The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1873-02-22
THE BRITISH COTTON TRADE.
The Latest Views of the Extent OF the
Crop and the Course Of Prices.


Crop and the Course Of Prices.
From Smith, Edwards & Co . Monthly Cotton
Circular, dated Liverpool, Jan. 81, 1873l
The trade of Manchester during The past
month has generally been dull, and prices OF
yarns have declined about as much as the raw
material, cloth hardly 80 much; very little bu-
einess was transacted till near the end of the
month; but such large orders had been given
out in December that no pressure to sell
was experienced, nor did stocks accumu.
late to any extent. The tone Of the
market, however, was very fat, and re-
newal of the unpleasant rumors about the
slate oil credit added to the dullness. We be-
lIeve that these rumors have little founda.
lion In fact, and though several weak houses
have recently succumbed, there Is no ground
for suspecling The soundness OF the leading
firms In the trade. We do not, OF course, re-
fer to the small manufacturing concernp, es-
pecially In the Blackburn district. We fear
there s much weakness among them, and
small failures and private compromises are
likely to be of frequent occurrence through
out this year, as they have been throughout
orders have again peen given out In Man.
chester, and the Increased frmness Of the
cotton market has been reflected there. We
would remark, however, that there is COM
pete absence of animation In Manchester,
there Is no liveliness In the demand, aud
several OF the large shipping houses are doing
nolhIng. The result of last years business
was 30 bad that there is unusual tlmidity,
and nothing but excitement In the cotton
market will galvaDize Manchester into &C.
tivlty.
Spinners and manufacturers continue to
have 8 very poor margin; indeed, when the
excessive cost of coal Is considered, 1t ls hard
to see how much of the trade is carried on
without constant loss. Great complaints are
heard on all hands of the unproftableness of
business, and one result is seen In the TACT
that spinners ere much more emrded In
buying the raw material, than they were last
year We believe that this ,cause will defeat
any attempt to push up the price Of cotton
seriously In the early part of this year. The
consumption continues on full scale, nor Is
likely 10 be checked while prices remain at
their present level. We estimate II at g. 600
bales for the Kingdom, including $4,000 10
$4,000 bales OF American cotton per week.
Splnners appear to De going of Surats. IN con.
sequence of the very bad stock on hand. and
using American instead; The short supply OF
Brazil cotton also tends In the same direction.
The prospects OF our market have changed
somewhat since the beginning OF the year In
The direction Of more abundant supply and
more moderate prices than then seemed likely.
The receipts at the American ports towards
the end of December were 30 extremely small,
aud 40 little cotton was coming from India,
that the aspect OF supply really looked alarm.
Ing, and IL was evident that, unless ON In
crease oil receipts soon occurred, q very high
range of prices would be reached. That iu-
crease has fortunately taken place, and, rather
contrary TO general expectation on this side,
1t has kept up we'll all through the month oil
January until The last day OF two. The rise
on the Southern rivers has been The CHIEF
cause of the Increased receipts, and, conse-
qupntly, 1t is only at the Cuff that large
figures have been attained. The arrivals at
The Atlantic ports have been very moderate,
and do not Indicate that great amount Oh
cotton remains In the districts drained oy
railroads. Still IL Is noteworthy Tact that
estimatrs OF crop have generally been raised
In America during this month; and whereas
three aud three.quarter millions were at
Que time regarded as an extreme figure,
1t Ia now the favorlle estimate, &c
far as we can Judge. There are, Indeed, some
parties at New Orleans who now look upon II
az minimum, and speak of !, 800, 600 to !. .S0O:.
900 bales as quite possible. Some lew wei
Informed persons, however, stll adhere u
lnrpR anu b nall UllllOub, dutl, bLIauEo w COY
the December report Of the agricultural bu'
rran reiterstes It's previous estimate OF 3,46O,
900 bales for total crop, and adds that these
are commercial bales ef usual Size, thus dls
proving those Ingenious theories which con
strued its last deliverauce 10 mean anything
from three and O half TO three and three quar-
ter millions, according 10 the wish oil The
writer. 1t Ia very puzzlng 10 us 10 See such o
wide difference oil opinion at this late period
of the season. Were 1t not for the bureau I'd
port. we should now look upon three aud
three quarter million bales as the most likely
figure, but with It's estimate 100000 bales less,
we remain In suspense, leaning. however,
more and more to the larger estimates. IL is
now generally allowed that February will be
the decisive month. The large crop men eX'
pect average receipts OF 10000 bales pei
week. while others put them as low as $4,000
during that month. We hardly expect the
former 10 be reached, but all our advlcet
from America point 10 much more than Inc
latter.
We incline to think that If the crop reaches
three and three. quarter millions (tolal growth)
present prices are quite high enough, and
there may b.. little temporary decline In !he
spring mouths, slll the consumption OF Amer.
lean cotton ls 30 large everywhere that Il VIII
probably become sparent before long that
Europe will only have scaniy supply even
from such q crOp ii fuuSt be remembered