Feliciana sentinel. [volume] (St. Francisville, La.) 1877-1892, 1877-11-10
THE COTTON TRADE.
A HIGHLY IMPORTANT LETTER FROM
LIVERPOOL.
IL DALBSTREET.

National Cotton Exchange Of
New Orleans. America:
Sir Lave the honor to report,
for the Information Of your asscci-
alton, that. at the suggestion of the
Cotton Brokers' Association. a con-
ference Of the various bodies con-
nccted with the cotton trade in this
town the Cotton Spinners' Associ-
alton has been held for the purpose
of considering the recommendations
Of the International Cotton Con-
vention.
The conference appointed COM
mittee, consisting Of the presidents
and vice presidents Of the American
Chamber of Commerce, the United
Cotton Association, to consider
and report upon the following re-
solutions of the convention:
THAT it is desirable some mode
of inspection or supervision should
be established of cotton on arrival
at Liverpool, small impost being
levied upon each hale to defray the
cost Of such an arrangement, and
that committee be appointed to
further this proposal, and to con-
slider the pl oper jerking of ships.
the weighing of cotton on the
wharvcs, and other kindred sub.
jects.'
"That the different exchanges
represented in this convention be
requested ia obtain legislation in
their respective counties, so far as
it does not already exist, to hold
masters Of vessels liable for deliv-
err; of cargoes in different cordi-
ton from that acknowledged by
their signatures on the bills Of
lading, accompanied by the iuspec-
tors certificate Of condition."
The consideration Of the recon-
mendation that cotton be said al,
net cash price, without the present
deduction OF LIZ per cent, was
postponed by the conference in def
erence to the wishes OF buyers of
cotton, who demanded the discount
as an old usage. and stated that its
abolition would ue considered .
grievance particularly in tie pres
ent bad state Of trade in Ma"chcs-
ter.
The recommendation that when
cotton is sold on the spot payment
shall be by cash, before delivery,
if required, was not confirmed by
the conference; it was represented
that the practical working Of such
an option would be to introduce
cash payments before delivery; this
would cause considerable incon-
venience to buyers, and would
nccessitate a large increase in the
working capital Of the trade, which
its present condition would not
afford. The failures among trade
buyers of cotton being very few.
compared with the magnitude Of
the business, it was felt that it was
not at present necessary to intro-
duce such a change in the terms OF
payment.
The committee Of the Cotton
Brokers' Association, which is con-
s;deriog the system Of dealing in
futures not having yet made its
report, the conference was unable
to enter upon the consideration Of
this subject.
The rcct mmendation of the con-
vention that contracts for cotton
bought and sold for shipment o.
delivery of 100 bales Of 43,200
pounds weight, this weight to be
made up to the nearest bale, was
confirmed by the conference, and
t committee Of the Cotton Bro
kers' Association was requested to
give effect 10 it this season.
The arguments in favor Of an al
teration in the existing rule were
briefly as follows:
l. That under it sellers could de-
liver bales of any weight, and FREE
qucntly regulated their deliveries
according as tn, ir contract was a
profitable or a losing one.
2. That buyers having no certain
ty what weight of cotton may be
rendered to them, are unable to ar
range their finances.
3. That in falling market buy
ers arc almost sure of receiving