The Sun.
London, England, 1865-04-18 00:00:00

say that if ever and whenever the privileges or the
constitution of the cityof London should be attacked
in any way in the House of Commons, whether by a
powerful Government or the chief of a party, that
house would be always ready to maintainits liberties
and protect its privileges with no less zeal than it
would to maintain the privileges -of Parliament itself.
" The Health of the Lord Mayor" was next given
by the Bishop of CARLISLE, who in doing so dwelt
upon the services which his lordship had rendered
during many years of his life before he was elected
to the civic chair in promoting education, home mis-
sions, and the objects of the Pastoral Aid Society.
The LORD MAYOR next gave in succession, " The
City Magistrates," connecting with the toast the
"
name of Mr. Alderman Sidney, M.P. ; The
Sheriffs of London," for whom Mr. Sheriff Besley
answered ; and " The Presidents of the Royal Hos-
pital," for whom Mr. Gilpin, the Treasurer of
Christ's Hospital, responded. The company next
drank to the health of the Lady Mayoress, which
was pioposed by Alderman Sir R. Carden, and with
that the company separated about half-past ten
o'clock.

A selection of vocal music was sung at intervals
by Madame Weiss, Miss Julia Elton, and Mr. W.
IL Weiss, under the direction of Mr. J. L. Hatton;
and the band of the Coldstream Guards played a
number of choice airs during dinner.

Prospects of Future Gotton Supply;

(From the Economist.)

Early in the year we presented our readers with an
estimate of the probable amount of cotton that might be
expected to arrive, and to be available for home consump-
tion, during the course of 1865 ; and at present we see no
reason to mistrust our calculations. As far as the immedi-
diate supply is concerned, we may feel tolerably at ease ;
arrivals have been heavy, large shipments aro known to be
on their way or in preparation, and the stock is larger than
it has been for some years. It was on

Bales.
Ist January, 1861
1862 434,000
ft 1863
1864 575,000
Ist Zpril, 1865
This, as the actual rate of export and consumption, will
last for nearly 20 weeks; so that there is no need for any
anxiety at present.
But it is not to be denied that considerable anxiety
does hang over our future supply, and that our prospects
are already creating much uneasiness in all who look far
ahead. It is by no means improbable, unless great
caution is exercised, that we may fall very short of cotton
in 1866 and 1867, and that the fluctuations in price may
be as great and mischievous as any we have hitherto ex-
perienced. The fall that has already taken place has been
such as, if not materially to check production, at least
greatly to alarm producers and discourage the vast efforts
recently made to grow cotton wherever it can be grown ;
while the expectation of a still further drop tends to pre-
vent consumption keeping pace with supply.
The state of the case is simply this—the continued suc-
cesses of the Federal armies, and the supposed, and pro-
bably actual, exhaustion of the South, have impressed
even on the most cautious a conviction that the civil war
in America must be drawing near to its close. Some per-
sons believe that very soon after peace is proclaimed—
all persons believe that, sooner or later after that event
—cultivation will resume its old channels, and that large
quantities of cotton will again reach us from the States,
of a quality and at a, price with which, as formerly, no
other country, or at least few other countries, can compete.
Of course, if this anticipation be correct, those countries
which have only been enabled to send cotton hither
during the anomalous prices that have prevailed of late,
will cease to send it ; and those which have been induced
to send us extraordinary quantities will fall back to their
old moderate amounts. To descend to particulars. Fair
Surat, which last spring was selling at 22d. is now pur-
chasable at 11d. per lb.: ordinary East India, which in
former days used to sell for 3d. and 4d. per lb., and which
last year reached 16d. may now be had for 6d. ; while
(such is the idea of future probabilities at Bombay) we
are informed by telegraph that fair Surat has been sold
there, to be laid down at Liverpool, at Bd. The reduction
in other qualities has been nearly, if not quite, propor-
tionate.