The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1876-02-23
COMMERCIAL MATTERS, Etc.
Liverpool Cotton Report.

L1veHpOOl COCo0 AepOIts
From the circular of Watts l. Co., dated
Liverpool, February 4, 1876, We extract the
following:
Messrs Ellison l. Co., in their annual re-
view, issued few days ago, estimate the i'm
port into Europe this year ut $3.50, GOO bales,
against 5.525, GOO last year, and write as FOL
lows: 1.-THE prospective supply is slightly
less than the requirements. The important
feature is that. an American crop OF 25O, OOO
bales is required to meet the wants OF the
world. Such being the case, 1t may Dc taken
for granted that even 4, $50. OOC would not be
too much to handle With supply and de-
mand ct about an equilibrium, one would
not, under ordinary circumstances, look for
any material variation in prices from the rates
now current: but the market for two or three
years past has been under the control of ex-
traordinary (last year very extraordinary
circumstances.
"Eyen vet cotton is not on its own merits
We do not remember q new year which
opened 80 lifelessly or so utterly devoid of
oheerfulness as has that upon which We are
come, but when it is impossible to say. So
far Is cotton is concerned, all that we have to
say, for the present, is that prices are below
the average cost of production; that conse-
9uently, sooner or later, Q sharp reaction
must come.
"Lasty year the average price Of Middling Up
lands was 7sd, but 80 low figure would not
have been witnessed if it had not been for the
discredit and disorganization which followed
the Collie and other failures; and unless
some unforeseen political or financial OCCUR
recce takes place we shall be surprised if the
average price for 1875 is not much higher
than the figures now current. In the course
Of few months the direction of the mark.t
will b. guided in . great measure by the
character of the preparations for the new
American crop. Unless q material advance
lakes place in prices, we are sati-fied less land
will be sown this year than last"
Nessrs. Smith, Edwards & Co., in their
monthly circular, under date Of 3lst ult.,
write thus "The immediate surroundings
of the market are unfavorable, but when we
take more broad and distant view several
features Of an opposite hind disclose them
selves. The consumption of American cot.
ton this year is going to be extremely large,
indeed we will venture the opinion that at
present prices . crop Of even Al millions will
disappear within twelve months. Spinners
both here and on the Continent are giving up
East India cotton to a great extent and sub
stitu.ing American.
The cheapness of low American cotton,
; which will increase as the year goes on, will
more and more draw the trade off Surats,
which are relatively dear, and we think 1t Is
not too much to assume that at present prices
Europe will reduce the use Of East India cot
con by SOC, 900 to 400, 900 bales. There is be-
sides the natural increase Of consumption at
these low prices, which mean . profitable
Grade to the spinner, and we think that We
are within the MARI. when we say that SOC, 600
20 400, 600 bales more American will be con-
sumed in Europe this year than last, at an
average price Of 6td for Middling Uplands.
America is also consuming much more than
1ast year; there is no short time being worked,
and we believe it will take $50, 600 bales more
The actual consumption of American cotton
last season, ending 1st October, was fully
3,9O0, 900 bales in Europe and America Ac-
Sording to the above estimate it will be 400,
CO., 900 bales this year, and the balance will
probably go into spinner's stocks, leaving no
increase OF American cotton visible. at the end
of the cotton season.
"Neither will this process involve any &C.
cumulation OF East India. The movement.
from Bombay is unusually small, the crop is
undoubtedly late, and the opinion is growing
chat it will be considerably shorter than last
Hardly any transactions have yet occurred for
shipment to England. We never knew such
apathy in the Bombay trade, and apparently
it will be long before the crop il fairly set in
motion. We certainly expect very large de-
hciency in the shipments from Bombay before
the monsoon sufficient to counterbalance in
. great measure the excess from America. We
therefore think the early spring months will
be the weakest time Of the market. As the
season progresses these considerations will
come to operate, end there will be in addition
Q great risk of decided check to cotton plant
ing both in America and elsewhere"
The stock of cotton held by English spin
ners we now estimate at IA. 900 bales, against
2O9. 900 last year and III, 900 the year before.
[Cincinnati Price Current, 17th.]
We present this week an interesting pre-
liminaTy report Of pork packing in the West,
by the publishers Of the Chicago Commercial
Bulletin.
The appearance of this report on Saturday
last somewhat startled the provision trade,
which was not prepared for the reported u
Der cent increase in average weight Of hogs
packed in the West, and Al POUNDS per head
increase in yield of lard.
The number of hogs packed already at tie
two hundred and Hfty three points reported,
including the large cities, is shown to be
1852, 4O7. and the estimate Of the number yet
to b packed is 36l. 372. which would bring
the total up to 4,444, 1879, against 5.O67, 376
last year. The estimates for the season for
the points not heard from is 440. $40, against
500, Alp last year, making an estimated total
Of 4 1874, 759, against g. 569, 1893 last year. Some
points are reported IS having packed last
year, which were not included in the report
Of the Price Current, making the small diff.r-
encs of about $500 in all.
The manner in which the estimates are
made will bear criticism. First, as regards
numbers, the per cent of decrease as points
not heard from is calculated upon the total
heard from, including the large cities. This
is manifestly unjust, because there are no
large cities not heard from, and the falling
of at the country points is in . much larger
ratio than in the large cities. This will be
seen by reference to the report, which gives.
the packing at the large cities last year in
round numbers at 8 800 600, on which there
is an estimated falling off this year Of 1886 900
bad, vhile at the country points which are
reported, the packing last year was 1857, 900,
and the estimated falling off is 1876 600, or
nearly 81 per cent, SO that the proper esti-
mate on this basis of the number packed at