The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-06-01
REn1rI1 OF, THE COTTON TRADE.
From the Manchester observer.l

), Day nv day we are being furnished with
most satisfactory evidence that the long pc
riod of the depression and disaster Whlch mas
paralyzed the energies OF those engaged lntne
cotton manufacture In this Kingdom is at lasC
drawing to a close. Most encouraging reports
are bei3g received from the major parts of our
foreign markets In which our calicoes are dis
posed of. while the large increase which mas
taken place in the supply OF the raw materlal
from: the United States of America this year
has. efIectually checked that reckless specula-
ton In raw cotton which has been the 6aDe OIL
the trade for several years past, and which has
rendered ,snjIning and manufacturing as an-
certain and unsatisfactory as game with the
dice.bO1. To Judge from the accounts we re-
celye from the cotton districts In Lancashire,
manufacturers would appear to be very well
I'm orders The. profit In prospect perhaps is
not what would be desired, but 1t Is o
hopeful sign for the future that notwHhstand-
ing the large business that has been done In
Manchester during the past few weeks, the
tone of the Liverpool market remains quiet
and subdued. The latest intelligence re-
ceiyed from the cotton-grow!nS States OF the
Union all tends to confirm this feeling. The
aggregate receipts at the American ports Of
last seasons crop up to the middle q April
show q very large increase compareu with
those for any year since the outbreak OF tue
Southern rebellion. From the lst of Septem-
~. NJ.
ceipts amounted to 2,488,867 bales, against
l,906, ,125s sfor the same period In 1869, being
an increase this season over last season OF no
less than 5a2, ,742 bales. Such trihe as straw,
according to the old adage, Is sufficient TO
show how the wind blows, and one or Two COM
paratively unimportant incidents which have
recently Occurred in Lancashire Indicate tne
great change of feeling which has recently
taken place In regard to trade prospects. Al the
last Easter festivities In several towns the holi-
days of the workpeople have been curtalled,
from the anxiety of the master spinnerS and
manufacturers to get on with their work; In
deed, at Blackburn, one large employer was
constrained to make an example Of some Oh
his operatives who would persist in holiday
brought before the magistrates and fined five
shillings each for absenting themselves from
their work without leave for halt q day on
Easter "Wednesday. The economy Of modern
cotton mandatory can Ill afford to be disar-
ranged by mistimed holiday makinS g, as was
established in this case, for it appeared that
the idleness of these seventeen spinners had
caused the loss of days work to five times
the number of power-loom weavers. Another
evidence that the hard times in the cotton
manufacturing districts are at an end, is the
fact that the operatives are concerting meas
ures for the general advance in the rate of
wages. A general reduction o. from ten to
fifteen sper cent. took place during the
cotton famine, and this the workpeople look
forward to recovering. If trade continues
brisk we have no doubt whatever they will be
successful. The Lancashire employer, when
prosperous, seldom grudges to share that
prosperity with his workpeople, and we hope
that country may be spared any OF those en-
bittered disputes about wages which are so
disastrous to both employer and employed.
But perhaps the most satisfactory proof we
can have of the return OF prosperity to Lanca-
shire may be found in the daily increasing
value of mills and mill property. 1t is difficult
to convey to those who reside out Of the Col
ton manufacturing districts fair conception
of the great depreciation which has taken
place In the value of this class of property
during the past five or SIX years: In @ isttef
recently addressed by the Manchester Cham
ber of Commerce to an eminent French firm,
we find the following cases quoted, and we can
fully confirm the remark that Lancashire
could furnish but too many examples OF the
same class:-"(a.) A manufacturer, now de-
ceased, who was largely engaged in business:
considered that when his affairs were wound
up there would be left balance OF 100000,
which he bequeathed by will to his family, and
upon that sum the legacy duty was paid; but,
when his mill property was sold, there was not
sufficient to pay his trading debts. (b.) Ano.
ther manufacturer who had mill property (said
to be worth 0,000.) and was possessed of a.
ireenOlo estate III ianu VI tlie 'aiue U. sli,VVV,
found himself so far divested OF funds for con-
ducting his business that he had recourse to-
Borrowing from his bankers, with whom he.
deposited the deeds of his property (by way OF
security for i25,OOO. The landed property
cannot be supposed to have fallen in value,
yet 1t Is now deemed questionable whether
both estates (when sold) will more than cover
the claim of the bankers" Some transactions
In mill property in Lancashire recently report
ed 10 us, Indicate, however, that there is al
ready o very marked Improvement in its
va1up