Savannah morning news. [volume] (Savannah) 1868-1887, 1881-06-16

The Monthly Circular OF smith, I'D
wards e. Go.


AS a matter OF general interest to our
commercial and planting friends, we give
the following condensation from the last
monthly circular Of Smith, Edwards & Co.,
to-wit:
"The prospects of our market have not
altered materially during the past month.
The favorable features are the healthy state
of Manchester and the large absorption OF
cotton that may be expected during the
summer and autumn, and the very moderate
figures of stock that we shall reach before
long. 1t is rather a remarkable fact that
the excess in visible supply for England
is now only 80 900 bales over last
year, while our spinners hold con-
siderably less than last year. These
figures evidently point to very mode
rate stocks In the autumn, and possibly
some attempts to squeeze up the market,
as happened the last three years. At the
same time, the accounts OF the growing
crop in America are extremely avorable.
A somewhat larger area has been planted,
immense quantities of fertilizers have been
used, and the first point has been gained
for large yield by favorable season dur
ing May American opinion is In favor of
increased cotton crops and lower prices for
the more distant positions, and this Is shown
by the weakness of new crops and the
absence OF all desire to buy on speculation.
"On the other hand it has to be said that
at this time of the year sanguine expecta-
tions of yield generally prevail, and usually
in the autumn a contrary current of opinion
springs up; it was markedly so last year,
and 1t may happen again, and II any serious
backset occurred when our stock in Liver
pool was small, some temporary excitement
might be superinduced
1.-The chance of this will prevent specula-
tors bearing the market for the next crop
at the low prices which now prevail. and 1t
seems not unlikely that a time of quietude
is before US, in which the steady action of
the trade will support the market without
much bias from speculation either way. 1t
is generally thought that no further inan-
cial difficulty will be experienced in the
settlement of contracts, and as the stock
will rapidly run down, and money is very
cheap and abundant, there is not likely to
be any pressure to sell; the lower grades are
still the cheapest, and 1t Is quite possible
they may harden during the summer and
autumn, without an advance on the better
kinds.
"One feature is worthy of notice. The
low prices ruling have diverted from Fog
land a considerable share of the Bombay
crop, and the consumption will run more
upon American cotton than ever known be-
fore. The large quantity OF dirt in this
crop also involves much waste Ia cleaning,
and considerably more bales will be spun up
than in such year as last, when the quality
was very good.
"The Manchester market during the past
month has been healthy In tone, and prices
have been we'll maintained, but we cannot
report much activity. The demand has
slackened for the large Eastern markets,
and some anxiety prevails respecting their
power to digest the immense supplies that
have gone forward. AS manufacturers, how
ever, hold large contracts for cloth, extend
ing In many cases as far as August, they are
rather Indifferent about fresh business, and
no serious weakness will be caused in Man
chester at present by the quiescence of the
Eastern demand. The more important
question Is, will it revive In the autumn if
crop accounts from America keep as favor
able as they are now, and very low ideas
of price prevail for next year? We rather
think that time of apathy may be looked
for in this great department OF the market.
Much, however, will depend upon the char
acter of the monsoon, and 1t is too early to
speculate upon that pointYet. In the minor
departments of the Manchester market there
has been a good amount Of business lately,
and some distinct signs Of Improvement In
home trade; the weather has been very IA
vorable of late for the crops, and agricultural
prospects are better than they have been for
some years. 1t is high time that we should
have some improvement, for the rural dis
tricts of England are in state of extraordi-
nary poverty-much Of the land is unoccu-
pied, and considerable proportion of the
farming class is bankrupt. This is the real
reason why the home trade has been so bad
for some years, and it will need good har-
vest to be secured before we can expect
genuine revival of that important branch of
industry. Taken altogether, trade at Man
chester may be pronounced decidedly
healthy, but not very profitable. Some i'm
portant branches, such as fine spinning, are
doing poorly. Probably on the whole man
ufacturers have improved their positions, as
compared with spinneis, in the last month
or two"