The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-08-08
COMMERCIAL MATTERS, Etc.
From Messrs. W. G. Watts l. Co.'s Weekly
Cotton Report, dated July %, we take the follow

From Messrs. W. G. Watts & Co.'s Weekly
Cotton Report, dated July %. we take the follow
ing:
The Position Ec.-In our last report we re-
marked that we we're in the midst OF panic. that
panic meant unreason, and hence there was DC
use IN reasoning as to the immediate future II
now looks as II the panic 1s slowly but surely
passing away, and we can not but think cotton
occupies very strong position.
Cotton is very low-lower in fact than 1t has
been for fourteen years-and below what we
supposed to be the cost Of production. Our e1,
port demand is improving, the sales deciareo
for export having amounted this week to 5,o4O
bales or larger than in any one week since Sep
TENDER, 1874 There is at present an actual
scarcity OF tonnage in this port Tor the Con.
tinent, which has checked actual exports, but
this will soon be supplied, and, bearing IN mind
how small stocks of cotton on the Continent
now are, and that Liverpool ID at present the
cheapest market in the world, we should not be
surprised il our exports for some weeks. and
perhaps months, to come should exceed all an
ticipations-
Tine crop accounts from America can hardly be
any better than they have been tor six weeks
past, and may be much worse. The most criti-
cal period of the season is just ahead OF u.s. 1t
will be most unusual Occu renee If the months
Of August and September pass without giving
rise to uneasiness as to the fate Of the crop. The
present glowing prospects may prove to be very
deiusive. Besides, not an acre Of land has yet
Dee0 panied III COtVOu IN lQOla LnlS season
Public kilograms received few days since re-
ported crop prospects in India very favorable,
but this only means that there has been a good
average rain fall up to date, which gives promise
OF good planting season when 1t arrives. but it
remains Yet TO be seen whether or not the pre-
sent extreme low rate of prices will not diminish
the acreage planted in India the coming season.
Spinners, both in America and on the Contl-
nent, are believed to hold much smaller stocks Of
cotton han last year. and it is almost certain
En- cvsnu hold viii obo,,
bales OF the lowest stock at any time in the past
eight years, namely in July 1870, and October,
1872. They English spinners must therefore
soon purchase at least their weekly consumption
or resort to short time At present there is ap-
prehension Of strike or lockout in the Oldham
and Ashton diatric:s next week, and this has
been prominent cause of the recent extreme de-
preston here. Should there be strike or lock-
out, it will, we believe, be Of short duration, and
In any event it would not be an unmixe evil,
and possibly . positive good, for tins fact OF di-
mini she'd production would doubtless stimulate
business at Manchester.
That there has recently been a rapid accumu
lation II goods and yarns at Manchester we can
not doubt This is purely the result of the re-
cent enormous failures at Manchester and Lon
don OF houses connected with the East India
trade, which have SO unsettled confidence that
houses in the same trade OF the very highest
standing have recently been unable to affect ne
gotiatiOns through the ordinary channels in Lon
don. A remedy will doubtless soon be found.
Money is very abundant in London, the bank rate
remaining at per cent. but in the open market
loans on approved securities are readily obtaina-
BILE at 2ss to 21la per cent. The London banks
will doubtless soon recover from their fright, and
besides, We learn from several sources, that the
Scotch banks, having large unemployed capt.
tai, are showing some disposition to take up this
business, believing it to he eminently safe at the
present low scale OF prices.
That the recent accumulation OF goods and
yarns at Manchester is alone due to the excep-
tional causes to which we have referred, is evil
denced by the fact shown by the Board OF Trade
returns, that whilst the exports OF goods to
British India last month we're sixty-two million
yards less than ia June Of asst year, the exports
to the balance Of the world actually showed an
increase Of three and a-half million yards. 1t is
to note the effect Of these small ship
ments to India. Both shirtings and yarns are
now slightly dearer, both at Calcutta and Bonn.
bay, than on the 18th ultimo when Alexander
Collie d Co. failed, and this too notwithstanding
prices have since declined in Manchester I'd per
piece for shirtings and I'd to ia per Id for yarns,
and in this market NiddlIng American cotton has
declined 6-16d per Id. In other words, there is |
now larger margin for profits on shipments of
goods and yarns to India than there has been for
. long while, and this being the case, we can |
not but look for an early and large increase in |
business in Manchester, and some active buying |
In this market. |
The stock of cotton here in Liverpool is very
large. and losses having recently been heavy, it
weighs upon holders; but if instead Of anxious |
sellers and Indifferent buyers as for fifteen weeks
past, the situation were reversed even for one |
week it would put very different face on our |
market. Statistics at the moment are below par |
but we should not lose sight Of the fact that so |
lar as can be determined, whilst the visible sup
ply Of cotton-including Brazils afoat-is now |
only 127 900 bales less than last year, the actual
supply-including deficit in the hands Of Euro |
pean and American spinners-is some $50 900 to |
100000 bales less than twelve months ago: in |
other words, that the consumption has to that |
sxtent gone ahead of production.
The stock of cotton held by English spinners |
We now estimate at 10000 bales, against las, 900 |
asst year, and 161, 900 the year before at same
late.