The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-08-16

Stock In all Europe 3lst December, 6ay.. a30,0OO
We conclude from this that our present ex.
cessive supply of East India cotton will melt
away fast before the end of the year, and that
the tendency of prices will be TO advance, un-
less kept 10 check by very glowing accounts
of the American crop. We must further re-
member that we are now holding In Europe
SEQ, 900 to 100000 bales that In former years
would have been coming around the Cape,
aud arriving In September and October.
These used 10 be the months when the large
imports of East India took place, and the
stock reached its .maxlmum, but all this is
now changed, owing 10 the general adoption
of the Canal route, and We must expect every
year to see far larger stocks of cotton IN Eu-
rope about midsummer than we were formerly
accustomed to. and financial arrangements
will no doubt be made 10 correspond.
The above remarks have reference mainly
to the course of our market Tor the remainder
OF this year, but 1t ls now 80 much the habit
to anticipate the future that 1t Is necessary 10
cast glance at next year. There Is no doubt
that the dominating Influence henceorward
will be the American crop now growing, and
already the markets Of the world are power
fully affected by the belief that very large
yield Is probable. We are able 10 report that
all The accounts reaching US at present are
highly favorable, snd we should say the crop
Is looking as we'll as at this time two years
ago, but 1t is quite premature TO conclude that
large yield is certain. There are four critical
months to be passed through before the crop
Is made. and The yield of 1870 was the result
of q picking season prolonged TO February or
March of The following year-an almost unex-
ampled occurrence. We should say that even
that year the crop would not have exceeded
81 millions, had the picking season been of
ordinary length, and We think that any excess
over that figure can only be expected This
year If the picking season is very fine. The
continue, it Is entirely weather question,
and il is extraordinary how sudden are The
changes that take place In America, Doth IN
the prospects of the crop and N puolic
opinion. There is one contingency that may
affect the crop unfavorably, we mean the
BIZ a hot contest, between Grant and GI teley,
and the Southern negroes will for time be
eagerly canvassed. II Is probable that some
disturbances of field work may arise during
October, and spectators may eXaggerate this
80 as to produce q powerful effect on Inc
market
Supposing, however that all goes very well
with the crop, and that four millions are real
lied, what scale Of prices may be expected to
rule next year? We may form q tolerable
estimate from the average prices of the last
Two crops-the crop of 1901 was absorbed
at an average of 84d. for niddling Orleans
with five months OF European war, and the
past crop (assuming present prices to rule
during Augnst) will average l02d. for middling
Orleans Out OF the former crop-4, ,25O, ,000-
we reckon that 100000 bales were actually
consumed, leaving $50, 600 bales of surplus on
hand, chiefly In the hands OF spinners, avail
able to exc out the short crop. This makes
the actual supply of American cotton for the
wear ending last September, 1872:
American (commerclaD CROP. ..bales. 2, geo GOO
Surplus from last op.............-... $4,000
UOlai- .o.o"oIV""
Remaining in stock lst September, 1872,
out Of ABOVE surplus tessimatedl.. $4,000
Actual consumption OF American the past
season ending lst September, 1872 at
average OF l0Ad........-............ 00o
Against consumption previous season
aJ ........ -o,oou,ouV
It therefore follows that the average con-
sumption of American cotton the last two sea-
sons will be just 3,50O,0O0 of bales, al the
average price of 93d. for mddliDg Orleans.
The Increased machinery of the world will