The Sun.
London, England, 1867-07-31 00:00:00

CROPS AND CORM MERLE.

The revival of trade between the United King-
dom and the United States, interrupted by the late
war, is clearly seen in the Report of her MAJESTY'S
Corninissioners of Customs, in presenting to the
Treasury, the statistics of Trade and Revenue for
the year 1866. The values of the exports of
British and Irish produce show an increase
of £23,000,000 over those of 1865, and the imports
an increase of £24,000,000. Almost the whole of
this extraordinary rise is due to the revival of the
exchange of commodities between the two sections
of the Anglo-Saxon race. The year 1865 was con-
sidered in Great Britain to be one of unusual pros-
perity. That of 1866 was marked by a financial
panic, that has had a powerful effect in depressing
trade, and, by destroying confidence, has pro-
tracted this depression beyond all former experience.
Not has this panic and lengthened depression been
confined to the United Kingdom—it has ramified
over the world, and been severely felt though from
different causes, in the United States. In the
face, then, of a dejection everywhere experienced
this rise in the exports and imports has been
achieved. It is gratifying to know that unless in-
terrupted by a war, it is almost impossible to check
the steady growth of commerce between England
and America. On the one hand, the industry and
natural advantages of each country rise superior to
any legislation however mistaken ; and on the other
hand, each country obtains its necessary supplies in
spite of all obstacles. The immediate effect of peace
in the United States was to restore with a marvellous
rapidity the former commercial relations with Great
Britain. The whole of the vast increase of the

imports into the United Kingdom amounting to
£24,q0p0 is due to the United States. The total
receipts for 1865 from the great Republic were
£46,852,284, showing the increase of last year to be
more than half the total of the year preceding. But
the rapidity of the move upwards is better seen from
the fact that the imports from the United States for
1866 exceeded those of 1864 and 1865 put together.
The period when the imports into Great Britain
from the United States reached the maximum was in
1861, when the war commenced. This was due
mainly to two causes. People who foresaw the
struggle to be inevitable made prodigious efforts to
push all the cotton and other produce they could
collect from the Southern States into Europe, and
the crops of that year were unusually large. The
effect of the war was to enhance the value of these
staples, and, in consequence, the figures represent-
ing their values became immensely increased. Al-
though the imports from the Republic for 1866
do not equal in amount those of 1861, yet that year
is the single exception. The direction to which we
may look for the cause of the increase-is clearly in-
dicated, and is full of promise of returning prospe-
rity to the South. It is known that two previous
years of neglected culture and bad harvests through-
out the Union were on the third year followed by a
harvest still worse, eventually necessitating the prairie
States to, import breidstuffs for the subsistence of
their inhabitants. The supply of wheat furnished
by the United States to Great Britain thus fell in
1866 to a value of £375,000, or one-tenth the value
of that imported in 1864. It is not then to the
Northern States we must look for the cause of the
increase. Of course cotton takes the lead in accounting
for the upward move. lu 1861 England imported
11,000,000 cwts. of cotton, of which 7,000,000
cwts. (by far the largest quantity imported from
one country) came from the United States. Last
year England imported 12,200,000 cwts., Of which
the United States furnished 4,600,000 cwts. The
increase in quantity from the worst year of the
war to the concluding year of the Report, is repre-
sented by values of £365,000, followed by
£5,000,000 for 1865 and £21,000,000 for 1866.
The price of cotton, now that the United States has
again fairly entered the field, has fallen consider-
ably, and therefore the returns of the present year,
although exceeding in quantity, may show a less
aggregate value. But there can be little doubt that
the States will maintain and probably increase the
trading position they have resumed. Throughout
the Union the harvest is considered one of the most
promising ever seen, and of all sorts of produce the
reports are favourable. Free labour in the South is
working better and more economically than em-
ployers expected ; and industry is resuming its old
habits and channels. Thus we may expect a large
increase in breadstuffs, the great staple of the
North, and at the same time a steady revival and
development of the vast agricultural resources of
the South. It is to these staples we must look for
agitated Congress. The exports
the solution of the financial problem, which has so
wheat, maize, and rice, ought to
of the imports into the United
lobofanl
cotton,
on
tactneo and
nt
tobacco,
bona egel
valueoy
States, and, if so, the precious metals will not be re-
quired to adjust differences. This would leave in the
Union the enormous and daily increasing yield of
gold and silver produced in the Pacific States, and
Secretary M.CuLLocif would then have the ball at
his foot to roll as he pleased. A satisfactory settle-
ment of the labour question and a few good harvests
would have a magical effect in altering prices in Wall-
street and in the gold-room. Abundance of pro-
duce must lead to an accumulation of the precious
metals, and that to a return to specie payments.
All depends on the crops, which at least this year
are considered safe. In the Southern and Central
States wheat is being harvested, and elsewhere
throughout the Union it is thought secure beyond
all but extraordinary contingencies. The high price
led to a greater area than ever being placed under
cultivation. Returns received at the Bureau of
Statistics in Washington, given in the Wall-street
Journal, show an increase in the acreage of wheat,
this year of 10 to 15 per cent. The estimated im-
provement in the crop over last year is shown by
the following table :
Ohio l6O p. cent. Missouri 39 r. cont.
Indiana 73 do. Kentucky
Michigan
Wisconsin
Minnesota.
...Tennessee ...... 53 do.
Illinois - 15 do.
The breadth of cotton sown is very large, and;
notwithstanding the rumours of damage always
circulated about the cotton crops to influence
prices, its condition is known to be highly favour-
able, and gives every promise of exceeding any
former crop
except that of 1861. The hay is
secured in overflowing abundance and fine condi-
tion ; and corn, though late, owing to the cold,
and
wet spring, looks well, has lately been
rapidly ripening. Secretary APCuLLocir has had to
contend with unlooked-for difficulties, but there is
now good reason to believe that he will be helped
along in a degree he little expected by the agricul-
tural industry of the people and favourable weather.
Some of the cheery New York correspondents of
the London dailies will be compelled to change their
tone, and cease to excite the apprehensions of weak-
minded European bondholders interested in the
financial prosperity of the United States.—A ug/o-
American Times.

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