Year: 1870

! Regarding the Gulf supply as part Of our hO1ue


trade. this shows that only 7s p cent of the re.


cepts Of -four and less than y cent Of those OF


corn have been taken for foreign export and tho


Northern Atlantic ports


We have thus givon one side Of our pictured


commerce. We now cheerfully turn to tho other


and the brighter. The chief element in our trade


is cotton. 1t is the basis Of our prosperity. It
! creates all exchanges II payssfor our i'm


ports II is chief accumulation Of capital It is
| the main source Of bank dividends. No other


branch Of trade concerns o greater number Of our


citizens It sustains half the retail trade and pays


half the rent Of retail houses 1t is the foundation


Of the Wholesale business. 1t gives employment TO
| fleets of sailing vessels and steamships II loads
| our river steamers TO the guards. It pays tho
! Western farmer munifeently for the -four made


from his wheat, for his corn and hogs It runs the
| machinery of Western manufactures Of plows,


engines, etc. 1t is still royal power, and in
own city its army Is legion-directly or indirectly
| including more than moiety Of the community.
Being the main source of our prosperity and the
chief motive power Of our industry, increase in


its receipts Of nearly $50 900 bales or about AK per
cent, has largely augmented the volume of our
trade and enriched our people. The proceeds Of


our other Southern crops sugar and rice have been
heavier than last year, and added to our trade
With an increasing population, have required
larger supplies Of Western produce for their sub


sistence and most Of receipts from the interior


show gratifying increase. This is especially the


case in -four corn, oats, pork dry salted meat, ba
con- lard butter, cheese, and whisky. The few ar
ticles which are almost exclusively for shipment


also show an increase, and include beef tallow


wheat and wool With regard to our other South


ern staples, besides cotton and sugar, there has


been large increase in rice, and some in spirits Of
turpentine, but none In rOsin.


From the causes already mentioned . larger bust
ness has been done in dry goods, the shoe trade


hardware and other branches of the Wholesale


business the volume of which has been greatly ex-


tended, but at low rate Of profit our dealers COM


petins in prices with the New York jobbers. Our


inport trade has employed more capital, and On


some articles, our dealers can undersell their New


York competitors in all their branches as well ~


for the movement Of our agricultural products and


the payment of wages and subsistence from tho time


ground is broken until the crop is ready for sale


more capital is needed, and large amounts count


ing by millions, can thus be employed by foreign


capitalists, either directly or indirectly and with


great profit and safety. The national currency law


enables the holders of United States bonds derive
double or even treble interest from them BY investing


them here in National Banks. Ten or twenty mil


lions employed in this way would do more to increase


the supply of cOttons than any efforts that may be


made in India, with this advantage to the spinners


that the increase would consist of the kinds which


are the most wanted. Manchester men would do


well to rise above the prejudices excited by nm


scrupulous enemies OF the South, and give this


matter fair and full consideration. We want both


labor and capital to develop the riches of our fer


tile soil, but the latter will surely attract tho


former. Our sources of supply are the negroes Of


the border States the Chinese and EupropeansL We
have not the slightest doubt that If the Chinese be


treated with the humanity and consideration that
our old planters practiced to their well-fed COM
tortably y-clad and securely housed slaves they will
prove docile industrious and persevering. This is
all that is necessary to enable them to save hand
some surplus annually. If in any case they should
fail, we are convinced it would be from njudicious
treatment But even without any reference to ad.
ditonal supplies of labor, want more capital
and believe that other field offers the foreign
capitalist greater profit and security combined.


The decline in cotton has caused heavy losses in
shipments to Liverpool, which teach u salutary
lesson of the Impocy of trusting to other markets
than our own. There is an old age about the first
loss which, however trite, is full of sound com
mercai philosophy.


Taking general view of our prospects We Gee
abundant cause for encouragement. We may rea.
sonaby anticipate an increase in cotton receipts
although by no means as great as last year;
"iSC AACicdoc ia sugar TlCe; LllE fece1pt9 OF
tobacco and an increase in receipts of Western
produce, to supply the wants of more numerous
population and the augmented acquisitions of oon-
sumers with heavier cotton CROP Whether we shall
have any considerable amount of grain, -four
provisions for export depends upon the West. We
shall, no doubt, have an ample supply of tonnage,
both steam and sail specially adapted to carrying
bulk grain. Rates of freight will of course be de-
termined by the law of supply and demand, and
may rule high or low. The Maine master who comes
here with his handsome, burtenUbme ship can not
be expected to sail her either for special bene
fit or that of the Western farmer and will get the
best rates he can command, but as general
thing these sagacious men are too wise to keep
their ships idle at heavy expenses in the hope of
future advance, and are almost invariably glad to
accept the ruling rates, especially if they can be
insured dispatch As for our steam lines and there
will be several running to Great Britain and
the continent OF Europe, the surest means of en-
abling them to take bulk grain and flour at low
rates is to give them ample freight. If the mer- -
chants OF st. Louis alone, to go further to
import their foreign goods directly and order them
shipped by New Orleans steamships, it would make
the round trip pay, even if at material reduction
in Western produce rates. ..


Our hopes rest mainly in termination Of tAe
French and Prussian war before the winter. Lis


DTOOnH3tlOn.
or of other powers becoming involved in the strug
gle Our prosperity depends mainly on the demand
for cotton, and the consumption of the staple is
best promoted by the productive pursuits of peace
So that apart from all considerations of humanity
or sympathy for the respective belligerents the
South should offer up its united prayer to the Most
High for speedy termination of the disastrous
conflict.


COtfOn-The year commenced with q stock on
hand OF only 40 bales considerable part Of which
consisted of pickings baled during the previous
month, and part of the arrivals of the previous
day The market may, therefore, be regarded as
having been nearly bare. In the previous year the
stock was 3O4 bales, third Of which was on the
landing. In 1867 the stock was l5,2s6 bales and in
$500 loz,ooZ bales These, however were excep-
tonai years, but hardly more than the one under
review, which from scant supplies opened with
very little spirit. Notwithstanding however, the
light receipts of the crop it was generally
anticipated that the yield would be, much larger
than in 1873. The popular estimates ranged from
$50 900 to 5000 900 bales As the picking season had
Just commenced, and no one could foresee that the
weather would be so remarkably favorable as it
proved. extending picking until
the close of February. the inside figures had
really more to sustain them than the outside, and
the most experienced factors and planters, were
quite decided in their opinion that the yield would
prove less than 5000 600. Admitting, however that
it should turn ont fully up to the extreme esti.
mates it was supposed that with the expected
increase in the demand for consumption the whole
would be required. for although the actual CON
sumption less than in the previods year it wa,
believed that it would soon return to