Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-02-27
FINANCE AND TRADE.
OrrrCE OF THE DAILY APPEAL, !
MEMPHIS, February =, ISL J

AGlANNa
We extract as follows from the
monthly Liverpool circular Of Messrs.
smith. Edwards & Co., under date Of
February l5t. 1t viii be seen that the
liberal receipts of cotton at the sea-
board in this country have had the
effect Of increasing estimates OF the
crops to enormous figures. NOtWlth-
standing the rapid increase IN con-
sumption, the prospect OF excessive
supplies in the immediate future, has
operated to depress prices dispropor-
t|iouately. The circular says:
The course Of Manchester during
the past month has been more equable
than that Of Liverpool. There has
been a continuous strong demand for
cloth and warn, and no weakness has
ever been eviuced. The tendency OF
pr=eaz has been slightly upward, and
Inc margin in favor of the producer is
8 sh,de better than il was at the end
of The wear. Very large contracts
have been freely offered for distant
periods of delivery, especially for
cloth suitable for India and China,
and altogether the tone OF that market
is exceedingly strong. On the news
of the surrender of Paris, producers
ATTEMPTED to establish a decided ad-
vance but failed, and as u market
has ralap5sd, it is unlikely that any
further advance viii be gained In
Manchester at present.
The consumption is believed to be
increasing. We still hear Of some old
mills being started which have long
been idle. and as heavier counts Ut
warn are produced than last year,
there is no doubt that consumption is
very large. Some people put 10 as
high rs Gy.gI0 bales for the kingdom,
hu. we question whether IL exceeds
$1,000 or IS. 900 bales, including July
$1,000 bales per week OF American
cotton.
Tbp accounts from the India mar
Eet- are by no means encouraging Tor
goods. and it is surprising 10 see the
e5gsraess to buy for that quarter; but
1T Is befieved that some Improvement
will take place in Calcutta before long,
for the supplies to that market arenOt
likely TO be SO excessive as they have
n-ar. owing 20 the extraordinary
aHantiEv n1W going forward to China.
ear the latter market the demand has
naer excellent. and its powers OF alb
errp-i1l appears Go be increasing very
fast. he present rtrength OF Man
cle- e- is owing ia no small degree to
This great development of trade with
China. Judging from present appear
al.-as Manchester seems TO be quite
.-rdaleuialt OF Liverpool, and even
81. .U- market shows increased weak
ness. We doubt If it will have any effect
ON the urica of cotton products.
The money market has been very
easy during the past month, the bank
remaining unchanged at q per cent,
and the best paper being scarce in
Loud0a occasionally at per cent.
me most important event we have
I'd, err6uieIe since writing our circular
81 taa surrender Of Paris, and the viz
small conclusion of the war. for there
seems very little chance o. France re-
naRiug tine struggle after the eXplry
Of Ira armistIce. We take IL Tor
Granted that the war is over between
France and Germany, and II IS a sub
=14r of sincere cOugrBtulau0n; no
doubt il Will impaTt increased cOnn-
Ganre 10 cJuuieIaIa circles generally,
snI upon the whole Do VIII dement, Ihe
7rauu curing interest, but we doubt
v-Hafrar ir5 effect 0u the price Of the
raw material viii be so important as
g-s once thought probable. HAD II
lsrraued simultaneously with a fall
-rF of i'm the receipts Of cotton IN
America and a reduction or crop estI-
mates. 1t would most likely have
czusad a sharp advance in prices, tor
our spinuers are so full of contracts,
and have SO good q working margin,
fbrt thew would in that case have
covered themselves by heavy pur-
rre-a=. but the development promises
I'D be- quite different from this; the
raozfUI5 of cotton I'm America have
been ast1uishiugly large during Janu-
arv. averaging 10000 bales per week,
AGAINST $4,000 last year, with exports
.- E-r.sul of $1,000 bales against
"a ur8 bales last year, and there Is a
general disposition 20 raise crop estl-
mates. and accept those high figures,
which were considered excessive at
.rsa end of last year. Ii was the
Hrr.t on on this side OF the ATTAIN
f5n. shat three and "A half millions was
lair estimate, and little attention
ae- uald TO the " guesses OF three
and three quarters 70 fOur mllllOns
which came from America. 10 was
Thought absolutely impossible that so
muc1 cotton could be gatheredj II Is
also believed that receipts would
show a marked faliing OF alter the
new wear. when planters would nave
sold enough TO meet their pressing
liabilities.
The most favorable feature on the
aif-r eide OF the case is the prospect
ole er. Is .EJ1I. demand, II sOud
peace established, and France set
lies down into a sort OF quiet, we may
nyue7. g. considerable increase on the
axgg-.- of last year, bur IL does not
aem as il there would be an Imme'
-I.-te assumption OF activity. Inc
Baltic ports are closed with ace, the
~sfIwavs are blocked with government
f-4nc, ard transport is almost lmpos'
s;bIa IL viii evidently take q con
siFrr7bJe time before trade resumes IT.
Uanfed channels, and then 70 remains
IN ha seen whether France Will settle
1oV-u under q stable government, OF
mass through the ordeal OF revolution
1t is at present Impossible TO say WhaI
government will come 90 the surface
In France, bur We fear that me emo %
fha var Will not be the end OF hel
troubles: society is terribly disorgan
led in that unfortunate country ant
we fear commercial confidence VIII D..
slow of ravfyinL. In Germany lh'
case will be different, and we nave n,
doubt that trade In that country VII
be t0lerably active before very long
but still the scars made by the Va.
wall be felt for years % come.
We have not alluded To Iuula, 10
its influence on our market Is dWarieC
bv the immensely of the American
simply. We have slittie to add q
what we wrote ia our annual circular
1he exports fom Bombay are galnln.
considerably on last year, Tor the hrs
Fb.res weeks iu January being 63,OJ
LlI.~ TO Europe, against 5000 bale
isgt ve>r; Rnd we have no dou9isJ Una
eecb U5o. 10 viii show a conslaeraol
eve--s- l. qm Madras auu CalcuI.
There viii also oe q sleAQy L-cI5a .
Still we do not utIipa'o ,
Shipments while Files leIln !
moderate. for the main @e9 aLS nSiy =
Iucfant sellers at currel-' 49, -
maintain values quite abON tho 70
~ I'D LIVERPOOL. Wethlnk, L'"O,S
ffar more cotton viii come by SaH.
fba, Ia-t e a and this viii d u 81
ua-rht Of our spring arrivals. gu
..rf1r las been steadier than AAH0l
can I'D Erta. and as our STOCK ~
-sDf8fv decline for the ~ month :
two. we expect it 10 hold It's own ~
against some decline In AmeIlo"
c1Et1u.
The Egyptian crop promises laIe
increase on last year, but the DetU'
GRADES are getting scarce in Ale&al
dria. aud some advance may be lOoke
for here ia good cotton later ia u
season.