Year: 1879

freely. From this point there was not much varia-


ton Until last March, when the prospect of scarcity in


the summer and autumn began to tell upon prices


and the result is that the quality we have named
is now worth Id per pound-a price which,


under existing circumstances. is held to mark a
period OF extreme scarcity How great the scarcity
be inferred in measure from the published
statistics OF tho y;sihle supply" Two years ago it
reached 1T2l 900 bales, last It had fallen to
l.l24. 200 bales. and it is only LOTT goo bales
But this decline does not indicate the whole OF the
deficiency. Twelve months ago large supplies of
cotton held by spinners i'll Europe and Amer
ica, besides those included in the visible supply.
Now. the reserves in their hands extremely
small, and the scarcity is therefore much greater
than is indicated in the figures referred TO.


ISYLUEScE OF AMERICAN TRADE.


An opinion seems to prevai-not widely, we
trust-among some of the shareholders in the Old
ham cotton mills that the growing dearness of cot
ton is due to hostile combinations of Liverpool
cotton merchants and brokers. Its explanation is
to be found simply in the increasing scarcity OF the
commodity. Cotton is king" once moro. and only
the prospect of renewed abundance dethr
him. Fortunately the present price is high enough
to bring forward supplies with all practicable speed.
The very large amount OF shipping now employed in
conveying the bountiful grain crops of the United
States to Europe wi doubt, tend to raise treghts
to rather high point couple of months hence.
when the now American crop will begin to be shipped
freely but we may reasonably hope that the induce
ment now held out by the present price in Liverpool
It is of little use to dwell upon the great exten-
sion in cotton mills which has taken place within
recent years ut home and abroad. No doubt the en-
largement IN the manufacturing capacity has been
excessive, and far as it has happened in this
country it is mainly to be attributed to the joint
stock mania at Oldham. But that there forces
in operation which will ere long do much toward
storing the equilibrium is not to be doubted. The
importance Of the favorable rains which have been
perienced during the present summer in Asia can
hardly be exaggerated, and we may reasonably hope
that the India and China trade will next year be
prosperous one. Elsewhere, too. the prospect is
rapidly Frightening. in the United States trade has
become active than 1t has been for years, and
there is reasonable ground believe that of
rapid progress and prosperity has begun. 1t is not
to be expected in face of the very heavy import
duties now levied in the States upon our manu-
that any great increase in exports
of cotton goods to America can take place. But
revival of enterprise in America means inevitably
a general renewal OF activity in the international
trade of the world and in tins shall freely
share. America will become large buyer OF tropi.
cal and other products from countries which will
take our cotton goods in payment for them. Mean
while the of prices in the States and the enlarged
demand for their home market will prevent Amer-
can manufacturers from exporting to SO large ex
tent they now do their cotton goods to markets
in which ours have to compete with them, Thus
although at the present moment the cotton indus
try of our country is overshadowed by very dark
and menacing cloud, there already clearly dis
cernble the signs of returning brightness and pros
perity. The lesson OF the hour, therefore, is
Of patience and hopefulness.