and we sincerely hope that their products will meet with a favorable market, though a state of war such as now exists, and which is likely to become still further complicated, is a condition of things not at all favorable to the stability of commercial calculations.

The railroad enterprises, to which we made reference in our last annual review, may be said to have made fair progress, considering the nature of the country traversed, and incidental obstacles which could not well be foreseen, and we sincerely hope that before the lapse of another year such further advances will be made, and such results presented, as will furnish substantial and marked evidence of the advantages of these artificial connections with the interior.

The value of products received from the interior since 1st September, 1853, is $115,336,798, against $134,233,735 last year; showing a decrease of $18,896,937, which is mainly attributable to the reduced crops of cotton and tobacco. According to the Custom-house records, the total value of the exports from this port for the year ended 30th June last, was $83,926,728, against $98,988,186 the year previous, or a decrease of $15,061,458. Of the above amount $83,651,383 was American produce, of which $60,656,785 was exported foreign, and $22,994,598 was shipped to coastwise ports. Of foreign merchandise the value exported was only $275,345.

The operations of the branch mint at this place, which had rapidly fallen off since 1851, show an increase, as compared with last year, the total receipts of gold and silver for the year ended July 31st, 1854, being $5,624,708, against $4,485,865 the year previous--increase, $1,138,842. The coinage during same time has been, of gold, $1,720,000; of silver, $2,892,000-total, $4,612,000, against $2,857,000 last year--increase, $1,755,000.

COTTON. Another season in the cotton market having been brought to a close, and a new one entered upon, we take occasion to present our usual review of the past year's operations in this leading article of our country's Commerce a year, by the way, that has been marked by more fluctuations, obstructions, and irregularities by the disposal of the cotton crop, than any previous one that has fallen under our review for some years past.

The first bale of the new crop did not reach market until the 9th August, and up to the 1st September only 74 bales had been received, against 5,077 bales to same date the year previous; a marked deficiency, which continued to be shown in the progress of the season, until in the early part of March the receipts at this point, as compared with the year previous, showed a falling off of 440,000 bales, while the deficiency in the arrivals at all the ports was upwards of 640,000 bales.

Besides the backwardness of the crop, which was retarded in its progress to maturity by unseasonable rains, the prevalence of the yellow fever in the city, and in nearly all the river towns, interposed obstacles to the forwarding of the crop to market, and it was not until the latter part of September that any considerable sales of the new crop were made, the range of prices at that period being 10 a 10 cents for low middling, 104 a 10 for middling, and 11 a 11 for good middling. In October the market presented great heaviness and irregularity, and prices rapidly gave way under the adverse influence of unfavorable European accounts, advancing freights, declining exchanges, and an inadequate demand, the quotations at the close of the month being 81, 83, and 94 cents for low middling, middling, and good middling. The total sales up to this time had barely reached 56,000 bales, against receipts of 118,000 bales. Towards the close of November, however, the market rallied again, under the influence of an improved demand, which was instigated by more favorable advices from Europe, and by accounts of frost through a large portion of the cotton region, which, together with other and previous adverse circumstances, it was calculated would materially reduce the crop in quantity, besides injuring it in quality. Under this improved demand prices at the end of November reached 81 a 81 cents for low middling, 9 a 94 cents for middling, and 10 a 10 cents for good middling. In December, and during the greater part of January, business to a fair extent was transacted, and the operations would doubtless have been still

more extensive had the market been better supplied with lists of even-running middling to strict middling, upon which line the demand for all markets seemed to run more exclusively than we have ever before known, while probably no previous crop, at least up to that time, was so ill calculated to meet such a demand, the receipts having been of a remarkably low average; so low, indeed, that for a long time in the early part of the season, and at a period when it is usual for the receipts to present a high average of quality, a large proportion of the arrivals ranged below middling, and for many weeks these low qualities were wholly unsaleable and without a market price; and thus the difference in price between the lower and higher grades, and between mixed and even-running lists, has taken a wider range the past season than in any previous one within our recollection.

At this period, however, the receipts were presenting a better average, as the attention of planters had been repeatedly and earnestly called to the necessity of improving the quality of their crops by more care in "handling," while the upland crops, which in many sections were rather better than usual, were coming in more freely.

With respect to prices in the months of December and January, they were for the most part tolerably steady for the qualities in demand; but February was entered upon at a decline, which was mainly produced by a severe money pressure, the difficulty of negotiating exchange, and an advance in freights, though unfavorable foreign advices subsequently aided the depression, and the quotations from about the middle of the month to the close were 8 a 84 cents for low middling, 84 a 84 for middling, and 9 a 9 for good middling. In the early part of March the demand became more active again, and by the middle of the month prices had advanced cent, the quotations being for low middling 8 a 9, middling 91 a 94, good middling 9 a 10 cents per pound. At this juncture the prices again gave way, under pressure of the unfavorable aspect of European affairs and unusually high rates of freight, and with various fluctuations, taking an extreme range of 1 cent per lb., the lowest point of the market was reached in the latter part of May, when the quotations were for low middling 6a 7, middling 74 a 74, good middling 84 a 84 cents per lb. At this period the quotation for freight of cotton to Liverpool was 15-16 a 1d. per lb., with little or no room immediately available, even at these high rates, and the operations of purchasers were checked by the impossibility of effecting prompt shipments, while at the same time a large stock had accumulated in the hands of exporters, who had bought from time to time and held their purchases in store, in the hope of shipping on more favorable terms. Prices rallied again in the latter part of May and during June, and there were some sales in July which showed a recovery of 1 cent from the lowest point, the stock on sale being much reduced, the advices from abroad rather more favorable, and freight to Liverpool down to 11-16d.

In August the transactions were comparatively unimportant, and thus closed a season which, we suppose, has proved little satisfactory to any of the parties interested, (except the freighter,) the perplexities and uncertainties growing out of the European war question having led to fluctuations that baffled all commercial calculations. We think it may be safely remarked, however, that considering all the adverse circumstances which have been brought to bear upon it, the market on the whole, and in the general average, has been even better sustained than could well have been anticipated, and the course of the season has, we think, afforded ample evidence that but for the disturbing causes alluded to, a range of prices much above the average of last year would have been attained. The crop, in quality, as we have already intimated, was of a rather low average; resulting partly from unseasonable rains and partly from frost damage, but mainly from careless and hasty picking, which looked more to quantity than to quality, and thus the proportion of the finer grades has been unusually small, while the lower qualities have been abundant. We would here remark, however, that the demand for the finer descriptions has been much less than usual, owing mainly, as we suppose, to the almost entire suspension of the demand for

the markets of Russia, and during the greater part of the season we were unable to give quotations for qualities above Middling Fair, owing to the absence of any transactions of sufficient moment to establish market rates. The propor tion of frost-stained cotton has been greater than ever before, and factors have found much difficulty in disposing of it, as most orders wholly prohibited its purchase. It is to be hoped that the coming crop will escape this damage, and that the experience of the past season has been sufficiently admonitory to planters to induce them to seek their own advantage by handling" their crops with

more care.

The following tables, which show the monthly fluctuations in prices, with the rates of freight to Liverpool, and of Sterling Exchange, will indicate the course of the market through the entire season, and by reference to them it will be seen that the extreme fluctuation in Middling Cotton has been 34 cents per pound, the highest point being in September and the lowest in May, and that the average price of the season, including all qualities, has been 83 cents per pound, against 9 cents last year and 8 cents the year previous. The average weight of the bales we have ascertained to be 448 pounds, against 455 pounds last year and 438 the year previous, and the aggregate weight of the portion of the crop received at this port is 645,468,992 pounds.

TABLE SHOWING THE QUOTATIONS FOR LOW MIDDLING TO GOOD MIDDLING COTTON ON THE FIRST OF EACH MONTH, WITH THE RATE OF FREIGHT TO LIVERPOOL, AND STERLING BILLS, AT SAME DATE.

TABLE SHOWING THE HIGHEST AND LOWEST POINT IN EACH MONTH, FOR LOW MIDDLING TO

TABLE SHOWING THE PRODUCT OF LOW MIDDLING TO GOOD MIDDLING COTTON, TAKING THE AVERAGE OF EACH ENTIRE YEAR FOR NINE YEARS, WITH THE RECEIPTS AT NEW ORLEANS,

The total receipts at this port since the 1st September last, from all sources, are 1,440,779 bales. This amount includes 62,056 bales received from Mobile and Florida, and from Texas by sea; and this being deducted, our receipts proper, including 33,798 bales received direct from Montgomery, Wetumpka, &c., are shown to be 1,378,723 bales; being a decrease as compared with last year of 224,085 bales. The total exports since 1st September are 1,429,180 bales, of which 813,736 bales were shipped to Great Britain, 193,571 to France, 229,346 to the North and South of Europe, and 192,527 to United States ports. On a comparison of the exports with those of last year there would appear to be a falling off of 108,350 bales to Great Britain, 17,955 to France, 15,327 to the North and South of Europe, and 74,169 to United States ports. The total receipts at all the Atlantic and Gulf ports, up to the latest dates received-as shown by our General Cotton Table--are 2,893,414 bales; but the actual crop, when made up to the 1st September by the New York Shipping and Commercial List, with the difference of stocks at Augusta and Hamburgh, receipts overland, &c., will probably not be far from 2,930,000 bales; a decrease of 332,000 bales as compared with the crop of last year.

We have thus shown the distribution of that portion of the crop exported from this port, and will now proceed to give some general statistics connected with the Cotton Trade, which we apprehend may be of more or less interest to producers, dealers and consumers.

As we have already remarked, the receipts at this port contained an unusually large proportion of the Inferior and Ordinary grades, besides much that was reduced and made uncertain in class and quality by frost stain, and this preponderance of the low grades occurred at a peculiarly unfortunate juncture, as there was brought into competition with them, in the markets of Great Britain, an unusually large import of Surat (East India) Cottons, and the two combined gave so large a proportionate supply of the low qualities as materially to affect the prices of both. The import of Surats into Great Britain in 1853 exceeded the import in 1852 by 264,114 bales.

THE TOTAL CONSUMPTION OF EUROPE FOR THE YEARS 1853 AND 1852 WAS AS FOLLOWS: The supply of 1853 and 1852 may be

1853. 1852.

Great Britain..bales 1,855,109 1,896,075 stated as follows:

The following table exhibits the Import, Delivery, Stock, &c., in the whole of Great Britain, for the first six months of the current year, ended 30th June last, and a comparison with the same period in 1853. By this it will be seen that the quantity taken for consumption in Great Britain, for the first six months of 1854, shows a falling off as compared with the same period in 1853 of nearly 100,000 bales, and there is likely to be a decrease in the consumption of the United States for the current year of about an equal amount.

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:

Receipts new crop to Sept. 1.

292

It will be seen by the above table that the Cotton alone, sold in this market within the past eleven years, has yielded a gross product of $447,243,553.

Date of Receipts

first bale.

1843-August 17....

1844-July

23.

1845-July

30.

With respect to the growing crop, we have to remark that up to this time it is understood to present favorable promise in most sections, though its backwardness compared with the large-crop year 1852, as indicated by the receipts, may be regarded as an important consideration, as early maturity and a long and favorable picking season are absolute essentials to the securing of a full yield. It is true that a few bales were received from Texas (where the plant matures early) several days in advance of the first arrival last year, but these ambitious first bales are for the most part a fallacious guide in estimating the forwardness of the crop generally. The total receipts of new crop, also, up to this time, are considerably in excess of the same period last year, but it should be borne in mind that the obstacles which then interposed to prevent the earlier forwarding of supplies have had no existence during the present season. The result, whatever it may be, is in the future, and estimates made at this early period of the season are mere speculations, which may be right within a few thousand bales or wrong hundreds of thousands.