Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1880-01-26
THE EUROPEAN COTTON TRADE.

Efaue anu OVner luUuStrleS III Europe,
or the year 1879, has been received
within the past week, published by
fhe well known authorities, W. c..
Watts & Co., of Liverpool. 1t con-
5ains many valuable suggestions, and
s full ofinformation noting the course
bf fluctuations in cotton and other
commodities at length, and the causes
which contributed toward the rise and
fall of various leading articles Of trade.
Alluding to silver bullion and its wide
Variation, which caused great per-
plexity in mercantile circles, it says
5he oscillation during the year was
Ht5d, or nearly lOc per ounce, the high
3st price being in November, when it
reached 53ld; and the lowest in
March, being at that time 4Ssd. 1t
opened in January at 49sd, and
olOsed in December at sgd. In May
last, when the German government
decided to stop the further sale Of sill
yer, the market advanced, and
steadier feeling marked its course
from that time forth. The English
money market has exhibited no strik-
ing features. During the period Of
depression capitalists were very un-
willing lenders, and great distrust was
observed, causing large accumulations
bf idle money in the banks. The
Bank of England discount rates
opened at per cent, dropped as low
as 2 per cent, and when the flow of
gold set in toward this country it was
advanced to 3 per cent, at which it
stood when the year closed. The
deficient grain harvest caused an
unusual flow of gold to America, to
purchase breadstuffs, but it had
no great disturbing influence
Dn the money market of England.
The iron trade, upon the revival of
business, exhibited marked activity.
Pig iron in England oscillated between
~ and 20 shillings, or about 1906 and
Sl6.10 per ton, the price at the close
of the year being 67 shillings Sd, or
oS15.50 per ton. The coal and other
industries sympathized with the re-
kival after a long period of adversely,
md the prosperity in America was
regarded as a harbinger of better
hines, which causes the year 1880 to
open with a much hmore hopeful pros
pect than its predecessor The posi-
zion of cotton and the outlook for the
future is subject of Importance,
hence a condensed epitome will be in
structive. Regarding the crop in
India recent reports are less hattering
than appeared some time ago. Last
year 100000 bales were imported into
England from India. At present it
is calculated that an increase Of 200
1000 bales will be received from that
country for the current year, though
circumstances mayreduce the increase
to perhaps 1OO,OOO.bales. The Egyptian
crop is undoubtedly large, and an in
crease Of 100000 bales over last year s
receipts is counted on. This would
swell the Egyptian import list to a
total of 7O6,0OO bales. From Brazil,
West Indies and other minor sources
Of supply, information is meagre. Not
much promise of increase is expected
from Brazil, and if 10000 bales are
added to last year's imports, it is all
that is likely. This you'd give a
total of about 10000 bales from these
countries. The total expected in
crease for the present year is, in round
numbers, about 100000 bales. Owing
TO the healthy state of trade in nearly
all countries and its present improv
ing, though not prosperous condition
in England, it is likely that all of the
supply will be required to satisfy the
demand, and while no material change
is for the present anticipated, yet a
feeling Of confidence prevails
that higher prices will be
attained as the year advances
Assuming that the American crop
now moving will be larger than last
season, and counting it at 5,35O,GOO
bales, an excess of imports from this
country to Great Britain of 10000
bales over last year is estimated, Civ
ing total from this county of 3,6OO,-
900 bales On the 31st of December
che excess VI shipments from this
country as compared with last year
was 28l 900 bales, all Of which went
TO England, so that by this calculation
there will be 10000 bales less availa
bic for shipment, on the balance Of
the season. 1t is supposed that there
will be some increase in the demand
for the continent and that it will be
drawn mainly from the English stook
AT present the stock in continental
ports is very small and continental
spinners are short of stock. 1t would
therefore look as if they must soon be
free buyers either from America OIL
Tn0land Wb;lo tbo,o - ,ooso,, 4,