Art. III. — Trade and Commerce of New Orleans in 1851-52.
IN the Merchants' Magazine and Commercial Review for November, 1848, (vol. xix., pp. 503-518,) in our series of papers relating to the "COMMERCIAL CITIES AND TOWNS OF THE UNITED STATES," we published a carefully prepared sketch of the commercial and industrial history of New Orleans, and from year to year, since the establishment of our Journal, we have embodied in its pages full statistics of the Trade and Commerce of that city, as furnished to our hands by the New Orleans Price Current, one of the best-conducted journals of its class in the United States; and in November, 1851, (vol. xxv., pp. 545-558,) we published the annual review of the Price Current, remarking, at the time, that as these reports embraced a comparative view of the progress of trade and Commerce, which imparted to them not only a present, but prospective, and even an historical value, we should continue their republication from year to year. The Price Currents of our commercial cities are more or less local in their character, and limited in their circulation. Our Journal, on the other hand, is national and even cosmopolitan in its objects, more convenient for preservation, and designed as a standard work of reference in all time.
The plan adopted by us in reference to New Orleans, and the principal commercial cities of the Union, we have reason to know, meets the approval of intelligent merchants throughout the country, and is, as we have before remarked, well calculated to give completeness and impart to our Magazine that nationality of character which it has been our aim from the start to maintain.
The editors of the Price Current, in presenting their annual statement, congratulate the community of New Orleans and country upon a season of unrivaled prosperity, and after a few pertinent preliminary observations, proceed to give the following statement of the Trade and Commerce of New Orleans for the twelve months ending August 31, 1852.
The value of products received from the interior since 1st September, 1851, is $108,051,708 against $106,924,083 last year. The value of the exports of American produce for the year ended 30th June last, according to the custom
421house records, was $76,344,569 against $81,216,925 last year. Of this amount $48,076,197 was to foreign ports, and $28,268,327 coastwise. The value of foreign merchandise exported during the same period was only $44,780. These figures exhibit a decrease in the total exports, as compared with last year, of $55,273,526. In the exports to foreign countries the decrease is $6,312,986, but there is an increase coastwise of $1,039,460. There has been a material falling off in the operations of the Branch Mint, the total deposits of gold and silver, for the year ended on the 31st July, 1852, being $6,103,650 against $9,107,722 last year. Of the gold, $5,821,695 was from California, against $8,152.878 from the same source last year. The coinage in the same period has been 675,500 pieces gold, value $6,370,000, and 1,488.000 pieces silver, value $235,600. Total 2,163,500 pieces, value $6,600,000. Last year the total coinage was $10,044,500.
COTTON. This article has long been, and is likely long to be, the leading staple of our Commerce; and that its importance is not waning is evinced by the fact that the receipts of the past year, at our own port alone, reach nearly a million-and-a-half of bales; or an excess over any previous year of nearly two hundred and fifty thousand bales. Yet with this large increase we have the pleasure of saying that there probably has never been, in the whole history of the cotton trade, a season more satisfactory in its genera! course and results than the one just closed. We propose to review, as briefly as possible, the leading features of the market's progress.
The first bale of the new crop was received here on the 25th July, which was seventeen days earlier than the first receipt of the previous year, and the earliest arrival since 1844. The total of new crop received up to 1st September was 3,155 bales, against 67 bales the year previous, and 477 bales in 1849. The early sales of the new crop were at 8 a 8 Ë cents for middling, and 8 Ë a 9 cents for good middling to middling fair, which was a higher opening of the market than could have reasonably been anticipated, as the previous season had closed most disastrously, and the impression was general that the crop would be likely to be a very full, if not a very large one. In the early part of September, though, a still higher range was attained, the quotations having reached 9 a 9 Åº cents for middling to good middling. From this point, however, the market began to yield under the pressure of increasing supplies, but the decline was very gradual, the market touching 6 Å¾ a 7 cents for middling about the middle of October. For a strict classification of middling this was the lowest point of the season, and the market remained steady up to the first week in November, when increased demand, especially for middling to good middling descriptions, and their comparative scarcity, caused a slight upward movement in prices, which continued to maintain a remarkable degree of steadiness up to near the close of the season. The following tables, which we have prepared from our records, will illustrate more fully the movement in our leading staple.
A reference to these tables will show a steadiness and regularity in prices during the leading business months which has no parallel in any previous year; for it will be seen that from October to May, within which period nearly the whole of our supply was disposed of, the extreme fluctuation for the whole time was but half a cent per pound. The whole season gives an average of 8 cents per pound, against 11 cents last year. The average weight per bale we have ascertained to be 438 pounds, which would give an aggregate weight for the portion of the crop received at this port of 625,982,154 pounds.
|Low middling to good middling.||Sterling, per cent prem.||Freights, per pound.|
|September.||7 Å¾ a 8 Ë||10 a 11||3/8 a.|
|October.||7 Å¾ 8 3/8||10 11||7-16.|
|November.||6 5/8 7 3/8||6 Ë 8 Ë||Ë.|
|Low middling to good middling.||Sterling, per cent prem.||Freights, per pound.|
|December.||6 Å¾||7 5/8||9||10 Åº||3/8||7-16|
|January.||6 Å¾||7 Ë||8 Ë||9 Å¾||13-32||7-16|
|February.||7||7 7/8||8 Åº||9||3/8||13-32|
|March.||7 Åº||8 1/8||8 Ë||9 Åº||5-16||3/8|
|April.||7||7 7/8||8 Ë||9 Åº||9-16|
|May.||7 Ë||8 Ë||8||8 Ë||9-16|
|July.||8 Ë||11||9 Å¾||10 Ë||5-16||3/8|
|August.||8 Ë||11||9 Ë||10 Åº||5-16||3/8|
|September.||8 Ë a 9||7 7/8 a 8 Åº||March.||7 3/8 8||7 7 Ë|
|October.||7 Å¾ 8||6 Ë 7||April.||7 Åº 7 Å¾||6 7/8 7 2/3|
|November.||7 Åº 7 5/8||6 5/8 7||May.||8 Å¾ 9 Åº||7 Ë 8|
|December.||7 1/8 7 Ë||6 Å¾ 7 1/8||June.||8 Ë 9 Åº||8 Åº 9|
|January.||7 1/8 7 5/8||6 Å¾ 7 1/8||July.||8 Ë 9 Ë||8 Ë 9 Åº|
|February.||7 Å¾ 7 7/8||7 7 Ë||August.||8 Å¾ 9Å¾||8 Ë 9 Åº|
|Total crop.||Receipts at New Orleans.||Average price.|
|Years.||Bales.||Bales.||Cents per lb,|
The total receipts at New Orleans since 1st September last, from all sources, are 1,429,183 bales. This amount includes 34,959 bales from Mobile and Florida, and from Texas by sea; and this being deducted, our receipts proper, including 21,760 bales received direct from Montgomery, etc., are shown to be 1,394,224 bales, being an increase of 444,004 bales over last year, and of 205,491 bales over any previous year. The total exports since 1st September are 1,435,815 bales, of which 772,242 bales were shipped to Great Britain, 196,254 to France, 210,607 to the North and South of Europe, Mexico, etc., and 256,712 to United States ports.
On a comparison of the exports with those of last year, there would appear to be an increase of 189,869 bales to Great Britain, 65,892 to France, 78,701 to the North and South of Europe, Mexico, etc., and of 103,895 bales to United States ports. The total receipts at all the Atlantic and Gulf ports, up to the latest dates received, are 3,021,519 bales, but the actual crop, when made up by the New York Shipping List, will fall somewhat short of this amount, as it includes some 25,000 bales of last year's stock, which was on hand at Augusta and Hamburg, and was counted in the last crop.
Thus, the largest crop ever produced in the United States has been disposed of, and with results more generally satisfactory than we remember to have witnessed in any previous year. The circumstances which have tended to these results present some remarkable peculiarities, and we propose to touch briefly upon a few of the most prominent, among which we may mention the policy of the factors generally of meeting the market freely, and thus guarding against any unwieldy accumulation of stock, which would tend to break down the market. In this course they have been aided by circumstances which to many were a momentary evil of magnitude, though they contributed favorably in the general
423result We allude to the remarkable drought, which, while constituting a season of the most favorable character for picking, at the same time kept nearly all the tributary streams too low for the purposes of navigation; and thus the great bulk of the supplies which come from the banks of the main river had been received and disposed of before the tributaries were in a condition to contribute to the stock. We would also refer to the great abundance and cheapness of money in Europe, which brought speculators into competition with spinners, and to the remarkable increase in the consumption. This is most prominently shown by the half-yearly returns from Great Britain, by which it appears that the quantity taken for consumption, for the six months ended on the 1st July, was 1,031,764 bales, against 776,120 bales for the corresponding six months of the previous year. This made a weekly average of 39,683 bales, or an increase of about 5,000 bales per week over any previous period. Besides this, there is an increase in our exports to foreign countries, other than Great Britain, of 210,000 bales, while the quantity taken for home consumption probably exceeds that of last year by about 200,000 bales.
We append a table which exhibits the import, delivery, stock, etc., in the whole of Great Britain, for the first six months of the current year, ended on the 30th June last, and a comparison of the same period in 1851: —
|Stock, 1st January.||bales||494,600||521,120|
|Import, six months.||1,401,363||1,156,500|
|Exports, six months.||147,000||95,300|
|Stock, 30th June.||717,200||806,200|
|Weekly average taken for consumption.||89,083||29,851|
|Taken on speculation.||372,410||114,210|
As to the quality of the last crop, it may be said to have been remarkable for its medium average, as the proportion of very inferior and stained cottons was small compared with the previous year, while the grades denominated fine and choice have been in unusually limited supply. Indeed, the well known fancy crops, which have always brought extra prices, scarcely approached the standard of former seasons. Besides this, the crop, as a whole, was deficient in staple, and we often, in our market reports, found it necessary to advert to this fact, in explanation of the wide range of prices for the same classifications. Nevertheless, it has found a ready market, and the season of the largest crop ever known closes upon lighter stocks, both in Europe and in this country, than were shown to be on hand at the same period last year.
The probable extent of the coming crop, which is a matter of absorbing interest to all parties engaged in the cotton trade, cannot be determined, with any degree of certainty, until after the lapse of several months. Its present prospects, however, we conceive to be a legitimate subject of remark, and these, we are gratified to observe, are of a decidedly favorable character. It is true the crop is generally represented to be somewhat later than last year, particularly on the bottom lands, and this may possibly prove a material disadvantage; but should no serious casualty ensue, and the picking season prove along and favorable one, it is conceded that the yield must be very ample.
With respect to the market prospects for the coining crop, we think they may be said to be decidedly encouraging; for the experience of the past season would seem to give assurance of a ready demand for even a large crop, and at prices which will be likely to afford a fair return to the producer. As has already been shown, moderate prices, abundant pecuniary means, and other favorable circumstances, have greatly stimulated consumption within the past year, and there is
424nothing now apparent to discourage the hope that, with the same wise policy of promptly meeting an active demand, a crop even larger than the last may be disposed of, with equally satisfactory results.
The first bale of the new crop reached here on the 2d August, being eight days later than the first arrival last year, and there have been received up to this date, 5,077 bales, against 3,155 bales last year. As usual, the first few bales brought fancy prices, but the market rapidly ran down to a more appropriate basis, and the closing quotations are as follows, embracing both old and new crop, the grades below middling belonging exclusively to the former: —
|Ordinary to good ordinary.||8 a 8Åº|
|Low middling.||8 Ë 8 Å¾|
|Middling.||9 Åº 9 Ë|
|Good middling.||10 101|
|Middling fair.||10 Ë 10 5/8|
|Fair.||10 Å¾ 11|
|Good fair..||11 Åº 11 Ë|
The total sales of new crop up to this date amount to about 2,500 bales, the greater part classing good middling to middling fair, tough there have been some lots of middling received, and also a few parcels of good and fine; thus presenting a considerably higher average of quality than the early receipts of last year. The season closes with a stock on hand, including all on shipboard, of 9,758 bales, of which about 3,500 bales are on sale.
The following paragraph made a part of our last year's annual report, and as the evil therein discussed has continued to be a source of much annoyance and loss during the past season, we republish it by request of both factors and purchasers.
MIXED COTTON. — We have, on former occasions, called the attention of planters to the existence of an evil which loudly calls for remedy. We refer to the culpable negligence of many whose duty it is to attend to the packing of cotton, as shown by the frequent discovery of mixed bales, viz.: bales that are found to contain two, three, or more qualities and colors. This negligence often leads to vexatious reclamations, and sometimes to expensive lawsuits, as it generally happens that the discovery is not made until the cotton has reached the hands of the manufacturer, at a distant market. Then, if any portion of the bale is found to be inferior in quality to the sample by which it was purchased, the whole bale is reduced to the value of the lowest grade found, and the difference reclaimed. Nor is this all, for reclamations are sometimes insisted on, even when the purchase has been made by a sample of the lowest grade, on the ground that mixed bales are unmerchantable. Thus the planter not only loses the difference in price between the lower and higher qualities, which careless packing has mingled in the same bale, but is called upon to pay that difference again. And besides all this, when the irregular packing is once discovered, as it necessarily must be somewhere and at some time, it throws discredit upon the planter's crop generally, and thus operates to his disadvantage. It sometimes happens that the discovery is made here, before sale, by drawing samples from different parts of a bale. When this is the case, the factor can seldom obtain more than the market value of the lowest sample. The evil which we have here depicted, and which is not only attended with direct loss to the planter, but is also productive of many vexatious controversies, is venal in its character, and only reprehensible for the confusion it introduces into a most important branch of trade, and one that can only be conducted with facility and economy upon the basis of good faith in the honesty and integrity of the planter. These virtues being accorded to him, he owes it to himself, to his factor, and to his purchaser, to exercise more care and vigilance over those who have his interest in charge.
The following tables, which have explanatory captions, we have compiled from our records, under the impression that they would probably be found interesting to parties engaged in the cotton trade: —
|Date of receipt of first bale.||Receipts of new crop to 1st Sept||Total receipts at New Orleans.||Total crop of U. States.|
|1842, July 25.||1,734||1842-3.||1,075,894||2,378,875|
|1843, August 17.||292||1843-4.||850,342||2,030,409|
|1844, July 23.||5,720||1844-5.||954,285||2,394,503|
|1845, July 30.,.||6,846||1845-6.||1,041,393||2,100,537|
|1846, August 7.||140||1846-7.||707,324||1,778,651|
|1847, August 9.||1,089||1847-8.||1,188,733||2,347,634|
|1848, August 5.||2,864||1848-9.||1,090,797||2,728,596|
|1849, August 7.||477||1849-50.||797.387||2,096,706|
|1850, August 11.||67||1850-1.||950,220||2,355,257|
|1851, July 25.||3,155||1851-2.||1,429,183|
|Season.||Receipts at New Orleans.||Av. price per bale.||Total value.|
|Total, ten years.||11,132,320||$378,079,976|
It will be seen by the above table that the cotton alone sold in this market within the past ten years has yielded a gross product of $378,079,976.
sugar. The crop of 1851 proved, according to the very valuable statement of Mr. P. A. Champomier, to be 236,547 hhds., estimated at 257,138,000 Ibs. Of this quantity there were 203,922 hhds. brown sugar made by the old process, and 32,625 hhds. refined, clarified, etc., including cistern bottoms. This was the produce of 1,474 plantations, of which 914 are worked by steam, and 560 by horse power, and the result shows only a moderate yield, as the cane generally was not well matured, besides which the loss by crevasses is estimated to have been about 10,000 hhds. The crop also presented a low average in quality, as besides the immature condition of the cane, it was somewhat injured by frost, and we noticed several salts on the levee as low as 1 Ë, 1 Å¾, and 2 cents per lb. The following table, which shows the highest and lowest points in each month for fair sugar on the levee, will indicate the general course of the market: —
|Cents per pound.||Cents per pound.|
|September.||6 Åº a 6 Ë||5 Å¾ a 6 Åº||March.||4 a 4 Ë||3 Å¾ a 4 1/8|
|October.||5 Å¾ 6 Åº||4 Ë 5||April.||4 Åº 4 Å¾||3 7/8 4 3/8|
|November.||4 Ë 5 Åº||4 Åº 4 Å¾||May.||5 5 Åº||4 Åº 4 Å¾|
|December||4 4 Ë||3 Ë 4||June.||5 5 Åº||5 5 Åº|
|January||3 7/8 4 3/8||3 Ë 4||July.||5 5 Åº||5 5 Åº|
|February.||3 7/8 4 Åº||3 Ë 4||August.||5 Åº 5 Å¾||5 5 Åº|
These figures present a considerably lower average than was obtained for the crop of last year, the increase in quantity and the deficiency in quality having both tended to this result. The reported sales on plantation have been at the following rates, for crops — 3 Åº-, 3 Ë, 3 Å¾, 3 7/8, 4, 4 1/8, 5 Åº, 4 Ë, 4 Å¾, and 5 cents per lb., the lowest being in December, for a mixed crop, and the highest in April, for a Prime one. The prevailing rates of the season have been 4 a 4Åº cents per lb. for prime crops.
The estimated stock on hand at the close of last season was 2,200 hhds., and this amount added to the crop of 236,547 hhds., would make a supply of 238,747 hhds. The distribution of this supply, as nearly as can be ascertained, has been as follows: —
|Shipments out of the State. hhds.||53,000|
|Consumption of the city and neighborhood.||18,000|
|Taken for refining in the city and State, including cistern bottoms.||15,000|
|Stock now on hand in the State, estimated.||3,000|
|Leaving as the quantity taken for the West.||149,547|
The quantity shipped to Atlantic ports is 42,000 hhds., against 45,000 hhds. last year, and 90,000 the year previous.
Besides the Louisiana crop there have been imported into the port of New Orleans from Cuba 1,781 hhds., 25,673 boxes, from Brazil 1,591 cases and boxes, 80 barrels, and 7,689 bags, and from Manilla 14,224 bags. The whole of the imports from Brazil and Manilla, and a great portion of those from Cuba, were for a St. Louis refinery. The crop of Texas last year, we have ascertained from good authority, was not far from 5,000 hhds., and there were about 2,000 hhds. produced in Florida, the greater part of which came to this market.
With respect to the growing crop, we have to remark that the accounts from the interior generally concur in representing the prospects of the "plant cane" as very flattering, and in some sections the "rattoons" are said to give good promise, though as a general thing the latter are said to be, to a great extent, a failure, owing to the remarkably severe frosts of the winter. What the extent of the crop may be, however, can hardly be conjectured for some months to come, as many contingencies may arise, to its advantage or disadvantage. The annexed table gives the crop of each year for the last twenty-two years, and a reference to it will show great fluctuations in the product.
The crop of Texas is said to give highly favorable promise, and the yield is expected to be more than double that of last year.
In an elaborate statement made up at New-York, the consumption of the United States, for the year 1851, is put down at 321,736 tons. This is exclusive of about 40,000 lbs. of maple sugar, and of a large quantity of sugar made of foreign molasses which we have no data for estimating.
MOLASSES. The product of molasses from the last cane crop, was, according to the statement of Mr. P. A. Champomier, unusually large, in proportion to the yield of sugar; it being estimated at seventy gallons per 1,000 lbs., against fifty gallons the season previous. Thus the whole product is set down at 18,300,000 gallons against 10,500,000 gallons the season previous. The increased yield is attributed to the immature condition of the cane, the ripening of which was retarded by late rains. Notwithstanding this very material addition to the supply however, prices generally have been very well maintained, as will be seen on reference to the annexed table, which exhibits the highest and lowest points in each month for sales on the levee in barrels.
|Cents per gallon.||Cents per gallon.|
|September.||25 a 30||23 a 30||March.||15 26||14 25|
|October.||23 30||20 28||April.||18 27||15 26|
|November.||26 27||22 Ë 23 Ë||May.||24 28 Ë||20 28|
|December.||22 Ë 24 Åº||17 21||June||23 28||20 28|
|January.||17 21||15 20 Ë||July.||18 28||15 28|
|February.||20 25||15 21||August.||18 28||18 28|
The sales on plantation generally, ranged from 19 a 20 cents per gallon in the cisterns, though the latter was the prevailing rate for prime crops, most of which were taken for western account by prior contract. There have again been importations from Cuba for refining purposes, and up to this date the quantity reaches about 800,000 gallons, against 1,200,000 gallons to the same date last year. Of our own crop of 18,300,000 gallons, there have been shipped to Atlantic ports 2,700,000 gallons, against 2,000,000 gallons last year; leaving 15,600,000 gallons as the quantity taken for the consumption of the West and South, which would indicate a remarkable increase over any previous year.
TOBACCO. At the commencement of the commercial year which has just closed, the stock of tobacco in this port (including all on shipboard not cleared) was 23,871 hhds., of which about 10,000 hhds. were in the hands of factors, the remainder being composed of strips and lugs for forwarding, and of parcels which had changed hands, and were awaiting opportunity for shipment.
The quotations given in our last annual statement, were: —
|For Frosted. cents per lb.||2 Ë a 3|
|Planters' do.||3 Å¾ a 5|
|Leaf, inferior to common.||5 Ë 6|
|Fair to fine.||6 Ë 7|
|Choice and selections.||7 Ë 9|
From the 1st September to the close of December, the demand was moderately fair; the arrivals during that time being about 5,000 hhds., while the sales exceeded 10,000 hhds. In prices there was a downward tendency from the middle of October, and on the 31st December our quotations were: —
|For Frosted. cents per lb.||2 a 2 Å¾|
|Planters' do.||3 a 4|
|Leaf, inferior to common.||4 Ë 5|
|Fair to fine.||6 Ë 6|
|Choice and selections.||6 Ë 7|
The first hogshead of the new crop reached here on the 18th October, and in January some few parcels of new came to market, and found buyers at rates Åº to Ë cent below the closing figures of Dec., but it was not until the middle of March that any considerable arrivals took place. From that time until the end of April he receipts were upon a pretty liberal scale, and the demand at the same time was fair, and was freely met by factors generally. In this period buyers gradually obtained some further advantage in prices, and on the 1st May we quoted: —
|For Lugs, factory. cents per lb.||2 a 2 Ë|
|Planters' do.||3 3 Åº|
|Leaf, inferior to common.||3 Å¾ 4 Åº|
|Fair to fine.||4 Ë 5|
|Choice and selections.||5 Ë 6|
Early in May a number of buyers who had previously held aloof, entered the market, and an active demand sprang up which continued unabated for some sixty days, the sales in that time reaching nearly 30,000 hhds. The consequences of these exceedingly heavy transactions were, that the stock on the market (notwithstanding the unusual extent of the receipts) was reduced to a very moderate
428quantity, and that prices gradually improved, until at the commencement of July our figures were advanced to the following range: —
|For Lugs, factory ....................... cents per Ib.||2 Åº a 3 Åº|
|Planters .................................||3 Ë 4|
|Leaf, inferior to common ........................||4 Ë 4 Å¾|
|Pair to fine ................................||5 5 5/8|
|Choice and selections ...........................||6 7|
At about these rates some 6,000 hhds. changed hands during July, the demand being fair, though not animated, and the stock on sale being too limited to admit of any very extensive operations. During the past month the inquiry has been more brisk, and the sales reported embrace some 6,500 hhds., including some parcels which had previously changed hands, and were resold. Under the influence of this improved demand, prices have again taken a start upwards within the past three weeks, and we now quote, for —
|Lugs, factory .......................................... cents per Ib.||3 a 3 Å¾|
|Planters, ditto ......................||3 Ë 4 Ë|
|Leaf, inferior to common ...................................||4 Å¾ 5 Åº|
|Fair to fine ........||5 Ë 6|
|Choice and selections .........................................||6 Ë 7 Ë|
We close our tables with a stock in port of 18,831 hhds., though the quantity immediately on sale is estimated not to exceed 4,000 hhds. It may be proper to remark, however, that in addition to this amount there are probibly 6,000 to 8,000 hhds. held in second hand, which may, in certain contingencies, be again placed upon the market. The total receipts at this port since 1st September, as shown by our tables, are 89,675 hhds., which amount includes 11,740 hhds. strips and 2,118 hhds. stems. The quantity inspected since 1st September is 64,045 hhds., of which 5,615 hhds. were Mason County.
Early in the season it was very generally known that the crop would certainly be a large one, and in view of the experience of previous years as to the effect of a heavy accumulation of stock upon our market, a majority, both of shippers in the country and of factors here, were in favor of speedy sales. This coarse has been generally pursued, and its advantages have been fully made manifest. The extent of our receipts (which would have been several thousand hogsheads greater but for the low stage of water in the rivers above for several weeks past) shows that the estimates of the crop were about correct. Its quality, however, was probably over-estimated, as the reports received from the interior last fall led to the expectation of something unusually fine, whereas the receipts from most sections have been decidedly below the average quality of former years. And here we take the liberty again to call the attention of planters to the necessity, if they would protect their own interest, and the interest of the trade generally, of bestowing more care upon the handling, sorting, and prizing of their crops. Their negligence in these particulars has been a matter of serious complaint for some years past.
With regard to the growing crop, we have briefly to remark, that the accounts received thus far have been of a decidedly discouraging character. Complaints of scarcity of plants, of want of proper seasons for planting, and of long continued drought since the planting was made, have been very general, and we hear of no section of the tobacco-growing region (unless it may be Missouri) in which anything like an average crop is expected. It is quite too early, however, to determine what the extent of the crop is likely to be, and at a later period we may take occasion again to advert to its prospects.
WESTERN PRODUCE. In this department of our trade there is embraced a vast variety of products, which contribute largely to the value of our Commerce with the interior, but our limited space will only permit us to review briefly the course of the market in a few of the most prominent articles. There has been some increase in the supply of breadstuffs, as compared with the last year, and the average of prices has been lower. The receipts of flour are 927,212 bbls.,
429against 941,106 last year, and of Indian corn they are equal to 3,750,000 bushels, against 3,300,000 bushels last year. Of wheat the supply has been light, and the receipts, which have been mostly to go forward to Alabama, Georgia, etc., have only reached 130,000 bushels, against 180,000 bushels last year. The few sales that have taken place have been at the extreme range of 65 a 85 cents, though mostly at about 70 cents per bushel. Of corn meal there has been received only 2,514 barrels, against 3,662 barrels last year. The total exports of flour, since 1st September, amount to 544,711 barrels, against ,583,418 barrels to same date last year. Of this quantity, 138,569 barrels were shipped to Great Britain, 70,445 to West Indies, etc., and the remainder to coastwise ports. Of Indian corn the total exports have been equal to 2,182,000 bushels, against 1,300,000 bushels last year. Of this quantity 382,000 bushels were shipped- to Great Britain and Ireland, 122,000 to the West Indies, etc., and the remainder to coastwise ports. The following tables will indicate the course of prices for flour and corn, as they present the highest and lowest points of the market in each month, the range being according to quality.
|PRICES OF FLOUR Per barrel.||PRICES OF CORN IN SACKS. Cents per bushels.|
|September ............||Highest. $3 50 a 5 00||Lowest. $3 37 Ë a 4 75||Highest. 85 a 56||Lowest. 32 a 65|
|October ...............||3 75 5 00||8 40 4 50||40 68||33 42|
|November .............||3 55 4 75||3 40 4 50||48 52||33 42|
|December .............||3 90 4 75||3 55 4 37J||50 56||41 46|
|January ................||4 00 5 50||3 60 5 374||54 57||44 47|
|February ...............||4 25 5 12 Ë||4 00 4 50||51 54||46 60|
|March ...............||4 25 4 50||3 75 4 25||50 54||42 46|
|April .................||3 75 4 12 Ë||3 30 3 90||48 50||42 46|
|May ................||3 60 3 80||3 25 3 75||47 53||40 47|
|June ..............||3 80 4 37 Ë||3 45 4 121||48 53||45 52|
|July ..................||3 75 4 25||3 50 3 871||50 62||48 52|
|August ...............||3 75 5 00||3 60 3 871||52 60||48 51|
The annexed table shows the exports of breadstuff's from the United States to Great Britain and Ireland since 1st September, compared with the same period last year: —
|Flour ...................... barrels||6,359,882||1,579,643|
|Corn meal .........................||1,750||5,553|
|Wheat ..................... bushels||1,520,307||1,286,630|
With respect to the supply of breadstuff's for the coming year, it is likely to be most ample; for it is understood that the yield throughout the country has been more generally abundant than in any previous year, at least for a long period. Even in the Southern States, where the grain crops have been almost a total failure for two years in succession, the harvest is ample, and large sections of country, which have depended upon the West for supplies, are likely to have a surplus to send to market. The crops of Europe, also, are generally represented as giving favorable promise, and the probabilities would seem to indicate a lower range of prices than the American farmer has realized for some years Past.
The article of pork has presented unusual interest the past season. It was declared that there was a further deficiency in the supply of hogs, as compared with the previous year, while it was evident that the consumption was rapidly on the increase, as the increase of population was largo and constant, besides which the failure of the corn crops at the South had involved at the same time the failure of the usual home supply of pork, and on these considerations the market for hogs opened in the West at what appeared, to some at least, to be high prices. The sequel, however, has sustained the views of the purchasers, though we doubt whether any one anticipated so high a range of prices as the market has
430attained within the past two months, a range that has scarcely been approached since 1838. In beef there has been some increase of supply, but prices, nevertheless, have ranged considerably higher than last year. The following tables show the highest and lowest points of the market, in each month: —
|September per bbl.||$16 50 a 17 00||$16 00 a 16 50||$15 00 a 16 00||$15 00 a 15 80|
|October.||15 25 16 00||14 00 14 50||14 50.||13 00.|
|November.||14 75 15 00||13 50 14 25||13 50||13 00.|
|December.||14 50 15 00||12 50 13 50||12 00 12 75||10 75 11 50|
|January.||15 00 15 50||12 75 13 75||13 50.||12 00 12 75|
|February.||15 50 15 75||14 87 Ë 15 25||13 50.||13 25.|
|March.||16 50 17 00||15 00 15 50||14 00.||13 25.|
|April.||17 75 18 00||16 50 16 75||15 00.||13 50 13 75|
|May.||17 25 17 62 Ë||16 75 17 00||15 00 15 60||14 50.|
|June.||20 00 21 00||17 00 17 50||18 50.||15 00 15 50|
|July.||20 00 21 00||19 75 20 50||18 00.||18 00.|
|August.||21 50 22 50||21 00 22 00||18 25.||18 25.|
|September. per bbl.||$14 50 a 15 00||$14 50 a 15 00||$11 50 a 12 50||$10 50 a 11 00|
|October.||14 50 15 00||14 00 15 00||11 50 12 50||11 50 12 50|
|November.||14 50 15 00||14 00 14 50||11 00 12 00||11 00 12 00|
|December||12 00 13 00||11 00 12 00||9 50 10 00||7 00 7 75|
|January||11 00 12 00||11 00 11 50||7 50 8 00||7 50 7 75|
|February.||11 00 12 00||11 00 12 00||7 50 8 00||7 60 7 75|
|March.||13 00 13 50||12 00||9 00 9 25||7 60 8 00|
|April.||13 00 13 50||13 00 13 50||9 50 9 75||9 00 9 25|
|May.||13 25 14 00||13 00 13 50||10 00 11 00||9 50 9 75|
|June.||14 00 14 60||13 25 14 00||13 00 13 75||10 00 It 00|
|July.||14 60 15 00||14 00 14 50||13 00 13 75||13 00 13 50|
|August.||14 50 15 00||14 50 15 00||13 00 13 50||13 00 13 50|
The receipts of lard have rather exceeded those of last year, but the average of prices has been about the same. The total exports since 1st September, [all packages being reduced to kegs] are equal to 792,543 kegs, against 738,956 kegs last year. Of this quantity 222,224 kegs were exported to foreign ports, against 188,353 kegs last year, Great Britain taking 61,923 kegs, against 41,663 last year. The course of the market will be observed by reference to the annexed table, which shows the highest and lowest points in each month, the lowest figures being for inferior, in barrels, and the highest for prime, in kegs: —
|Cents per pound.||Cents per pound.|
|September.||8 Ë a 12 Ë||8 Ë a 12||March.||7 a 9 Å¾||6 a 9 Ë|
|October.||8 Ë 12||8 10 Ë||April.||7 11||6 Ë 9 Å¾|
|November.||8 l0 Ë||6 Ë 9||May.||6 Ë 11||6 Ë 11|
|December.||6 Ë 8 Å¾||6 Ë 8||June.||8 10 7/8||7 10 Å¾|
|January.||6 Ë 9 Ë||5 8 Ë||July.||8 11 Ë||8 8 7/8|
|February.||6 9 Å¾||5 9 Ë||August.||10 13||10 12|
LEAD. — The discovery of gold in California has greatly interfered with the production of this article, and our receipts the past year have fallen to 267,564 pigs, which is the lowest amount since 1837. Our largest receipts were 785,000 pigs in 1846-47. The great bulk of the receipts has been forwarded to Northern cities, the sales in this market scarcely reaching 20,000 pigs for the entire season. The extreme range of prices has been $3 75 per 100 lbs. in October, and $4 70
431in June, when it was shipped freight free. The total exports since 1st September are 256,939 pigs, against 320,608 pigs last year.
HEMP. — There has been a further reduction in the supply of this article, the receipts since 1st September being 17,149 bales, against 25,116 bales last year. As in the case of lead, nearly all that is received is sent forward, only occasional parcels being offered for sale in this market, and those generally of an inferior quality. Under these circumstances very few sales have taken place here during the past season, and those mostly of limited parcels, at an extreme range of $85 a $95 per ton for dew-rotted. The exports since 1st September are 15,728 bales, all to Northern ports.
COFFEE. — This article has rapidly risen in importance in our market, and may now be said to take the lead among our foreign imports. The first direct cargo from Rio was in 1835, and up to 1840 the imports only amounted to 44,000 bags, while in the same year we received from Cuba, etc., 91,000 bags. The following table, which shows the direct imports from Rio de Janeiro, in each year for ten years, will exhibit the rapid increase in this branch of our foreign trade, and will also establish the interesting fact that this is now the largest market in the world (out of Brazil) for Rio coffee: —
The market during the past season has been characterized by more steadiness than we have had occasion to notice for some years previous, but the increased supply has reduced the average of prices, which have fluctuated between 7 cents in December and January, and 9 Å¾ cents in April, as the highest and lowest points. The following table, which we take from the annual circular of Mr. H. T. Lonsdale, coffee broker, shows the monthly sales and average prices for the year ended July 1st, 1852. By this it will be seen that the average price of the season, for Rio Coffee, has been 8 60-100 cents per lb., while the year previous it was 10 18-100 cents: —
|1851 — July.||20,613||8 65-100|
|1852 — January.||53,014||7 87-100|
The above sales include the transactions from importers' and speculators' hands, and exceed the quantity taken for consumption by about 30,000 bags. The following table shows the imports, stock, etc.: —
|Estimated stock out of grocers' hands on 1st Sept., 1851, of all kinds bags||4,000|
|Imports direct from Rio de Janeiro.||353,616|
|Cuba, Laguira, &c.||12,525|
|Received coastwise for sale, (estimated).||55,000|
|Making a supply of.||425,141|
|Total supply last year.||353,757|
In the direct imports from Rio de Janeiro there is an increase, as compared with last year, of 78,926 bags. There is also an increase of 2,158 bags in the imports from Cuba, etc., and of 1,800 in the receipts coastwise for sale. The present stock of all kinds, out of grocers' hands, is estimated at 35,000 bags, which would leave 390,141 bags as the quantity taken for the consumption of the West and South, against 349,757 bags last year; or an increase of 40,384 bags. The quantity of Rio coffee taken for consumption in the whole United States, during the past year, is estimated at 845,000 bags, of which nearly one-half was furnished through this market, where the aggregate of sales for the year has been over,six millions of dollars. In a statement published in the Baltimore American, said to be from reliable authority, the total produce of all countries, for 1852, is put down at 548,000,000 pounds, while the consumption of Europe and the United States, at the present ratio, is estimated at 640,000,000 Lbs., which would be equal to 4,000,000 bags, Brazil. The stock on the 1st of July was estimated at 125,000,000 Lbs. for Europe, and 25,000,000 Lbs. for the United States.
Our advices from Rio are to the 3d of July. The circulars of 30th June (the close of the crop year) state the total exports to be 1,881,559 bags, against 1,869,967 bags the year previous. Of this quantity, our own country has taken 952,498 bags, distributed as follows: —
The few samples of new crop which had been received proved of very fine quality, and the opinion is expressed that the crop will be fully an average one in quantity.
EXCHANGE. — The exchange market has maintained a good degree of steadiness during the past season, as will be seen by reference to the annexed table, which exhibits the highest and lowest quotations in each month, for sterling, and for bills at sixty days sight on New York. These figures are intended to represent the prevailing range of the market, though there have probably been, at most periods, some transactions at rates both above and below them: —
|STERLING.||NEW YORK 60 DAYS.|
|Per cent premium.||Per cent discount.|
|September.||10 a 11||10 all||September.||1 Ë a 2||1 Å¾ a 2 Ë|
|October.||10 11||6 Ë 8 Ë||October.||2 2 Ë||3 3 Å¾|
|November.||9 10||6 Ë 8 Ë||November.||1 Å¾ 2 Ë||2 Å¾ 3 Å¾|
|December.||9 10 Åº||8 Ë 9 Å¾||December.||1 Å¾ 2 Ë||2 21|
|January.||8 Ë 9 Å¾||8 9||January.||2 2 Ë||2 Ë 3|
|February.||8 Ë 9 Ë||8 9||February.||2 2 Åº||2 Ë 3|
|March.||8 Ë 9 Åº||8 Ë 9 Åº||March.||1 Åº 1 Å¾||2 2 Åº|
|April.||8 Ë 9 Åº||8 Åº 8 Å¾||April.||1 1 Åº||1 Åº 1 Ë|
|May.||8 Å¾ 9 Å¾||8 8 Ë||May.||1 Ë 1 Å¾||1 Å¾ 2|
|June.||9 Å¾ 10 Ë||9 10||June.||1 l Åº||1 Åº 1 Å¾|
|July.||9 Å¾ 10 Ë||9 Ë 10 Åº||July.||Å¾ l||1 1 Åº|
|August.||10 10 Å¾||9 Å¾ 10 Ë||August.||Å¾ 1||Å¾ 1 Åº|
FREIGHT. — The freight market has presented considerable fluctuations during the past season, though it has generally been characterized by rather more steadiness than we have had occasion to notice for several years past, the extreme range for cotton to Liverpool being Åºd. to 5/8d. per lbs. The following table, which shows the highest and lowest rates in each month, for cotton to Liverpool, will sufficiently indicate the course of the market: —
The total number of arrivals from sea since 1st September, 1851, is 2,351, namely: —
The entries at the Custom-house for the year ended 30th June, 1851, were as follows: —
|Whole number of vessels.||2,266|
The increase, compared with last year, is 212 vessels and 142,827 tons. Included in the arrivals are 412 foreign vessels, from foreign ports, with a total measurement of 185,386 tons. This is an increase on last year of 80 vessels and 48,388 tons.