The Sun.
London, England, 1862-01-04 00:00:00

Orleans, brings 15c. at Richmond. Thus, cotton
t would come in slowly and most expensively even to
New Orleans and Mobile. We assume that the
promptitude of the British fleet would prevent the
sinking of ships at these ports, but undoubtedly, if
this is net already effectually accomplished at the
Atlantic ports, it would be done on the first decla-
ration of war—some 50 stone laden ships being
already available for the purpose ; on 3, though the
vessels may be easily blown up, that would be a
work of time, and the stones would remain block-
ing up channels already barely deep enough to
admit ocean-going vessels. To remove the stones,
Embedded, as they would speedily become, in sand,
would be a most difficult undertaking, and not
likely to be accomplished during the present sea-
son. Upon the whole, it is probable that an esti-
mate of 1,000,000 bales as likely to be shipped to
Europe before the Ist, of September, due there be-
fore the Ist of November (say, 700,000 bales to
Great Britain and 300,000 bales to the Continent),
would, in the event of war, be sufficiently liberal.
" Nor can it be supposed that the price could be
very moderate in view of the many difficulties to be
overcome, the high river and railway freights, high
press charges, known deficiency of the crop, and
certain short planting of the ensuing one, as every
effort will be made to increase the supply of grain
and provisions, and reduce still more the old depen-
dence upon the North. The planters, too, witness-
ing the present high prices in other markets,
particularly in the North, where middling cotton is
worth 40c. per lb., will have very inflated ideas of
the price the small supply they have in market
should bring. Supposing them to establish the price
of 15e. per lb., shipping charges lc., freight 2d, and
insurance 25 per cent., the cost " to sell" in Liver-
pool would be 13d. per lb., and that this price would
be supported upon so small an American supply
there can be no question, particularly under the
stimulus of the great demand for cotton goods and
all other manufactures which would ensue upon the
opening of the Southern ports. It may be worthy of
mention that during the last American war 10d. to
13d. freight was paid, but this was for uncompressed
bales. It may safely be presumed that the value of
every bale of cotton brought across the Atlantic
would be returned to the Southern ports in manu-
factures or in foreign produce, and as cotton at 40c.
per lb. is being profitably manufactured in New
England, the South would undoubtedly willingly
give a price which would enable English manufac-
turers to pay 13d. for the raw material.

" Our conclusion is, that in the fall in price from
is to 10d which took place at Liverpool upon the
fear of war, holders were unnecessarily alarmed, and
that if they desire to keep their mills at work Eng-
lish spinners must bend to circumstances and con-
sider ls. per lb. a very reasonable price. We have
shown that cotton is not likely to be obtained lower
from this country while the present contest lasts,
even in case of a European Power engaging in the
struggle. Nor, we fear, will an adequate supply
be attracted from new fields of supply without a
liberal inducement in the price offered.

" As regards the prospect of any arrangement be-
tween the North and South, it seems to us as distant
as ever. On both sides the most perfect confidence
of ultimate victory exists. Neither will admit even
the possibility of a doubt upon the subject. The
Washington Government are in a pecuniary strait
at this moment, but they will doubtless find a way
of getting over it as soon as the question with
England is settled. If not, they can at any moment
resort to the mode already practised in the South,
and to which all countries have usually been re-
duced during long wars—the manufacture of paper
money, made legal tender by the State. There is
at present so large a stock of gold in the country—.
estimated at 80,000,000 dollars more tnan last year
—that for some time the premium on gold would
be trifling. This system all intelligent business
men are already preparing for, as it is considered
inevitable.---. Very respectfully yours,

" NETLL BROTHERS."