The Express.
London, England, 1861-01-23 00:00:00

(Stamped, ld. Additional.) [TWOPENCE.

THE SUPPLY OP COTTON.

In view of the probable effects of the American
crisis on the future supply of cotton the pmviaiorud direc-
tors of the Cotton Company (limited) have appealed to a
general meeting of spinners and manufacturer+. which was
held at Manchester yesterday, in support of the project, the
trade at large having so far failed to afford means for the
undertaking. The meeting resembled in the Mayor's
Parlour, but was adjourned to the largest room of' the
Town•hald, which was soon crowded iu every part. The
Mayor of MANcimargn (Mr. Curtis) took the chair. There
were present Lord A. Churchill, M.P., Mr. Barley, M.P.,
Mr. J. A. Turner, M.P., Captain Gray, M.P., Mr. J.
Cheatham, Mr. E. Ashworth, Mr. H. Ashworth, Mr. E.
Potter, Mr. H. Littledale, Mr. T. Mosley, Mr. W. Wank-
lyn, Mr. J. Peeler, Mr. Stolterfoht, Mr. If. Mason, Mr. D.
Chadwick, Mr. Bell (of Madras), and many other gentlemen
of influence.

Mr. J. CHUTHAM. President of the Cotton Supply Asso-
ciation, moved :—" That this meeting deeply regrets the
present dependence of the cotton trade upon one chief
source of supply for its raw material, the production of
which is now alarmingly imperilled by the disturbances in
the Southern States .4 the American Union ; and recom-
mends that
_efforts commensurate with the impending

danger should be called forth to prevent the calami-
ties thus threatening capital and labour; RA, unless
cotton adequate to the existing large consumption be pro-
vided, loss and distress will result in fearful consequences."
He wished the meeting to adopt the principle that we
ought not to depend mainly upon one source of supply for
our cotton. (Hear, hear.) It did seem strange that •
trading class pre-eminently distinguished for commercial
intelligence should have been so quietly dependent on on.
source for the supply of their raw material, contrary to the
rule which infiummed them in all other directions. He
might be told that we were similarly dependent on China
for our tea. But the ordinary stock of tea in Great Bel.
rain was usually equal to eighteen months' consumption,
though the present stock was only sufficient for nine months.
Last year the world supplied us with 5,554,000 bales of cot-
ton, of which 84j per cent. carne from America ; and the
average stock in the hands of the trails had not
exceeded, on the average, fifteen weeks' consumption,
taking the last eight years, when the average stock bad been
lower than at any former period of the histo7 of our cotton
trade. The largest stock ever known in this country was
sufficient for 53 weeks, in the year 1820 ; aod the smallest
was in 1848, when we bad only 11 weeks' supply at Liver-
pool, or in the hands of consumers. He believed that cir-
cumstances bed now arisen which would not permit this
question to be trilled with any longer—icheers)— for unfor-
tunately there was connected with that production on which
we relied to the extent of 85 per cent. a system of slavery
denounced by every civilised country us an outrage upon our
common humanity, and which even the more advanced por-
tion of the United States itself had at last conic to protest
against. In presenoe of the crisis resulting to the trade from
the internal divisions of America on this questiri it was
incumbent, in the first place, upon those principally inte-
rested to set about enlarging the area of supply ; and,
speaking on behalf of all the gentlemen around him, be
would say they would not accept the efforts of any
public association that might be established for the par.
roe by persons actuated solely by a feeling of the na.
tional importance of the matter, if they were to be left un.
supported by theme immediately concerned in the trade.

Mr. J. Peel= seconded the resolution. He believed
that Lancashire was at length becoming alive to her perilous
position, and he had great faith in the energy of Lancs.
shire men when once it was aroused. (Hear, bear.) The
history of cotton-growing in America was the greatest
possible encouragement to us to " go ahead "
likewise in lodia. Seventy.five years ago la
bour was imported into America to grow cotton,
wader Anglo-Saxon directions. With the acme energy nod
facilities in India, we might hope for the same results in a
much shorter time, considering the extent of land only re.
quiring to be tilled, and the amount of labour that only re.
quired encouragement. He believed the ',macy requisite
was not so much • cotton•growing corupany as a banking
company, which should offer facilities at fair rates to
growers of cotton, and that Englishmen should settle in
India, availing themselves, as we did in this country, of
such banking facilities, and dealing fairly with the native
for his cotton, paying him according to the quality. At
the same time it should be borne in mind that
our exports to America were falling off, Dot only
through the present disturbances, but from the
large increase of manufactures in that country. is
the same way other countries were actively nom.
peting with us. We were bound therefore to look oat 1
for other market', and if India could supply England with
cotton, she could be paid for it in our manufactures. If
the present drain of gold to pay for cotton was to continue,
it would bring about • state of things which would
materially alter the valise of property. This cotton emestion
was, therefore, to be looked upon es one of iself.preservation,
social and political, for it was the wealth created by the
industry of this nation that gave us the high position and
morallpcwer, enabling England to look on with calmness
whilst other countries were convulsed. (Hear, hear.)
Mr. BAzter, M.P., maid the great cotton industry was
imperilled at this moment by disastrous occurrences in the
United States, which we might all contemplate with deep
foreboding and alarm. Three months ago there was held a
meeting in that Town-ball, for the purpose of promoting an
enlarged supply of cotton by the means of some great or
to encourage its growth and bring it from new
fields of cultivation Sothis market, so as to render us leis
dependent on one source of supply. He regretted exceed-
ingly that the trade did not appreciate the propositions put
forward on that occasion. The old plea was miss', that
the law of supply and demand should relieve us from dd.
acuity. For his own part, he had for more than twenty
years past seen and urged the necessity of the tunic at
large administering to its own wants, and providing
from as many sources as possible a greet supply
of the raw noterial so largely consumed in this country.
Public opinion, however, hate been very much in advance
of the opinions prevailing among spinners, manufacturers,
and merchants identified with the cotton iudustrv. With
such encouragement and stimulus as was held out in recent
articles of the Times and Dail+, Net,* (from which the hon.
member read extracts) the !reale ought to rouse and vindi-
cate itself, and not be dependent on the contribution of
capital from sources independent of its own rich treasures.
From Lancashire and front Lanarkshire there should arise
• firm phalanx of individuals, not only determined to re•
trieve their position, but to vindicate the rights
of the negro. (Cheers.) We had Dever obtained
any great benefit for the trade of this country
without organisation. By that means we repealed
the cern laws, and broke down the monopoly of the East
India Company. Is other countries, also, we might see
orgauisitions at work to anticipate us in obtaining cotton.
Yet with such ample proofs of the necessity of organisa-
tion, we bad amongst us men who said the law of supply
and demand would abundantly provide us. It might be, of
course, that those who had funds could regale themselves
at the London Coffee-house- (laughter)—but the penniless
must starve before they could pan entrance and in the
same way some of our manufactories must stop if we were
to depend at this juncture on the law of supply and de-
mand for the material so much needed. If our production
of cotton manufactures was to go OD iocreasing at 10 per
cent. per annum, and our exports at 24 per cent., where
should we obtain markets if we neglected to make use of
such immense capabilities as those of our East Indian pos-
sessions Some great effort must be made on the part of
the trade to support those members of the House of Com-
mons who contended for the regeneration of India. (Cheers.)
Why should not we also make an effort to introduce
labourers into the Australian colony of Queensland, whence
excellent cotton could be bad ? He was quite sure that the
government of the country was perfectly willing to assist the
trade in increasing the supply of its raw material. It would
be with the greatest ease that 230,000 Chinamen with their
families (perhaps.. million of people), might iu the course of a
comparatively short time be removed from the Chinese empire
to our Australian permeations. In the *ours of two or
three years we might by some strenuous exertions produce
a crop of cotton equal to two million bags tin the year.
Reviewing these and other suggest he took heart, and
felt that we had the power to help ourselves, if we had but
the courage to do so. (Cheers.) If in connexion with some
effort to supple cotton, whether from India or Australis,
1,000 men in England would advance 1,0001. each—this
capital of one million would be but a trifling cootribution
from a trade in which was invested something like 200
millioos—their raw material would thus be insured at •
very cheap rate indeed.
The resolutiou was unanimously adopted.
Mr. H. Masoe moved the next resolution, which was se-
conded by Mr. T. M. Racial', of Liverpool :—"That in
the opinion of this meeting the emergence demands that
prompt, liberal, aid ample support should lie afforded for
the formation of a powerful joint stock limited liability
company, to promote an increased cultivation of cotton, by
offoing to pun-base it in India, Australia, Africa, or other
countries ; and that • capital of one million sterling, in
shares of 10/. each, should be raised for this purpose."
Mr. DADARMAI NAOROJI, a Pants merchant, supported
the resolution in an animated speech, which was
loudly applauded. He remarked that persons who were
always talking about the law of supply and demand being
equal to every emergency seemed very apt to overlook the
obstacles in the way of supply which they ought to set
about removing. (Cheers.)
The resolution was carried unanimously.
Mr. EDMUND AisMwoaTH moved :—" That this meeting
cordially approves the initiatory efforts of the provisional
directors of the ' Cotton Company, Limited,' and is of
opinion that at the present crisis, the basis of their action
shouldibe greatly enlarged, and hereby strongly recommends
that the exertions of that body be vigorously renewed, its
permanent directors appointed, the company registered, and
operations commenced without delay."
Mr. J. Pt.arr (of Oldham), in seconding the resolution,
stated that the present annual rate of production of cotton
spinning machinery was equal to three million spindles for
Great Britain, one million for the remainder of Europe,
sad two millions for America, being • total of six minus

spindles. To furnish this large increase of manufacturin;
power with tLe requisite supply of raw material, would
require an annual inerea..e of upwards of 400,000 bales of
cotton. (Hear, hem.)
The resolution was briefly supported by Lord ALFRED
CHURCHILL. M.P., awl unanimously adopted.
The meeting terminated with a vote of thanks to the
mayor.