The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-07-17
SMITH, EDWARDs C CO.'S 1IoNTHLY
: COTTON CIRCULAR.

SMITH, EDWaRDS & CO.'S MONTHLY
COTTON CIRCULAR.
LIVERPOOL, June 80, 1871.
The past month has been one OF great ac-
tivity in the cotton market, and we have to
quote an advance all round Of Id. to Id. per
pound.
At the date of our last report strong up
ward movement was in progress, based upon
the unlavorable crop accounts reaching us
the American markets. Mldd.ing uplands
were worth I'D. here, and l7tc. In New York.
In the early part Of June shoal of kilograms
arrived from America reporting cold wet
weather all over the cotton States, and agree
Ing with much unanimity In the opinion that
great and almost irreparable damage had been
done to the growing crop, at the same time
report of the Agricultural Bureau would be Of
highly unfavorable character. Prices adj
vanced daily III the American markets, Till zoe.
was quoted In New York, and large orders
were received here to buy on American ac-
count.
A very heavy business was accordingly done
during the first fortnight of June; all classes
of operators bought with great boldness, both
on the spot and to arrives and the TRANSACTIONS
in the latter department were probably larger
than any time during the past three years.
About the middle of the month there was an
inclination to pause, people being rather afraid
of Manchester, for up to that time there was
no hearty response to the movement 10 cot
ton, But new life was given to the market'by
the.issue of the official report of the ASricul-
turel Bureau on the growing cotton crop In
America; IL reported q large decrease In the
acreage under culture, averaging about Is per
cent, and stated that the appearance of the
crop.everwhere was very poor, and much be-
yield that could be expected. even with fine
season henceforward, was 81 millions, while
unfayorable weather might reduce 1t to 3 MIL
lions, or less.
The publication of this report had an lmpor-
tant effect In giving confidence In the sound
ness of the advance, and brought buyers into;
the Manchester market more freely than any
time before since the upward movement com-
menced. a large business was done In yarn,
though cloth was slow to move, and spinners
entered our market In great force, and heavy
business was done up till the goth ultimo. The
quotation tor middling uplands at New York
was run UP to .2lt cents, and even August
delivery OF low mlddhng fequnt to our mid
dling) was sold at 20a cents, showing good
profit from shipments from thle side-- Indeoa. :
some cotton was bought here for reshipment,
and but for O fall In that market some thous-
ands of bales would probably have gone west
ward AS 1t is, we only know of 400 bales
actually shipped. Sach an astonishing npturn
of all ordinary calculations we seldom, If ever,
recollect, for it Is not two months since Ameri-
ca seemed fairly checked with cotton, mid.
ding uplands being quoted at II to 10 cents,
and future delivery selling at the same price.
The rise in New York from the very lowest
point, say Is cents for low mtddlings, was 74
cents per pound, or 574 per cent.
Our market paused at this point, and qut-
Eoal linn In on n.
tic. People felt rather afraid the advance had
been two rapid, and it was thought that Man
chester would become very dull when the
stimulus OF an advancing cotton market was
withdrawn. 1t was also expected tfnt the
American markets would collapse, and per-
haps fall two or three cents per pound. These
expectations have not been realized; the quiet
prices was only 3D.. per pound. Manchester
stood Its ground well, aud more disposition for
business showed itself there this week. The
American markets did not recede 80 much as
expected, and more sanguine feeling again
sprang UP here. increased by the belief that
stook-taklng would reveal large deficit In
American cotton.
A heavy business was done on Wednesday
and Thursday ut advancing prices, and great
eagerness was felt to know the result OF stock
taking on Friday morning: Most people ex-
pected large, deficiency, but none 30 enQr-
nous void as $4,000 bales, which, added to
q reduction of 81, ,0G0 bales from excess OF de-
liYeries over imports Tor. the week, made our
actual stock 10000, against the estimate OF
909, 900 bales the previous week. and It COM
pares with an actual stock Of $4,000 bales on
the Goth June last year.. The result of stock.
taking then was to chow deficit OF $4,000
bales, and we attribute the Increased error
this year TO the extraordinary amount of cot
ton taken by spinners from ships side, much
of which was forwarded by public carriers and
not returned to the brokers here for the pur-
pose of deduction from the stock. The stock
| of American stands at 900 bales, showing
| a deficiency on the estimated amount of l22, :
600 bales; the stock of Egyptian, $4,000 bales.
shows the large deficit Of $4,000 balesi that Of
| East India 49 600 bales, or deficit: OF IL 0OO
bales, while the stock of all other kinds is l67,-
900 bales, being an excess Of $4,000 bales,
| leaving the aggregate deficiency 135, 5,0UQ bales.
| The natural result Of this discovery was to
cause an excited feeling, and holders advanc-
ed their prices i'd per pound, which buyers
reluctantly paid. The extreme prices de.
manded checked business, but the market
closed strong In feeling at slaSEd. for mid.
ding uplands on the spot; Sd. Tor middllng
| Orleans, and i'd. more to arrive. SurRts on
| the spot are excessively scarce at 7td. for far
old >Dhoerah, and 65d. for middling fair,
while I'D Is paid for fair new Dhoerah to ar
rive. Egyptians are very strong at I'D: to I'D.
II
have also advanced i'd. to I'd. at s3d. for fair
Pernams.
Tie Manchester market during the month
| has been more active than for considerable
| lime previously. During the earlier stages OF
the rise IN cotton there was no response In
Manchester, buyers being doubtful OF the
soundpess of the movement, but latterly the
/ Efeeling.there has changed considerably, and
4 there is no longer any lingering idea that the
| low rates ruling In the spring will be returned
| to-. The demand for yarn has been very active,
and large contracts were given out about the
| middle Of the month, putting splnners well
under order, and In some kinds OF goods,
especially printers and those suitable for the
! home trade, good business was also done.
| But that large department of the market con-
shared In the Improvement to any extent.
Though there Is general Improvement taking
place In India and China, yet there Is no real
inducement to buy freely, and consequently
the position of the manufacturer who has TO
| bus his yarn has become very bad. Indeed. ii
is surprising that yarn has improved 30 much,
considering the dullness Of Eastern goods.
! The consumption has not been affected thus
far By the rise IN cotton, for spinners have 81 II
a iaif working margin, and 1t does not ap-
pear as If 1t would be restricted materially 80
long as American cotton ID not over 3d. per 10
The money market continues very easy, ago
the bank rate has been reduced from Y TO %
per cent. The great success OF the French