Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-08-15
.IEMPHIN APPEAL
THURSDAY, August Is, 1873
a 100000 BALE CROP OF cor
TON WANTED

TON WANTED.
We have received the valuable cotton cir
cular of Smith, Edwards a. Co., of Liver
pool, reviewing the month OF July, from
which we derive the following information
The months market was strong, with half
penny advance on American cotton. The
assurance Of peace, through the Berlin con-
gress, increased confidence; more business
was done in Manchester, and spinners bought
freely. The rise Of American has again been
more in the lower than the higher grades,
and the advance from the very lowest point
OF the spring is about I'D per pound on or
binary quality, against 54d in the middling
grades. All the cheapness of low cotton has
now disappeared and it is quite as dear to a
spinner as the better grades. Surat cotton
has advanced least of all, owing to splnners
having gone off it very much. Manchester
trade did not improve during the month as
far as better margins went, but a considera-
BILE business was done. Russia sends plenti-
full orders for yarn; the cotton trade is pros
porous there. The demand for India
and China continues poor, with large stocks
in Calcutta, and China is still suffer
ing from famine; the east, as a whole,
is disappointing. In Manchester we must
repeat that the margin to both spinners aud
weavers is wretchedly small, and such as
must involve heavy and exhausting loss, and
we expect before long to hear again a loud
wall from Manchester, and to see short time
more or less applied. At present the con-
sumption of cotton is large, for since the
10 IL bo. To-
further attempt to stop machinery either by
employers or employed. The Bank of Eng
land reserve is too low, and tightness is ex-
pected in the autumn trade shows signs of
revival, and there is little doubt that we are
entering on period of more active business;
as there Is little surplus money, we must be
prepared for higher rates of interest
favorable feature Is the good condition of our
crops. 1t is to be seen whether the prodigious
disparity between our imports and exports
can be reduced without some kind of none
tary crisis. The controlling influence over
the market is still the extraordinary strength
of the statistical situation, which becomes, if
possible, more marked as the season advances.
The deficit in the stock and cotton ahoat for
England is now fully 800, 900 bales compared
with last year, and nearly SOC, 900 bales COM
pared with the year before. Against this
splnners are supposed to hold a surplus stock
of $4,000 bales over last year, and probably
100000 bales over the year before. However
the figures are manipulated, there can be
no doubt that we have time of extreme
scarcity before US, and it will hardly be
possible to keep the mills running full time
till next crop arrives. Much. of course,
depends upon the earliness of the incoming
American crop. No doubt steam will be |
used more freely than ever before to bring
the crop forward, for there are shoals of |
steamers seeking engagements at very low
freights. 1t is clear, however, that even
with the utmost dispatch of the new crop |
1t will be difficult to supply the full consump-
ton of our spinners unless short time be re-
sorted to. At present we see little prospect |
of this, though trade continues exceedingly |
bad, and nearly all the machinery in Ian
cashire is working at a serious loss. AS long |
as prices have an upward direction 1t is |
hardly possible to stop machinery; but when |
the top is fairly reached, and prices begin to
go down, we should expect to see a very bad |
time among spinners-it may be numerous
iailures-aud more or less of short time The |
difficulty is to say how far the advance may |
30 before the reaction comes, and the favor
lite opinion at present Is that sevenpence will |
be touched for middling uplands. Granting |
that all is going well with the crop, it seems
to be thought that FIVE millions is fair guess |
for next year. 1t is clear to us that |
such a crop will be too little if |
trade revives, for we have practically |
used that amount of cotton this year, [
if we allow for the reduced stocks that will be |
held at the end Of this season. The distant !
outlook would therefore appear to be not I'M
favorable to the market, but it must not be |
forgotten that we have, in each of the last |
three seasons, experienced heavy and unex-
peeted declines when the weight of the crop
came upon the market; speaking generally,
So has been reached in each of these seasons
under the pressure of stock, and as a result
of this, great timidity exists among specula-
tors, and we believe it will be difficult to
drive prices of new crop shipments much
higher than they are now unless some serious
disaster happens. This will be the drag that
will prevent the market running unduly high
this autumn under temporary scarcity.