Northern Times. — Liverpool, Merseyside, England, 1857-06-13 00:00:00

INCREASED SUPPLY OF coTTJN. PUBLIC MEETING, YESTERDAY. A public meeting was held yesterday, in the Cotton Sales' Rooms, Exchange Buildings, for the pu'pese of taking into consideration the present deficient supply of cotton. The meeting was announced to be held in the Sessions House, but there being no room unoccupied in that budding, it was found becessary to ajourn to the Cotton Sties'll iorns. At the hour appointed 'Tor the commencement of the proceedings, the very large number of gfntlsmen who war , present evinced the deep public interest felt in the important. subject involved. Among those on the platform were—Mr. John Torr, Mr.'Thomas B. Hord . ..ill, M.P. ; Mr. John Cheetbam, M.P. ; General Chesney, Mr. Striith, of Wellington, New Zealand; Mr. Thomas Bazlev, Manchester; Mr. W. H. Andrews, Man chester; Mr. Christopher Bushell, Mr. William Rathbone, the Mayor of Liverpool, (Mr. Francis Shand) ; Mr. George Booker, Mr. Alderman S Mr. Harold Littledale, Mr. R. A. Micfie, Mr. Barber, Mr Bauch, Mr. A C. Stewart, Mr. Woodruff. Mr. Watson, \l r. James Riley, and a great number of the lea-ling merchants and traders of Liverpool, whose names, owing to the crowded state of the meeting, it was impotshle to ascertain. The chair was taken, am dst load cheers, by John Torr, The CHAIRMAN said: G,ntlernen, in opening the pro ceedings of this day's meeting I feel much regret to have to do so with an apology. It was :.tur intention that you should have be,n assennb'ed, as you are all aware, in the Sessions House. (Cheers.) Mr. Bushell, our vice-presi dent, kindly undertook the arrangement of our meeting, and I therefore call upon him to extdain to you the reason why the meeting has been adjurned to this muci smaller and less commi,dious raorn. Mr. Bushell said : I feel, gentlemen, that both an ex planation and an npelegy is due to you. At the some time I have something to "ifer in my own defence. It was not by neglect of duty upon my part that this matter has taken place. I was requested to apply to the Mayor, which I did through Deputy Town Clerk, to grant us the Seestoosouoe YO.l know how difficult it is to find a building near the Exc'nanee, where merchants could be got to attend in an affair of this kind, and you know how inconvenient this building is I applied to the Mayor, and he very kindly granted my request. Some dais afterwards I received a note from Mr. Veen, to say that the stipendiary magistrate had made some objection to the Lve of the Court being given for a public meeting; and a , ding that, if I saw the stipendiary magistrate, the objection could perhaps be removed. I went, theref ere, at the first opportunity I had yesten7ay, to the police court, knowing no other place where to see the stipendiary magistrate. I asked one of the officials if I could speak to the stipendiary. He slid, "Oh, certainly ; step into that little biz, and draw the curtain of the bench." I waited a favourable opportcnity, and then did so; and said, in the most courteous manner I could, " Sir, can I speak to you for one moment?" He replied, "If you want te speak to roe, sir, go into the body of the court." (Oh, oh.) " Sir," I said, "I am here at the request of the Moyer." " Sir, go into the body of the court." " But, sir, it is not upon court business I am here—is there eny other place where I can ask you a question ?" " Sir, I shall not speak to yon here—go into the body of the .court ; if you want to see me,see me some where the." " But where else con I see you ?" " Don't answer me—doe , t talk to re." This being said in so loud a tone as to subject. me—the subject matter of our conversation not being then known—es I spoke in a low voice—to the gaze of all assembled in the court. (llelr, hoar.) The M qur was afterwards applied to; bet i believe he has been unable to prevail neon Mr. Mansfield to grant his r• quesr, and iha.efore we are obliged to bring you here. I leave yea to judge how far the manner in which the stipendiary magistrate has acted was consistent with the character of a gentleman. (Hear.) The Chairman : GAnlemen, the only comment I can offer, is si.no:y that the doe rive, or the zert of notion put into the heads of young men, is proved to be totally erro neous in that letter—"Doctrina emollet mores nee sinit esse feros." I Low beg- to read to you two or +hree letters of apology which we have received from gentlemen who were not able to attend. lam happy to say that our friend, Mr. Horsfall has come some distance, and at some inconvenience to attend here. (Cheers). The Chairman then read the following letters of apology Reform Club, Wednesday, My Dar Sir,—l hare just got your message. lam placed in a most unpleasant position, having a most important duty to perform to two pa and moat anxious to do both. But as Mr. Horsfall has kindly agreed to go down to Liverpool, and as the Irish Commtmica bon questßn (in which my colleag'ae cannit take my part here) is really important to Liverpool and tae courary, I feel it my duty, very reluctantly, to remain here at my Tod. Whi you have tho kindness to explain all this to the council and to the meeting, with the expres sions cf my great regret that I am unable to join yen all on Friday.— Ever faithfully yours, J C. EWAZT. J. Torr, E-q. Manchester, 2nd Jane, 1857. Sir,—lam most anx'ous t> co-operate, as far as I can, in the very important object of your meeting on the 12th Mat., bat I fear that 1 shall be unable to 7 e present. lamon a committee for private bine, and I think it probable that our work will not be concluded on the 12th.—I have the honour to be sir, your most obealent servant, John Torr, E3q. JOHN POTTER. Fentln'a H .tel, London, 2nl Jane, 1857 My Deli* Sir,—l have your favour of the Ist 'not., and quite agree with you, that to obtain a 'arger supply of cotton is a nation 11 object. and that everything we can du ought to be done to increase it. If I am prevented being with you on the 12th inst.. at your meeting, pray. say for m. that I am ready to promote any measure that will accom. 'Ash the end.—Yours, very truly, WIL lAM BROWN. John 'Corr, Esq. 6. York-street, St. James'.-square. London Dear Sir,—l havebeen too long in sending an answer to your letter of the Ist of Jnne, Inviting me to attend a meeting in Liverpool, on Friday next, on the subject of increasing the supply of cotton. I have been in doubt whether I could manage to leave town for that purpoa or not. Icm desirous of attending your meetinz oa this most impor tant subject. and was in expectation that a meeting in Manchester would have been arranged on the day previous to your meeting, in which case! should have attended h - Ili. As, however, I must attend the Manchester meeting on the following week, I fear that I may not find it convenient tc make two journies into I ancashire. My sympa thies, however, are entirely with you, and I will attend your meting if I can manage to do so without much inconvenience; at the same time you must excuse my leaving it a little doubtful.—l am, dear sir, yours faithfaliy, J. ASPI VALE TURNER. John To: r. Esq. 'the Chairman—However, gentlemen , we have s e v e r a l other friends around 11F, and I ' llave no doubt that we shall have valuable information given us upon the subject which has now brought us together. I may say for myself, that when I reflect upon the vast importance of the question which we are now about to discuss—the question un doubtedly of the day, 13;th as regards the world at large and more parti culaely our own country—l naturally feel much diffidence in occupying the chair upon an occasion so important as the presen*. —But, gentlemen, I feel that no apology is rimier! on behalf of the Chamber of Commerce for callingyou t , gether upon this occasion. (Cheers). Indeed we felt, when we saw `the question of the supply of cotton discussed es it has been in Manchester, and in:roduced into commercial discussions in other places both of this country and others, that we, as a Chamber, would be remiss, and Liverpool herself would be remiss, in the performance of her duty, as the great empo.ium of the cotton trade, if she remained silent upon a matter in which all her own interests were coo deeply involved. However clear the question may be to us, there have been objections sug gested. Why call a public meeting ? it has been asked— the question is already exhaestel. Gentlemen, with that opinion I totally disagree, and I think you also will dis agree, a:111, lrfore the close of the meeting, will rather agree with me that the question has not yet been fairly opened, much less exhausted; and I believe, however long our meeting may be extended, however able the speeches delivered may be, we shall not exhaust the question today. (Hear, bear). An objection has been offered, which is merely a matter of price. It will be dealt with, no doubt, by other speakers; hut it has also been said that it is a matter for Manchester and not for Liverpool. Here, ag in, I totally disagree with those who offnr that objection. No doubt, cotton is the main stay of the very existence of Manchester; bet is it not equally the mainstay of the very existence of Liverpool ? (Hear, hear.) What would Liverpool have been in her past career—what would she be in her future course—if it had not been, and if it were not, for the article of cotton t (Hear, hear.) But, gentlemen, one cf the principal objects of our meeting to-d ,y, is to give to that question a much wider range, tine to show that it is not one for the manu facturers of Lancashire, or for the merchants and ship owners of Liverp , ol alone, but that it is a question of vital importance to every town, to every village, and to every inhabitant of this island. It is the article in which the great prosperity of the nation at large mainly depends. It is a question vitally affecting all classes of , society, and it is one which should excite the smpatby and support of the first minister of the crown, and of the government. who are held responsible, to a certain extent, for the well-being, not only of this country, but of our colonies. It is a question, the interest of which, can hardly be exceeded to the mind of a philanthropist, who looks to the greatest amount of good for the greatest number —for I feel that if the Anglo-Saxon is destined to be the reformer and civiliser of the world at large, then, depend upon it, the despised cotton bale will be one of the most powerful levers in his hand to introduce civilization throughout the benighted regions of the world. (Cheers) But, gentle men, probably there is no class more deeply interested in this questi el than the frietele of emancipation. How can we, would ask, weep and whimper over the elege , r:;ted horrors of " Uncle Tom," and yet comfortably clothe ourselves in the produce of his labours ? Or how can we, as men of common sense, as men of common forethought, give utterance to the doctrine that the dais of slavery are numbered ; that liebt and darkness cannot long remain in such close juxta position as they are now placed; and that the advance of civilisation, knowledge, and education, most sooner or later—and probably at no very distant date—jeopardize that very institution which now gives our almost entire supply of cotton. 'I say how can we, as men of common forethought, pronouns: sech opinions, and not see that it is our duty to provide, if possible, for such a contingeney ; ra'her than to leave ourselves and our millions of artizons, who are dependant for their very existence upon the supply of cotton, to the fearful risk of such a catastrophe as that. (Rear), We are met by the idea that his discussienupon the supply of cotton will not be agreeable to the Americ ens. The impression appears to have got abroad in some quarters, that we are trying to raise an opposition to the Americans as growers cf our great s'aple commodity. Far, very far from that, I assure you, is my feeling ; and I am sure I m ey speak for every member of the Chamb-r ot Commerce. (Hear, hear.) Let the Americans grow double—let them produce two bales for every one they have yet produced— let them grow six millions of bales instead of thr , e, and the only thing we shall feel is that they are entitled to a double debt of gratitude. (Hear, hear.) But if their machinery is limited, aid. if their region is such that one night's Iron may almost paralyse the cotton market, and throw discomfort into all our calculations—surely there cannot be a more powerful argument in the minds of Americans and in the mouths of Americans; and the time may arrive when they themselves may thank us for the efforts we are making to extend the groundwork of the production to! cotton. I believe that they themselves will so increase the number of their consumers that they will he able themselves to cm , same in their own mills the m ijor par`, if not the entire, of their own pro leeeion. A circumstance has come to ray knowledge within the last week, of purchases having been made of Surat cotton in this market 1,,r the spinners of Lowell, and considerable orders have gone out to Bombay on American account—not that they have not cotton, enough in America, but that there is a cheaper quality of cotton which is useful and necessary to mix wi,h their own cotton, in order to proince a cheaper article for the cloth ing of many parts of the world. There are great varieties of other reasons which might be made use of as arguments for our meeting to-day; but it is not the duty of the chairmen to anticipate what he calls upon his different friends to introduce. I may first, in conclusion, mention that there, are speakers who will take up the different pars of theuestion, and I would merely enforce I the opinions I have uttered by the words of one who, although dead, yet speaks in language wh ch no Lancashire man can hear without attaclain.e, to it the deepest importance. I shall read for you portiotes of a letter addressed by the late Sir Robert Peel some few years ago— indeed, it bears data IPso—to my partner, Mr. Harold Littledale. You are aware that the prices ot cotton were then nearly as high as they are now, and some doubts as to the supply of cott - an began to agitate the minds of most thinking men. In corrsepending with Sir R. Peel, Mr. Littledale mentions the fact, and this is his reply -- - Drayton Manor, San. 8, 1350. IF i • I feel the full importance of the subject to which you allude in the concluding part of your letter. Every measure that can be devised for the purpose of extending the area from which our supply of cotton can be derived, ought to receive the most serious consideration.—l am, my dear sir, faithfully yours, ROB ERT PEEL. Harold Littledale, Esq. Now, gentlemen, you will ask us what we purpose to do. It is not ou - ideation to form as inr'epentient association in Liverpool for increasing the supply of cotton, nor is it oar intention inthe city of ;Manchester to become cotton growers. Our great object is to remove the various obstacles which in every quarter of the world may be found to impede the growth of cotton; to aid in every possible manner the development in different countries of the production of that al:-important plant. We propose to form simply, in Liverpool, a corresponling committee with the cotton supply association of Manchester. We propose to ask you, gentlemen, all the firms in Liverpool who take all interear in cotton—and I hope when I say that, I may inclucl all the mercantile firms, or thereabouts, who frequent. the Exchange of Liverpool—each to give same trifling dona tion towarls the funds of the body, or to give a subtcription of something like two guineas a year. We know well the energy of our sister town of Manchester, and what the people of Manchester have done by combination. We feel that by uniting with them, like the bundle of sticks, we shall be stronger than if we formed a number of inde pendent and smaller ossociations, and are now likely by that means to attain our end. (Hear, hear.) The Chair man then concluded his address by calling upon Mr. Horsfall to propose the first resolution, and resumed his seat amid loud applause. Mr. BUSHELL tit--n came forward and said : I have just received a note which was put into my heed since I made my few observations, and I trust you will al ow me to read it. Mr. Bushell then read the following : Sessions-house, Liverpool, 12th Jane, 1857. Sir, I have just been informed that you were the person who spoke to me on the bench yesterday, and to whom I made sons remarks which you probe:Ay have tho,ght uncalled for. As I have not the honour of knowing you personally, I mistook you at the time for an applicant who interrupted me in a similar mariner the preceding 'icy ; and my object was simply to put a stop to an es parte statement which the applicant had no business to make. I trust this explanation will acqnl me in your opinion of any intentional discourtesy to you-self. —I am, sir, your obedient servant, J. S. MANSFIELD. Mr. BEI.HELL : I have great pleasure in reading that note, and certainly had I had it before-hand I should not have made the observations I did. I regret that Mr. Mansfiel.l did not know me personally, as I have met him at dinner on one or two oweesions. I never hid the plea sure certainly, or pain as the case may be, of appearing before him in his official capacity. (Laughter.) Mr. Heaseaee, M.P., then came forward, and was received with loud applause. He said : I have very great pleasure indeed in complying with your request, that I shoal move the first resolution, although on many grounds I should have been glad if the resolution had been entrusted to some gentleman more competent, to address you on the question which you have submitted to the meeting. The resolution which I have been requested to propose, states a fact—a fact startling, it is true, and one to be regretted, but a fact which no one will qu stion, and no one can deny. It states, " That this meeting is deeply sensible of the inadequacy of the present supply of cotton to meet the requirements of manufacturing industry." (Hear, hear.) Sir, this statement naturally presents to our minds a cries tion of the greatest importaece, not more to the commercial than manufacturing county of Lancashire, and I maintain to the social well-being of oar country. (Hear, hear ) It is a question not of local but of national importance. (Hear, hoar, and cheers.) Sir, we all feel the difficulty of the position in which we are now placed. It is easy to see—it is not so easy to solve— that difficulty. There are those who think that the defy of solving the difficulty rests with the government and with the legislature. lam one of those who think that it rests mainly with British enterprise and British capital—. (bear, hear) —but at the same time I am vary far from desiring to absolve the government or to absolve the legislature from their duty, for I think it is the duty of the government, and it is the duty of the legislature to assist such an association as this in promoting the great national object which it has in view. (Hear, hear.) What is our position at this moment with regard te our supply of cotton? I believe lam within the mark when I say that at this moment we receive four-fifths of our supply from America. (Hear, hear) Is that politic, or is it not ? I am not one of those who anticipate any interruption to the good feeling which exists between this country and America; nor should I be apprehensive that, even if such an interruption took place, the cotton would not find its way to this country. But there is the great quesnon to which you, sir, have referred—a question of great import ance—.of which we should not lose sight. We cannot lose sight of the fact that in America there are, I believe, two millions of slaves, and that these slaves are the principal cultivators of cotton. What, then, would be the result, supposing the possible—l should say, the probable —event to take place, of either a legalised emancipation or an insurrection of the sieves ? What would be the conse quence ? Look at our own colonies, when emancipation was legalised. Has not the result been a decrease in the pro duction of those colonies ; and assuredly, even without looking at the worst feature of the case. but assuming a legalised emancipation of the slaves to take place in America, we have a right to assume, and should assume, that there would be a great falling-off, even in the present supply of cent!). (Hear, and cheers.) Now this is the point of view which I think we ought to bear in mind, and this is the point of view which, to my mind, makes it most important that we should look around and endeavour to discover where the deficiency, which may arise, can be supplied. (Hear, hear.) We naturally turn to India. From India we receive now a very large supply, but the improvements which we have a right to expect in India, when they take place, will cause us to receive a verymuch increased supply. (Hear, hear.) If the land were held there under a different tenure, if encouragement were given to those who are willing to embark capital there, to employ irrigation, and other improvements, I beiieve that the supply of cotton would be increased very materially, and would be supplied to this country at prices at which it cannot be now ;supplied, to compete with American cotton. There are other points of view connected with India which should be brought before the meeting, but I know that there are others more conversant with the growth of cotton then I am, prepared to address the meeting, Others, again, have asked why the supply cannot be brought from our West India possessions. (Hear, hear.) They say, and sty truly, that it came from thence before, and 'they ask why can it not come from thence again ? Circumstances have totally altered since the supply came from the West Indies; bat notwithstand ing that fact, I believe that if the Government now encouraged an adequate supply of labour to the West Indies, by encouraging emigration more than they do from India and from China, labour would become so abundant i n t h e West Indies, that a very large, a very adequate, THE NORTHERN TIMES. LIVERPOOL, SATURDAY, supply of cotton might be obtained from thence. (Hear.) What is the position of our emigration now. Look to India—and look to China. The government allow tke principle, but they permit a very limited supply of labourers. They do not allow free trade, They station a government officer, and no person is all owed to collect the coolie,, no person is allowed to collect the Chinese for ernigraticeo but the government officer. The government say the country sill net admit of parties going there individually, on their °wit part, to superinted for them selves emigration. But 'et the government put it on some such footing as this. They are afraid, they say, of the anti-slavery feeling in England. Sir, I am as much opposed to slavery as any man in this room, and as much opposed to anythine which cotald encourage slavery, but I venture to say th it the case might be met in this way. Suppose the government, say " you are at perfect liberty to collect your Chinese emigrants, you are at perfect liberty to collect your coolies yourselvas— we will station an officer here—you mutt bring them before that officer, and we will ascertain that the emigrants are going of their own free will." That, I think, would tn=et the case, and if the government adopted that principle instead of the limited principle they now adopt, I am satisfied that emigration to the West India colonies would go on to an extent which would give us an abundance of labour ,here, and admit of the growth of cotton in the West India islands again. Then, again, we are referred to Alice, and we know that cotton grows very abundantly and v ry luxurious'y in most parts of Africa. To the credit of Manchester be it said that two experiments have been tried by philanthropists there. One was tried by our friend Mr. Turner, the present member for Manchester, in conjunction with some other gentlemen. They established a small plantation there, and the first year they sent home a very good description of cotton. However, they were disappointed in many features of toe case. They - were disappointed in finding that the cotton was a biennial pl.nt there, instead of a perennial print. They were disappointed, I believe, is the party who superintended the growth of the plantation, and it was ultimately aban doned. But it established the fact that cotton can be grown there in plantations, and cotton of a very good quality. The second was a much more successful expert men , made by Mr. Clegg, of Manchester. He sent out, I believe, a large quantity of the cotton seed ! he distri buted it to the natives. the nal; ves increased and cultivated it themselves, and I believe the first year he got home some 300 or 4001bs. of cotton. The next year he got a much larger quantity, some 14,000ibs ; the next year I believe 30,000iba ; and I believe he anticipates this year getting 1000 hales ef very excellent cotton. (Hear, hear). I think, sir, this is a practical question ; these two, or at least Mr. Clegg's experiment, illustrates the fact that cotton col be grown, and cotton of good quality can be got from Africa. (Cries of hear, hear ) In addition to that, we have the testimony of that cele brated traveller, Dr. Livingstone, who informs us that cotton grows luxuriantly through the entire of Africa, and can be cultivated to a very great extent. lam not one of those who think that we can look for an immediate supply from Africa - quite the contrary. I think it will be some years before we can look for any quantity from that country, but I believe, from our knowledge of India and Africa, that we may look fur an immediate supply from the former, and a prospective suppl 3 from the latter. Sir, I feel that with the gentlemen who have to address you, I ought not to trespass on the time of the meeting, bat I cannot help expressing my conviction that though the government is in duty bound to aid, and I believe will suppo , t, any enterprise for the promotion of the growth of cotton, it is, as I stated its the outset, it is to British enter prise, and British capital alone, that we most look to as the great instrument in promoting the object we have in view. I have great pleasure in moving the following resolution. —(Applause.) That this meeting is deeply sensible of the inadequacy of the present supply of cotton, to meet the requilenaents of manufacturing industry. That such supply being almost entirely derived from one source, is uncertain and precarious in quantity, and unduly fluctuating in price. causing thereby loss and inconvenience to the consumer, and endangering the stability and future prosperity of the country. Mr. OHEETHAM, M.P., seconded the resolution. He said : Mr. chairman and gentlemen, I think the remarks of my excellent friend who has preceded me, in a great degree relieves me from attempting to enforce upon you the important point, That the subject which is bro ight under our notice to-day, is one in which you are equally as personally interested in this town of Liverpool, as we cat possibly be in any other pert of Lancashire. (Cheers.) It is true that some of you may say " we are not direct dealers in this article of cotton ;" but it must be borne in mind, that the manufacturer and mill-owner though he deals directly only in the article of cotton for his mill. yet he deals very largely indirectly in all the other articles of produce, by gathering round him a large population, who consume those other colocial products, which, together with cotton, form the chief imports into this gre .t and im portant port. Any interruption then to the working of the mills, must not only effect the direct article of cotton, but indirectly those other important articles iu which you are all more ar less interested aid engaged. I must confess that, after looking very anxiously into this question, not only.as a manufacturer on the one band, but as holding the important public position of rep - esentative of a great mass of the population on the other, I have come to the con clusion that there never was a period in the history of oar cotton manufacture in which that manufacture stood on more dangerous, more doubtful, and snore difficult ground. (Hear, hear.) I regret that it is so, but facts, I think, will bear me out in the assertion. It is true tha an honourable gentleman, lately a governor of the Bank of England, after his visit to the Art Treasures. Exhibition of Manches ter, stated, on his return to the Httuse of Commons—and I regret that I was not present to answer him—that there was the utmost buoyancy of trade in the great manufacturing district of Manchester, end that the high price of money and the high rate of discounts were in uo degree affecting our chief and important manufacture. I quite agree with him to the extent that the high price of money is only partially affecting or intetrupti.tg our treter; but if that was the whole difficulty in our way we should have little to complain of; that there never was a period when the position of the manufacever was snore dangerous than at present. It is true that the fine spinners are not affected so materially by the raw article of cotton, and that they are enabled to maintain some amount r f profit ; but the great bulk of the trade are working without pry fit, and in many cases at a serious loss. We are some times met with this argument, " Why do not you consume less ?" There is this peculiar position in themanufacture of cotton, that so long as the cost is made, it is lsss disastrous for the manafacturer to go on. than to c'ose his mill ; because, on the one hand, while he suspends his works and loses the interest of his money, he is running the risk of scattering his workpeople whom he has had for years under his control. and whom he would have much difficulty in collecting again. It is only in the case of a loss exceedingly great that he is rednced to that necessity. That is the position in which he is placed at this moment. " Short time," which commenced with the workers of heavy goods and yarns, is greatly extending, and without some adequate improvement in the price at which manufactured articles have lately been, the whole of the trade will likely be compelled ultimately to the same course What does this short-time mean ? It is very easy to advise men to go upon short-time in manufacturing, but what does short-time mean? It means the curtailment of the comforts of their working men—the lessening of their earnings—a pinched and cheerless home, and ulti mately it will lead to a very extensive emigration of their work-people to the United States. (Hear, hear.) I say, then, that this question is one not only affecting Manchester and the district around, but is closely identified with your interests in this town of Liverpool, and I congratulate you that you have come forward so warmly and nobly to assist us in this great work, which, if we would make progress in it, will require the united exertions of all parties. There have been objections raised to our attempting to interfere with what is said to be free trade, and the sound economical principle involved in the question. It is said, "Why do you not leave the operation of supply and demand to the price ?" (Hear, hear.) Now, I quite agree that that is the sound economical principle, the legitieeate one, and if this association were interferring with the operations of that principle, or deviating from the true economic principle, I for one would be no party in connection with it. But I say tat not only does it not interfere with the true priaelple of supply, but that the exigency of the case will require every remedy that may be employed to restore our population and manufacturers to that position of comfort on the one hand, and of fair remuneration for capital on the other, to which both parties are so justly entitled. Let any gentleman look to this strong fact in the case Up to the end of 1845, we have been for some years gradually increasing the supply of cotton, till at the close of that year the stocks on hand wer e no t less than thirty-nine weeks' consumption ; but since that period, by failures in the harvest on the one hand, and increased consumption on the other, we have arrived at that point that stocks in the port, and the hands of consumers, are less than ever existed in any official return that has been made during fifty years of the history of the trade (Hear, hear.) Now, I hold the opinion, that you ought not to have less than twenty weeks' consumption in the port and the hands of cocsumers. You have, at the present moment, or rather you had at Christmas, not more than twelve weeks' consumption, and though you have now a larger supply than that, yet we know that the great bulk of the imports having come in, we must gradually look forward to a steady diminution of that stock. Thi s stock having been reduced by a series of failures in the harvests, and by increased consumption, will take a long time to create, and it is to shorten, if pos sible that time, that the consumers of cotton in Manchester have united themselves into an association, in order to assist, by their united efforts, in promoting, if possible, a great increase in the supply, and at the same time in securing a better article. And there are two modes in which we may propose to do this. The one is, that, look ing to the various parts of the world in which this article may be produced with some encouragement, by advice. and by a little outlay of capital, in the way of machinery and seeds, we find there are many parts of the world to which we may direct our attention, not indeed as growers of cotton ourselves, but as promoters of that growth. I hold it would be contrary to sound principle to attempt to become direct growers of cotton, but we may go into various countries—to the west coast of Africa, to the dis tricts to which Dr. Livingstone has pointed our attention. We may go to Morocco, Algiers, and Tunis—all of which have been brought under the notice of the association, and, by some aid, we may be the means of commencing there the cultivation of cotton, from which, at all events, subsequent generations may obtain a large and adequate supply. That is one department to which the association is intended to direct its attention, but there are two other points to which this association is desirous of bringing their efforts with yours to bear on the legisla ture of the country. I can assure you that this subject excites a decree of interest, of attention, and of grave alarm in the House of Commons, of which, I think, you are little aware. It is felt there that next to an ade quate supply of the great article of food for our popu lation, comes the supply of cotton. (Hear, hear.) That a failure in that—an inadequacy to maintain in employ ment the vast population connected with the manufac ture thereof—would be almost as fatal as an inadequate supply of food. (Hear, hear.) It is remarked, too, that not only is there an inadequate supply of cotton, hut of silks and other textile fabrics, which is now seriously affecting manufactures in those trade districts, but in none of them does the pressure tell so heavily as it does upon cotton. You have in wool and silk much more of a finer trade, and you supply a much more luxminus population than those who have to manufacture cotton do, and so large a proportion of cotton fabrics are exported to countries where the population is poor that it is found by long experience, that any conceivable rise such as has taken place in cotton, is fatal to the consumption f that article. I say, in looking forward to the position in which our working population is likely to be placed, it requires the united rff7rts of every one to see at the present moment that they are fairly employed, that they are min t tined in the observanee of the laws and institutions of the land, and that being so I am convinced that every patriot and philanthropist will assist us in the great object which we have met this dal to promote. (Hear, hear.) There are two modes in which the association intend to press on government this question. The one is the emi gration of free labour into our colonies. You all keow that the object that at present stands in the way of that are the restrictive laws passed by our government, and very properly so, under the influence of that strong anti-slavery feeling which saw in the employment of the coolies only another mode of continuing the system of slavery ; bat that feeling we may be permitted, I think, now to lay aside, I think if our colonies are at all to be encouraged in the cultivation of their soil, if we are to do them justice, we have a right to supply the loss of their labouring population, by the immigration of free labourers, and by the removal of those restrictive laws, in the face of which the colonists complain they cannot obtain an adequate supply of labour. I put the question to the Colonial Minister, Mr. Labouchere, in regard to Guiana, and lie assured me that the subject was under the con sideration of government, and that he would soon be pre pared to state what course they intended to adept. But I am quite:aware, that even if we obtained a relaxation from government of that point, it would be a work of considerable time before a large importation of cotton would take place from any of our colonies. Sugar and coffee are se attracting attention that it will be same "time before they take to the the cultivation of cotton, and therefore the only country from which we can expect any increased supply or any immediate relief, is from our great possessions in India. Well, but what have Government to do with that ? I say they have a great deal, and that a great responsibility lies at their door in reference to it. India is not like this country. India, as you are aware, is a country pee seising a population of varied castes and religions, and little eeal:ned in themselves to do any of those great works which we require from them; because not possessing the necessary capital, and also because of the state in which we have held them as serfs on the soil, arrogating to ourselves the manorial rights on the whole country, and so preventing in the population the very source of that free and independent action upon which you call upon the people of this country to rely - for success. Our first object, then, will he t> remedy theigrievence so:lotnily complained of, in regard to the land tenure in India, It is true that the same objections may be made in regard to all the products of the soil, but I understand that the growth of cotton is in general a less remunerative crop to the Ryat than the other products, and therefore the evil is felt more heavily in the cultiva tion of cotton than in that of any other product—at all events it is injurious in preventing that expansion of industry and e•zpital which is essential to the welfare ete the country. (Hear, hear.) The President of the Board of Control thinks the time has came when that question must undergo revision, and, our association will press on Government in order that that may be done. (Hear, hear.)Lßut there is much more responsibility in regard to India on the GAternment than the land tenure, and that is its neglect of the most important point in connection with the growth of cotton—the irrigation of the land. We all know that cotton from India is of so inferior quality, that when an abundant supply of American can be obtained, even consumers of the cheapest article will neglect it. That arises from its inferiority, and that inferiority is attributable to the want of works of irrigation, which would improve the quality and bring it more into competition with American cotton. From the papers Presented to the House of Commons, it appears that whilst, during the last fourteen years, no less an expenditure than £280,000,000 has been spent by the government of India in its civil service, wars, &c , not more than £2,000,000 have been devoted to this important work of irrigating the soil of India. I think that is one of the charges which we are fairly entitled to make against government. (Hear, hear). Another drawback attending the cultivation of cotton is the want of communication from the interior. In 1818 a committee of the house sat on !he question, but as yet very little progress has been wade with it. The small sum of £2,000,000 has been expended on such works, but we have a right to complain that that diligence has not been observed that ought to be observed, on a subject of such importance. (Hear, hear.) The Indian Government, by offering anything like a fair per tentage, would have obtained from Eglish capitalists sufficient money to construct those works which would repay themselves in a few years, We have an instance in the case of Manchester, in which the whole of its gas works, which supply an annual income of £30,000 for the improvement of the town, were constructed upon borrowed capital, and, in fact, the city of Manchester never raised a penny of this magnificent income of £30,000. Just such a result would be obtained by a wise outlay of money in irrigating the soil of India, and while such an ample return would be yielded, another result would follow in an increased and improved supply of cotton. Then there is another point upon which the Indian government has neglec , ed their duty, and that is in the making of railways. They were the last government in the civilised world which took up that question, and what difficulties have not the English capitalists met in exacting from them a simple five per cent., in order to carry out that important object. The making of railways, the deepening the navigation, the irrigation of the soil, the abolition of the land-tenure—l say to that extent we are bound to make this a national and legislative question, and I am happy to say that Mr. Smith, member for Stockport, has put a notice on the books which will open up the whole question of the government of India, involving not only the growth of cotton, but all the evils which afflict that country. The Indian directors are anxious to k-tow what we want, and if possible to aid and assist us. I believe they are fully aware of the great difficulty in which this part of the country is placed. They readily admit it to bo a question not only of local but of national importance, and I have no doubt thin from the efforts of this association, we shall do very much, not only to promote the real interests of India, and elevate the social condition of its people, but we shall do very much indeed to meet the great difficulty under which we la bour by promoting the growth of cotton in that country, and making it a much better article. It is said that that may dive rise to jealous feelings on the part cf our American friends. I cannot see how it can have that effect. We are acting just upon the principle that a nation should act, in net relying upon any one lati tude of the globe for the articles of its consumption. The Americans, no doubt, will do their utmost to supply us with cotton, but they cannot control the inscrutable designs of Providence when he chooses, by storms and other dis asters, to cut short their crops. There is no reason why, seeing this, we should not endeavour to do that which He in Ells wisdom has providently pointed out to us. He has endowed other parts of the world besides America with every quality which, aided by our capital and our superior business and commercial talent, moy put us in a better Position than we arc in, in being able to rely upon mere than one country for our supply of cotton; and I hope that every resident in this town will look at this question not as one foreign to him, bat as one in which he has as intimate and direct an interest as any man in the land ; acd if we, by our united efforts, can procure a larger supply of this great article, on which so numerous a population is being supported, we shall have done our duty not only as citizens but as patriots, and lovers of the institutions of our land. (Applause.) Mr. Bazley (of Manchester) next came forward to sup port the r( solution, and in doing so, sail be hoped he should be pardoned for taking a part in that meeting, but JUNE 1857. 13, althougle there was a difference between the men of Manchester and those of Liverpool on political and local matters, on the present' occasion they were both agreed, for in the present subject the port of Liverpool was as much interested as were the people of the city of Manchester. He felt sure that it was unneces sary to reiterate the able arguments that had been brought forward on the present occasion by the preceding speakers, but he hoped he should be permitted to call the attention of the meeting to a few of the objections which had been raised by some parties against this association. It had been said that they were about to cultivate cotton to the injury of America, It was no such thing. All that they wished was that they might cultivate as much as they cwild, and that other countries might be allowed to do the same. But there was another most serious charge made against them, and that was, that they were agitating political principles for the purpose of making a change in the government of the East Indies. He would venture to deny most emphatically any such an object ; their only object being to get a greater supply of cotton from wherever it may come, and that was the only purpose and aim they had in view. It was this view that he did hope the representatives of the people would place before the house of omm:tits, and therefore he hoped the t that impression would be removed at once. He was sure they hid all great confidence in the gentlemen who had addressed them that morning, and he was sure that they would support their arguments when elsewhere, awl do their utmost to procure all that was necessary. There had been coins talk about the slave labour employed in growing the cotton in the East and West Indies, but there was also slave lab Air in other parts. What they wanted was a greater space for the cultivation of cotton, in order that hey might get a sufficient quantity of it. He believed that the East In:lies was a good field for the cultivatioa of cotton. and from it they looked for an adequate supply of cotton. Some short time ago, he had some cotton, the produce of Bengal, which would not at the present time fetch more than 44d. per lb. in the market, but if the growers in Bengal had had the meat:4 of having better cultivation, and the means of obtaining irrigatirm, it would have been worth at least 8:1. per lb., therefore, the difference in the value would be more than double, nod the advantage to the cultivator would he more than four-fold, All they 7/:,11 t.l was to increase the sueely of the raw material. He canenaled by saying, that when he saw such a community as that, he had n a fear as to the results of the object they had in view being ca-vied out. Mr. BARBER (who was in the body of the room), requested to know whether that was a meeting of an association, or whether it wet a public meeting ? But, he said, from what he had heard he was inclined to think that it was a meeting of the association. The CHAIRMAN : This is a public meeting. Mr. BAREER, who then at the request of the meeting, took his position on the platform, said—as it was a public meeting, he wished to say a few Words on the subject then under discussion. Although he was not connected with the cotton trade, he, with many others, felt deeply interested in its prosperity, and should net have presumed to have taken a part in the proceedings if it had not been for some of the statements that had bee p. made by some of the preceding speakers. It bad been. stated that there was a deficiency in the suprly of cotton ; but in the causes which had been assigned for that deficiency he did not agree. He thought they should pause before they come to conclusions, and risk the responsibility of making such representations, and they ought to have some security against the statements that were made. He then alluded to the statement that had been made by Mr. Cheetharn, as to the deficiency in the present sup sly of the raw material, and to the causes thet that gentleman hod assigned, and said that they must not forget the state of the trade in 1839. The then prices was allege] to be the state of the stock. Then the produce of cotton had outran the consumption. Iu 1845 they had then a large stock and low prices. From that period it appeared that no change had taken place, although the demand had out stripped the consumption. He thought it would be diffi cult to discover the cause of the rise in the price of cotton ; which he believed to be only temporary, and that that was a wrong time for them to discover it, as it looked a great deal like being self-interested in the matter. He did hope that they would not be deceived. and would not take any step unless they knew what they were doing. He then alluded to the quantity of cotton sent from India twenty years ago, and what it had sent since, and stated what he believed to be the cause of the falling off in the crops from that country ; and also as to the difference between free and slave labour, and stated that he did not find any difference—it in 1839, and the present time—nor did he think that that had any effect on the present prices. Ho concluded by saying that the resolution was so moderately worded that he should not move an amendment, but expressed it as his opinion that if the manufacturers would consent to work their mills— short time for a short period, it would have a great in fluence on the price of cotton, and would tend to relieve them from the difficulties in which they were then placed. After a few words in explanation from Mr. Chatham, the resolution was put from the chair, and unauimusly adopted. Mr. Boom= came forward to second the resolution. He said : It has been stated that cotton, like any other com modity of primary use, would be forthcoming to meet the requirements of the country, if sufficient inducement existed with respect to the price, as it would be the means to stimulate production ; but this, I think, would not follow as a natural consequence, because the article cannot be grown to advantage except in certain high latitudes, in the neighbourhood of the sea coast, and con sequently by labourers inured to those climates, either by birth or long residence. Beside this, we must not leave out of sight the encouraging demands of the world, which, at present, exceeds the supply. I say this, because we are depending upon the Southe r n States of America for the bulk of the present yield, and where, we are told from the best authority, large tracts of land are going out of cultivation through the impoverishment of the soil, and even if the present crops are not interfered with, it will take some years before the last year's yield could be increased. Then, again, who can anticipate the wants of the world for future years. We have nothing to guide, unless we take a retrospective view of the past, by which we procure the gigantic strides consumption has taken ; for instance, between the years 1820 and 1856, the increase hoe risen from 450 to to three millions of bales, an - ?, es I said before, no one will assert we had too great a supply. At the latter period it was barely sufficient to meet the exi gencies of the day, can any contemplate future require ments, especially when we take into c insideration the enormous population in our own possessions, subject to our control, numbering some 150th, whose average outlay in the manufactured article now under discussion, does not exceed some few pence per head, whilst those in our western hemisphere, similarly situated as to climate and occupation, consume equal to £2 each per annum. The great question, then, is what is the bast to be done to remedy this state of thing=, so much com plained of, and from which so many evil consequences are likely to follow. I say, support the association, by raising a fund with moderate contributions, and to make it as general as possible; for, I am of opinion, there is scarcely an individual that is not interested on this sub ject either directly or indirectly. The association will direct its attention to India—firstly, by endeavour ing to enlist the hearty co-operation of the East India directors, and claiming support from her Majesty's government in rendering every , facility practicable to encourage the growth of cotton in those vast reeions by such means as may be found to be most practicable. In the next place, to impress upon the minds of her Mei sty's government the necessity that exists for t`::r, transfer of labourers from the Eastern climates, parte ularly fore India and China to our West In.lia dep . )i.d encies, by removing such unnecessary restrictions as have hitherto rendered emigration almost nugatory; at the same time, taking care that evtry pro ection be afforded towards the comfort and well-being of the emigrant. We have there abundance of land skirting the coast for hundreds of miles, particularly in British Gunaia, as well as in the other neighbouring islands, admirably adapted for the growth of cotton to an almost unlimited extent; a great part of which has already furnished productive crops of that article and would no doubt be re established at a comparatively small outlay. The land consists of a deep alluvial deposit, yielding crops which are perennial for years without manure and such is the fertility of the soil that a prize was obtained at the Exhibition of 1831 for cotton gathered off trees growing on waste lands to which no attention whatever had been paid, either with respect to the planting of the seed or the culture of the tree, as the seed must havo been scattered by . accident. Besides advantages of this kind, those possessions are situated within twenty-five days' run of our own shores; most parts of the country abound with the finest timber ; and the lands are intersected with navigable rivers and canals, rendering navigation and shipping comparatively inexpensive ; and last, though not the least, the land yields the most nutritious food with litttle or no trouble. (Hear, hear.) Then we are told— " You never can obtain sufficient labourers to work these possessions unless you have recourse to Africa or China; if from the former, it is a savour too much of the old trade, slavery ; and if from the latter, there is a growing prejudice in consequence of the way in which it has been carried on in Cuba." With respect to the former, I shall refrain from making any comment; bait to the latter assertion I must enter my protest ; as well might a com parison be made between the position of our own emanci pated blacks and the slaves in Cubs ; as to draw one between emigration as conducted between the two countries. It is now upwards of fifteen years since emigration com menced to our West Indian Colonial, I therefore imagine sufficient time has elapsed for ns to decide whether or not it has been a failure—whether the labourer has found it to his advantage by improving his condition, whether the proprietors of the soil have been enabled to keep a portion of their properties from becoming valueless—whether the natives of Indian and Madeira have not benefitted themselves by realising property. an well as their distant relatives, by making them remittances from their accumulated earnings—whether her Majesty's Treasnary has not been replenished by an accession of import duties. I shall be told I must furnish some proof of those statements. I say, in reply to such , questions, I refer them to undoubted authority, to the despatches litom successive governors in Downing-street, to the Colonial and Land Emigration Commissioners, and to her Majesty's Treasury. With India and China before us, con taining a population of 400 million souls, thousands compelled to live in boats on the water. I am aware there are a few individuals . who feel indis posed to encourage a continuance of emigration to our West Indian possessions. I believe this arises fromaiwant of information, for I cannot think otherwise the process is carried on in conformity with your Emigration Act of Victoria 18 and 19. p. 1. The labourers are landed on a free soil, under the protection of the British flag, whose influence is wielded by British o ffieers and magistrates, who receive their commissions from the crown, and subject to its authority and supervision. For want of cotton, or even sugar, we have nothing to fear, if we only avail ourselves of the opportunity of transferring a portion of this redundant population from the east to the west—a measure which experience has taught us meets with the hearty concurrence of those natives How different would the condition of our possessions in the west have been if an opposite line of conduct had been pursued during the last fifteen years. The industrious population of this country would not have been obliged to pay, out of their hard earnings, some two to four millions of money, in the way of high prices, for articles that were once considered a luxury, but now felt, in every man's house, a necessary. I, therefore, call upon every one, rich or poor, gentle or simple to aid us in this movement for we are all deeply interested therein. Mr. Booker then con cluded, after some further remarks, by proposing the second resolution. That in the opinion of this meeting, the coloni,l dominions and other dependencies of Great Britain afford ample resources for the cnitivatwn and development of the cotton plant, and that it is the duty as well as the interest of the British nation to aid in the promo tion of those measures by which the growth of cotton may be esta blished and extended, not only in the British dominions, but in all accessible countries. Mr. W. P. ANDREWS seconded the resolution. He said he considered the subject one peculiarly fitted for the the expression of public opinion in Live r p oo l. Th e supp ly of cotton was not only a subject of importance to the port of Liverpool and to Lancashire, but one of nati ona l impor tance. It was a subject almost identical with, and part of the institutions of the country. He was anxious to explain what he knew from personal experience of the capabilities of India, and the requirements of India for the pro duction of cotton. The subject of British India, it appeared to him, should have been put in a much more prominent place than it occupied in the resolution he was charged to second. Something had been said by a previous speaker about British enterprise, and British capital being applied to the development of the supply of cotton. He considered that they were practically shut up to British India. They might get cotton from the West Indies, from Africa, or ultimately, as his gallant friend, General Chesney, would tell them, from the classic shores of the Euphrates and the Tigris, where it was now growing in inexhaustible quantities ; but from the want of means it was not made available. From all these places they might get cotton to - some extent, but British India, he contended, was the place to which they must direct their attention, if they really desired a prompt and an efficacious supply of that great article of manufacture. For the successful production of cotton a variety of ingredients were required. Soil and climate, a settled government, and an industrious and numerous popul.stiou would be required, and all these ingredients they had in British India. One thing they lacked. They had irrigation. It was quite a mistake to suppose that irrigation was such a crying want in India. There were magnificent irrigation works in India, there was the great Ganges Canal which cost a million and a half of money—there was the Dewab Canal, a magnificent and enormous work. But what they lacked was the means of transport to a market. In the Punjaub there was fertility so great that it was op pressive. The people could not cultivate any more because they could not sell what they had cultivated, and it was beginning to rot. In other parts of India the same remark applied with equal force. They must corab7ne th e means of transport with the irrigation, otherwise they would only produce an evil—a positive evil. They must introduce railways there upon an extensive scale, such as the Grand Trunk Railway at present. Nothing could be more useful for the particular districts than that rail way ; but what was the result to other places ? The fertile regions of Babelenud and Oude, formerly called the gardens of India, and other districts were debarred from the usual market which they had. The fortunate dwellers in the neighbourhood of the Grand Trunk Railway were enabled to undersell them in their own neighbourhood. Astonishment was expressed in England at the quality of the cotton sent from India, but be felt very much astonished that uuder all the cir cumstances they received it anything like so good as it was. What they did receive was almost entirely from the maritime provinces. Until they introduced the moans of transporting cotton cheaply and extensively, they would never receive an adequate supply of cotton from India. In one rPgion alone there could be grown a suffieient sit ,ply to clothe all Europe. On the banks of the Five Rivers, in the Punjaub, there were regions capable of sup plying another Europe. The price of conveying goods at present was from 8d to 10d per ton per mile upon emit/eels, and this mode of conveyance necessarily caused the value of the articles to be much deterioraeed before they arrived at the port of shipment. They arrived filled .vith dirt and dust, and quite discoloured, if not even more seriously in jured. He once saw one bullock bearing cottons eating the load of the bullock who preceded him. (Laughter.) He saw a fellow driving a waggon smo ki ng his pipe—a spark from the pipe set fire to the cotton, and it was with great difficulty the fellow was got to pat it out, he did not care twopence about it. (Laught er .) N . , t only was it stolen and burnt, but it was frequently stopped t‘y the monsoon, and destroyed altogether. It was considered by those who went into the cotton question, that an amount of about 170 millions of pounds conk be exported from India annually. He was informed that the Cotton cultiva tion from Mad ras h a d b een un i versally successful so far as i▪ t had gone, but it could not be extended beyond a certain amount —it would not exceed more than two per cent upon the consumption of the country from the nature of th e so il . H e was i nformed that i▪ n the lower provinces of Bengal the cotton there was not adapted for consumption in this country. The great supplies to this country were from Bombay. And Bom bay got her great supplies from the maritime provinces. The supply here now was almost equal to the whole of the production of the maritime provinces. The exporta tion from India to China had diminished in proportion as the exportation to this country had increased. Alto gether, India was a country possessed of boundless recourses and an industrious population, which, from the want of the means of communication, Was precluded from its fair position in the markets of the worl J. He declared that the most tremendous blow ever struck at slavery would be the introduction of railways into India upon an extensive scale. If the rate of travelling were made cheap they had there a popula tion ready to avail of it; and he contended that the natives had already proved themselves as much alive to the necessity of rapid travelling as Europeans were. He contended that 2d was the average cost, per lb., of cotton, in the United States, while it c ou ld be produced in India for lid. Having replied to some of the arguments brought . forward outside, in opposition to the object of that meeting. Mr. Andrews c nciuded by seconding the resolution. Mr. Watson rose to make some observations, be: gave way to GENERAL CHESNEY, Consulting Engi neer to t h e Eu phrates Valley Railway Company. He described the country through which it is intended that line shall run, and showed how m a t er i a ll y i t will shorten the journey to India. The line will run through where cotton abounds, but what is more important it open on the Indus, by w hi c h all the Pr w c,el li u ctsof India can be speedily brought to this country. He read from the re p or t s d raw n up by . Sir John M'N e il e and himself on thi s pro j ec t to prove Its paying qualities, and urged that if it were carried out it would aid largely in promoting the growth of . cotton in India. The resolution was unanimously adopted. Mr. C. BUSHELL proposed the next resolution, which was as follows: — That this meeting has observed with !atisfactiur, the, formation in M a nchester of a cotton supply woe' ,hoo, having for its object the more extended supply ion every support: and that a corresponding committee. in conjunction wi h the Cotton Supply Association, con sorting of five gentlemen,.be and is hereby established in Liverpool, purpose of enrolling members, receiving subscriptions, and conducting all business connected therewith. He observed that the fi rst great reason for such an association was to be fo un d i n the apathy which existed amongst those immediately connected with the cotton trade in relation to this question. They saw that even that day they had not been able to retain the presence of gentlemen immediately connected with the cotton com merce o f the po r t. N ow, that in itself was a sufficient indication of the necessity for the formation of such an association, for it was perfectly clear that they could not otherwise be fully impressed with the importance of the subject. He considered thatia false dogma prevailed among commercial men, in regard to supply and demand regulating itself and presenting the necessity for any action. He admitted that that dogma was true tore