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No. 497. Oct. 1,1859.1 THE LEADER. 1113
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COMMERCIAL.
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THE COTTON CROP OF THE UNITED STATES. OU...
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THE TRADE OF EIGHT MONTHS. As a whole we...
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MONEY MARKET & STOCK EXCHANGE.
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Friday Evening. MoNiiv is d little more ...
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GENERAL TRADE REPORT-
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Friday Evening. Matteks of trade now go ...
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
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Transcript
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Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
Additionally, when viewing full transcripts, extracted text may not be in the same order as the original document.
No. 497. Oct. 1,1859.1 The Leader. 1113
No . 497 . Oct . 1 , 1859 . 1 THE LEADER . 1113
Commercial.
COMMERCIAL .
The Cotton Crop Of The United States. Ou...
THE COTTON CROP OF THE UNITED STATES . OUR people are as much interested in the cotton crop of the United States as they are in the wheat crop of England . If the latter supplies them with food , the former supplies them with clothing , and by manufacturing it for others they are enabled to buy food . The teeming hives of industry in Lancashire and Yorkshire , and the rich men of London and elsewhere—the capitalists who make large profits , the recipients of the public debt and the public taxes—could no more exist without the cotton of the United States than without the corn of England . We have , a fair crop of the latter , and not only has the crop of the
former been unusually large in 1859 , the crop of 1860 promises well . The statistics of this crop in the States are always comprised in the year which terminates on August 30 th , and accordingly we have now the statistics of this crop for 1859 . The total quaantity grown and gathered , as far as can be ascertained , was 4 , 017 , 000 bales of 420 lbs . to the bale : and of this crop , 3 , 851 , 481 bales were sent to the seaports , and of it 2 , 019 , 252 bales were sent to England , 450 , 6 , 96 to France , 330 , 012 to the North of Europe , and 221 , 443 bales to other foreign ports , the remainder being left for consumption in the States . More than the half of this vast crop comes to England but a considerable portion of What is imported here is again exported . What we retain , however , being more than the half of our total
consumption , shows how closely the interest of the people of England—for all are interested in our cotton manufacture— -is bound up with that of the people of the United States . They send cotton hither to the value , when imported , ' of twentyfour or twenty-six millions of pounds sterling per annum ; in all , the value of our imports from the States is £ 34 , 000 , 000 , and our exports to them are rated at , £ 18 , 000 j 000 per annum—an immense trade , which is of inestimable benefit to the people of both countries . Their interest as human beings forming part of the great society of mankind , as distinguished from political communities , is completely identical , whatever conflict there may be between their supposed political interests and between their respective governments .
The cotton crop of 1859 is 737 , 519 bales above that of 1858 , 911 , 962 bales above that of 1857 , and 323 , 636 bales above that of 1856 . In the latter-mentioned year the crop was unusually lar ^ e . A compari s on of the produce for a succession of years enables us to state that within the last fifteen years it has increased on the whole , and on the . average at the rate of 4 per cent , per annum . This is an important fact , prolific of inferences . The population of civilised Europe nowhere increases as fast as 2 per cent , per annum . In the United States it does not increase
faster than at the rate of 3 per cent , per annum . But this material of clothing is increased at the rate of 4 per cent , per annum , and shows , aa has been noticed in the Daily News , that the improvement in the clothing of mankind is greater than the increase of the puople . It may be farther noticed that cotton , both as rags and refuse , is one of the nmterials of paper , and the use of paper being , as wo stilted three weeks ago , on the 10 th ult ., a test of civilisation , the more rapid increase of the material of which it , is made than of population , -while it is notorious that the material is short , sliows that society is advancing in
civilisation more rapidly thniv in population . These are very important and very gratifying facts . Many of us can re member , and all may have road , that a great alarm prevailed amongst theoretical writers between thirty or forty years ago , lest tho agriculturalists nnd the manufacturers should not find a market for their productions . Mr . Malthus , who had a benevolent horror of tlio increase oi population , had also o ^ horror of too many qommoditios . What wo see now is , that , since his time , population and commodities have increased very much—that they are every day increasingana that every skilful and productive labourer in every part of tlio world is tryipg to product ) more and more—that more and more is produced , as wo so < j by tho example of cotton , whioh is still said to bo short , and thi « moru mul moru
everywhere finds a good market . Since we threw off the incubus of Protection , we and other nations have made a prodigious progress in material well-being ? and we may now be quite sure that the progress in moral well-being or civilisation has been still greater . As the progress has fone on , the authority of individuals , including ' arliaments , has . declined in credit , and the authority of general natural laws has acquired an ascendancy over the minds of all .
It may be further remarked that the consumption of cotton in the United States has not kept pace either with the production of cotton in the States or the consumption of cotton in other countries . But in the States cottons are protected manufactures . Duties are levied on imports from foreign countries , which induce the manufacturers there to compete with the manufacturers in Europe in making fine goods , in which
they fail . If there were no such protecting duties there would be no stimulus to make fine goods in the States , and then the manufacturers there ^ confining their exertions to the production of coarse goods , for which they have great advantages—already in several markets they beat our coarse goods— -would nourish at least equally to the manufacturers of Europe . Protection , instituted for their benefit , injures them just as it injured our farmers and our shipowners .
The Trade Of Eight Months. As A Whole We...
THE TRADE OF EIGHT MONTHS . As a whole week has elapsed since the trade tables for August were published , the contents of which were made generally known by the papers of Monday , we shall merely refer to them _ to show ¦ ¦ we have not overlooked them . The imports of all descriptions in the month of August were a full average ; and of such as pay duty the consumption in the eight months has uniformly in reased , except of coffee , which the national taste does not patronise in proportion equal to tea , and except wheat and flour , of which , in consequence of the low price , less has been imported
than in 1858 . Of cocoa , spices , sugar , tea , timber , wine , & c , in the eight months , the consumption has increased considerably , and the revenue has incrcastid in like degree . The value of our exports in the month is no less than . £ 12 , 117 , 275 , being £ 932 , 512 more than in the corresponding month of 1858 , and . £ 578 , 470 more than in the corresponding month of 18 . , when the inflation of our trade by speculation was at its highest . In conformity with the ^ imports and exports , the shipping entered inward and outward in the month , and in the eight months , exceeds the shipping entered inwards and outwards in the month and eight months of 1858 . These
are evidences of continued and increasing prosperity . More and more business is continually done , more and more people arc continually sustained . The spring of progress is inherent in man , and no one can tell to what height it may flow . We must , however , be careful not to confound the natural growth and natural splendour of society with the pretensions of those who assume that it requires their care , and can only be prosperous by their guidance : who assert , too , _ however contrary to the fact , that it is their guidance which makes society prosperous . Whenever we mistake the origin of our greatness , we allow them to stop its progress , To give it full play and fair play , wo must remove all that yet remains of old restrictions on our industry and ingenuity .
Money Market & Stock Exchange.
MONEY MARKET & STOCK EXCHANGE .
Friday Evening. Moniiv Is D Little More ...
Friday Evening . MoNiiv is d little more in demand than it was last week , on account of tho close of tho month and tho quarter , but tho torms generally aro not altered . Persons pressed for money have to give a little more for it , and while some bills are discounted above 2 J por cent ., some are discounted below this rate . A 9 the time approaches when tho dividends will be paid , money is not likely , except for a few days , to bo douror . Gold , In fact , is stroaming Into tho Bank of JCnglund ; the exchanges aro firm ; more gold is coming forward j there aro no symptoms of spooulation , and podplo count on an easy nionoy market through tho autumn , If politics remain quiet . Tho harvest Is now all got In , and is boliovod
to be a good average , while a considerable stock of old corn remains on hand . Food , therefore , is moderate in price . The cotton especially , but generally all the materials of our manufactures , are abundant , and these matters being , next to our untired industry , the great elements of our prosperity-, it is highly probable that we shall continue prosperous , and that money , will continue plentiful . The Revenue returns for the quarter are all favourable ; and we are more than ever persuaded that our Chancellor of the Exchequer , had he been a practical rather than a theoretical , crotchetty man , might have spared us the infliction of the additional income tax . Perhaps the right honourable gentleman wished to make us feel our extravagance , and make us examine more closely the grounds on which the public money is expended . If he could have spared the tax , he has done neither the Government nor the people a favour by imposing it . He may have to repent his haste . The funds and shares through the week have all been extremely quiet , if we except the Mexican bonds , which have been subject to sonie little excitement . Consols were at 95 J § to day , with a dull market and little business . If the public has been making and saving money , as is said ,-it finds some better employment for it than investing it in the funds and shares . The Stock Exchange is accordingly not animated . We subjoin the Bank Returns , which show the condition of tliis corporation : — BANK OF ENGLAND . An Account , pursuant to the Act 7 th and 8 th Victoria cap . 32 , for the week ending on Wednesday , the 23 th day of September , 1850 : — ISSUE DEPARTMENT . Notes issued £ 31 , 391 , 220 Government Debt £ 11 , 010 , 100 Other Securities .. 3 , 459 , 000 Gold Coin & Bullion 16 , 910 , 220 Silver Bullion .... —'—£ 31 , 391 , 220 £ 31 , 391 , 220 BACKING DEPARTMENT . Proprietors' Capi- Government Seoutiil ... £ 14 , 553 , 000 rltiea ( including : Best 3 , 722 , 090 Dead "Weight Z ' ublic Deposits ( in- Annuity ) £ 11 , 220 , 018 eluding- Exche- Other Securities .. 49 , 434 , 507 quer . Saving ** - Xotos 10 , 185 , 000 Banks , Coinmls- Gold and bilver sidneis of Na- Coin ............ 024 , 809 tional Debt , and Dividend Accounts ) 9 , 208 , 230 Other Deposits .... 13 , 000 , 415 Seven Day and other Bills 824 , 134 £ 41 , 404 , 484 £ 41 . . M . MARSHALL , Chief Cashier . Dated September 29 , 1859 .
General Trade Report-
GENERAL TRADE REPORT-
Friday Evening. Matteks Of Trade Now Go ...
Friday Evening . Matteks of trade now go on so regularly that there is very little to say of them . The markets generally are steady , with a good business doing . Wheat is quiet . Sugar is Cd . per awt . cheaper . Ten is steady . Jn short , trade is in that clearly prosperous condition that , like a virtuous woman , it gives no occasion for remark . Industry is its sou ) , and industry toils regularly day after day without intermission , but ever improving ; and nature , ever bostowing pn industry its appropriate rewards , the whole business approximates to the regularity- of day and night . As it becomes more extensive , it is nitoro certainly regulated by general laws , and there are fewer irregularities to notice . But these arc what arrost attention , and what men write about ; and the loss thoro is to any , tho moro certain wo may bo that all goes well with trade . Tho only complaints wo hoar prouood from tho shipowners . Stimulated by tho grout gains of 1855 and 1850 , tho shipowners built more ships than the trado of tho world can supply . Our shipowners forgot , perhaps , that they havo now nil the shipowners of tho world for competitors , and they have , in consofiuonoo , suffered soino disappointment , und , perhaps , some loss . Thoro aro moro ships than find good freights . IY 0111 this clroumstaneo it happens tho freight , at all times » v small portion only of tho price of most articles , now in the price of aomo almost wholly disappears . In calculating cost this
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Citation
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Leader (1850-1860), Oct. 1, 1859, page 21, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_01101859/page/21/
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