The Sun.
London, England, 1865-06-23 00:00:00

THE FILLING-IN.

Yesterday a number of practical gentlemen visited
the works of the Thames Embankment, and in-
spected that portion which includes the filling-in of
the space between the wall of the embankment and
the shore. The inspection was perfectly satisfactory
to the contractors. On the contract under the
superintendence of Mr. Ritson, between Waterloo
and Blackfriars bridges, the newly-made ground
was found to be most substantial. It is formed of

the river soil, of gravel, sand, &c., mixed with
builders' rubbish, which forms a concrete equal, if
not superior, to the concrete usually patronised in
the western section comprising the shore between
Westminster and Waterloo bridges. The filling-in
is under the immediate superintendence of officers
deputed by the Metropolitan Board of Works, and
the inspection proved favourable. The remaining
portion of the filling-in is to be on a similar prin-
ciple to that above-mentioned.

How Much Cotton is there in the South.

We take the following letter from the Boston
(U.S.) Evening Post. The writer, whose initials
only are, appended, is, we are informed, a director
of the Boston Chamber of Commerce, and second
to no person in the United States in his knowledge
of the cotton question :

Boston, May 12, 1865.

" To the Editor of the Evening Post.

" In your notice of the letter written by an American
cotton spinner to Mr. Bright, from which you made
some extracts, you gave the writer's opinion that there
were 21 million bales of cotton in the South on the Ist of
April. The estimate was made under the date of January
1, 1865, since which time a large amount of cotton has
been destroyed at Montgomery, Columbus, Macon, &c.
"Notwithstanding this fact, the writer adheres to the
opinion that over 21 million bales of cotton will be avail-
able before the next planting season.
" This estimate is not generally accepted, but a much
lower one is believed. The lower figures are based on the
statements of Southern men now in New York, many of
whom have lately come north. Their estimates are dis-
trusted by me, because Southern cotton men have always
been notorious for understating the quantity of cotton, and
because a large portion of those now here have an interest
in cotton.

" The average estimate of Southern men who have
been in No. York during the past few weeks gives a
present stock of 1,600,000 bales. It is, in my mind, not
unreasonable to allow 25 per cent. as the probable under-
statement of a commodity known to be hoarded like gold
throughout the cotton country, when the estimates are
made by the parties chiefly interested in keeping up the
price.
" But let us take them at their average, and admit the
stock on hand to be 1,600,000 bales. I have as yet seen no
consideration given to the probable crop of this year. This
is usually passed over without thought, but we have posi-
tive assurance that there are more than double the number
of black labourers at work in Texas and on the Red River
that there were before the war, removed thither from the
Mississippi River.
"Texas made in 1860 405,000 bales of cotton: she has
now twice the labouring force, and evidence can be and
has been obtained that a crop of more than 500,000 bales
has been planted this year. .

"Now, as to the cotton country on this side the Missis-
sippi and in Western Louisiana and Arkansas. Wherever
our troops have marched they have found food in plenty ;
they have devastated a narrow strip, finding cotton every-
where, and on that narrow strip the inhabitants must plant
only grain this year; but mark the line of march through
Georgia,forinstance, and see how narrow a section it covers.
Beyond that narrow line food is still plentiful, and every
man who had an acre prepared for corn will put half of it
in cotton. Lee surrendered early in April, and it is not yet
too late to plant cotton. Every Southern man who reads
this statement will probably deny it, but cotton was planted
last year on a Mississippi river plantation far above Vicks-
burg, in which the writer was interested, on the Bth day
of June ; the larger part was cut down by the army worm,
but from the remaining plants a good crop was gathered.
"It is certainly within reason to expect 300,000 bales to
be raised elsewhere than in Texas. They will give a supply
available before May 1, 1866, as follows :
Average estimate of stock on Southern
testimony
Texas crop
Crop elsewhere

1 ,600,000
..• ..•

. .
500,000
••• ••• II" •••
300,000
110 1100 II" •f.

2,400,000
It can be easily demonstrated that if this quantity of
cotton shall come into the markets of the world prior to
May 1, 1866, the total supply of 1866, including that raised
in other countries, will be more than equal to the capacity
of all the spindles in Europe and America to spin in one
year ; and if our cotton shall prove to be very largely a
surplus export, not required to balance imports, but payable
in gold, then the price must for a time be regulated not by
its intrinsic value with reference to future small crops, but
by the price which Europe can pay in gold at the time the
bulk of the cotton comes into market.

" If this temporary depression should take place just
before the proper season for making arrangements for
planting the next crop, the reorganisation of industry at
the South will be impeded and very much delayed, and to
this result the proposed course of the Government now
directly tends.
" It is quite evident that the Government officers do not
believe there is in existence a sufficient quantity of cotton
to cause any depression in price that will seriously impede
future planting. If they are correct, an open trade, free
from all restrictions, will soon develope the facts. The
large majority of the large spinners of this country, the
men of all others whose interest it is to get at the facts,
believe that there aro from two to three million bales in
stock now.

"The Government has of late been imposing such
onerous charges and taxes of one kind and another that
the parties who have moved cotton have suffered fearful
losses. It would have been better for the owners of some
lots of cotton to leave it to rot than to pay all the charges
and taxes required to get the cotton to market.

"What is the result ? We have now scarcely any re-
ceipts of cotton on private account, the Government
stock is well known, speculators control the New York
market, and prices have been run up in such manner
as to check the operations of the cotton mills, disorganising
industry, and preventing the increased employment of
labour at a time when it is essential that labour should be
fully employed.
" A change is made by the new trade regulations just
issued, but under these new regulations the system of
purchase of cotton by agents of the Treasury depart-
ment is to be continued. It is to be supposed that the
most liberal system of purchase possible will be adopted.
But if the cotton is to be purchased at all by the
Treasury agents, the best they can do will be to take one
quarter in kind, and deliver the other three-quarters to the
owner with all taxes paid ; in other words, assessing a tax
under the trade law of 25 per cent. in kind, in place of the
internal revenue tax of 2 cents per pound. It is not believed
that cotton will move freely under this regulation.
" To prove that I am not alone in my estimate of cotton
available before May 1, I give you the following statement.
prepared by a gentleman who has been for 20 years a buyer
of cotton in the South, and who has better means than I
have of forming a judgment to-day :
MAY 1, 1865.
Old Cotton Merchantable
East of Mississippi

700,000
West of Mississippi

2,300,000

Plants of 1865.
In Texas 700,000
Else
where 300,000 1,000,000

Available before May 1, 1866 ... 3,300,000

" If any judicious men believe such figures as these, and
and there are many who do, the policy adopted should be
one which should bring out the old stock as quickly as
possible, in order that the lowest point may be reached and
a rise established before the next planting.

" Suppose we are wrong, and that there are but one
million bales, then the high price will be established
very soon, and the greater will be the inducement to
keep order, maintain peace, and establish free labour in
every cotton state."