The Sun.
London, England, 1855-11-17 00:00:00

„ v
THE EBB IN ARTICLEST OP, ob
1 SUMP TION.

(From the Times Oity Article.)
.:„
The late rise, not only in corn, but in istigal.„tea;,!and
most articles of daily consumption, is attractingeerioue
attention. Its influence-, upon the entire mass of the
. _
population at the approach of winter will be sue' that
no pains should be spared to make them acquainted with
its true cauSee, since there is nothing that could be more
readily turreA to purpOses of paliticai discontent, while "
with regard to the moneyed claSses the question as to the
probable extent of our future imports must .be a main
eletnent in all their calculations. The chief point is to
prevent people from falling into the error of supposing
that the evil is entirely and necessarily a result 'of the
war, and that it will consequently go on increasing until
that is stopped. The .failure of the harvest in France,
Germany, and Northern Russia would have caused high
prices to be maintained for breacistuff4, whatever might
as respects
have: been our ;
other articles, the advance has been owing to the sudden
recognition on the part of the dealers of the lovi point
to which the stocks in hand have been allowed to fall.
Unquestionably, this diminution has, in a considerable
measure, been-occasioned by the war, in consequence of
the active consumption which has been stimulated
among the operatives and others to whom the Govern-
ment expenditure gives unusually profitable employ-
ment ; but in some tew cases it is attributable to the
same cause as that which has infitneaced the corn-market
namely, deficient crops, and in a much greater num-
ber to the extreme caution of importers, under thadread
of a scarcity of inciney. Many of the circumstances,
th4refere, which haveproduced the present state ofeffairs
are in a degree temporary or aecidental. It is true that
allowance must be made f, or the cessation of grain supplies
from the Black Sea-and the heavy charges laid upon tal-
low and hemp for -their overland transit : but, on the
olher hand, the war has greatly stimulated the wheat
production of ).the United States and Canada, which'
will soon do much:to compensate for the closing of the
Russian ports-; while the same thing, to a lea extent,
has taken placerin India and other countries which have
sent us eubstitutes.for tallow and hemp. Hence, when
the present range 'of prices shall have brought us those
supplies which must be their natural result, and the eco-
nomy they will cause shall also have had time to pro-
durce its effect, there will be ground to :infer that the
markets may gradually revert nearly to their ordinary
range, or, at all events, be en bjuct to no other disturb-
ances than such as are inevitable from adverse seasons.
Whether the.general rise which has now taken place has
already reached the utmost limit warranted under the
immediate circumstances is a qnestion. involving too
many personal interests for apu opinion to be volun-
teered, even if the data on which it could be formed gave
any elements of certainty. That many observant firms,
however, have for some time predicted an advance to be
inevitable is well known, and that the diminution in the
stocks of several of the chief articles of consumption
such as cotton, sugar, coffee, rice, &C.—was such as to
Coufirm-that view will be seen from the following com-
parative table of the quantities of the principal articles
held on the Ist of November last and at the correspond-
ing date of the two preceding years :

STOCKS.

November 1.
1854:

1853.

1855,

Cotton, in U. Kingdom
(bales)
Sugar, in do. (tons)
Do., on the Continent 31,000 44,000 20,400
Tea, in 17.Ki1l gdo co (16)54,615,000 62,870,000 64,612,000
Coffee, in do. (tons) ~. . 18,100 12,5 0 10,500
Do., on the Continent 43,410 37,9 9 40,820
Indigo,inLondon (chat) 23,3 q 24,5 8 17,43
Rice, in do. (tons)
Silk, in do. (bales) 17,764 29,717 24.764
Saltpetro, in do. (tons) 3,054 7,840 4,871
Riles, in do. (number) 250,000 249,0 0 172,000
Tallow, in do. (casks) 21,612 30,070 23,092
Cocoa nut oil, in do

(tons)
Ruin; in do. (puuchns) 11,420 18,120 23,670
Do. (hhds)
Hemp, in do. (tons)
Flax, in do. (tons) 726 2,214 1,110
The items in this list showing the heaviest'falling off
as compared with last year are cotton and sugar, espe-
&ally the latter. Of the future adequacy of the supplies
of cotton from the United States the accounts of the pre-
sent crop are sufficient to inspire confidence. In sugar
the rise which has taken place is altogether unprece-
dented for suddenness and extent since 1814. Never-
theless, a large crop is available from the Mauritius, and
in Brazil, although the cultivation has been severely
checked in some districts by the loss of slaves from
cholera, the last growth is supposed to have been nearly
an average. In Louisiana the supply is said to have
been diminished, by the substitution of cotton planting.
As regards coffee the deficiency of stock is less, but the
rise has also been far more moderate than in sugar, and
the present crop at RiO is-described as not being half as
great as that of 1854 -It was, however, then enormous.
.The Java crop is likewise asserted to be short. Tea, in-
stead of a diminution, shows` a considerable increase of
stock, but still it has experienced a decided rise. This
seems attributable not merely to sympathy, brit to the
representations of some of the houses in China that
although the exports have shown no' diminution since
the rebellion, the extent of cultivation is rapidly becom-
ing smaller. In none of theme cases, however, does
there appear anything to warrant the apprehension
of permanent scarcity. The influence of high prices,
both in bringing in supplies and stimulating produc-
tion, is seldom sufficiently estimated ; but it will be
found, on looking back to the most remarkable in-
stances of excited markets, that after the lapse of a few
months effects have usually begun to manifest them-
selves which • have proVed of long duration. The
quotations for sugar attained this week would, it
is asserted, for the first time for many years, pay for
its importation from China. What has already been
attracted froM California and India ; and the latest
letters from the United States, after describing the
activity of purchasers of breadstuffs on European
account, say " the supply. from the west is equal to
the present or probable future demand." In the present
instance the ultimate effect of large arrivals of any ar-
ticle is likely to be increased by the demand for money,
not only in this country, but at some of the chief seats
of production, such as the United States and India.. It
is to be borne in mind, moreover, that .this demand- for
money, as far as England and the continent ^re con-
cerned, will augment in proportion to the amount of
goods that may be sent us. At the same time, it is sa-
tisfactory to know that all our purchases in America
will, if experience can be relied upon, be rapidly followed
by the transmission of orders from that side for an eqnal
quantity of our manufactured goods, The same may
also be said of Brazil and, in a minor degree, of other
countries. Consequently, although the probability of
baying to pay for an unusual amount of imports during
the next half-year is calculated to add materially to the
.pending anxieties regarding the money-market, it way
be inferred that the inconvenience will soon be succeeded
by a general extension of our home industry.

THE DISCOVEhY SHIP RESOLUTE FOUND
IN Tlll IC d.

On Saturday last the barque Alibi, of this port, Capt.
Stewart, belonging to the Aberdeen Arctic Company,
returned here from Davis's Straits. She sailed from this
on Aug. 10, and arrived out in lat. 63.52, long. 64.49, on
Oct. 1. The weather was then very adver,,e, boisterous
gales prevailing from the northward, accompanied,t 7
frost and snow shower., and fr'm the close-packed:
_.
°
of the ice the vesel was prevented reaching her d! t_!nvnl
tion, viz , the fi,4hing ground in Cumberland zoo°
whither she had been preceded by Capt. Pnny'w
Lady Franklin and Sophia. Matters continued
of change, when
state for 19 days, without appearanceaving.
seen no Bri-
she again set sail for this country, b loth
thisthe
ship Resolute,
and Cape Elizabeth, spoke the discovery
Melville Island in 1853
fisht o leavingwhale tb ships.e country, O n the
hme ild7wall3ru_ itbet wt :ef'n dCayasp eprMeveiorcuys
atand Kellett, and was now
eprßaddington, of the American
by which
ca
Captains
sl
Sir was
E . abandoned
er
of New London (U.S.) The
Whaler George ElearY,
in the possession of (.131a.
Resolute was boarded by Capt.Buddington and 10 of his
17th September last, off CPpe Mercy, die.
crew on the
taut 35 or 40 miles , and was found in good condition,
with about four. feet water in her hold. Captain Bud-
pr.ize at. Whale Fish Island. The •E, intentions when Captain Stewart left were to
moat have drifted in the peck from Melville Island
throut,
,I) Barrow's Straits, Lanc t Soundand down
as,er ,
Baffin's Bay, t') where she was picked up, a distance of
Reso-
lutewl iinngtnte:rn with his
about 25 or 30 degrees. Captain Stewart received from
Captain Buddington Captain Kellett's epaulettes, left on
board the Resolute, to forward on his return home.—
Aberdeen, Journal.

Kll. n S

4._