The New Orleans Democrat., 1876-06-03

4 We are indebted to Messrs d. A. Given x Sor
/ for Watts & Go. : Liverpool Circular of May ~
/ from which we extract tho following
The dullness aud depression that have char
i acterzed our market for eight weeks still con
! tnueS but as regards American cotton there
\ has beun no quotablc decline this week: other
! sorts have, however given way l-'Gee 'td q H..
I The hISincSs of the week including 1890 bales
I forwarded, sums up 58. .4So bales. viz: 2S9O ON
speculation, 6l50 declared for export, ana 40. ie
/ TO the trade.
In futures a small business has also been
done. and prices close about 1-32d lower for
American than on the 18th inst. We now quote
American. basis middling. low ddling clause.
from any port. deliveries May Cd. June-July
e f-t6d JuIy-August 6tsd. and August-Septem
Der 1924. Orleans, for future delivery. are
saabe at only about l-l6d over Upands. In
shipments of American there is almost no bust
ness doing but for Surats there is some inquiry
! at lied decline from prices last week
for the depression that has characterized our
market for the past eight weeks. but none have
come SO directly and 50 forcibly home to US
the bad reports from Manchester, That there
yarns is proven not only by the Board of Trade
returns. which we published last week. but by
the small deliveries of cotton from this port to
the trade. Cotton may be considered low. there
may be Il fair margin between the current quo
tations for the raw material ana the manufac-
tured article. nevertheless splnners will not as
a rule buy freely when they cannot sell freely
in other words, when their stocks of yarns ac-
cumulata they let their stocks of cotton run
II. \
chester 50 depre- Sed? Many reasons may be
assigned The continuous decline in silver and
the consequent unsettled state of the exchanges
is said TO nave materially Interrupted the trade
of this country with India and China. This de-
cline in silver introduced a new element of
certainty into trade: it Is something That never
occurred in past years and no one seems to
have any clear conception OF where the decline
is going 10 stop. One year ago the silver rupee
Of Bombay was worth in sterling exchange
about 231d; now it is down to 2old and many
seem 10 think it will soon be down to 1sd There
are others who attribute the depression at Man
chester to the threatening aspect Of the Eastern
question and the fear OF serious political com
pications on the Continent. and possibly war
on q grand scale; Ihen there are those who
think trade is bad because Turkey Egypt. and
several Of the South American Governments
have for years past enjoyed a fictitious pros
perity. but now that they can no longer tloat
vast loans in the financial centres of Europe
that a heightened period of great prostration
must inevitably result.
On the other hand there are those who believe
that the causes of depression. to which we have
referred, furnish an explanation OF the fact that
prices-not only for cotton but for most of the
leading articles of commerce-are now much
lower than usual, and that it would be unsafe to
argue that the same causes nave lost none OF
their force and that they will continue to depress
prices. Silver may go lower, but It's relative
cheapnesS as compared with gold will certainly
sooner or later occasion an increased demand
for it. In the ordinary transactions of men, in
all countries they pay their debts or defray
their expenses by circulating not the most vaiu-
able butthe least valuable currency. The East
ern question" is a perplexing one-has been for
yeats-but it is better to have it settled. Nothing
could be worse than the present doubt and sus
pense The great powers of Europe seem to be
united-to be cooperating harmonlously-
against Turkey, and if war should be the result.
whilst it might depress some. it would stimulate
other departments of trade, and perhaps in the
long run result in good.
= eManchester. however, we incline to think is