The Sun.
London, England, 1846-01-06 00:00:00

indeed, pending the provisions of the convention of 1627,
it could not be. We think, then, there is conclusive
evidence of our title to the entire district ; but whether
we ought now to insist on the strict right is another and
distinct question. The convention of 1827 seems now
to preclude either country from setting up a claim to
the whole ; the natural termination of a joint te-
nancy is a partition, not conducted on the principle of
dividing the superficial area in equal parts, but on a divi-
sion of the real advantage which the country affords.
What need England care for the addition of a few
thousand acres, more or less, to her countless thousands
of square miles in Canada, in India, Australia, and the
innumerable islands under her dominion ? The real ad-
vantages of the north-western coasts are the facilities of
establishing trade with China, and the colonies of the
Pacific Ocean. Any arrangement securing to Great
Britain this source of future wealth, together with the
free navigation of the Columbia River, she may fairly
accept without any compromise of the national honour.
• These things being conceded, it matters little how the
boundaries are drawn from the Rocky Mountains,
whether by following the 49th parallel to the sea, or by
making the Columbia River, which seems the more
natural and convenient, the line of demarcation. Less
than this Great Britain cannot, and ought not, to accept,
especially when menaces accompany the advancement of
' a rival claim. Woe be to the country that stoops to
buy off an unprovoked war by concession. We
should sincerely rejoice to see an amicable adjustment of
the dispute, nor are we without hope that such a happ,
measure will terminate the affair. Despite all Mr. Polk s
frothy denunciations, America will not relinquish her
extensive and profitable commerce with Great Britain
for no higher object than bolstering up the credit of Mr.
Polk. The subjoined extract from Mr. Cushing's lecture
does not betoken any disposition for war ;
Time is the great regulator of all things in this world.
If nothing else occur to dispose of the Oregon question,
in time, the backwoodsman of the west will do it with
their axes, cattle, and ploughs, and if need be, their
rifles. Emigrants from the United States have a land
journey to Oregon, which is, comparatively speaking,
easy ; for their horses and cattle feed themselves on the
road, carry or furnish provisions for the emigrants, and
carry the utensils, and constitute the capital with which
the settlers are to begin life in Oregon. Emigrants from
Great Britain have a much longer land journey to make,
besides a sea voyage of 3,000 miles ; or in the whole, a
sea voyage of enormous length and expense, if they go
by the Cape of Good Hope or Cape Horn. Besides
which, all British emigrants in America have a great
tendency to cease to be Britons and to become Ameri-
cans?'
Be it so—the day will probably arrive when Mr. Web-
ster's prediction will be verified to the letter, and these
immense wilds, occupied by a thriving population, will
net submit to a dependency either on Great Britain or
the United States.

REVIEW of the COTTON TRADE.
(From Haywood and M Viccar's Circular.)
The review of the year 1845 is simple. The fluctua-
r tions in fair qualities of Upland and Orleans cotton from
the highest to the lowest have exceeded 12 per cent.,
and the import, generally, has been profitable. The
season opened under favourable auspices. The stock on
hand was large, but prices were so low as to inspire con-
fidence. All expectation of an overwhelming import,
which had operated so prejudicially in the month of
November and in the beginning of December of 1844,
had disappeared before the month of January of the
present year, and the result now proves the American
crop to have been ,2,394,500 bales, exclusive of 25,900
bales from Texas. It is true that there are many who
in January last believed this to be an over-calculation,
and, under the conviction that the growth would not ex-
ceed 2,100,000 to 2,200,000 bales, prices rather advanced
in that and the following month. In addition to this
motive for action, common both to the speculators and
the trade, the announcement of the intended repeal of the
duty on cotton furnished fresh stimulus, and the sales
were very extensive. But, in spite of this, the month of
March, by a combination of circumstances, proved to be
unsatisfactory, since, instead of advancing, the market
declined id. per lb. The duty of 5-16 d. per lb. on cotton
wool, however, being then taken off, the real difference
in money to holders was not important, but as many of
them in the first instance expected to gain that amount,
the disappointment seemed almost equivalent to a loss.
In the early part of April, the statements as to crop,
which had, as just stated, been gradually diminishing,
now began again to increase, and the receipts into the
ports seemed to justify the new anticipations. It was
for a time in vain that the buying here continued large,
and that the probability of dissension between the United
States and this country respecting the Oregon territory
was again brought more prominently forward by the
declaration of both parties in the House of Commons as
to the general determination of the Legislature not to
surrender our early rights to the disputed country. All
was unavailing, under the pressure of the heavy stock and
Mersasing supply, to raise prices. On the contrary,
they again receded. This state of things, it is true,
was only of short duration, for the profits realised by
spinners being at least 2d. to 3d. per lb., at the end of
April and in the beginning of May, the decline was
again recovered, and the excitement upon the American
question seemed to gain fresh force. It is certain that
neither then nor at any time since has it been generally
believed that the discussion would terminate seriously ;
yet a certain degree of fear has existed that, previously
to any final arrangement, so angry a feeling might be
raised as to interpose increased difficulties. The negotia-
tions were now rendered more delicate and critical
from the decided manner in which each party had
asserted its claim, and with every wish to avoid
actual hostilities ; yet in discussions between nations
the slightest untoward incident may lead to open
rupture. It is this same sentiment which still pre-
vails, and which has always more or less entered
into the views of holders throughout the year. The
message of the President is of a nature to confirm
this impression. Returning, however, to the question
more immediately before us, June was a month of large
business, though without any advance in price. The
only new feature which manifested itself was that of ad-
viees as to the appearances of the coming crop of 1845-
1846, which were not propitious. Though the period
of the year was far too early to form any correct judg-
ment, yet the plant germinated it was said so unfavour-
ably, as in the opinion of many to furnish a reasonable
motive for steadiness in prices. In July the intelli-
gence continued to be of the same description, and it
was then also supposed that the crop would be later
then usual. Speculators, encouraged by the facilities of
the money•market, as well as by the continued prosper-
ous state of trade, and the lowness of prices, pur-
chased largely on the one hand, whilst the spinners on
the other deemed it prudent to keep up their stocks to a
point beyond their usual quantity. It was the large
supply in the port alone which tended to keep the
market in check The weather might have had
some little effect at that period, but this was
only slightly ' regarded, though circumstances have
since proved of what immense importance was its then
character. Before the end of August all apprehensions
as to the harvest, if any were ever seriously entertained,
seemed for a time to subside, and the market again im-
proved. The stock of American cotton had reached its
maximum of 832,000 bales. This amount now began
sensibly to dimitdsh, and the month of September was
one in which the business transacted was of vast extent.
Ia the beginning of October, in consequence of the
alleged deficiency of yield in the wheat crop, and of the
injury done to the potato crop in this and other countries,
a settled dull and anxious feeling began to prevail, and
this continued unabated throughout the remainder of
the month. November was still more discouraging, and
a second advance in the rate of interest to 3i per cent.
by the Bank of England (the rate of interest had already
been raised on the 16th of October from 2f to 3 per
cent.), effectually destroyed all hope of change for the
better in the money-market, and with this. all prospect
of amendment in cotton seemed for the moment to
be annihilated. During the present month of
December there has been a regular and steady de-
mand daily ; but a tighter state of the money-market,
coming too at a period of the year when there is always
rather, a desire than otherwise to liquidate existing en-
gagements and to diminish the amount of responsi-
bility, both on the part of merchants and brokers, had,
until counteracted by the advises of the last packet
bringing reduced estimates of crop, operated still fur-
ther to depress prices and to, throw a gloom over com-
mercial transactions generally. The projected changes
in the Ministry, and the uccettainty of the immediate
stillm theore to abolition-of effect of the measures to be proposed with reference to
toe Opening of the ports for the admission of grain,
and lition of the corn-laws, have contributed
unsettle the public mind, and in the doubt
that has been raised and the hopes and fears which have
alternately predominated, trade has suffered, and con-
fidence has been considerably shaken. The railway
deposit rlich belongs to another part of
oursublon also,
'i
likewiseeucets,tihas
been one of the principal
causes of the distrust which has • pervaded the monied
interest, and through this influence •
essential injury
has been done to the holders of cotton.
Having now alluded more especially to the fluctua-
tions in the article itself, other events of the year as
they are more or less indirectly connee.ted with it call
for a few observations. The first one of these in the
order of time, and probably in importance; as it refers
to cotton itself, is the abrogation of the whole import
duty, which is one of the most remarkable events in the
history of commercial policy. It is a measure fraught
with wisdom, not only as being in itself of vital im-
portance to the country, but as a precedent for other
changes of a like nature. It will tend to give a still
greater development to the manufacturing energies of
Great Britain, and will better enable us to compete, in
common and heavy fabrics, with that very country, the
United States, where the raw material itself is pro-
duced. It had beet; a complaint that the duty,
awghi‘clpohicnontchte cost,itute s
wasoacarsuseinggoodoso sor heavy a
manufactures per
ctoenbt
e
suprseded in the South America'
markets, and it was
to correct the evil in that hemisphere,
extension to India, upon which soand to prevent its
n
prosperity depended, that, seeing the
such of our future
financial state of
the country would bear the abstraction, the
wisely abandoned this branch of revenue, thovueGozment
certain that, for immediate popularity, other reductionsit is
might have been selected, and other taxes taken off, which
would have been more acceptable to the multitude. This
act of the Government cannot be too much commended.
:The next point which calls for comment is the mania
in railway speculation during the greater part of the
year. The words of the historian of 1720 describe in
so accurate a spirit the folly of 1845, that it can hardly
be out of place to quote them. Speaking of the South
day, of thatsays, " All dis-
tinctions Sea and other schemesl.
he n
sex, character, and circum-
stances, of party,
religion,
were swallowed up in this universal concern, or
in some such pecuniary project. Exchange-alley was
filled with a strange concourse of statesmen and clergy-
men,_ories,
Churchmen and Dissenters, Whigs T and
Plifrieisms, lawyers tradesmen, and even with multi-
tu es °f women- All other professions and employments
were utterly neglected, and the people's attention wholly