COTTON TRADE 



1001 



'The total direct import of cotton into Europe in 1872, amounted to 5,488,000 

 bales, of which 3,880,000 bales were received into British and 1,608,000 bales into 

 Continental ports. Of the 3,880,000 bales received into Great Britain 743,000 were 

 re-exported to the Continent, making the total supply to foreign Europe 2,351,000 

 bales, and leaving 3,137,000 bales for British consumption. The stocks at the close 

 of the year showed an increase of 70,000 bales as compared with those of twelve 

 months previously, so that the deliveries were 5,418,000 bales, of which 3,215,100 

 bales were to English, and 2,203,000 to Continental spinners. The average weekly 

 deliveries were : to English spinners, 61,820 bales, against 62,820 in 1871 ; and to 

 Continental spinners, 42,365, against 45,270 bales. We believe, however, that the 

 stocks at the mills are fully 50,000 bales in Great Britain and 100,000 on the Continent 

 less than they were at the close of 1871, so that the actual consumption has been at 

 the rate of 62,800 bales per week in Great Britain, against 59,900 in 1871, and 

 44,5000, against 43,560 bales.' 



Messrs. Ellison and Co. estimate the number of cotton spindles in Europe at 39,500,000 

 in Great Britain, and 18,580,000 on the Continent. In the United States there are 

 about 8,350,000. The deliveries of each description of cotton in each of the past two 

 years were as follow : 



For a full consumption a supply of 2,064,000,000 Ibs. is requisite, or about 40,000,000 

 Ibs. more than the average deliveries of the past two years. Messrs. Ellison and Co. 

 estimated the supply in 1873 as compared with the actual imports in 1872 and 1871 

 as follows : 



On these figures Messrs. Ellison and Co. remark that, allowing for no increase in 

 spindles during the past twelve months, the above supply shows an excess of only 

 17,774,000 Ibs., or 47,600 bales of 373 Ibs. over the requirements of consumers, and, 

 bearing in mind the fact that the year commences with a stock in all Europe 80,000 

 bales less than at the close of 1871 (that is 150,000 bales less than in the hands of 

 spinners, but 70,000 more in the ports), there does not appear to be very much room 

 for an expansion of spindle power during the ensuing twelve months. With a 

 prospective supply very little, if at all, greater than the present consuming power of 

 Europe, and only about 2J per cent, greater than the actual average deliveries of the 

 past owt years, prcies on the average, for the year round will not, perhaps, greatly 

 vary from the mean of 1871-72, say 9$d. for Middling Uplands, and 7d. for fair 

 Dhollerah. Any important average advance upon these rates would lead to economy 

 and reduced consumption, as in 1872. Any material decline would stimulate demand, 

 as in 1871. For the immediate future the course of the market will be ruled by the 

 amount of the weekly receipts at the American ports. Continued free arrivals would 

 weaken the hands of holders ; but as the supply from the East will be much smaller 

 during the first half of this year than last, owing to the lateness of the Bombay crop, 

 prices would not give way very much. On the other hand, a material reduction in 

 the receipts at the American ports pointing to smaller figures than those we have 

 adopted, would bring the smaller crop estimates into favour, and. lead to some specu- 

 lative excitement, and a sharp advance in values, 



