THE COTTON TRADE. 241 



the consumers. For the coming year, everything is fully as 

 favorable as the last ; and if these favorable tendencies have 

 counteracted the tendency of high prices in the raw material, 

 it will be proper to expect the same for 1851 as for 1850. 

 We may, therefore, set down 1,500,000 bales as the probable 

 English consumption for the next year. 



In France there has been a decided decline (Table XII.) 

 in the deliveries to the manufacturers. Our exports have 

 fallen from 368,000 bales to 290,000, and the stocks on hand 

 the 1st of October, were almost exactly the same as last 

 year. The purchases at Havre for the first nine months of 

 the present year have been 249,000 bales, against 290,000 in 

 1849. From these figures we cannot estimate the consump- 

 tion of American cotton for the present year higher than 

 300,000 bales, against 351,000 for 1849. No advance on this 

 can be expected for the next year, nor is there any reason to 

 anticipate any appreciable decline. For the rest of Europe, 

 we have the exports from the United States for the present 

 year, 194,000 bales, and the exports from Liverpool up to 

 October llth, 193,000 bales. The whole English exports of 

 1849 were 254,000 bales ; and as their amount on October 

 12th was 21,000 more this year than last, the whole exports 

 for the year from all the ports will probably reach 275,000 

 bales, making the total supply from these two countries of 

 469,000 bales. As the stocks on hand on the continent last 

 year were very low, it is impossible to reduce them much 

 lower. They are now, however, at several ports, lower than 

 last year, so that the consumption will probably exceed 469,000 

 bales. As this is a decline of over 100,000 bales from 1849, 

 it is not to be expected that so low a limit can be reached 

 for the year 1851. Heretofore their progress has been for? 

 ward and rapid ; and were it not for high prices, this would 

 continue. If we estimate their wants for 1851 at 00 ; OQQ 

 11 



