The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-07-17

in monetary circles which has not been wit
messed for long time past. The great Eu-
ropean questions have mostly been solved, and
an epoch Of peace and prosperity is thought TO
be before US.
improved not a-4ittle during the-past month,
and the substantial advance that has been
gained appears to be fairly justified by the
facts of the case. The whole aspect Of the
question of cotton supply has entirely altered
since the spring months; the enormous sup
plies which were then visible have melted
away with rapfdity which is scarcely con-
ceivable, and it now seems not unlikely that
our stock In Liverpool and amount afoat
will closely approximate to that Of lastyear
within a few weeks from now. Had any such
result been predicted In March or April 1t
would have appeared quite incredible. In ad-
dItion to this powerful lever acting on our
market. we have had the stimulus Of contin-
ued bad accounts of the growing crop in
America ever since 1t was planted, and since
the publication Of the June report of the Agri.
cultural Bureau these accounts have Influenced
public opinion in very marked degree. The
Bureau, as we have already observed, makes
the reduction in the acreage under cotton
cultivation about fifteen prr cent. but pri-
vate accounts do not generally place it so
high, and we are INCLINED to put the
decrease at about Il per cent, or equal to the
increased acreage OF last crop over the pre-
ceding one, 81 that we start with the same
breadth of land under cotton as in 1869; the
crop thnt year produced S,035, 900 bales; not
including Southern consumption, and the sea-
sou was considered q very favorable one.
From all parts of the South the reports are
unanimous that this season has been very
cold and wet and that the crop ls very back
ward and over.run with grass, and the opinion
Is general that it will be very difficult to OBJ
tdir nm ororo uiatd AFRO ManU 0f
opinion that not more than 100000 bales
ought fairly to be looked for, and the view
put forth by the bureau that $500, 900 bales
will be the maximum, even with the most
favorable season henceforward, is. generally
acquiesced in. From all we have learned, we
Incline to think that 1t will need o very fine
season from this time forward 10 make $780,
600 bales, and up to the present time we do
not learn of-eny important improvement ip
the aspect of the crop, though we believe it Is
looking a little better than 1t did about the
middle of June. It Is natural to conclude,
however, that, after 30 wet a spring, there
will be dry, forcing weather In the autumn.
and this may retrieve materially the damage
already done; buC' should rains continue, and
worms make their appearance during the
next month, the result would be most dis
astrous. It ts,. therefore, apparent that eager
interest will be felt In this crop, through all
its stages. and our market will respond freely
to the advlces reaching us from America.
There are, however, some welghty conslderi
atlons on the other side Of the question which
must not be lost sight Of. Though the enor-
ing with magical rapldity, It cannot possibly
be consumed at corresponding rate, and it is
beyond doubt that spinners everywhere. and
especially on the Continent Of Europe, are
stocking themselves to their fullest capacity.
We believe that our splnners hold larger
stock than at any time since the spring OF 1868,
and the continent 10y the time the amount now
piled than ever was known before. We nen-
toned in former circular that.its takings this
year would probably exceed the last by 6O0, ,OD0
bales; but it now appears probable that 1t Will
receive 600, 900 to zoe, 600 bales more than last
year, and 800, 900 to 100000 more than 1nnny
previous year, and the average weight OF the
bales is greater than in any year since
the American war. 1t is impossible that
all this cotton can be consumed, and
much of 1t will be carried as reserve Into
next year. at the same time trade Is very good
on the Continent, especially In Germany aud
France. Splnuers have heavy orders on hand,
and are not likely to reduce their STOCKS Oh COT
ton so long as they have good profit IN working,
and hence 1t happens that our export demand
still keeps sgood, and far above the level OF
lost year OF this time. The sedative effects OF
the large stocks on the Continent will not be
foIt till public opinion recognises Ghat- high
water-mark has been touched anu ther we
NAV expect o long pause In continental. de-
maad. The same remark holds good with re-
gard to our own. splnners, though IN propor-
ton to their consumption they are not STOCK
ed to the extent Of those on the Continent,
and. consequently their power to hold on the
market Is less; still we. incline to think they
would tighten their holdings by 100000 bales
or more If they came generally to the opinion
that cotton had touched its highest point for
the year, and their trade became decidedly
improbable, which 1t Is not at present
It usually happens, however, that strong
current OF public opinion carries the Market
further In either direction than the merits ol
the case would Justify. The decline TO "a for
middling American was exaggerated, and II Is
gerated likewise. Circumstances favor specu-
tation, money Is cheap and abundant, the po-
lltical horizon Is clear, the statistical position
of the market each week looks stronger. and
the distant background is filed In by strong
prospect of short crop In America. Large
profits have been made by those who were
fortunate to strike the market at the bottom,
and altogether the position of cotton holders
Is roseate compared with what they nave long
been accustomed to. This causes confident
feeling In our Exchange, aud 1t begins to look
probable that higher prices will be realized
this autumn than have yet been touched: IN
deed. there is some risk of q speculative ma
mia which would work mischief for next sea-
son. To our view Sd. for Orleans is about as
high as actual circumstances warrant at pres
ent, but 10d. appears not Impossible snould tne
American crop unhappily give no better pro-
mise In the autumn than 1t does now.
THE WElTHER THIS DAY.