The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-06-17

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The Manchester market during the past
month has developed more strength than the
public were prepared for. At the beginning
of May the feeling OF depression was very
great. Manufacturers could not sell except at
a severe loss, aRd were accommodating large
stocks of the commoner kinds of goods, and
yarn also was becoming hard to sell, and In
many cases spinners were working into STOCK.
There was general feeling that the prodnc-
lion was too large considering the prices ruling,
and yet there was no prospect oil RELIEF from
reduced production. This state OF things last
ed till the 10Th ulllmo, when some large buy
ers began TO operate under the influence OF
better accounts from India, stocks of goods
were cleared of at low prices, and frmer
tone crept over The market. Since then q
good steady demand has been experienced,
aud come moderately under contract, and prl.
ces have sensibly improved since the begin
ming of the month.
Altogether there are signs that Manchester
Ia In a healthier condition than was supposed,
and as this movement was spontaneous, and
not started by our market, 1t ls the more lndl-
cative OF bona 1de consumptlVe demand. 1t
has to be remarked, however, that IN the un-
fortunate position OF cotton supply little bene-
ht can accrue TO producers from Increased de.
mand; 1t only keeps up a higher level of prl-
ces for the raw material than would otherwise
have prevailed. 1t need not be added that in
The present state of Manchester there Ia no
immediate prospect OF 'short tlme," and we
would put the present consumption OF cotton
at 65, 900 bales per week, beariDg IN mind that
the average weight Is very much below last
YEAR, owing 10 the heavy deliveries oil Brazil
cotton. We consider that the actual weight
now consumed is no larger, perhaps barely 80
large as year ago, for though more spindles
are working, finer counts Of yarn are being
produced, and there is no disposition shown as
yet to move on to coarser makes OF goods, but
rather the apostle. Indeed, one great feature
of the cotton trade last year and this ls the
higher appreciation of quality In the fabrics
produced, and It Is this which makes 1t 80 diff
cult for the trade TO turn upon East India COT
ton, no matter how tempting the price may be.
The prospects of our market have not alter
ed much since our last issue, with the excep-
tlon that Manchester has shown much more
strength than we then expected, and also the
trade more pertinacity In cslngipg to Amerl-
can cotton At one time it appeared not un-
likely that an average price OF lid for upands
might suffice to carry us into next crop, but
this seems now to be below the mark. 1t Ia
pretty evident that at such price the trade
will consume mUre than we can afford to let
them have. The question remains, at what
price will the takings Of the trade be cut
down to about q, 900 bales per week. which is
all we can deliver till November There are
latterly some symptoms Of their using more.
Surat and the better kinds, such as NJ. G..
Broach, are In extensive demand; still we
doubt Ii the consumption of American Is much
below 10000 bales per week, and 1t will be
very difficult to cut 1t down TO the requisite
extent. No doubt some spinners still hold
respectable stocks, but The trade as whole
have not much above an average
working stock, and the prospect e. sup
ply Is very discOuraging for those who
require to have long staped cotton. II Is
fortunate that the Brazil crop is proving SO
large, as 1t mtigates to some extent the search
ty OF American, but we cannot count upon a
long continuance of such heavy imports from
Brazil, and probably the consumption of it
account of diminished supply. Egyptian cot
ton will also be run very close In the autumn:
the receipts latterlY at Alexandria have been
trifiing, and mnch below last year, and little
more can be received here till the new crop
arrives In November. 1t appears, therefore,
that, taking a broad view OF all long stapled
cotton In the aggregate. the actual consump-
lion in the second half of the year must be re-
duced 20 per cent. or more below what 1t was
in the first half, and this holds good quite as
much of the Continent as of Great Britain.
The legitimate inference from this would ap-
pear to be that prices must tend higher, If
Manchester continues as strong as 1t Is just
now; it Ia there, and there only, that an effect
ual check can be given to The movement
here; speculation has at present nothing to
do with il; it is solely question Of consump-
| ton.
Turning to East India cotton. however, the
position is quite the reverse. All the markets
of Europe are loaded with supplies, and save
! In the better kinds which can more easily take
the place of American, there is an extraordi-
nary absence of demand. The difference be-