The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-07-06
COMMERCIAL MATTERS.


COMMERCIAL MATTERS.
The State of Panama has doubled taxation
on commerce and real estate for six months
OF the present year.
An important convention of all the cotton
growers and manufacturers Of the Unite d
states is to be held in Raleigh, N. c., during
the present month.
The wool clip IN Nevada is unusually large
this season and finds a ready sale.
The population of Milwaukee, according to
the State census just completed, is Ill, 049.
The Virginia wheat crop is now being
gathered and is superior in quality and
abundant in quality.
According to the Scilesische Zeitusg, the
total number of Post Offices in the entire
Russian Empire, both in Europe and Asia, is
5000. In London alone Ceckoning the pillar
receiving boxss) there are $50, and in England
and Wales exclusive of Scotland) $3.50.
Reports state that from the lower Ohio aud
southern counties fears are entertained that
in many instances farmers have over-cropped
themselves, aud the accredited reports OF
area under cultivation, both in tobacco and
food crops, make it appear not altogether i'm
probable.
Hop yards throughout this entire section,
says the Waterville IN. W Times, are receiv-
ingredient cultivation, much more thorough,
in fact on the average than in many years
before. The vine is looking remarkably
healthy, arming out abundantly, and giving
unmstakable signs of an abundant yield. II
is too early, of course, as yet to prognosticate
in regard to the coming crop, but one thing
is certain, if no blight, rust or mildew sets in.
and the crop harvested is in proportion to the
present favorable appearance of the vine,
prices will, owing to the immense increase in
years before.
sOuthtrn Harvests.
The Nashville Banner thus speaks of the
progress of harvesting grain in that and other
sections of the South:
Yesterday was the greatest day yet for
harvesting, and every farmer in Tennessee
took advantage of it. Acres upon acres of
wheat were cut and shocked. It is believed
that within the next ten days nearly if not the
entire crop Of the State, will have been har-
vested and gathered into the granaries for
shipment. Instead of importing grain from
the North and Northwest, We will export it.
Last years corn is now being taken into At
lanta by the farmers of that locality, q thing
not known to happen there since the war.
Cotton and corn are growing luxurisntly, and
heavy crops are anticipated"
Liverpool Cotton Report.
From Messrs. w. G. Watts a. Co.'S weekly
cotton report, dated Liverpool, June Is. we
take the following:
The Position. etc.--This has been An event.
full week in the cotton market. The official
quotations show decline since last Friday
of only about 16d 99 TO- but these are at the
moment almost nominal and represent prices
generally asked, but In many cases forced
sales have been made an ID to I'd lower,
which brings prices for American down to
about as low Q point as has been touched in
the past ten years. This seems an extraordi-
nary result when We remember that the Amer
lean crop of 1874-75 now promises to turn
out rather less than 3. 600 bales, or $780,
600 TO 400, 600 bales less than the current es-
Inmates at the beginning Of this year.
This decline, too, has come at q time when
nearly every one, two months ago, expected
we should have had an upward tendency in
prices. Wha4, then, has been the cause Of
this unexpected decline2 The root of the
matter is, we believe, found mainly in the
prostration of trade in the United States dur
ing the past nine months and the high
premium on gold at New York. American
spinnsrs having taken much less cotton this
year than was expected, have left all the
more to come to Europe. In 1873 the aver
age premium on gold in New York was about
49, ~ cent, aud in 1874 about III 7p cent; but
during the three months ending 3lst ultimo
the average premium was, 154 79 cent, and
yesterday was III 7p cent. Cotton, it will
be borne in mind, Is sold in the States for
currency or greenbacks, which, being legal
tender, in the payment of debts ETC., it matters
little to the producer or holder what the gold
value is, whilst to the exporter it is very i'm
portant item. i --ss-
For instance, suppose gold was now at IL Id
in New York, instead Of 117Ad gold, cotton
purchased at present quotations in New York
would cost an exporter about I'd 1fg fb more,
and hence be would not purchase, or would
require corresponding advance here to cover
cost, etc. The recent very high rates Of ex-
change aud the low rate of freight have also
favored shipments to this market. It is hardly
probable American holders would have sub
mitted to such decline in the currency
value, for this would have brought prices be-
low the lowest point touched during the unex-
ampled panic OF October and November, 1873.
Another source of great depression his
shipments FROM Bombay during the past nine
weeks On the 10Th April last the shipments
from Bombay to Europe were 113, 600 bales in
excess of the same period last year, but in
four weeks say on the 14th My, the excess
had been reduced to 10000 bales, and it was
then thought that by the close of this month
(June) there would be deficit of $4,000 to
100, 900 bales, but instead OF this, the excess
now amounts to $4,000 bales. We are there
fore driven to the conclusion that the crop
has been larger or has come forward much
earlier than was anticipated. 1t is generally
believed thot shipments from that port fer
the last six months of this year will show q
very considerable falling of.
The imports from Brazil have also been
much larger recently than was expected. and
this in connection with the surprisingly large
shipments from American and Bombay, and
the small deliveries to our home trade has
run up our stock to its present gigantic pro-
portions, and for the time being done away
with all apprehensions of any scarcity for
thot