The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-02-24
COMMERCIAL MAYTERS.
The Liverpool Cotton Market.

We make the following extracts from the
w. G. Watts q Co. Is weekly Liverpool cotton
circular, dated Feb. g.
Tie Position, Seven weeks ago the re.
ceipts at the American ports were nearly 300
900 bales in excess of last season to same date
and now not only has this large excess been
lost, but 20 900 bales additional. We think it
safe to affirm, if seven weeks ago it could
have been known that such would have been
the result, nine out OF ten of those engaged
IN the trade would have confidently predicted
much greater advance IN price than has
taken place for, after all, spot quotations for
American are now only a to I'd +, Ii above
the lowest point touched in December Hence
we have recently repeatedly heard the ques-
ton asked-''What is the matter, and why is
1T that prices do not advance" If we could
only arrive at a correct solution OF this ques-
tion it would enable US the more thoroughly
to understand the present position and form,
perhaps, more accurate opinion as to the
future course OF the market. The prominent
answers that present themselves to our mind
may be briefly recapitu!ated as follows
When, in November and December last es-
Inmates of the American crop averaged fully
$3.50 bales, it was very generally conceded
that such yield would afford an abundant
and perhaps an excessive supply Of cotton in
all of 1873. This view induced buyers of
goods at Manchester to purchase very spar
lngly, and in some cases producers, rather
than let their stocks OF goods accumulate
consigned them to Calcutta Bombay, and
other large Eastern markets. Prices in those
markets showed no margin-in fact, a small
loss-upon shipments, but the flmine in
India having passed away, it was confidently
expected that the low scale of prices then
current would soon leadto largely increased
demand and some Improvement in values
Thus the Eastern markets We're temporarily
overstocked with goods, and in turn Man
chester was for time, in December, very
dull, and splnners consequently suffered their
stocks of cotton to run down to low point
125 900 bales at the end OF the year
During the first fortnight Of last month the
unexpectedly small receipts AT the American
ports, and continued untavorable advcts III
regard to the Egyptian crop, led to a very
large business at Manchester and not only
were existing stocks of goods, etc, largely
cleared oft, but many producers were put
der contra cts for some months to come, and,
in order to cover these contracts, spinners
purchased largely and increased their stocks
of cotton during the three weeks ending the
22d ut some 5000 to S0,0G0 bales. The
consequent activity here led as we have said,
to an advance in American cotton of Il to ia
t. III from the lowest point touched in De-
cember
THIS improvement was, we doubt not Of
service 10 nearly every legitimate department
Of the trade: fJr. it enabled holders Of goods
In the eastern markets to obtain better rates,
Manchester to a large, and ON the whole
fairly profitable business, and it materially
improved the position Of importers aud other
holders Of cotton. The pause that has since
occurred, both here and ii Manch ster, is, in
a great measure, the natural reaction after q
period of great activity. Moreover there
is undoubtedly a very large 60 short
interest," both here and in New York, who
are interested in keeping down prices, and,
consequen ly, many kilograms have been re-
ceived within the past two weeks, represent
ing that the recent very small receipts at the
American ports were inconclusive evidence Of
a crop Of less than about 1 100, 900 bales. We
should, however say that 3 900, 600 to 4, 000-
600 bales is generally regarded here as con
servatiye crop, and within the past day or
two, the receipts at the ports having been
lighter than was expected, there has been a
general tendency to reduce estimates.
Liverpool has further been depressed SO far
this season by the fact that she has had to
bear up under the burthen of an undue pro-
portion of the American crop, and it will be
observed that the stock here, of all descrip-
tons, now exceeds last year at this date by
1876. 720 bales. During the last three months
of last year many of the New England mills
were running short time some four days n
the week-apd hence American spinners APP
pear to have taken from the ports up to Fri
day last about s., COO bales less than to same
date last year but our latest adyices indi-
cate that all the mills are now working full
time, and that American splnners are
likely to continue tor the balance Of
the season active competitors, particularly
for the better grades Of cotton, which
we understand are already becoming
quite scarce in the American markets Then
again, the shipments from America TO the
Continent up to Friday last We're 81, coo bales
less than to same date Last year, but during
the past five days the Shipments have largely
increased, having amounted TO l3,U0O bales,
against 3 600 same time last year; and, 1t
should be observed, the supply in aud atloat
from America and Indla-is now $4,000
bales less as shown by our table of visible sup
ply, than at this time list year it seems,
therefore, quite certain that for some months
to come the Continent must be large buyers |
in America or India, OF that our export de-
mand will next spring, as soon as the Baltic |
ports are free from ice, be on a very liberal |
scale
The stock of cotton held by English spin
ners we now estimate at POP coo bales against
III, 900 last year and 136, coo the year before
at same date.
ESTIMATED VISIBLE slrrLY.
f~15 1-74 Ia |
Stock in Liverpool this date 2dG0 6359io 4f3l3o
Loudsn . t26 200 $500 205 $50 /
Continental port last
week .--..-...----- 1916 $50 30o0OO i'IUuO
Stock i'll American ports this $500,
date ACKNOWLEDGEMENTS $4,000 SI'oUo 1hJ,UUo
A float from America for Lily
erpoo Telegraph dates 100000 3flouo 81 ooo
Atoat from East india for
Liverpoo Tel dates. $4,000 $1,000 ofooo
Atoat from East India, Lon -
don etc. Tel dates COCO f-,o0o eouoo
float from America for Con
tinent Telegraph dates 100000 321Oe0 l92ooo
A oat from East India Tele-
graph dates. 100 0 a1ooo iiooo
212J HOG 740 $50 , Il0 $40
New York Produce Exchange.
n. Y Bulletin 10th inst
POWERS OF An ARBITRATION COMMITTEE.
The attempt on the part of Messrs Sonne-