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A Table, exhibiting the wholesale prices current of the following articles in the Boston market, as reported and published in the city newspapers, from August, 1812, to April, 1840, inclusive.
NEW LONDON WHALE FISHERY. Arrivals and Produce of the Whale Fishery in New London, (Conn.,) from 1820 to
THE LEATHER TRADE OF NEW YORK. The following statement of the quantity of leather on hand in the process of tanning, by the leather trade of New York, for the last seven years, furnished by a gentleman engaged in the trade, is derived from the Journal of Commerce: Years. Tanning. Sides on hand. Total. | Years. Tanning. Sides on hand. 1,0:29,863
1835 730,800 299,063
1836 914,500 166,980
1837 887,513 86,550
1838 697,630 312,287 It will be seen by the above
less now than it has been at
1839 1840 1841
1,081,480 974,063 1,009,917 | that the stock on hand in the process of tanning is muchny former period. The average yearly sales of the trade of this city from 1831 to 1840, were about 800,000 sides. The present stock therefore, equal to the actual annual consumption of the article.
STATISTICS OF THE BRITISH COTTON TRADE. The present actual condition of the British cotton trade, as it is intimately connected with that of this country, will be found to possess considerable interest. The facts which we here subjoin are derived from a communication of the Liverpool correspondent of the New York Express, bearing date December 31st, 1840, and there is no reason to doubt that they are accurate. The import, export, delivery for consumption, and stock of cotton wool in Great Britain, &c, for a series of years, are embodied n the succeeding tables:
Import.—The import exceeds that of any previous year, being 176,682 bags more than in 1838, and therefore considerable in excess of last year, compared with which there is an increase of 431,882 bags from the United Stales, 5,536 from Egypt, and 84,764 from the East Indies; with a decrease of 13,665 from Brazil, and 12,771 from the West Indies; making a total increase upon 1839 of 495,746 bags, the aggregate import being 1,707,911 bags, against 1,112,165 in 1839, and 1,431,229 in 1838.
Export.—Notwithstanding the immense shipments from the United States direct to the continent, more than double that of any previous year, the export has been large, say 116,200 bags against 113,300 in 1839, and 125,150 in 1837, the largest previous export,—as specified in the tables.
Consumption.—The delivery for consumption during the last ten years was as follows :_869,800 bags of 296 lbs. in 1831; 865,827 of 308 lbs. in 1832; 885,787 of 323 lbs. in 1833; 890,724 of 328 lbs. in 1834; 944,673 of 332 lbs. in 1835; 1,034,300 of 335 lbs. in 1836; 1,080,783 of 339 lbs. in 1837; 1,260,429 of 340 lbs. in 1838; 1,054,485 of 341 lbs. in 1839; and in the present year (1840) 1,293,131 bags of the average weight of 363 lbs.; and reducing each year's delivery to bags of 300 lbs. weight, the result of the comparison will be—
The monthly purchases by the trade exceeded the estimated consumption up to the end of July, when the inland stock was at the maximum, (the largest delivery was 125,000 bags in April;) in August rather less was taken, whilst in each of the threo following months there was a considerably reduced delivery, the inland stock being at the minimum at the end of November, and it has been increased during the present month by a delivery of 130,000 bags, making it, as we conceive, about 30,000 bags more than at the commencement of the year.
Having shown the delivery for consumption for the last ten years, reduced to bags of one common weight, 300 lbs., it may be useful to show what the actual consumption in bags has been for the same period, by allowing for the estimated difference in amount of inland stock at the close of each year. The weekly average has been as follows:
Large as the consumption has been this year, we fear it must not be taken as a proof of prosperity in this important branch of trade, as there never was before a period when the prices of yarns and goods were so low, although the raw material has been at lower prices; and with all the economy practicable in reducing the cost of manufacturing— either by improved machinery or by reduction of wages to the operative—we apprehend the business of the year has been carried on with but little advantage to those who were VOL. IV.—NO. III. 37
in the most favored position as to means or machinery; and perhaps to many not possessing these advantages, to a positive loss. Trade has had to contend against serious untoward circumstances this year. In the early part of it money was dear, owing to the drain upon the Bank of England caused by the heavy grain importations; and afterwards, when this pressure ceased, political events in Europe seriously affected business; and now that peace may be considered secure, we have a tightness in the money market materially cramping commercial operations, and which may not soon terminate. Money at the commencement of the year was at 6 per cent., it never went below 5 per cent., and it is in a fair way of being at 6 per cent, with private bankers and discount brokers again, as the apprehension of the introduction of foreign loans into this country will compel rigorous measures on the part of the Bank of England. Under so many disadvantages it must seem strange that the consumption of cotton has been so large, and it might reasonably have been supposed that heavy stocks of manufactures would have remained on hand; but such is not the case. We consider that both spinners and manufacturers have less than in former years; having neither the inclination, or ability perhaps, in many cases, to hold stocks, they have forced a demand by the unusually low prices they have accepted; hence, with many unfavorable circumstances, the for eign trade has not fallen off, and the home trade has decidedly increased; but as low prices induce buyers, whether the immense production is absolutely consumed, or a large quantity of it exists somewhere, wc are not prepared to say. We further account for the increased consumption by the singular falling off in the production of fine yarn, many spinners who had previously spun the best American cotton having been compelled to change to coarse yarn requiring only inferior cotton, and of course a much larger quantity. Prices.—The fluctuations in the value of cotton have been unimportant; prices of American declined 4d. per lb. in the month of January, and with occasional exceptions, there was a downward tendency in the market up to the month of June, when the average quotations had further declined 4d. per lb. Since then the variations have been an occasional Jd. per lb. up or down, with a rise in the present month of }d. to 4d. per lb. chiefly in the common qualities. The present rates, contrasted with last year's, and also the highest and lowest prices of the year, will be seen as follows:
31st Dec. 1840, 54
31st Dec. 1839 6
Highest, 3d Jan. 1840,.. 6J
31st Dec. 1840, 8
31st Dec. 1839 9
Highest, May 8, 1840...10
Stock.—The inland stock is supposed to be increased 30,000 bags, and in the ports the increase is 193,580 bags, making together 228,580 bags more in the country than at the same time last year. The stock was at the highest on the 31st August, when it reached 600,000 bags, and it was precisely the same quantity on the 31st July in the preceding year. In the ports there is an increase in all descriptions, say 128,760 bags American, 12,530 Brazil, 9,580 West India, 9,170 Egyptian, and 38,540 East India, the total quantity being 464,050 bags, against 265,470 in 1839. At the present rate of consumption, supposing we received no further supplies, and without allowing any thing for export, the American would be exhausted in 15 weeks, the Brazil in 16, the West India in 51, the Egyptian in 39, and the East India in 45 weeks, or the whole, including the inland stock, in 24 weeks. At the close of last year, the stock in port and inland, was equal to 164 weeks' consumption, at the average rate of that year.
Prospects.—With light stocks of goods and yarns, except in some particular articles, and low prices for the raw material, there can be little doubt the consumption of cotton will continue at the present rate; but owing to the monetary pressure, before adverted to, it may be some time before the spinner is enabled to obtain better prices compared with the value of cotton than he has hitherto done. However, an adequate demand for the production, immense as it is, may be calculated upon; as there are fewer restrictions upon commerce, arising from political causes, than during a part at least of the present year. Having thus assumed or taken for granted that the consumption of cotton will be large, it only remains for consideration the source whence supplies are to be derived, because without an ample supply to prevent any material advance in price, the consumption would be checked. There is however some degree of protection in the large stock on hand, which is 228,580 bags more than at the same time last year. The last two crops in the United States were such as to set all calculation at defiance, and form no data for future estimates, the difference between them being upwards of 800,000 bags—probably an average of the two, which is 1,769,183 bags, would be what is termed a fair crop, and if so, allowing for the annual increase, the present crop, if also a fair one, would be about 1,900,000 bags; but as it is said to have been a good deal injured in various districts, particularly in the Atlantic States, probably it would be prudent to base calculations upon a crop of 1,800,000 bags, which, however, is above the average of the estimates recently received from the States. From the East Indies the supply will depend upon the state of our relations with China; but with the large stock already on hand, the probability is in favor of our having sufficient to meet the increased consumption—more than in former years, although perhaps not so much as in the present one. The growth in the Brazils appears to be decreasing; ten years ago the import averaged 17,000 bags, and this year it is only 83,991 bags; but this is now of little consequence, as the proportion which Brazil, even with the addition of West India and Egyptian, bears to the whole consumption, is too small to have any important influence upon the trade. In conclusion, it will be seen we expect a consumption equal to that of the present year, and not so large an import—but with the extra stock on hand the supply may be adequate.