The Sun.
London, England, 1863-11-03 00:00:00

THE SUN, LONDON, TUESDAY EVENING, NOVEMBER 3, 1863.

THE MERCHANT BANKING COMPANY
of LONDON (Limited).
Established under the Companies Act, with Limited Liability.
Capital, Two Millions Sterling.
In 20.000 shares of £lOO each. First issue, 10,G00 shares.
Deposit, £1 per share on application, and £lloe. on allotment.
It is not contemplated to call up more than £25 per share.
Calls not to exceed £5, at intervals 01 not less than three
months.

DIRECTORS.
Richard Henry Browne, Esq., Director of the London Char-
tered Bank of Australia.
William Cadell, Esq. (Duff, Cadell, and Co., Merchants),
London and Liverpool.
J. H. Reynell de Castro, Esq. (Carruthers de Castro and Co.,
Merchants), Manchester and Rio de Janeiro.
Lewis Fraser, Esq. (J. and L. Fraser, J 1 erchant 5), London
and Singapore.
Janes NPMaster, Esq. (late of Wm. M`Master at.d Brothers!,
Toronto and Manchester.
John Paterson, Esq , Merchant (Paterson, Kemp, and Co.,
Merchants), London and Port Elizabeth.
William Pearce. E..q. (Pearce, Macrae, and Co., Merchants),

London and Calcutta.
Jarm s Adam Smith, Esq. (Smith, Wood, and Co., Merchants),
London, Liverpool, and Manilla.
Thomas Steohouse Esq. (Thomas Stenhouse and Co., Mer-
chants), London and Bombay.
Henry Thurburn, Esq., late of Alexandria, Queensborough-

terrace, Padoington,
Harrison Watson, Esq. (J. R. Thomson and Co., Merchants),
London and Cape Town.
Edward Weston, Esq., Director of the Standard Bank of
British South Africa.

LIVERPOOL ANI) LONDON FIRE AND
LIFE INSURANCE COMPANY.

At the ANNUAL MEETING of the Proprietors in this
Company, held on Thursday, 25th of leetruary, 1863,
- - -

_
JAMES ASPINALL TOBIN, Esq., in the Chair,
the Report of the Directors for the year 1862 was read ; it
showed:—

That the Fire Premiums of the year were £138,065 0 0
Against those in 1861, which were 360 131 0 0

Giving an increase in 1862 of £75,931 0 0
That the new Lite business comprised the
issue of 785 Policies, insuring 467,331 0 0
On which the annual premiums were 13,9:-!5 7 11
1 hat there was added to the life reserve 79,277 11 4
That the balance of undivided profit was in-

creased
That the invested funds of the Company
amounted to 1,417,808 8 4

21,725 9 7

In reference. to the very large increase of £76,000 in the
Fire premiums of the year, it was remarked in the Report,
" The premiums paid to a company arc the measure of that
company's business of all kinds ; the Directors, therefore,
prefer that test of progress to any the duty collected may
afford, as that applies to only a part of a company's business,
and a large share of that part may be, and often is, re-insured
with other offices. In this view the yearly addition to the
Fire premiums of the Liverpool and London Company must
be very gratifying to the proprietors."
SWINTON BOULT, Secretary to the Company.
JOHN ATKINS, Resident Secretary, London.

THE QUEEN INSURANCE COMPANY.
156, Leadenhall-street, London, E.C.
Queen Insurance-buildings, Liverpool.
Capital ONE MILLION STERLING.
At the Annual Meeting of the Proprietors, held at Liver-
pool, on the 21st October, 1863, BERNARD HALL, Esq..
Chairman of the Company, in the Chair, the Directors'
Report for the year stated—
That the Fire Premiums for the year amounted t 0.... £70,300
being an increase over the precedimr year of .... 22,880
That the Life Premium Receipts for the first three
years were
and for the past three years
being an increase in the latter triennial period
over the former of
That the amount accumulated since last Meeting, as
a Fire Reserve Fund, was.... 23,427
and the amount added to Lite Fund was 13,743
That during the past five years the Company had paid
for Claims
the Actuary reported that the Life Liabilities had been
valued on the soundest principles, viz., Net Premiums at 3
per cent. interest, and that the Bonus to part.cipating Policy-
holders averaged as much as 46 per cent. per annum of the
Premiums paid, while in some instances it was as high as 65,
70, and even 7a per cent.
A dividend was declared to proprietorg at the rate of 8 per
cent. per annum.
J. MONCRIEPF WILSON, Manager and Actuary.
JOHN E. LEYLAND, Secretary.

▪ 15,249
• 43,5a7

NORTH BRITISH AND MERCANTILE
INSURANCE COMPANY.

Established 1809.
Incorporated by Royal Charter and Special Acts of
Parliament.
Accumulated and Invested Funds
Annual Revenue 422,401

FIRE DEPARTMENT.
Insurances granted both at Home and in Foreign Countries
on the most liberal terms.
LIFE DEPARTMENT.
Every facility offered to Insurers.
Ninety per Cent. of the Profits divided among the Insurers
on the participating principle.
The new Life business iransacted in 1862 as follows :
Policies. Amount Insured. Premiums.
1,037 £763,334 £23,611 0 0
Forms of Proposal and every information will be furnished
on application at the

--
OFFICES:
LONDON 5B, Threadneedle-street.
4, New Bank Buildings, Lothbury,
„ West-end Office B, Waterloo-place, Pall-malL

PROVIDENT CLERKS' MUTUAL LIFE
ASSOCIATION.

Established 1840.
TRUSTEES.

Thomas Baring, Esq., Geo. Prescott, Esq.
Thomson liankey, Baron L. de Rothschild, M.P.
'Mutual Life Assurance for alrclasses.
This Association has now in existence 6,000 policies, for a
total sum of £1,500,000.
The Annual Income is .. £51,000
The Accumulated Fund exceeds .. 200,1,00
It has paid in Claims .. .. 112,000
The whole of the profits are divided quinquennially among
the Members. Three divisions have already been made
when the following sums have been added as bonuses to the
policies

Dec. 31, 1847 • £5,400
" 1852 • • .. 11,500
•, 1857 .. .. •• 23.200
making the total bonus additions, X 96,600. 56,500
Bonuses may be received in wish or applied to the reduo-
-1862
tion of premiums at the option of the assured, in lieu of an
addition to the policy.
Attention is especially invited to the system of free or paid-
up policies introduced by this Association, by which the
sacrifice so often submitted to on the relinquishment of
po icy is wholly avoided.
The balance-sheets of the Association are open
whether assurers or otherwise.
Active and influential agents will be appointed in unrepre-
sented districts. to all,

WM. THOS. LINFORD, Secretary.
Chief Office, 16, Moorgate-street, E.C., Aug 1, 1863.

SORTHAND.-PITIVI AN'S PHONOGRA.
PHIC TEACHER. 6d. ; free by post, 7d.

SHORTHAND.-PITMAN'S PIIONOGRA.
PHIC MANUAL. Free by post, is. 6d.

II OR THA ND.-"PITMAN'S PHONO
GRAPHY forms an exceedingly efficient -probably
the MOST efficient - system of Shorthand that exists, "—Sir
Rowland Hill.

13, Great Marlborough. street.
3IESSRS. HURST AND BLACKETT'S
ANNOUNCEMENT of FORTHCOMING WORKS

THE LIFE of JOSIAH WEDGWOOD, from his I
Private Correspondence and Family Papers, in the possei!-
sten of Joseph Mayer, Esq., F.S.A., and other Authentic
Sources. By ELIZA METE/ARD. In 2 vole. 61,0., with Fine
Portraits and numerous Illustrations.
COURT and SOCIETY from ELIZABETH to
ANNE, Illustrated from the Papers at Kimbolton. By the
DUKE of MANCHESTER. 2 vols. Bvo., 'Mtn fine Portraits.
AONES. By Mrs. OLIPHANT, Author of " The
Lite of Edward Irving," &c. 3 vols.
A PERSONAL NARRATIVE of THIRTEEN
YEARS' SERVICE among the WILD TRIBES of
KHONDISTAN, for the Suppression of Human Sacrifice.
By Major-General JOIIN CAMPBELL, C.B. 1 vol. demy
tivo., with Illustrations, 14s. (Nov. 6.)
THE WIFE'S EVIDEN(SIE. By W. G. WILLS,
Author of "Notice to Quit," &c. 3 vols.
MENIOIRS of JANE CAMERON, Female Con-
vict. Blr A PRISON MATRON, Author of "Female Life in
Prison.' 2 2 vols., 21s.
A NEW STORY, by Mrs. HOWITT, in 3 vols.
BARBARA'S HISTORY. By AMELIA B. ED.
WARDS, Author of "My Brother's Wife," &c. 3 vols.
THE DESTINY of NATIONS as INDICATED
in PROPHECY. By the Rev. Jones CUMMING, D.D. 1
vol., 7s. ed.
THE QUEEN of the COUNTY. By the Author
of "Margaret and her Bridesmaids," &c. 3 vols.
A NEW STORY of ENGLISH LIFE, by the
Rev. J. M. BELUEW. 3 vols.
A CHEAP EDITION of LOST and SAVED.
By the Hon. Mrs. NORTON. 1 vol.
LODGE'S PEERAGE and BARONETAGE for
1864, under the Especial Patronage of Her Majesty.
WILDFIRE. By WALTER THORNBURY. 3 vols.
MY STEP-FATHER'S HOME. By LADY
BLAKE. 3 vols.

NEW WORK BY THE AUTHOR OF " EAST LYNNE."
On Nov. 11, in 3 vols., post Bvo.,
THE SHADOW OF ASHLYDYAT.
By Mrs. HENRY WOOD,
Author of " East Lynne," " The Channings," &C.
Richard Bentley, New Burlington-street.

This day, Never Before Published, price 25.,
BEL DEMONIO. A LOVE STORY.
By PAUL FEVAL,

Author of "The Duke's Motto."
London • Ward and Lock, 158, Fleet-street.

Just published, in 12m0., cloth, price 35.,
IS the DOCTRINE of TRANSUBSTANTIA-
TION SCRIPTURAL? The Question Considered and
Answered. By a Layman.
London: Aylott and Son, 8, Paternoster-row.

MR. GERMAN REED'S NEW ENTER-
TAINMENT, TO-NIGHT, at 8 o'clock, introducing
an entirely new and original 0 t) ERA DI CAMERA, entitled
JESSY LEA, written byJobn Oxenford, Esq., and composed
by G. A. Macfarren, Esq. Vocalists : Miss Edith Wynne,
Mr. Whitfin, Mr. Wilkinson (their 2d appearance), and Miss
Poole. Scenery by Mr. John O'Connor.—ROYAL GAL-
L 6 EtY OF ILLUS rIiATIoN, 14, Regent-street.—Unre-
served seats, ls., 2s. ; stalls, 35.; stall chairs, ss. ; secured in
advance at the Gallery, without fee, and at Cramer and
Wood's, 201, Regent-street.

T" oxF OB,D,
B,OXFORD STREET, W.
. _ _

THIS EVENING, wlil be performed Operatic Selections
from Sir Henry R. Bishop's THE SLAVE, CLARA, the
MAID of MILAN, and liellini's SONN A MBULA.

Principal Artistes—Miss Russell, Miss Ellison, Messrs.
Green, Bernardi, Huish, .tc., with full band and chorus.

Conductor, Mr. F. Jonghmans.
Flute Solos by Drew Dean, dm.

Comic, by UNSWORTH ("or any oilier man "), Encrene,
W. Randall, George Hodson, and those marvellous French
Clowns, Messrs. ARTHUR and BERTRAND.

Also, a Pei formauce by Herr SCHALKENBA.CH on his
wonderful instrument, the PIANO ORCHESTRIsI, contain-
ing a full baud of 40 instruments.
The HALL has just been newly Decorated and Ventilated,
and is one of the most Beautiful in the Metropolis.

Open at 8 o'clock. Admission, 6d.; stalls and balcony, le.
private boxes, 10s. 6d.

PANTERBURY HALL " GHOST."—In order
NJ to gratify the curiosity of nightly-increasing crowds,
Mr. C. MORTON has transferred the representation of Pro-
fessor Pt pper and Henryllircks, Esq.'s, world-famed spectral
Illusion, •• THE GHOST," to the Concert Hall, where a
new and elegant stage is erected, affording a more ample
view of the Illusion from Stalls, Balcony, and body of the
Hall. He has also arranged for Mr. A. Silvester to give
(with all that gentleman's latest improvements and effects),
REPRESENTATIONS EACH EVENIAG, at half-past
Nine o'clock.

All the other Musical and Pictorial attractions as usual,
including* Operatic Selections, &c. ; Comedy by Unsworth
(the modern Demosthenes), Eugene, George Hodson, E.
Marshall, and the marvellous Arthur and Bertrand.

ROYAL ALHAIVIBRA PALACE. The
Marvels of Peru, the most wonderful Performers in
the WorId—LANGLOIS, the marvellous Indian Juggler.
—Grand Comic Divertissement, by the Francesco Family
and Mons. Ratel, assisted by 12 Young Ladies.— The beauti-
ful FAIRY FOUNTAIN—NICOSIA, the eminent Italian
Violinist.

• ---
Special Notice.—lmmense attraction on THURSDAY, sth
November. The celebrated French Clowns, ARTHUR and
BERTRAND, will make their appearance in a new Enter-
tainment, reserved expressly for their engagement at this
establishment.
Doors open at 7—commence at half-past 7.

ROYAL ALHAMBRA PALACE. Great
Musical Attraction —lmmense success of SIGNOR
NICOSIA, the eminent Violinist, who will appear Every
Evening.

ARGYLL ROOMS, Windmill-street, Piccadilly.
These elegant Rooms are NOW OPEN for the Winter
Season._ They have been entirely redecorated.
. _ _

Musical Director and Conductor, Mons. L. JULLIEN.
Great Success of his new Quadrille, " The Prince of Wales,'
nightly encored.

- -----
The band Is selected from the Italian Operas and the
Household Troops.

Doors open at 8 o'clock.
Admission, I s.

Manager—M. GnExET.

THE COTTON SUPPLY.

TO THE EDITOR OF THE SUX.

Sir,—The question of our future cotton supply,
it do
tnorcpeosol
demsu oeomfei
thmeaentee,
ed
the
hanet
de
districts,l
last
f snt
lepr an
n at
meeting his nenteen
rmt
oe
ipsf
ntl
ieot
nhpy
m
ped
G bearingreeonnpetrrioaaflt etai
tlhsyeeil
g
discussion the committee adopted a statement fur-
nished by Mr. Edmund Ashworth, and appended it
to their report. As I think my friend has taken
rather too sanguine a view of the subject, may I
crave space in 2he Sun to lay before your readers
the conclusions at which I have arrived from a
perusal of the public and private correspondence in
my possession ?
At the request of the committee of the Cotton
Supply Association, Earl Russell courteously di-
rected the British Consuls resident in cotton-grow-
ing countries to report upon the prospects of supply
for 1864. Most of these gentlemen have made their
reports, and much valuable information has thereby
been obtained. The statements, however, of these
gentlemen, or of private correspondents resident in
those countries, and the conclusions drawn from
them can only be an approximation to the truth,
and may consequently be fairly open to question
and difference of opinion.
The import of last year (1862) was as follows
Bales.
America
Brazil
Egypt
Turkey
East Indies
West Indies, &c

Total 1,445,000
The imports of this year (1863) I estimate to be
!rem

Bales.
America
Brazil
Egypt
Turkey
East Indies
China
West Indies, &c.

Total
Increase, 415,000 bales, or 30 per cent. ; and this
estimate,
judging from the imports already received,
appears likely to be realised.
Taking the consumption of 1860 as our guide,
three days' employment per week would require
24,300 bales, and adding the export of that year,
11,700 per week, a total weekly supply of 36,000,
or
1,872,000 bales for the year, would be necessary.
But the consumption for forty weeks of the present
year, to the 9th of October, appears to have been
28,700 bales per week, and the export 12,000 per
iate
week, waking the probable requirements of the year
to be 2,119,000 bales, or an excess of 259,000 bales
over
theestimated impost. It is the prospect of
result which has given encouragement to specu-
lation, and led to the present unprecedented high
think will place in jeopardy the continuance of
prices for the raw material—prices which I cannot
but
the time at present worked by the operative classes.
I estimate the imports for the coming year (1864)
to be as follows :

Bales.
America
Brazil
Egypt
Turkey .. 150,000
Italy ............. 25,000
West Indies, &c. ......
35,000
East Indies ....... 1,500,000
China ........ 150,000

Total .................. 2,445,000
1863, 585,000 bales, or 31 per cent.
Increase upon
A consumption of four days per
week, based upon
the data of 1860, would require 32,400 bales, and
allowing an additional export of 2,000 bales weekly
year, we have a weekly demand of
over the present
45,400, or a total for the year of 2,412,000, to meet
which is the above estimated import of 2,415,000
bales.
In this ealcula!ion I have assumed the con-
tinuance of the war in America, from which country
it is not unreasonable to estimate a supply for 1864
equal to 1863.
From Brazil the reports are not so favourable as
could
be desired. With all the stimulus of high prices
the probable import of this year will exceed the last
by only 16,000 bales, or 12 per cent. The apathy
•
of the Portuguese character, the profitable cultiva
tion of sugar and coffee, and the scarcity of labour
may account for this trivial excess. An increase of
35,000 bales, or 25 per cent., for 1864 is therefore
as liberal an estimate as can be justified. From
Egypt the reports are favourable, and estimates of
th crop vary from 275,000 to 400,000 bales. I have
adopted the last advices which place it at 350,000
bales, of which Great Britain may probably receive
300,000, being an increase of 50 p©r cent. From
Smyrna I received in August last the communica-
tion which Mr. Ashworth quoted to the committee,
of a probable crop in I urkey and Greece of 950,000
kintals, or 310,000 bales of 3cwt. each. The gen-
tleman from whom this was received has been long
resident in
Smyrna, has access to the best informa-
tion, and is
considered a high authority in all com-
mercial matters ; but I confess I was startled at the
great increase intimated over the previous year, and
therefore hesitated to adopt it until the receipt of
further information. This has materially reduced
. • _

the above
in estimate, in consequence of injury to the
crops
some districts from locusts and in others
from drought,
calculation,2o 0,000 boaulte s
oafr en
whichow quantity
considered
to be a high
Great Britain may obtain 150,000 bales, being an
increase of fourfold over the present year's estimate.
From Italy and Malta advices are received of a
crop of 40,000 to 60,000 bales, a very considerable
increase upon
sthhael lastpryoehaarh'sl
probably
production,ohtai
obtain
2,0
sanodo
bales.of
From this
quantity
we
India the supplies of last year and the present
one have disappointed those who relied upon the
statements hitherto made as to the large quantity
of cotton grown there. An increase of 10 per cent.
only is probable for this year, notwithstanding the
high prices prevailing. It is, however, generally
admitted that the last crop was injured by the ex-
treme drought which prevailed in several districts.
No such drawback is anticipated as to the forth-
coming crop, while an additional quantity of land
has been placed under cotton cultivation, and much
of what has been hitherto reserved for home con-
sumption will be forwarded for export. An in-
crease, therefore, of 300,000 bales, or 25 per cent., is
perhaps not too high a calculation. From China I
estimate an import equal to that of this year, the
high prices now existing withdrawing it from local
consumption. From the West Indies and our
other colonies no increase of importance can be ex-
pected ; while the western coast of Africa sends us
less this year than the last. From Peru we have
obtained 12,000 bales this year, and a further in-
crease may be expected during the next.
From these countries and all others no7t
I allow an increase of 15,000 bales, or senpuemreltet,,
be
making the total from the West
30,000 bales. From the above statement
ould
appear that the supplies of lndies,
wt
aggregate amount, furnish four
portion will
186d4awso,uld,
employmentin their
of the year, the
buthefo
rat: nt
the considerable
spring
perbe avwaeielkable
manoniuthereou Jn uf wll lam afraid, itwit-
pplowylmlicehut,i
was, hoped would see
ness a diminution of that which now exists.
s eua
fearory
In
conclusion, I would observe that the above con-
siderations present us with two satisfactory results.
First, that the production of cotton in other coun-
tries than the Southern States of America is steadily
progressing, the imports of 1861 exceeding probably
those of 1862 by 1,000,000 bales, thus lessening our
exclusive dependence upon ono source of supply.
Secondly, that the three countries which have shown
the most eager desire to contribute to this result—
Egypt, Turkey, and Italy--possess advantages in
climate, soil, and facility of access to this market
which enable them to compete successfully with