Year: 1878

1HGi& EakEES English TRADE.


We have received Smith, Edwards
d Cos Liverpool Monthly Cotton Cir
cular, reviewing the month of March,
from which we extract the following
The month has been one of extreme
depression, with American middling
cotton 5@ I'll a pound loweF-a decline
aided by the unexpectedly large scale
Of receipts in America, while our own
market has been overloaded. The


Manchester market during the past
month has been extremely depressed,
and the greatest difficulty has been
experienced in moving off stock; in
fact, matters have gone from bad to
worse, and at no time OF late years
have we seen more dependency. In
many departments Of the market very
large stocks of goods and yarns are
held and cannot be sold except at
.ruinous loss, and from nearly all for
eign markets comes the same mOnOt0-
nous complaint of over,supply. The
little advantage which spinners Of low
and medium counts gained from the
ample supply of the lower grades Of
American cotton this year is fast be-
ing lost from the difficulty of selling
these yarns and the rapid decline in
price. The joint stock mills at Old
ham are getting into very bad posts
ton. and many of them are appa-
rently drifting toward insolvency. 1t


Is found that the American crop loses
much more than usual from evapOra-
ton OF moisture, owing to its being
picked aud baled i'll wet weather, and
our spinncrs find that the very poor
III rgin they had before is being re-
duced still further from this cause.
Notwithstanding all this, we do not
think that consumption is materially
leSsened. Considerable interest was
excited in Manchester short time
ago by the news from India of the
repeal Of the duties on piece goods
and yarn representing sos downward.
These are the current qualities made
by the Indian mills, and the object
was to do away with the protective
aspect Of the duties; but us very little
cloth aud yarn Of this description is
now shipped to India, the relief to
Lancashire will hardly be perceptible.
\ great part of our manufacturing
trade has been transferred to India,
and is past recall. War is the con-
trolling influence in our market and
prospects are gloomy; its first effect
would be to intensity the depression,
but We should not expect much fur
ther decline. We believe that the
business Of the country would revive
Gas tsLally happens in such cases.
soon after war commenced. The
hea' y government expenditure would
caus. animation in several trades, and
morey would circulate more freely.
We il Eot think that the consumption
would be any less with than without
war, and in spite of the heavy Amer
ian crop we would have period of
scarcity in the autumn. The visible
supply for England is still $4,000
below last year, and spinners hold no
thing. We see no prospect Of this
being made up. If the American
crop turns out 1900, 900, we may get
$50, coo more for the remainder Of
the season, but Bombay is not likely
to give any excess. The receipts
there have fallen of greatly compared
with last year, and it Is now believed
that the entire crop is below the last
one. Egypt and Brazil are nearly
finished, ard it seems probable that
after the month of June We shall re-
ceive very little cotton till November
or December, just as happened last
wear. We do not see even yet that
our maximum stock is likely to run
above 100000 bales, and as rise Of
Id occurred last summer in view Of
Il scarcity III autumn, surely with
stock of 100000 bales less this year,
and prices equally low, there is room
for recovery. 1t is rot improbable
that long period Of dullness may yet
lie before US, but there are clements Of
strength in the situation which will
vet come to the front, and we think
that holders who have patience to wait
for the turn in the tide will get their
reward. .-Memphjs Appeal.