The Sun.
London, England, 1855-02-10 00:00:00

LONDON, SATURDAY EVENING, FEBRUARY 10, 1855.

NAVAL AND MILITARY INTELLIGENCE.

The Neptune, 120, Captain Hutton, at Spithead, dis-
embarked 185 of her military invalids by means of the
Sprightly steam-tender, at Portsmouth dockyard, yes-
terday afternoon. The poor fellows were wrapped in
blankets to shield them in some measure from the cold,
being all on deck. Dr. Odell, the staff-surgeon of Ports-
mouth garrison, with Assistant-Quartermaster-General
Dalgetty, went on board and noted the caws capable of
immediate removal, which proved more numerous than
was expected. There remain on board the Neptune 1;
severe cases, sshich cannot be landed' at present. All
the Neptune's invalids have been under the care of Sur-
geon Salmon, R.N., of that ship. The able were landed'
from the Sprightly, on the jetty in th 6 dockyard, under
the superintendence of Commander Waddilove and
Lieutenant Parks, R.N., and. Master-Attendant -Under
wood, and removed in omnibuses and.spring vans to
temporary quarters in the Clarence Barracks, whence
they will be forwarded to the invalid depot.
The Blenheim, 60, Captain Hall, was taken into the
Angle dock at Portsmouth, yesterday afternoon, to com-
plete her refit.
The Hastinws, 60, Captain Caffin, went into the steam
basin at Portsmouth, yesterday, to ship her machinery.
The screw steam-ship Cornwallis, 60, was taken out
of dock at Devonport on Thursday, and having been
masted, was put.lnto the floating basin. She is to be
rigged with all possible despatch by the riggers of the
yard.
The screw steam-ship Euryalus, 51, Captain George
Ramsay, having had defects made good. was taken out
of dock yesterday; to hive her bowsprit pat on board,

OFFICIAL DESPATCH FROM FIELD-
MARSHAL LORD RAGLAN.

[FROM THE UAZETTR OF LAST. EVENING.]
WAR-DEPARTMENT, lep3. 7.
His Grace the Duke of Newcastle has received a des-
patch and its enclosure, of which the following are copies,
addressed to his Grace by Field-Marshal tho Lord Raglan,
G. C. B. :

Before Sebastopol, Jan. 16, 1855.
My Lord Duke,—l have the hoacur to lay before your
Grace the copy of a despatch from Lieutenant-Colonel
Simmons, which he wrote by desire of Omer Pasha, ex-
pressing his Highness's approbation of the services of Major
Bent, of the Royal Engineers, and the dd.:dimwit of Sap-
pers which I lent him in the summer ;• his
regret at the
loss of Lieutenant Burke, of the Itlyal Engineers, and his
high sense of the condnct and exertions of Lieutonant
Glyn, of the Royal Navy, of his Serene Highness Primo
Ernest of Saxo Leiningen, and of the detachment of
seamen of her Majesty's fleet, employed in the construe-
, tion of the 'midge across the Danube, tho seccess of which
he attributes in .a great measure to their well-planned dis-
position.
Colonel Simmons, your Grace will perceive, has further
been dosirod by Omer Pasha to say, that it would be very
gratifying to him if her Majesty should be graciously
pleased to reward those officers for the able services they
have rendered the Ottoman army and the common cause.
I think it right to mention that the Hon. Major Gage,
of the Royal Horse Artillery, was the officer who conducted
these detachments to Rustehnk from Varna. I appointed
him to this duty, having previously sent him to examine
the armament at the former place, and being satisfied that
the employment of his services on the occasion would be
advantageous.
•
I beg your Grace will be so gooa as . air; her Ma-
jesty's permimaion for PrivatQ Andrew onion, of the
Royal Sappers and Miners, to accept and ear the decora-
tion of the 4th class of the Order of Medjidie, in considera-
tion of his distinguished gallantry... 4 have, &c.,
His Grace the Duke of Newcastle, RAGLAN.
&c., '&c., &c.
(Enclosure.)
Varna, January 8, 1855.
My Lord,—His Highness Omer Pasha has requested me
to write to your lordship to return his best thanks for the
services rendered to his army. by Major Bent, of the
Royal Engineers, and the detachment of Sappers; under
his command.

His
his regret at the
losses sustakiineedxpesbrytshis small detach-
ment,i
whish Highness
have
been
me
who, under the direction of Major Bent, have well
sustained the character of the British army,
His Highness has already expressed to your lordship his
regret at the loss of Lieutenant Burke of the Royal En-
gineers, who his Highness considers to have been an officer
of much merit.

fomnseotu.ti?JtoainmfowersrzteyexotouprrtehlsoesrilngsuhritkphiesthhdaeAtsihrnee.
has
a s adHi sdo Highnesson re himselfat the Courtd theesire honour
of his Majesty the Sultan that Private Andrew Anderson,
of the Royal Sappers and Miners, may receive and wear
the decoration of the 4th class of the order of Mejidie,
in commemoration of his gallantry in recovering the body
of Lieutenant Burke, after he was killed at the passing of
the Danube on the 12th of July last. In the meantime he
has presented Private Anderson with the decoration, and
trusts your lordship will allow him to wear it until the
commands of her Majesty may be received.
His Highness further desires me to express •to your
lordship his entire approbation of the manner in which
Major Bent has conducted his duties.
He desires me to inform your lordship that this officer
showed great energy in his endeavours to enter Silistria
before the siege was raised ; that he subsequently showed
great gallantry at the passage of the Danube, when he was
the first to land on the left bank, and covered the landing
of the Turkish troops with 'a detachment of riflemen, who
maintained their ground under a very heavy fire until the
disembarkation of the supports was effected.
Major Bent and his Sappers were subsequently of great
service in throwing up the tete de pont at Giurgevo, and
in the construction of the bridge across the Danube.
His Highness desires to take this opportunity of express-
ing to your Lordship his high sense of the services rendered
by Lieutenant Glyn, R.N., and H.S.H. Prince Ernest of
Saxe Leiningen, with the detachment of sailors of hor Ma-
jesty's fleet under their command, in the construction of
the bridge across the Danube.
His Highness considers that the success of the construc-
tion of this bridge is in great measure attributable to their
well-planned dispositions, which, although executed with
limited means, proved fully effective to resist the storms
and strong currents of the Danube.
Ho desires me to say that ho is fully satisfied with the
zeal and indefatigable energy •f this detachment of her
Majesty's fleet under the able direction of Lieutenant Glyn,
whom lie considers a very promising officer, and entirely
worthy of the confidence of your Lordship.
His Highness desires me to add, that it would bo very
gratifying to him if her Majesty could in some way reward
these officers for the able services they have rendered to the
Ottoman army and the common cause.—l ant, &c.,
(Signed) J. L. A. SIMMONS, Lieut.-Colonel.
Field-Marshal Lord Raglan, G.C.8., &c.

MR. BRIGHT, MP., ON COMMERCIAL

PROSPECTS.

The annual meeting of the Manchester Chamber of
Commerce was held at the Town-hall, Manchester, on
,Thursday, when Mr. Bright, M.P., Mr. Baxley, the
president, Mr. Alderman Watkins, Mr. John Slagg,
Mr. B. Potter, and some of the most influential mem-.
bers were present. • •
The PRESIDRNT, in opening the proceedings, referred,
it, the first place, to the conduct of the British Govern-
ment's representative lA. China, who had afsumed the
duty of collectiag the customs on British commerce for
the Chinese Gbvernment, which, owin„,, to the state of
anarchy prevailing there during the hut two yearn, the
Chinese authorities had been unable to collect for Vietn-
selves.' This extraordinary proceeding ledle the greatest
dissatisfaction, and thie chamber had had important nego-
tiations with the Foreigu-office in reference to the injustice
of the demanda which had 'been made. Upon British mer-
chants. - Their intercourse with Lord Clarendon 'had
been most satisfactory ; and it. was hoped that the re-
mission of, these duties would be obtained, and that here-
after the labours of the British Consuls -would be con-
fined to -the performance of duties. they owed to their
'own country, without assuming duties connected with
'the governments of the country where-they were placed.
(Hear, hear.) The affairs of India continued to re-
ceive great attention, the board of directors believing
that there was still ',felt a great lack of the supply
of raw materials from that country, and that it was
still felt that the exoorti 'hence to that great de-
pendency rested essentially upon the _quantity of pro-
duce they could return us in payment for those exports:,
There was still evidence coming from many pasta
of India that various products which would be of
immense use and benefit to this country were produced in
India ; and yet such had been the laxity in the admi-
nistration of the affairs of India, that hitherto the at.-
tempts which had been made in this country to improve
the condition of India had been almost entirely baffled.
(Hear.) - There had been abundance of proof that a very
superior claskof goods could he produced, and there were
gentlemen in the room who were convinced that large
quantities could be grown quite equal in quality to the
American cotton, whieh was so largely consumed in this
district • that silk might be largely manufactured ; and
that indigo and other dyes might be bad in much larger
quantity ; and yet, from want of communication with
the interior, and from the unfortunate apathy of the Go-
' vernment of India, the resources of that country had not
, been at all developed. The Commercial Association had
acted with this Chamber in reference to the proposal
which had been laid before the public of Manchester
ruipvoenr
Gthe pd mvepryort;anancedohfeimrepferrorveig the
referred navigation
meeting
at
whicht e
Col. Cotton, who had recently returned after along pe-
riod of services in India, had been present, and made
some very important statements in reference to that
subject. It was probable that out of the visit of that
gentleman would arise an improvement in the navigation
of that river which might at some future time give an
ample return for the investments which might be made
in it. (Hear.) A subject of great importance connected
with the prosperity of Manchester was the movement in
respect to the town dues of Liverpool, which werefound
to be a most unjust exaction. -And he was satisfied that
a spirit had now been developed which would no longer
permit, and through which the merchants and manufac-
turers of this country would no longer allow, the corpora.
tion of Liverpool to levy such a tax upon the public com-
merce to the benefit of their own towd. (Applause.) Pro-
bably the last year in trade and commerce had been more
disastrous than any one had experienced for a consider-
able length of time. An old evil bad unfortunately revived,
for we had a scarcity of food, and therefortifood had been
extraordinarily dear; the population had had to live at a
greater rate of expenditure for their mere subsistence than
for many years previously ; and it had become a plain
and palpable fact that the more people spent in bread,
the less they had to spend in clothing. About two years
ago he had called attention to the importance of the
earth being cultivated in every possible direction, for the
supply not only of food but of raw materials to employ
our industry upon, and from that moment to the pre-
sent he only saw the increased necessity of less attention
being paid to the mechanical element of this country
and more to the agricultural element, not only in this
but in every other country on the face of the earth. We
could not, he believed, have a sound state of everything
until we had food, the first element of our existence, in
greater quantity, and therefore at a cheaper rate.
(Hear, hear.) ' In looking at the state of our foreign
trade, he found America was one great cause of the em-
barrassment which had prevailed in this country among
the commercial classei. The people of America were
no doubt embarrassed by the state of their commercial
arrangements, hut they seemed to overlook the fact that
they were paying for their .mateattures, by their pro-
tective system, a larger amount than had been involved
even by IlLeir unkortuitaktAyatem_of banking.. lie,
Blzley) computed 'that thit ty millions st rling per an-
. .

nuns ;sere al;scrbed IT the unfortunate proteciire eye-
tem existing there ; and lie trusted that the people of
that country would yet see it, and that we should have
a reduction of duties. The exports from this country to
France wore really very trifling, and they were in the
same position there as in America. He believed that in
France they were paying upwards of fifty millions ster-
ling per annum through the system of protection.
France would be the richest country perhaps on the
earth but for this system. lie looked to the example of
England prevailing, and he had no doubt that that ex-
ample was even now producing the most beneficial re-
sults. Ile was called upon some time ago by the enii•
nest publishers in Edinburgh, the Messrs. Black,
to revise an article in the "Encyclopaedia Britannica"
upon cotton and cotton manufacturers. He wrote a new
article upon cotton, and considerably enlarged the arti-
cle upon manufactures ; and in the course of the investi-
gations he was led into by this task he was enabled to
prepare a table which he conceived to be of some impor-
tance. The Board of Trade had kindly given him the facts
he required from that department ; and therefore, in the
collection he made, he depended entirely upon govern-
mental authority. The Board of Trade, in doing so,
usually gave the gross sum sent out of the United
Kingdom ; but he had ascertained to what country
every parcel of cotton manufactures was sent, and the
result he found to be, comparing the population of each
country with the amount seat, that our exports were—
to the British dominions in the East Indies, where we
had 150 millions of people, the value of our exports in
1853 was 5,680,0001., or 9d. per head fur every person
in India. If we referred to Russia, with 67 millions et
people, our exports amounted only to 180,0001., or six-
' tenths of a penny per head ; but to Russia within the
coast of the Black Sea, with a population of three mil-
lions, the exports were 13,0001., which gave Ifd. per
bead. To France, with 36 millions of population, he
found we exported goods to the value of 155,7101., or
ld. per head per annum. To British North America we
exported 749,0001. worth of cotton manufactures, or to
the amount of 6s. 11d. per head ; and to the United
States, with a population of 27 millions, we exported
4,182,1091. worth, or at the rate of 3s. ld. per head.
, By the assistance of his friend, Mr. John Leisler, a
foreign merchant, he had been able to approximate as
nearly as possible, perhaps, to the value of the cotton
manufactures consumed in Great Britain and Ireland,
and he found that whilst our exports amounted to
32,712,0001., we had retained at home no less than
21,224,0001. worth of cotton manufactures ; showing
that the people of Great Britain consume of our staple
manufacture of cotton at the rate of 15s. sd. per annum;
and the result was that to the 850 millions inhabitants
in the world Great Britain supplied nearly 54 million
sterling worth of cotton manufactures, being about an
average to each person of is. 30. per head. Now, ac-
cording to this table the cotton industry of Great Britain
and Ireland was 54 million sterling in 1853, and this
might be considered half the cotton industry of the
whole world. But foreign countries, besides taking
half the raw cotton sent to the market, received large
quantities of cotton yarn from this country, and in Asia
and Africa cotton was still largely spun by hand ; hence
the world's cotton industry might therefore be reckoned
at 120,000,000/., which would be to every man, woman,
and child 'on the face of the earth equal to about 2s. 9id.,
or 14 yards each per annum of excellent calico. (Hear.)
Reverting to the " Encyclopedia Britannica," the Pre-
sident observed that an excellent article on agriculture
had been contributed, and he called the attention
of gentlemen 'engaged in manufactures and commerce to
it, as well worthy of their attention, as well as of agricul-
turists themselves. '

Mr. BOOTHIIAN read the annual report, containing a
review of the business of the year, which has been
already published in substance, from time to time, in the
newspapers.
On the motion of Mr. Alderman WATKINS, seconded
by the Mayor of ASHTON, the report was agreed to, and
the officers of the chamber were then elected and other
routine business disposed of.
A. vote of thanks to the retiring directors having been
proposed and seconded.
Mr. Munn', M.P., after expressing his cordial con-
currence in the resolution, said—The position in which
we find onrselves to-day is one rather less satisfactory as
regards the interests to which this chamber has regard
than any we have occupied for-some years past. I should
like to make one remark on a point to which some re-
ference is made in the report, and that is as to the 'Debt-
ing lately held for the purpose of receiving Col. Cotton,
and hearing his explanations with regard to the naviga-
tion of the Godavery. I have observed, since that took
place, in a Madras newspaper, that the commission which
was appointed there to inquire into the condition of the
public works in that presidency has reported ; and in
speaking of the Godavery. river they state, that if that
river should cost the Government 1,000/. a mile to make
it navigable during its course and the course of its tri.
but Ines for 500 or 600 miles, it would be a very cheap
Undertaking, if we take into consideration the enormous
results to the population who live upon its banks, and
the district through which it flows ; not that such ex-
pense would be at all necessary, because there can be no
doubt whatever that that commission, so iar as the
obstacles in the river are concerned, were less acquainted
than Colonel Cotton and his brother, Major Cotton,
who is now out there, and other gentlemen with whom
he is connected were ; and I would, therefore, much
rather take the authority of those gentlemen, engi-
neers on the spot, and who know more than any other
Finglishwan on the subject, than I would the opinion

of the commissioners with regard to the actual sum that
would require to be expended. And of course we knw
I that, in preparing a river for navigation, you may spend
; just as much as you like ; that is, you may straighten
it where it is crooked, and give it such a depth of
water, or a less depth ; and you may clear the chatihel
more or less, and you may spend ;the wealth of a nation
ona river of 600 or 800 miles, if you choose to do it on
a certain plan. And I am inclined to think, from all
the information I can get, that the sum which Colonel
Cotton explained to us hero would be one that .would at
i any rate open that river sufficiently to give a constant
and most productive navigation—l mean not only to
tiett country and to this as regards the material which
would be transported along its course, but also to the
people, who would be willing to make some investment
ie the undertaking. (Hear, hear.) We are met, I be-
lieve, to discuss matters of trade ; and I was very much
struck with a statement our chairman read from the
table which he has drawn up. He says that the whole
cotton indhstry of this country may be estimated at
fifty-four millions of pounds sterling per annum,. .two-
thirds -of it being export, and one-thirduot quite—
being home consumption. The first thing that struck
nie when 'fifty-four millions was mentioned was, that it
comes just to the amount of our ordinary taxes—l don't
mean the taxes of this year, which are extraordinary,
but the taxes of some former years ; and if you consider
that half of this fifty-four millions is in labour,' in the
value of the labour bestowed on the cotton industry, it
comes to this

The CRIIRMAN—I think you may say thirty millions
for labour. -
Mr; we are not to a million in a matter
of Ilia sortotiod thereforik:takintin zat. half;•it`~Ill follow
that it requires the whole labour of Zouble thinuMber
of persons who are employed in the cotton industry of
this coutry to provide every year for the ordinary taxa-
tiers of the country. (Hear, hear.) That is, call this
country what you like, either in population or in labour
—I mean taking also the surrounding districts, those
parts of Cheshire, Derbyshire, and Yorkshire which are
interested in the cotton trade—and, be they as nume-
rous as they may, the population of these districts, and
all its labour, so far as it is concerned in the production
of our cotton manufactures, would only yield half the
ordinary taxation of this country, and it would re-
quire double the whole of that labour to produce the
whole ordinary taxation of the country. (Hear, hear.)
Well, that struck me as being a very serious fact ;
and probably this year it may not be incorrect to say
that it will require three times the whole of that labour
to produce as much as will be actually expended out of
the public taxes and income by the Government of this
kingdom. (Hear.) Now, I know some people believe
it is an ordination of Providence that there should be
very rich people, and that there should be a great many
people very poor ; but, putting theories of that kind
aside, 1 think a man would be blind, and he ought to
have some one to lead him about, or he ought not to be
allowed to go about at all, if he cannot see that the ab-
sorption by a Government of the profits, or a sum equal
to the products of the industry of such a vast proportion
of its population, must tend necessarily to create a vast
amount of suffering and pauperism in the country. Now
I ain one of those who take rather a gloomy view of our
present position, and what we are approaching to. Our
chairman has mentioned the condition of the food mar-
ket. Now, I have a circular from one of the most emi-
nent persons connected with the corn trade, in which it
is stated that the harvest of 1853 was the most deficient
probably that we have had in this country since 1817,
and that the harvest of 1854 was the most productive
that ever we had in this country ; and I believe these
two facts are not disputed by anybody connected with
the trade • yet it is a very curious thing that though the
price of Wheat last year, 725. 2d. a quarter, was higher
than it has been for a whole year during any year since
1819, and notwithstanding the extraordinary harvest of
1854, the price of wheat in December last was 735. id.,
being higher by about ls. 6d. than it was in 1853, when
the harvest had been so greatly deficient. Thus Provi-
dence has given to the husbandman his full share of re-
ward, has filled every measure, every storehouse, and
every barn, and yet in December, 1854, the price of
wheat was actually higher than it was in December,
1853, after the most deficient harvest we had bad since
1817. (Hear.) Well, then, further on in the same circu-
lar is another fact stated, that—" Since the publication
of our last monthly circular we have procured- a little,
further information respnting- the exports of wheat from
Russia in 1853, which fully bears out our estimate that,
it was at least 6,000,000 quarters. It is not, therefore,
surprising that, with stocks exhausted in every other
part of Europe, the stoppage of this source of supply
should have produced the present high range of prices.
Even with a continuance of average crops we cannot
expect inucly lower rates, in the absence of imports
from Russia ; while another harvest similar to that of
1853 would make the continuance of the present war a
eau.o of ino.annlable misery to the poor.throughnut the
rest of Bur Te."- If we could coticeive that= in 1854 the
harvest bad be 'n no better than in 1353; and that the
supplies from Russia, bad been stopped, there cannot be
the slightest doubt but our poor people would have been
perishing in our streets and on our door-steps, and it
would have been absolutely impossible to preserve the
peace of the country. That is a fact, and it is a slats of
things which aprwars to me very worthy of our serious
con:ider.ttior. There are one or two more statements
I wiil alinde to with respect to this sultject, because I
know there are people who fancy that so long as people
are well employed it does not much matter what ?eople
pay for food, but they seem to lose sight of the ftct,
that every day somebody is becoming less and less able
to purchase it. In the United Kingdom the consump-
tion of wheat, in rouud numbers, is 30 millions of quar-
ters—perhaps a little less, and the present price being
31. 10s. a quarter, that will give us an expenditure, at
this rate of price in a year, of 105 millions sterling for
wheat. There can be no doubt whatever that, if the
imports had been free, with our late great harvest, the
price would have been 50s. instead of 705., that is, a
saving of 20'. a quarter ; and 30 millions of quarters at
21. 10s. would come to 75 millions sterling, and it makes
therefore a simple difference of 30 millions sterling in
the cost of our ordinary food. But it we had spent the
same sum of 105 millions, and had purchased the wheat
at 21. 103. per quarter, it would have given us 12 mil-

lion quarters of wheat, that is, in all, 42 millions of
quarters for the same sum we now give for 30 millions
of quarters ; and, therefore, that which is now an actual
scarcity, as shown by the markets all over the country,
would have been an abundance of the most profuse char-
acter—perhaps as profuse as we have ever seen in this
country before. Now, that extra expenditure comes to
an amount exceeding 51. per annum for every family in
the country, being equal to doubling the rent of all the
working classes is the United Kingdom, because on
the average, they don't, I believe,- live in houses of
more than 51. yearly rent, agd there being about
6,000,000 families, or rather less than that, it would
give 30,000,0001. as the extra sum they have to give
for food. That is not the whole matter, be-
cause this 30,000,0001. paid for food is folowed by an-
other sum almost equal in amount—l will not call it
equal, I will be under the mark, and I will say
20,000,0001. of extra expenditure on the part of the Go-
vernment, which will bring the whole extra expenditure
in food, and the increased expenditure of Government
together, to a sum not less than 50,000,000/. sterling
this year. Therefore we are in the position of actually
paying a tribute—to a foreign country I won't say—but
to an idea of supposed benefit and gain of some kind, of
50,000,0001. sterling this year; and whether we shall
get anything on the other side of the ledger or not is a
matter which seine people are sanguine about, but I con-
fess I am not ; but at any rate the payment is made, and
cannot be escaped, and its results, I think, we are bound
to look at. That 50,000,0001. is withdrawn from cipi-
tal, the fund out of which labour is supplied ' • but that
does not make the whole mischief, for we all know the
doubt, and fear, and uncertainty prevailing in the minds
of capitalists all over the country, causing probably a
withdrawal of funds, of capital equal .to , the whole of
that amount of 20 and 30 millions together ; and, there-
fore, the sum you actually expend is by no means a fair
indicatior of the mischief to which you are subjected.
Look at the absorption of money—a loan in France, a
vast loan in Austria, a loan in Prussia, Russia raising
money in some way, and by loan* if it be possible, this
country balancing whether it shall be by extra taxation,
or whether it shall be by a loan ; but in whichever way
it is, whatsoever be this expenditure now going on at
such a prodigious rate all over Europe, and to so large
an extent in this country, that money being withdrawn
t
from profitable investments and modes of employment
by by which labour: is sustained, it must, as. a matter_ .
thr
e this
Take country
A m les.
course, act upon this country, and Ihbelieavnednpon thilsi
country more powerfully than any
_!4
_sr, upon all
other
ecountriesAme-
rica,monetary
intahnectwo6onirltod,erooilaf wcheinc
too fast, and imported. toe much, and it is quite possible
apart from all this, there would have been some
traordinaryimportalion of that country from
ctthhilaiest°;kbiunaiex
ttheemoMent these difficulties arise here, English
capital, which is partly invested there, or in the course of
being invested, is naturally withdrawn ; the blood
comes back to the heart, and the extremities are left
without support, and thus you hare a crash in the United
States, not only precipitated, but much more violent
and alarming than you would have had,
in all limbo-
bility, if this state of thinsg had not arisen. Thus,
although we may have fancied, as some public writers
have insanely or dishonestly attempted to show us, that
trade is not suffering at all by the foreign policy of this
country, we find that not only at home are all the sources
of our prosperity dried up by the impoverishment of our
people, but that there is not a s'ngle market on the face
of the globe that is not influenced adversely to our inte-
rests by the effects produced there by the contraction of
money facilities at home. Well, now, this state of
things puts us all in a condition of more fierce competi-
tion ; we are all producing really rather more than our
customers require ; we are all anxious not to suspend
our operations, and we are all competing for the dimi-
nished number of customers ; and the consequence is
that profits are almost universally brought down to
nothing, and in many branches of trade, there cannot
be the slightest doubt that in some considerable branches
of the cotton trade, there is actually a loss being made
by all those who are' engaged in them.
If profits are
gone,• what becomes of employment l Don't ere know
that at this moment, if it were not for the annoyance it
giYea to many 'spinners and manufacturers to see their