The Sun.
London, England, 1847-12-23 00:00:00

COTTON.

" We have repeatedly remarked (states a self-
styled authority in New York) that the effect of the
revulsion in England would he felt in this country
more through the influence upon prices for our great
exporting staples, than in any, other way. Cotton
forms such an important portion of our aggregate ex-
ports, that whatever affects the prices of the raw ma-
terial in England operates directly against us, and
the loss falls principally upon our shoulders. The
recent decline in prices for cotton in this market is
almost unprecedented ; but prices do not rule so mach
below those current at the corresponding period last
year as the great depreciation would indicate. Pre-
vious to this decline prices were very much inflated,
and .a speculative feeling existed to some extent, in
consequence of the impression prevailing that the
consumption would go so far beyond the production
that.the stocks on hand would be completely used up.
In the midst of this speculative movement the explo-
sion in England came upon us. The manufacturers of
England found themselves compelled to reduce their
operations to the smallest limit. The consuming classes
of Great Britain are poor, and the consumption of
manufactured goods has been very much reduced.
The middling classes of England are the great con-
sumers of cotton goods, and their resources have been
so completely absorbed in the railway speculations of
the day, that the most rigid economy will have to be
practised, to save themselves from utter bankruptcy.
The home market for British cotton goods has there-
fore been reduced a large per cent., and the foreign
markets, with the exception of the United States,
have also fallen off largely. The consumption of the
raw material has, consequently, been much less for
some time past, and the difficulties in the money
market, and the grand explosion in the credit system
of England, have all tended to depreciate the value of
the article in all the markets of this country. Within
the past three months the shipments of cotton have
been unusually large, notwithstanding the deprecia-
tion in prices. This is attributed to the fact that
previous to the termination of the last commercial
year, when prices ruled high, and it was generally
expected that the crop would be very short, large
stocks accumulated in the hands of speculators in this
and other markets, in anticipation of an advance in
prices. The commercial crisis in England revealed
to them their position, and the only alternative left
was to realise as early and as favourably as possible.
To do this it became necessary to ship to the other
side, as our markets were rapidly filling up with the
new crop."
We cannot agree in all the statements made in the
extract given.

[ADYERTISIIMEINT.)—CARRIAGB
residing in the country are supplied with Teas and
Coffees at the lowest wholesale price, in quantities not
less than six pounds, delivered carriage free to any part
of England. Orders must be accompanied by a remit-
tance, or if a reference be made in London, payment
will suffice on receipt and approval of the goods. A list
of prices and samples free, on application to G. T. Man-
sell and Co., wholesale tea-dealers, 2, Bucklerebury,
Cheapsids.