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

LONDON, SATURDAY EVENING-, FEBRUARy io, 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 cases capable of
immediate removal, which proved more numerous than
was expected. There remain on board the Neptuno 14
severe cases, which 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 the 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, GO, Captain Hall, was taken into the
Angle dock at Portsmouth, yeSterda,y afternoon, to com-
plete her refit.
The Hastings, 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 into 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 have her bowsprit pat on board.

OFFICIAL. DESPATCH FROM "FIELD-
MARSHAL LORD RAGLAN.

[FROM THE GAZETTE OP LAS'[" EVENING.]
WAR-DEPAATALENT, FEB. 7: •
His Grace the Duke of Newcastle has received a des-
patch and its enclosure, of which the followivg'are copies,
addressed to his Grace by Field-Marshal the-Ler4 Raglan,
G.C.B. : •

Before Sebastopol, Jan. 16, jBOO.
My Lord Duko,—l have the honour to lay. before your
Greco the copy of a despatch from Lieutenant-Colonel
Simmons, which he wrote by desire of Omer Pasha, ex-7
pressing his Highness's approbation of the services of Major
Bent, of the Royal Engineers,'and the detachment of Sap-
pers which I lent him in the summer ; his regret at the
loss of Lieutenant Burke, of the Royal Engineers, and his
high sense of the conduct and, exertions of Lieutenant
Glyn, of the Royal Navy, of. his Serene Highness Prince
Ernest of Saxe Leiningen, and 'of the detachment of
seamen of her Majesty's fleet, employed in the construc-
tion of the bridge across the Danubei the success of which
he attributes in a great measure to their well-planned dis-.
position.
Colonel Simmons, your Grace will perceive, has further
been dosired by Omer Pasha to say, that it would be very
gratifying to him if hor Majesty should be graciously
pleased to reward these 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 Rustchuk from Varna. I appointed
him to this duty,. having previously sent him to examine
the armament at the former place, and being satisfied that
theUmployment of his services on the occasion would be
advantageous.
I beg your Grace will be so good as to obtain her Ma-
jesty's permission for Private Andrew Andersen, of the
Royal Sappers and Miners, to accept and wear the decora-
tion of the 4th class of the Order of Modjidie, in considera-
tion Of his distinguished gallantry.--I have, &c.,
His Grace the Duke of Newcastle, RAGLAN.
&°.l
Ike"
(Enclosure.
sure
Varna,
Jan"
1855.
1,014„,--titS I:Ugliness 01,4,1 rit6u3 naMlnested me
to write to yoftt birds:hip to return-114 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 Highness desires me to express his regret at the
losses which have been sustained by this small detach-
ment, who, under the direction of Major Bont, have well
sustained the character of the British army.
Ills 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.

His Highness desires me to inform your lordship thatle
has done himself the honour to write to the Turkish Am-
bisSador at the Court of St.*James's, expressing the desire
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 galla,ntry in recovering the body
of Lioutenant.Burko, 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 supporti was effected.
Major Bent and his Sappers wore 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 hishigh 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 her 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
fuwllYhiechdecatlitvheoutoghreseixstectuhtVsiorn
with
s
and strong currants
ants of the Danube.
- He desires-me to say that- heis fully satisfied with the
zeal and indefatigable energy of this detachment of her
limitedwell-p lan
means,ned dispporosivteiod na
Majesty's fleet-under the able direction of Lieutenant Glyn,
i
whom he considers a very promising officer, and entirely
_woHiiihayHeifhttho4thscisomndidefdshir Majestyerneecse of your
t add,
edLod uolrd in thatt would be very'
dsh
gratifying ip
so
me
way
reward
these officers for the able services they have rendered to tie
Ottoman army and the common cause.—l am, &c.,
(Signed) J. L. A. SIMMONS, Lieut.-Colonel.
Field-Marshal Lord Raglan; G.C.8., &c.

4R.- BRIGHT, M.P., ON COWIERCIAL

PROSPECTS.

The annual meeting of the Manchester Chamber of
Commerce was held at the Town-hall, Manchester, on
Thursday, when Mr. Br:ght, M.P., Mr. Bazley, the
presideirt, Mr. 'Alderman Watkins, Mr. John Slagg,
Mr. E. Potter, and soma bf the most influential mem-
ber: were present. . -
The PrzEsmEohr, in Opening:the proceedings, referred,
in the twat place, to the conduct of the British Govern-
meat's; represeotative in China, who had assumed the
duty of collecting the customs on British commerce for
the Chinese .Government, which, owing to the state of
anarchy prevailing there during the last two years, the
Chinese authorities had been unable to collect for Om-
selves. This extraordinary proceeding led to the greatest
dissatisfaction, Rad this chamber bad had important nego-
tiations with the Foreign-office in reference to the injustice
of the demands 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
owit country, without assuming duties connected with
the governments of the country where obey 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 exports hence to that great de-
pendency rested essentially upon the quantity of pro.
duce they could return us in payment Ur those exports.
There was still evidence coming from many parts
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 achni-
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.
crieeaL rraa,e nod been abunuaece or proof t mne o;VISry
superior clasaufgoode.aaieldelsopaodueed, mid therawarhe
Vefitlemen in the room- who were convinced that large
quantities could be grown quite equal in quality to the
American cotton, which was so largely. consumed in this
di•trict ; that silk might be largeiy manufactured ; and
that indigo and other dyes might be had in ,much larger
quantity ; and yet, from want of communication with
the interior, and from the unfortunate• apathyof the Go-
vernment of India, the resources of that country had not
been at all developed. The Commercial Association had
aeted with this Chamber in reference to the proposal
which had been laid before the public of Manchester
upon the importance of improving the navigation of the
river Godave.ry ; and he referred to.a meeting at which '
Col. Cotton, who had recently returned after a long 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 wei efeund
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 Lkverpeol to levy such a tax upon the public com-
merce to the benefit of their own towd. (Applauhe.) Pro-
bably the last year in trade and commerce had been more
disastrops than any one had experienced for a consider-
able length of time. An old evil had unfortunately revived,
forhvb had a scarcity of food; and therefore food 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 lact 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 iinjoertance of the
earth'beieg cultivated in every possible direction, for the
supplynot only of food but of raw materials to employ
,our inghstry upon,. and from that inonier;t 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 id 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 ono great cause of the em-
barraisrnent which had prevailed in-this country among
the commercial classes. The people of. America were
no doubt embarrassed by the state of their commercial
arrangements, but they seemed to overlook the fact that
they were paying for their manufactures, by their pro-
tective system, a larger amount than had been involved
even by their unfortunate hystem of banking. He (Mr.
Bazley) computed that thirty millions sterling per an-
num were absorbed by the unfortunate protective sys-
teth existing there • and hotrusled that the people of
that country woul=fyet see it, and that we should have
apidraetkeo etdsrtiese exports from this country to
France were really very trifling, and they were 4n 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. He 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. He was called upon some time ago by the emi-
nent publishers in Edinburgh, the Meisrs. Black,
to revise an article in the " Encyclopedia 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. Theßoard 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,-e-
-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 for every person
in India. If we referred to Russia, with 67 millions of
people, our exports amounted only to 180,0001., or six-
tenths of a penny per bead ; but to Russia within the
coast of the Black Sea, with a population of three mil-
lions, the exports were 13,0001., which gave lid. per
head. To France, with 36 millions of population, he
found we exported goods to the value of 155,7101., or
per head per annum. To British North America we
exported 749,000/. worth of cotton manufactures, or to
the amount of Os. lid. per head ; and to the United
States, with a population of 27 millions, we exported
4,182,109/. 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
32,712,000 k, 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 ls. nd. 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 band ; hence
the world's cotton industry might therefore he reckoned
at 120,000,0001., which would be to every man, woman,
and child on the face of the earth equal to about 2s. 94d.,
or 14 yards each per annum of excellent calico. (Hear.)
Reverting to the " Encyclopaedia 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. BooTHMAN 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
ley 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. BRIGIIT, 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 en a point to which some re-
ference is made in the report, and that is as to the meet-
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 1,0001. a mile to make
it navigable during its course and the course of its tri-
butaries for 500 or 000 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 far 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
I would the opinion
Englishman en the subject, than

I PRICE SD.

of the commissioners with regard to the actual sum that
would require to be expended. And of course we know
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 channel
more or less, and you may spend the wealth of a nation
on a 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 here would be one that would at
any rate open that river sufficiently to give a constant
and most productive navigation—l mean not only to
that 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
in 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 be has drawn up. He says that the whole
cotton industry of this country may be estimated at
fifty-four millions of pounds sterling per annum, two-
thirds of it being export, and one-third—not quite—
being home consumption. The first thing that struck
me 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 CuAinala.N—l think you may say thirty millions
for labour.

Mr. BRIGHT—WeII, we are not to a million in a mat :-.er
of this sort, and therefore, taking it at half, it will follow
that it requires the whole labour of double the number
of persons who are employed in tho cotton industry of
this coutry to provide every year for the ordinary taxa-
tion 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, De4byshire, and Yorkshire which are
interested in the cotton trade—and, be they as nume-
asthey may, the Treptrialleao';af ‘ttawit•feiilitricfs, and
all its labour, so far as it is concerned in'the prodUction
of our cotton manufactures, would only yield half the

I ordinary
taxation of this 'ccuntry, and- it would re-
quire double the whole of that labour to produce the
whole ordinary taxation of the ceuntry. (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 be ought 'not to be
allowed to go about at all, if ho cannot see that the ab-
sorption by a Government of the peofits, er a sum equal
to the products of the indu,try of such a vast proportion
efits population, must tend necessarily is create a vast
amount of suffering and pauperism in the country. Now
I am one of those who take rather kilOomy 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 c'reular from one of the most emi-
nent persons connected with the corii.Jrade,' in which it
is stated that the harvest of 1853 was theenost 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 ; 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 qnatter, 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. ld.,
being higher by about is. 6d. than it was:in 1853, when
the harvest had been so greatly degbient., 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 bad had 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 weiliaire .procured a little
further information respecting the exports of wheat-from.
Russia in 1853, which fully bears out one estimate that
it was at least 6,000,000 quarters—, It is not, therefore,
surprising that, with stocks eihaiusted in every other
part of Europe, the stoppage of this source of supply
Should have proslaced the present-high range of prices.
Even with a continuance of average crops we cannot
expect much lower rates, in the absence of imports
from Russia ; while another harvest similar to that of
1.853 would make the continuance of the present war a
cause of incalculable misery to 'the poor throughout the
rest of Europe." If we could conceive that in 1854 the
harvest had. been no better than in 1853, and that the
supplies from. Russia had been stopped, there cannot be
the slighteet'doubt but our poor people would have been
perishing in -our streets and oh 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 state of
things which appears to me very worthy of our serious
consideration. There are one or two more statements
I will allude to with respect to this subject, because I
know there are people who fancy that ao long as people
are well employed it does not much matter what people
pay for food, but they seem to lose sight of the fact,
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 20s. a quarter ; and 30 millions of quarters at
V. 10s. would come to 75 millions sterling, and it mazes
therefore a simple difference of 30 millions sterling in
the cost of our ordinary food. But if we had spent the
same sum of 105 millions, and had purchased the wheat
at 21. 10s. 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 in the United Kingdom, because on
the average, they don't, I believe, lire in houses of
more than 5!. yearly rent, a-id 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 50,000,0001. 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 some 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 capi-
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 wkole of
that amount of 20 and 30 millions together ; and, there-
fore, the sum you actually expend is by no means a fair
indication 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 loans 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
from profitable investments and modes of employment
by
of
by which labour is sustained, it must, as a matter _
course, act upon this country, and I
any other,elieveconupnotnrythliss
country more powerfully than
other countries in the world, of whicll and upon all
this
the great monetary and commercial centre. Takeh Ame-
rica, for example. In the United States peop eave traded
too fast, and imported too much, and it is quite possible
that, apart from all this, there would have been some
checkin the extraordinary importation of that country from
pent
artly
invested these difficul
there,ties aorri sien htehree , Englishcourse
of
ritaL'nvested, is naturally withdrawn ; the blood
cthais; butwthhicehmhoim
being
comes back to the heart, and the extremities are left
without snpport, and thus you have a crash in the United
States, not only precipitated, but much more violent
and alarming than you would have had, in all proba-
bility, if this state of things 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 single 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 aro
gone, what becomes of employment ? Don't we know
that at this moment, if it were not for the annoyance
it
gives to many spinners and manufacturers to see their