The patron of husbandry. (Columbus, Miss.) 1875-1883, 1879-06-21
Number "a.
lcOTTnN

, We have received Smith, Edwards 81
Co.'S liverpool cotton circular reviewing
the month of May, of which the follow
ing IS the substance: The month has
Peen one of great excitement and severe
Quotations. AT the opening of the month
Manchester was doing large business at
strong prices; cotton advanced, and when
it had gone up I'd the cloth made from it
had advanced only I'd. This made fiat
market. News from Calcutta was dis
couraging to Manchester; the market
there was under heavy receipts of English
goods, and an over-supply, was feared. In
prices Liverpool cotton dealers were be-
yond Manchester spinners, who, in their
turn, were beyond the foreign consumers
and a pause came that was inevitable.
The prospect is governed by prices, and
cotton has advanced I'd since December,
yet we cannot see that the rise. has been
Sufficient to correct the difficulty of a
short supply. There has been no check
TO consumption, SO far, and the deficit in
the visible supply for the world, is still
$4,000 bales as compared with last, year,
and 100000 bales as compared with the
year before. 1t is true that a short time
ago the deficit was 100000 bales compar-
ed with last year, but the reduction is
partly owing to large shipments of Ben
gals, and this cotton-is-ofittle. use in TAX
ing the place of American The deficit
in the supply of American is no less than
100000 bales, and considering the great
| scarcity that occurred last autumn in spite
OF the continued depression of trade, the
| large failures and the extensive stoppaee
OF machinery, it is difficult to see how we
can get through the next SIX months with
out a widespread stoppage of looms and
spindles. y No doubt the invisible stock
of cotton in the world is larger than last
year, probably much larger in America,
where spinners have taken to date nearly
100000 bales more than last season and
also much larger in Russia but from nei-
ther of these quarters is any.cotton likely
to come to us. We doubt whether our
own spinners and those on the continent,
excluding Russia hold much more than
last year. Our own spinners were ex-
tremely bare at the end oflast year, and
their present surplus will bes only 1000 to
10000 bales over what they held on; the
first of January, and probable. is no more
than what they held last year at this time.
However we look at the matter it seems
certain tfatan excessive scarcity has to be
faced at the present scale of consumption
AtuSL NC lSli VI HllcCH per cent
for the next six months. The supply for
the continent (eaving Russia out of the
account), threatens to be as Short as for
England, and as the monsooaiis about to
break at Bombay, there are no reserves
anywhere to draw from whereby this de-
ficiency may be effectually relieved Un-
der these circumstances the early matur-
of the next American crop will be of ur-
gent Importance, and it is unfortunate that
owing to late spring it is reported to be
fortnight behind last. We doubt wheth-
er estimates for the next crop will run over
five to five.and half million bales, and
there is, therefore, little prospect of an
abundant supply in the more distant fu-3
ture. An untoward event in the crops
|, from weather will quickly stir up specu-
1ation. Looking broadly at the state of
the case, it seems that nothing but intense
and prolonged, depression at Manchester
can keep the market under I'd till next
crop arrives. The depression may be ac-
celerated if the Americans push on the
market large quantities of next crop at id
below the price of the spot, as they have
been doing latelyao Such a state of things
operates as a great clog to. business IN,
goods for distant markets, for the merchant
knows that he will not be quit of the op-
Grafton till the cheaper cotton has lowered
| the price at home. On the other hand,
| the rising tendency of silver and eastern
exchange tends to supports Manchester,
and postpones-that-extre
which we regard as inevitable, and which
alone will sufficiently check the cousump-
ton of cotton. It tappears 10 US that bust
ness in Manchester, though unhealthy, has
not reached the stage of prostration which
will be requiredato check the consump
tom. of cotton effectually, and therefore
when spinners have exhausted their pres
Tent stocks, or reduced them considerably,
we will be in danger of renewed excite
.ment in cotton. 1''t '' ''s' 's.'A i'Ne