The Sun.
London, England, 1862-07-29 00:00:00

THE COTTON QUESTIO.N.

A writer in a contemporary says--On the sth and 11th
of February last you were kind eneugh to insert two letters
of mine upon the then relative cheapness of East Indian
cotton as compared with American, the feasibility of its be-
ing used by our spinners with a proper alteration of their
machinery, and the great necessity there existed of their
doing so with the almost certain stoppage of the American
supply during this year, and thereby encouraging the im-
portation of cotton from India to supply the deficiency
which would be caused by the entire absence of a crop which
previously had supplied four-fifths of the consumption of
the world.

Subsequent events have fully proved the advice to be
correct which I then presumed to give spinners and manu-
facturers. A fair trial soon enabled them to ascertain that
East India cotton was capable of supplying the place of
American cotton, and that yarn of finer numbers than they
ever contemplated could be produced from Surats when their
skill and ingenuity had been brought fully into play by the
necessity of their position. Hence the fact that from Jan. 1
last to the present date spinners have purchased in this mar-
ket and consumed 438,000 bales of Surat cotton and only
198,000 American, while last year, during the same period,
they consumed 1,130,000 American and only 115,000 Surats.
Thus the capability of East Indian cotton being made avail-
able as a substitute for American is, I think, settled, and the
great improvement in its quality that has latterly taken
place, and which the present high scale of prices will still
further stimulate, gives every encouragement that from
India alone we shall ultimately receive such a supply as will
make us independent of the United States of America, and
which now appears so necessary for the future welfare of our
manufacturing interests—considering the great uncertainty
that now exists, first as to the probable duration of the
civil war in America, and secondly as to the possibility of
its causing a permanent curtailment in the growth of cotton
in the Southern States.

At the close of last year the estimated consumption of
the world was over 5,000,000 bales per annum, four-fifths of
which was supplied by America. At the present moment
nearly one year's American crop has been withheld, and
even so far how serious is the result f Ilow necessary, there-
fore, it is that our true position should be clearly under-
stood, so that the danger being evident the remedy may bo
sought for, and by timely application save us from still
greater peril and injury.

So far this year, compared with the same period of 1361,
the import of American shows a decrease of 1,400,000 bales,
while East Indian cotton during the same period only shows
an increase of 160,000 bales, while the quantity now at sea
for Europe from America is nil against nearly 300,000, and
that of East Indian to arrive by the end of October is
402,000 against 391,000 bales at the same period last year.
Last week in your columns it was stated that private
telegrams had been received from Bombay advising a further
shipment of 115,000 bales of cotton in one week to this
country, and that it was expected, that when the advices
would be received hence of the late important rise in prices,
that still further extensive shipments would be immediately
made.

Now, as I am assured you will be glad to correct any
error which may inadvertently be inserted in your columns,
1 take the liberty of stating that the Bombay letters and
circulars by this same mail have to-day been received, and
instead of 115,000 bales stated to be shipped in one week, it
appears that only 28,000 bales were shipped in two weeks
ending on that date against 72,000 bales during the same
period last year, and that only about 85,000 bales were then
in stock, and on shipboard ; and also that the monsoon which
either had or was about setting in would almost prevent
any cotton being received coastwise or from the interior
until the beginning of October, so that it was quite impro-
bable that over 100,000 bales more could be shipped in suf-
fi
ient time to arrive here beforo the close of the present
year.

_
Thus the prospective supply from India for the remainder
of this year will be no greater than we received during the
same period last year. Then we received 495,200 bales of
East Indian cotton, while this year, with the cotton now
afloat and the probable quantity yet to be shipped to arrive
before Dec, 31, the quantity will barely exceed that
amount.

I have been privileged by the perusal of letters received by
efirrantlesminelaßforomm-
th
ye
an mostd ale
oi nbeyn te
nonf
vlenrda
ai at i
ohno uwsietshfraoe
Tule
rtha
le rg
bay
now here who are well acquainted with that country,
all of whose testimony fully confirms and corroborates this
view of the supply to be received from India this year.
Ycu will therefore perceive how critical is our present
position, and how necessary it is that every effort should be
made to stimulate the bringing down of cotton to the ports
of India, so as to admit of immediate shipment ; for after at
period of 10 months, during which the spinners and manu-
facturers of Europe have been working " half-time," the
supply of cotton on hand and that on the way is still mise-
rably small, and quite incompatible with the necessities of
the world, as the following figures will show
PILEtENT 'VISIBLE STOCKS IN EtItOPI; AND AMEBIC/1i
AND EAST INDIAN AT SEA.

Great Britain..... 1862
. 180,000
France ...........• 40,000
German
y......••.. 5,000
Itussia ............ 5,000
Spain ...... ........ 1,500
Italy .......... . ... 1,500

1861.
1,150,000
350,000
75,000
40,000
10,000
15,000

213,000

1,640,000

At Bea ........
In spinners' hands.... 50,00° ' •

180,000
300,000
391,000

American .. • • • • • •
East 1ndian........ 402,000 ..

665,000 2511000
Thus theT stockotaPPnloYW.. , ,
in hand in Europe, and of East
ndian and American to arrive by the end of October, is
only 665,000 bales, against 2,511,000 at the same period
last year. Such a comparatively small supply for the next
three months will naturally strike those who may even not
be conversant with the trade how critical is our Position at
the present moment, and how necessary it is that renewed
efforts should be made to obtain from India, now our only
hope, as large a proportion as possible of the supply of
cotton which Europe now requires to meet the consump-
tion of cotton goods going on.
Permit me to thank you for the able manner in which
you have so frequently of late discussed this question, and
for having so clearly pointed out to spinners that the
question rests with themselves alone ; for did they
but entertain a wise appreciation of their position we
should not have witnessed, as of late, wealthy and exten-
sive firms, with large stocks, purchased at prices consider-
ably under present rates, sending back their cotton to be
re-sold at Liverpool, preferring to secure the profit which
a re-sale would secure them, although they can only do so
by stopping their mills and throwing out of employment
their operatives, who are thus left without occupation or
support other than they can obtain from parochial relief.
Can anything be more discouraging to importers, and will
such a course induce greater efforts throughout the world to
meet their necessities ?

An official return shows that the loss of. If 7 In
in the French army during the year 1861, was
al'l6-1. In
1,000, exactly the same proportion as in 185814 56, and
1854, 1855, 1856, and 1859, the 1000 s vgae 62'
and 64 per 1,0()Q ropootiyely.