The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-11-16
TIE ENGLISH CorToN TRADE.


THE ENGLISH COTTON TRADE.
A Scarcity OF American Cotton Ex.
pected up to the End or November.
rFrom Smith, Edwards & Co.'s Monthly Cotton
Circular, dated Liverpool, Oct. 81, 1s72I
The Manchester market at the date of our
last was in an extremely depressed state not
only were producers suffering from long
course of improbable business, but much un-
easiness existed as to the stability Of shipping
houses, arising from the smagnitude OF the
ally In the Eastern trade. There was little
hope of any improvement entertained In Man.
chester at the beginning OF the month, but as
usually happens, the trade turns just when
hope is expiring, and slowly but surely q
healthier state of things eprang up. demand
set In for the smaller markets, and to some
extent for the "home trade" which cleared
away stocks; although there we're few signs
of activity dlscerntble on the surface, 1t
gradually transpired that spinners had come
well under order, and that q large business
had been put through. tln the early part of
the month there was little or no advance In
price, but latterly yarn mag improved mate
equal to that on the raw material. There is
no doubt that the state of trade Is sounder
now than it has been for long time; even
from India there come signs OF improvement.
A large business has been done In piece
goods and though prices are low, stocks are
very moderate, and prospects decidedly bet
ter than they have been tor long time past.
tar6y of coming, and stocks are still very
large. It must be observed, however, that
the2e Ia yery little margin between the raw
and manufactured article; there is little or no
profit on much of The trade going oD, and In
some departments, such as the manufacture
of Eastern cloth, there Is serious loss; tho
fact, however, is undoubted thattall splndles
are 'i now working, and oil idea OF short time
has passed away, and NE consider that con-
snmplIon has. Increased materially In
the last month. There is tendency
to spin lower counts ofiyarn, and We under
stand that numbers made from surats
and even from Bengals pay better than from
American cotton: There has been marked
tendency during the past month to 90 upon
East India cotton, and the consumption of
BrazlIs has exceeded anything ever known;
A. ia. therefore, difficult to give the weekly
consumption In bales, as the weight varies 30
much, but taking into account the small aver
age bales at present used, we cannot put lt at
less than 1900 bales PEE week for the King.
london the last few weeks have teen $4,000
oales per week, spinnprS must have added to
tbsir stock 70 GOO to 81, 600 bales. but this does
NOT represent great Weight of cotton, ,as II
consists mainly Of Brazil East 1ndla and other
small packages. We may add that the takings
of Brazlls the last four weeks have averaged
rs, 600 bales per week; bit from this time for
ward they must be greatly reduced, as the
stock Ia nearly exhausted, with little on the
water.
In treating of the prospects of our market
the primary consideration is the. out turn OF
the American crop, and We are happy to be
able to give better account OF 1t than 10 our
last Issue. Very fine weather for picking has
been experienced since the beginning OF Sep
tember, and planters have been able to secure
an unusual quantity of cotton for the time oil
the wear; the Yield has also proved much larger
In several districts than was anticipated In
September, and the accounts now reaching US
from the South are much more cheerful than!
they we're month ago. AT the lime when
the damage from worms and rust was most
alarming, the fayorte estimate from the South
was three to three and quarter millions, but
now we should say THAT three and q half mil
lions is the figure mostgenerally adopted, and
10 New York, three, and half to. three and
three. quarter millions. -, |.
I. Qie point needs 10 be observed, VIZ, that
accounts vary very much from different local
lies: there are some; ss for instance about
Montgomery, where the yield ls not expected
to exceed last years materially, while 10
Others, such as Northern. Georgia, it is Ak
peosed to be as great as ever EnoWn. The
crop Ia very irregular, and 1t will be nnsale to
rely upon any estimate; but we should soy
that the private advices now reaching us from
America indicate rather over three and half
millions. Against this 1t has to be said that
the last bureau estimate is very unfavorable-
IL places the prospect Of the crop at only
eighty-two per cent. Of an average, which
does not indicate more than three and q
quarter millions, and last year the bureau &C.
counts were more correct than private ones,
so that we dare not depend too mucn upon
the favorable letter advces now reaching lis.
It may be said that the statement of the bureau
only refers TO the end of September, and that
next months will be more favorable. This is
highly probable, but till 1t is Issued it will be
we'll 10 .:sep our Judgment In suspense, and
not be carried away by loo sangulne Views.
The receipts at the ports continue very large,
and from all we oan learn they will continue
to Increase and be unusually large up 10 the
end of the wear, 30 that whatever the actual
result OF the crop MAY be 1t is probable that
public opinion will tend towards higher es-
tlmetes.
It is surprising under these circumstances
that prices are maintained at 80 high level
In the American ports, but we attribute 1t to
the fact that spinners all over the world bad
run themselves out of American cotton, and
were compelled to buy largely at the opening
OF the season; the demand has been most
eager for the Continent, especially for France,
and the shipments to that quarter are far
larger than last year. For this reason 1t Is
likely that great scarcity OF American cotton
will be felt here for several weeks yet, tor the
arrivals I'D to the end OF November can
scarcely meet the consumption. No doubt the
actual stock In port somewhat exceeds the
estimate 1--WE understand this will soon be
tested, } but the extreme scarcity of the mid.
ding and better grades shows that they are
literally exhausted, and 1t will bevain to Look
for much decline till better supply Is availa.
be Notwithstanding the strong demand on
the spot, there is little disposition 10 specu-
late la American to arrive, and prices remain
with little variation at asd. to a3d. for uplands.
This shows that there ls little confidence In
higher prices of American cotton later on, and
We quite share In this feeling. A three aud
halt million crop If realized will give sHfa-
clent supply at The present high price, for 1t
must be remembered that dprIpg the coming
season East India cotton will supply much
larger share of the consumption OF Europe
than 1t did during the last twelve months.
The chief strength OF our market lies in the
fact that our stock is small and must appar-
reptly 20 sill smaller, and 1t cannot be mate
rally increased until next year. The revival
Of trade In Manchester has come at time
when holders of cotton can turn IL to adVan.
taqe, and it seems not at all unlikely that pr,-
ces of East India will go on hardening till
they reach point where spinAers will turn
back to the use Of American,
In aNtt