Year: 1869

Of the staple against the decline of gold and
the operations of the BEARS" the reduced


supply at Liverpool and at sea- and it is


difficult to discover cause for anything but


the utmost confidence on the part Of holders.


English spinners, however, have a double


game to play. The larger fish in the trade


are combining to crush out the smaller fry,


to bring about reduced production of manu-


factured goods, and thus, increased prices !;


while the whole manufacturing interest is


bent upon testing the mettle of the Ameri-
can holders, or in other words to break


down prices of the raw material. 1t is a
selfish game, and how far it will succeed re-


mains to be seen. There is no question that
future prices will depend mainly on the


nerve and pluck Of holders on this side the


Atlantic. In New York, speculation has


been light of late, owing partly to the at


tention given to gold and Government bonds


But now that beth these exhibit rather


settled tone, there is a prospect that cotton


may again come prominently into notice,


whilst the small stocks held by spinners


must again force them into the market at an


early day In the meantime let planters act


with prudence and not 90 to extremes in cot


ton. We do not believe that, with the facil-


tiles at their command, they can increase


the production, but any efforts in that direc-


ton Will be sure to depress prices materi-


ally. Admitting that the production can be


increased, however, it will not be to their ad-


vantage to be found at this time next year


with empty corn-cribs, and meat-houses and


piles of cotton that will not bring the money


it cost to make it. 1t will be well for them


to bear in mind that labor and provisions


are scarce and high, and that the less cot


ton they produce, the more remunerative


Will be the returns and the more rapid the
recuperation and building up of Southern


interests. We have heretofore shown that
no people can prosper who risk their all on
a single product of the soil, and it needs but
a superficial view of the past and present.


with very little figuring, to convince the
most obstinate that 1000 900 bales of cot
ton, raised in the United States the coming
season, will bring as much money to the
producers as 3, 100000 bales. In conclusion,


we present the following extracts from
Smith, Edwards d Co.'S circular, dated Liv
erpool, March lst, which show that English
spinners have begun to exhibit much alarm
at the prospect Of short supply, both from
India and America:


The demand for East India cotton in par
ticular has been remarkably small for some
time past, and sales have been difficult to
make, but holders have been tolerably firm,
as they are strengthened by an almost en-
tire absence Of imports, which causes the
small stock to be gradually reduced. Some
considerable amounts are soon expected by
the overland route and it seems probable
that we may get about 5000 bales weekly in
that way, but extremely little cotton is due
by the Cape for long time yet, and so
nothing but great circumspection on the
part Of buyers will prevent our stock of
East India running extremely low.


The prospects of our market at the pres
ent time are not an inviting tn eme, for while
on the side of supply we see nothing to
justify the hope of much lower prices,
we see on the side of consumption an ina
biIitY to cope with these prices, except at a
ruinous sacrifice of capital


The development of the American crop
is more unfayOrable than any one could
have expected. We have been told each
week that the receipts were sure to increase
before long; that bad roads, or some other
cause, accounted for their small
ness; but instead of increase we find a fur
ther tendency to decrease, and the average
for February is only $4,000 per week, !
against go, 600 bales last year 1t seems |
now almost beyond doubt that this crop has |
been Cver-estimated, like the last one, and it |
seems highly probable that the export to |
Great Britain will fall short Of the total
from the last crop by 100000 bales or more |
Prices in America have been steadily kept |
much above this market, and it is suFpTis |
ing how the export of cotton goes on in the |
face Of q constant margin against the |
shipper. The stocks in the American ports |
are now tolerably large, and 1t seems proba- |
BILE that some nearer assimilation of price |
must take place between the two markets, so
that moderate weekly export to Europe |
may continue but we see no indications of
hurrying off the balance of the crop and it |
is not likely to be shipped to this side at
such a rate as to allow any rapid accumula |
ton of stock here. Confidence in the staple |
is much stronger in America than here, and |
the speculative spirit is more lively.


With regard to India, we are sorry to say |
that the prospects of supply have become |
worse. The general opinion now enter
tained in Bombay is that the export for this |
year viii fall largely below the last one.
This is owing to two causes, viz: the scanIy |
supply of old cotton left in the country on |
the 1st of January. and the disappointing |
out-turn of the new crops. 1t usually hap.
pens that a considerable share of the old |
crop, sometimes 100000 to 800, 900 bales, is |
not shipped until the spring months, but
last year the country was cleared of old cot
ton mere thoroughly than was ever known
before, and it is now found that a
mere trife of the old crop remained for
this year When to this is added |
an admitted deficiency IN the new crop,~lt Is
seen that the prospect of supply from Bonn
bay IS very unsatisfactory. Some houses are
the deficiency of the year at 20 !
per cent, or say 250,000 bales, but we
think it unwise to put any estimate on such
uncertain data From the other side of
India we have not such reliable information,
but we are not aware of any reason to ex-
pect better supplies.


Mans FULL ExTREME.-A modern phi
Iosopher has appropriated mans full ex
treme as follows