tne IN III
terror stocks ere still S. 900 bales against = QUO
bales last year. and VIC do not hear as yet ol e&-
haustion at any point. The news from America
has however, lost much OF its interest,", anu great
er attention is now given 70 BOMBAY. 1ne M ~, ~
creasing deficit from that quarter was up tiii
lately the stronghold OF the speculative ieeiinp
here; but opinion has much changed Since tnt
heavy arrivals Of the past few weeks were known.
IL seems probable that the total arrivals lh
Bombay for the month OF May will be about 3oo,.
600 bales against 143 900 last year, and this Will
yield period OF liberal exports as compared with
last year. The greatly Increased receipts 10 BOih'
bajeare only what might have been expected, In
consequence ofthe lateness ofth crop, and do not
change IN any important degree the views we have
already expressed, but they have evidently alter
ed the basis upon which many operators here ere
deficit In exports to Europe which at present
stands at 224,0 bales, may be reduced oy ISL
July to 100 600 bales, and that 1t may be nearly or
quite extinguished by the end OF the year; Dui
Notwithstanding this we hardly expect that he
import OF East India cotton into Europe this year
will equal last one, as we opened the year with
so, 900 bales less anoat.
The shipments from Calcutta and Madras also
continue very small and considerably below last
year. We are led to believe that Calcutta Will con.
tinue so. but t is premature to express an opinion
about the result Of the Madras crop, as the new
co<ton is only beginning to arrive, and there is
much uncertainty as to the yield.
One feature has attracted much attention OF
late, viz the large clearances from Bombay by
steamers. Several enormous cargoes have re.
Gently left for the Suez route-one OF them 1l.ouo
bales-and II is thought that the total exports ny
that route In May will nearly sum mp 100000
10 10 vs " u q
liberal arrivals OF Surat cotton In June AMI July
as at any time this year, AMI our stock VIII DE
swelled in the summer months oy large share OF
the Indian crop that would formerly have been
on the water till September. 1t therefore seems
probable that our stock In this port cannot be
materially reduced during the next two or three
months, and It will be very difficult In conse.
quence to bring about or lstain any important
Increased attention will also he given to the
growing American crop; good stand has been
already obtained, and the accounts from al
the breadth ofland planted, more labor available,
aud much more capital expended on fertilizers
and improved implements OF husbandry. Already
there are predictions OF crop OF three and hall
nillIons for next year, and although any such
opinions at present are the merest guesses. yet
state OF feeling Is indicated thereby which has an
Important bearing on the prospects OF our
market.
In connection with this, we may remark that
already several contracts have been made here
and In Manchester for the shipment OF the new
crop in October and November; the prices paid
are various as also the terms OF sale, but the ov-
erage was about 10kd for middling uplands, de
livered In Liverpool.
we are not Inclined to look for much further de-
cline this summer. There Is still remarkable
deficit in thu supply visible for England compared
"''A 1870. 1862
Stock In LIVERPOOL 100000 423, 900
Stock i'm London .,.... 27,000 $4,000
Anoat for Great Britain. -. 100000 60l,o0o
Total tal....................9 $4,000 100000
Deficit les, 900 bales, against which Is to be set
an increased stock In American ports OF .060
bales. But for the canal shipments from Bombay
there would be o very moderate stock here during
the summer months. These canal shipments are
mainly at the expense Of the Cape clearances,
which should arrive here In September and Octo-
her. and in consequence our stock will rapidly
decline In those months instead Of increasing, as
IL has often done. The probability is that during
October, November and December we will have
but little increase on the corresponding stock OF
last year, taking 1t In the aggregate, though
Do ttalu fO oN1