The Sun.
London, England, 1865-08-18 00:00:00

Rest India, &c.
East India
China

77,814 39,718
626,061 728,125
1b2,939 292,623

Total ... 1,473,949 1,590,809

The quantity of cotton now at sea for Great Britain from
India is 493,000 against 420,000 bales last year, and from
China 12,000 piculs, against 144,000 piculs same time last
year. With the ending of the American war, it is now
probable we shall receive about 100,000 bales more from
thence this year than last ; but from all other sources it will
be impossible to receive more between now and the close
of the year than we received in 1864 ; so that, presuming we
receive this increased quantity of American, it would only
make the total import of the year about the same as in 1864,
namely, 2,587,356 bales.
The probable supply from America during the next six
months is at present a most important question, andin con-
sidering it, it will be as well to consider what the growth
and consumption in the United States was before the war.
The following aro the figures of the American cotton
crops of 1859-60 and 1860-61, with the home consumption
and export therefrom, as given in the official statements at
the time : _ _

1859-60. 1860-61.
Louisiana ... 2,139 425 1,701,099

ILI;QT ••• ••• 834,012 ,546;791
202,424 144,747

Florida ... ...

... 192,724 121,172

Georgia . 525;219 477,584
South Carolina ... 510,109 336,339

North Carolina

... ... 41,194

56,295

Virginia 56,987 78,132
Tennessee ... 108,676 143,424

Total Bales ... 4,669,770 3,656,086
Consumption of cotton in the United States :-
1859-60. • 1860-61.
South of Virginia ... ... 115,522 193,383
North do. 786,521 650,387

Total .- ... 972,043 843,770
Exported from United States :-
1859. 1860-61.
To Great Britain ... 2,669,432 2,175,225

„ France ... ... ... 589,587 578;063
„ 1\ orth of Europe ... ... 295,072 216,250
~ Other Foreign Ports ... 220,082 158,030

Total supply to Europe ... 3,774,173 3,127,568

In considering the present consumption of cotton in
America, it must be borne in mind that during the last four
years the consuming power of the Southern States (de-
pendent as they have so much been upon themselves) has
very materially increased. Before the war, in the year 1860
to 1861, the consumption, south of Virginia, had increased
7,861 bales compared with the former year, while the con-
sumption in the same period, north of Virginia, decreased
136,134 bales. During the progress of the war, the Southern
people were from necessity compelled to force their manu-
facturing power to clothe their population, and it is well
known that great quantities of spinning machinery were
manufacturing in this country which ran the blockade into
Southern ports, and which now being in existence, in ad-
dition to the previous machinery, will certainly lead to the
conclusion that the yearly manufacturing power of the
Southern States, at the present moment, is equal to fully
250,000 bales. This, with the present consumption in the
Northern States of about 600,000 bales per annum, would
reluire, at least, 850,000 bales per annum to meet the pre-
sent consumption of the United States.
Thus it must be apparent to those conversant with the
trade that the now generally recognised estimate of 1,250,000
bales (including rotten and spoilt) as the stock of cotton
now in the Southern States, together with a growing crop
of from 400,000 to 500,000 bales, will not permit any great
or rapid shipment of cotton from America ; for as their
consumption as officially announced in 1859-60 amounted
to 972,043 bales, and in 1860-61 to 843,770 bales, the Ame-
ricans will not be able to spare any great amount, as the
supply above-named will be all that will be available up to
September, 1866 ; whilst the great demand at present
existing for cotton goods in America, and the high protec-
tive tariff, is now daily increasing the consumption there.
But how has the supply of cotton to Great Britain this
year met the requirements of the trade ? Lot the follow-
ing figures reply :-
1865. 1864.
Stock Ist January ... 575,727 325,830
Imported to 11th August 1,473,949 1,590,809

Total supply... ... ~. 2,049,676 1,916,639

Taken for consumption ... 1,126,075 1,050,508
Actually exported 485,417 . 487,014

Stock August 11th 438;184 429;117

2,049;676 1,916,639
Thus, although the increase in the consumption and ex-
port that has taken place this year has occurred the last
few months, and which indicates a present consumption in
Great Britain still greater than the average of that just
stated, the stock of cotton now on hand is only 9,067 bales
greater than at this period in 1864 :—the increase of
123,970 bales in the consumption and export, and the de-
crease of 116,860 bales in the import this year compared
with last, having so reduced the large stock with which
we commenced this year's operations—viz., 249,897 bales
more than on Jan. 1, 1864.

This rapid reduction in the stocks, with the uncertainty
still overhanging the future supply, is still more serious,
and certainly induces ono to reflect as to whether we are
yet free from the cotton famine.
How stands the question of cotton goods in stock at
home and abroad ?

The quantity of cotton yarn and goods produced, ex-
ported and retained for stock or home consumption for the
past ten years, and also for the last six months of this year,
are as follows :
Goods & Yarn Goods & Yarn Goods & Yarn
Produced. Export. Retained at Home.
lbs. lbs. lbs.
. 1855.-747,486,000 526,188,000 ... 221,278,000
1856.-793,703,000 ... 560,988,000 ... 232,915,000
1857.-735,656,000 ... 547,806,000 ... 187,850,000
1858.-805,000,000 ... 620,741,000 ... 184,250,000
1859.-869,250,000 ... 643,871,000 ... 225,379,000
1860.-983,650,000 758,722,000 ... 224,928,000
1861.-887,900,000 ... 694,886,000 ... 161,614,000
1862.-375,000,000 ... 420,000,000 ... *45,000,000
1863.-410,000,000 ... 400,000,000 ... 10,000,000
1864.-447,000,000 430,000,000 ... 17,000,000
6ms. 1865.7-278,700,000 230,000,000 ... 48,000,000

*ExCess'of export overproduction.
These tables clearly prove that after nearly four years of
half-production and exports the markets of the world must
be still very bare of cotton goods ; and that if in 1863 and
1864 the world could afford to consume the cotton goods
they did, at the prices then current for the raw material,
what quantity will they not now consume when the price
of the raw material is 30 to 50 per cent. less, as the fol-
lowing table shows:—
Comparativepiices current for cotton on the 11th August
1865, and 1864, and in November, 1863:
1865 1864 1863
d. d. d.
American middling... • 191 ... 301 ... 28/
Pernambuco fair ~. 18 311 30
DE ghyof lteiraan 171 ... 31 ... 28
14 ... 214 ... 23/
West Madras ... 134 .., 21 ... 25
Tinnyvelly do. good fair ... 13 ... 21 •.. 25
Bengal fair ...
111 ... 18 ... 211

Chia

---
A due consideration of these facts will, lam sure, con-
vince the mercantile world of Europe that we cannot for a
long time to come depend, upon the United States of Ame-
rica for any great increase in the supply of cotton—that we
are also still dependent upon other countries to make up the
deficiency, and that pending the reorganisation of labourand
capital in the Southern States, importers of cotton—spin-
ners, manufacturers, and exporters of yarn and goods, have
no occasion to fear operating after such an important decline
in prices with so small an increase in the supply of cotton.
—J am, &c., MAURICE WILLIAMS.

Liverpool, August 15th, 1865.
P.S.—Since the above was written the New York Herald,
of the Ist August, has come to hand, and in it their special
correspondent, who has been throughout the whole Southern
States, says :
"We have taken considerable pains, while travelling
through the States, to ascertain from the best authorities
at our command the amount of cotton on hand in the South.
Froth all we learn by conversing with planters and buyers,
both during the war and since, the supply on hand will
not exceed eight hundred thousand bales." _

This certainly is recanting their previously incorrect
estimate of 2,250,000 bales.
M. W.