The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-12-21
THE COTTON TRADE.
ASPECTS OF THE ENGLISH MARKET.
Tho E~agerness to Return to the Uso or
American Cotton.

neTs and manufacturers are kept well under con.
tract. At the Same time It must be added that
many OF the contracts were made at low prices,
under the IMPRESSION that cotton would decline,
AID would be very unremuneratlve II the present
prices ruling for the raw material we're to be
maintained. The manufacture Of Eastern cloth
continues to be the most Improbable department
OF The trade, aud. as q na'ural consequence,
there has been much OVERSEEING OF the goods for
q long time past. This has eliminated. as might
be expected, In great complaints OF mildew from
the Indian markets, aud the matter has recently
been discussed at the Manchester Chamber or
Commerce, Without however suggesting any prac.
teal remedy. This complaint OF mlldew always re-
wives when cotton Ii dear and trade bad. In this
leans to 1lKd per ID. in the spring months OF the
year, which was never responded to In cloth,
and manufacturers haa the alternative OF stop
ping their looms or cheapening their goods by
latter, nd hence the complaints; bus It Is easier 20
see the evil than TO devise q remedy. We're cot.
ton to rule at q moderate price, the difficulty
would be overcome, but with every period Of bad
trade " e fear this will revive. The Trade OF Man.
chester appears now to be on 9 tolerably healthy
basis, al hoagh It must be allowed there Is but
little profit to the producer. Were there q pros.
pect OF cheap cotton next year the outlook would
be good but II cotton is dear, we fear IL will DO
difficult to establish q corresponding advance on
the manufactured article.
The prospects OF our market are, as usual at
this season. bound up very closely with those Of
recently been a dtlIverance OF The agricultural
bureau at Washington, which has excited q good
deal OF attention. Its pronouhcements are often
amti5uous, but this is the most enigm8tlcal we
remember, and people diner In the Interpretation
thereof TO the extent or 8O0,o 900 or 4o0, oGo bsles.
The figures given by the bureau sre 8,4s0.G GOO bales,
bpt It adds OF 400 los, and whether thls is gross
or net weight ia uncertaia-we incline to be ieye
it to be gross weight, as cotton Ia sold gross 10
America. and this is about the average weight
when tRre Is included. But on the other hand,
this estimate appears qnite too small, including
as It does Southern consumption, leaving only
$3.50, 900 bales for "commerciai crOp;n becau,e
the column of average condition shows q great
improvement on the October report, aud, taken
slong with the increased acreage. points appa-
renlly to 8 yield OF SOC, 900 bales larger. In e.
saonse t., an inquiry sent TO New York, we learn
that the construction there put upon the report 10
1890, 900 bales, but that the general opinion is In
favor OF 8, 900, 600 to 8, $50, 600 males. We take this
sumption. From the South the accounts all
Through the past month have been favorable. and
estimStes have been steadily increasing, TIL We
should FAY that 3x to ax millions represent the
current opinion. The weather has heen very "a
yorable I r picking, and we understand that the
great bulk or the crop IL secured, notwtthstand.
no the bureau aflrms that on the lst November
there were still one million bales unpicked. We
have grave doubts, however, IN accepting very
large estimates OF TINS crop: mere IS no noaot
gust and September, and In some OF the richest
aistricts the Yield will be little better Than last
wear. The crop Is BY no means uniformly goJd
as It was In 1870, and there 10 nest.es m S
ter or that year. We understand that the
plant has ceased to grow over most OF the
country, and that picking Is nearly nnished
already. whereas in 1901 1t went on III Feeru,
win fan greatly short Of that extraordinary year,
and we have great doubts whether the entire
growth Of the country" Rlll reach three and three.
iourtrs millions. We think three and e pau 70
tnree and three .fourths millions 8 SUFFICIENT esti'
mate az m8tter5 stand at present, ana or tnat,
l,2oo, 900 balls will probably be retained for
American consumption, North and south, pro
7ided prices DO not run very high, American spin.
ners are doing well, and rapidly increasing thelr
consumption, and will require q larger supply
rhls year than ever before. Last seas N they
sock LOO, 900 bales, and the one before l.l87.ooo
bales. II the whole crop be takea 81 S,Ioo Ooo,
there would therefore remain only $500, 900 bales
to Europe, against 1.051 600 bales last year, ana
s 1874, 600 bales the year before, or 40 average OF
2. $40, 1000 bales the last two years. Now the whole
Of this cotton has been consumed Ssa sal IN Eu nGg a az a. f.
SEEMS very doubtful II we can do With less this
year.
spinrers every where show to return TO the use OF
American cotton. We expected that the large
stock OF East Iudia retained In Europe this au.
tumn would have relieved the demand for Amer
loan for several month";. but We nnd q continued
reluctance to use East India, and q strong desire
to return to American rs soon IS there IS q plen:
tful supply. This holds good on the Continent
az well as here, and 1t is proved by the extr8or.
binary share OF the crop that is being shipped TO
that quarter. The shipments go FAR are 100000
bales to England, against si5, 600 bales last year,
aud 2lo, 1000 bales to the Continent, against &c.
900 bales last year, and we understand That there
are about twice as many ships loading Tor the
Continent as for England at present. This IS q
very significant fact, ard II proves Una. We saa !
countlnp on. The average consumption OF Amer.
ican cotton on the Continent the past TWO sea-
sons was about SIC, 900 bales; and 1t almost 'ooks
as II It would take one mIllon na!es sats ss artOus
remain moderate. Suppose IL taxes soo,ooo
bales; In that case o crop or 100000 oales
(total growthl would only leave l,6bo, GOO Dales
for English consumption. or 3O,oeo osles PCT
we cannot count upon getting this years supply
at an average price Of DID for uplands, unless tne
crop turns out larger tnan anV esum ,Ie al pre-.
ent put forward. 1t seems, on the otner nanu,
clear that II this crop only turns out 81 MILLIONS
total groWth) We will DE greatly plncaed, anu Q
sertous rise may take place larer on. One p0lnC Is
clear, the early supplies to this country are gong
to be small, and 1t WILL De long tme yes oe,ose
Keen yery low for some months let, and The or.
rivals from all other Countries, except Egypt,
promise to be much less than last year 1or several
moutns to come. Fortunately tne crop IN rgypG
1S arTlVlng III Ill
al Alexandria are nearly double those OF last
wear. and as much OF the crop Is OF Wnlte or
American seed cotton. spinners may relieve the
scarcity OF American BY taking II in substitution:
BuC from Brazil the accounts are not 90 goodi
the cropi is now expected to be decidedly less man
last year, aud 1t is evident that the great con.
SUMPTION Of BrazllB, which has gone on TOR Some
months past, must no7r be fed, In part, oy Ameri-
can cotton. The exports from lndls continue
miserabiy small. The amount s1o8t for this port
is only 4I.oOO bales, anil apparently very 1is, ~ VII WIN
be shipped to this countrg. from bombay TIL Fen.
ruary or March, for the new crop ID late' ana
yery II, tile old cotton remains In the interior.
we conclude, Therefore, that the statistical po-
sItion of cotton will lock stronger as the sea,on
advances, and It viii need large receipts ana no
eral estimates from America to keep specnlatlon
from sprlneing up. At the same Gil IL must 90
added that the speculative spirit is not active Iais
season, the losses sustained IN handling last years
crops have made operators ttmid, and any una
yorable feature, such ss q sudden increase OF re,
OF the market, however. ID strong, and we iear
that the prospect or supply Is not what could De
desIred In the interests Of Ian asnire.
THE CRISIS IN SPAIN.
1E,pp,n Opcemhpr %