The Sun.
London, England, 1867-01-22 00:00:00

COTTON SUPPLY OF 186 g.

The quantity of cotton imported into the United
Kingdom in 1866 was 3,749,041 bales, against
2,755,321 bales in 1865, making an increase of
about 32 per cent. The importations of last year
were larger than in any previous year, as well as
being very considerably in excess of 1865. It is
instructive to know the countries from which the
supply is derived. First in point of quantity stands
British India, whence came 1,847,739 bales. Next
of course ranks the United States, giving 1,156,130
bales. The number of bales furnished by all other
countries barely exceeded 700,000. But though
the United States stood second on the list with re-
gard to quantity, it takes the leaf as regards value, the
estimate being for the Union £35,000,000, and for
India £33,000,000 ; the value of the produce of
all other countries being £14,100,000. The year
1866 showed at its commencement a stock of raw
cotton in Liverpool of 402,630 bales, which de-
clined on the 16th March to 340,250 bales. This
was the minimum quantity of the year, its maximum
being reached on the 25th May, when the bales
numbered 1,205,330. From this point the quantity
again decreased, and on the 28th December last
closed at 516,770 bales. Some idea may be formed of
the importance of the staple when the total cost of the
import is added up. The gigantic sum is then reached
of over eighty-two millions sterling. The fluctua-
tions in the market price varied in the course of a
few months from 40 to 50 per cent. The highest
price of the year was obtained at its commence-
ment on January 5, when Middling Orleans sold at
from 21d. to 21id. per lb. The lowest price was
reached on the 25th May, precisely the date at
which the quantity had risen to its maxinzum, when
the same quality of cotton sold at 133-1 to 130.
Although the fall in American cotton was consider-
able, that in Indian was far heavier. On the sth
January fair Dhollera sold at 181 d. to 180., and
on the 25th May 91d. to 91d, was the price it realised.
Though the fall in Indian was comparatively "so
much greater, its rally was also greater, for on
the 28th December Middling Orleans was
worth 161 d. to 160. per lb., while fair Dhol-
lera brought 131 d. to 130. One reason for
the violent fluctuation in Indian cotton arose from
the misapprehension of the effect likely to be pro-
duced by the superior quality of American cotton
when the supply became abundant. It was thought
that the spinners would not use Indian sorts if
American were procurable. It has, however, been
found that the machinery has been adapted to the
use of the Indian staple, and that the manufac-
turers fear to alter it until satisfied that the
supply of American cotton would prove certain
and sufficient. The insecurity of the position
of the Southern States on the whole exercised an in-

jurious influence, although this uncertainty was made
the means by speculators of raising for a time the
price of American cotton. The manufacturers were
getting into a groove which, had the American War
lasted much longer, would have had a pernicious
effect on the resuscitation of the American
cotton trade. The conflicting statements of the
estimated yield of the Southern States had a strong
effect on the Liverpool market. The difficulty of
obtaining correct information as to the exact supply
forthcoming, as well as the difficulty of estimating
what the result would be of emancipating the negro
labourer, had a powerful influence. One striking
fact is prominently brought out by the figures before
us. Although the consumption of cotton in Eng-
land has increased since 1862, the consumption on
the Coutiinent has increased in a far greater ratio.
The export from Liverpool to continental ports has
rapidly augmented, and it is now known that con-
tinental manufacturers are enabled to compete suc-
cessfully with those of Manchester in many of the
coarser classes of cotton goads. Liverpool is the
great emporium to which all the cotton supplies are
gathered, and whence they are distributed over the
world. Most of the gold of the world finds its way
to the vaults of the Bank of England, and nearly
all the cotton that is grown passes through the
warehouses of Liverpool. Although the supply and
demand are certain to equalise each other in the
end, and prices to find their true level, yet, in a
staple in which for the last few years the fluc-
tuations have been so violent, a great influence
cannot but be exerted by speculators. Last year
was one of prodigious loss to the holders of cotton,
but in previous years there had been great gains ;
and the large sums made on the whole enabled the
losses to be borne without producing any very serious
consequences. Before the American war every
market was glutted by the over-production of the
Manchester looms. At the close of the war the
surplus stocks, had been consumed, and it was
thought that Manchester could be busily employed
for a considerable period before the world could be
again over-stocked. Last year the production ex-
ceeded any previous year except that of 1860, and
the export of manufactured goods was also the
highest known. At the same time it must be borne
in mind that considerable quantities of the raw
material had been manufactured on the Continent,
and it is therefore thought that the process of over-
production is again rapidly going on. If this be
so, Manchester will not be able to continue to consume
the same amount of raw material, and in this case
the present price cannot be maintained. The ques-
tion is, however, one of supply. It is reported that •
the new crop in India will be a comparative failure.
The price of the raw material will mainly depend
on the forthcoming crop in the Southern States ;
the quantity, however, is not likely to remain long
in obscurity, as was the case for some time after the
close of the war. What the South can produce
under the altered state of things will soon be
known, and the market will then be less influenced
by reports and rumours, many of which are merely
concocted by those whose interest it is to raise or
price.—ilnylo-American Times.
depress the market

SPIRIT OF THE PUBLIC JOURNALS.

-

THE " SPECTATOR" ON. LORD DERBY'S SIX
MONTHS OF PATRONAGE.—Lord Derby and his
colleagues received the seals of office in the begin-
ning of July, and have consequently been in office
little more,than half a year: In this brief period the
Government has distributed an amount of patronage
which might well account for the anxiety of politi-
cians of either party to see their own friends upon
the Treasury benches. First, as to Peerages. Of
these six have been created, four having been be-
stowed upon Conservative members of the House
of Commons. Lord Henniker, for 25 years the re-
presentative of East Suffolk, and an Irish Peer, is
now a member of the Upper House, under the title
of Lord Hartistuere ; Sir W. Jolliffe, for more than
30 years member for Peter field, and the Tory whip
in the Administration of 1858-59, was gazetted
Baron Hylton ; Sir E. B. Lytton, for 14 years M.P.
for Herts, and Secretary for the Colonies in Lord
Derby's previous Cabinet, was raised to the Peer-
age as Lord Lytton; and Colonel Douglas-Pennant,
who for a quarter of a century sat for the county
of Carnarvon, was created Lord Penrhyn. Outside
the House of Commons peerages were granted to
Viscount Boyne, an Irish Peer, who now sits as
Lord Brancepeth ; and to Sir Hugh Rose, Com-
mander of the Forces inlreland, who is now on the
roll of the Lords as Baron Strathnairn. It is, how-
ever, on the Judicial Bench that the present Pre-
mier's patronage has been most conspicuous. Lord
Derby's legal appointments for the past six months
are very nearly equal with those of Lord Palmer-
ston during his six years' administration from 1859
to 1865. What the new Conservative Judges lack
with respect.to number is counterbalanced by the
high positions which most of them have taken. In
England, Sir Fitzroy Kelly has been appointed
Chief Baron of the Exchequer.; Sir W. Bovill, Chief
Justice of the Common Pleas; Sir Hugh Cairns, a
Lord Justice of Appeal in Chancery ; and a Vice-
ChancePorship has been given to Mr. Malins. In
Ireland, Mr. Whiteside has been appointed Lord
Chief Justice;. Mr. John George, a judge in the
Court of Queen's Bench; Mr. Brewster, a Lord
Justice of Appeal in Chancery ; Mr. Walsh, Master
of the Rolls ; Mr. Lynch, a judge in the Landed
Estates' Court; and Mr. Miller, a judge in Bank-
ruptcy. Here, then, are ten judgeships- in six
months. • Lord Palmerston, in six years, appointed
thirteen judges,two chiefs and eleven puisnejustices ;
Lord Derby, in six months, has had the nomination of a
Chief Baron, two Chief Justices, two Judges of Chan-
cery Appeal, a Master of the Rolls, a Vice- Chancellor,
a puisne justice in a superior court, and two judges
of the minor courts. To effect these changes six
judges have been placed upon the pension list, viz.,
Sir W. Erle, Sir F. Pollock, and Sir IL. T. Kinder-
sley, in England ; and Mr. Lefroy, Mr. Hayes, and
Mr. Longfield, in Ireland. Two of the vacancies
arose through the deaths of Lord Justice Knight
Bruce in England, and Mr. Cusack Smith, the Mas-
ter of the Rolls, in Ireland. The remaining two
were caused by the promotion of Lord Justice
Blackburne to the Irish Chancellorship, and of Mr.
Lynch from the Bankruptcy to the Landed Estates'
Court, in the same kingdom. The elevation of the
new judge has caused the distribution of practice
worth at least £40,000 a year among the members
of the bar 'at Westminster Hall and Lincoln's Inn,
and of from £15,000 to £lB,OOO a year amongst the
Common Law and Equity barristers of the Courts
in Dublin. After such an amount of patronage
Lord Derby's bishoprics make but a s-nall show.
Yet the noble Premier has had three mitres to dis-
pose of ; two in Ireland, and one in the East. The
bishopric of Meath has been bestowed on Dr. But-
cher, and the bishopric of Tuam on the Hon. and
Rev. C. Bernard. The see of Calcutta, vacant
through the melancholy death of Dr. Cotton, after
1101-iv gone a begging for months, has at length
been accepted by the Rev. Robert Milman, vicar of
Great Marlow. The new baronetcies have been five
in number. These honours have been conferred
upon Sir F. Pollock, late Chief Baron of the Ex-
chequer ; Sir 11. Edwards, of Pyenest, Yorkshire,
and one of the members for Beverley in the present
Parliament; Sir W. Williams, a large landed pro-
prietor, of Tregullow, Cornwall ; Sir D. Gooch,
chairman of the Great Western Railway ; and Sir
Curtis Miranda Lampson, who, with Sir D. Gooch,
took a prominent part in laying the Atlantic cable.
Nor were the heroes of Atlantic telegraphy forgotten
in the knighthoods, of which there have been 12.
captain Sir James Anderson, Sir S. Canning, Sir
R. • A. Glass, and Professor Sir W. Thompson
severally received this honour. Law and juris-
prudence have had their representatives in
the persons of Sir William Bovill, Sir
R. Malins, Sir J. Rolt, Sir J. B. Karslake, and
Sir W. Hackett, Recorder of Prince of Wales's
Island. Civic dignity has been sustained in the
persons of Sir B. S. Phillips, late Lord Mayor of
London, and Sir John•. Morris, chief magistrate of
Wolverhampton. Lastly, the value of African
travel and exploration has been recognised by con-
ferring the honour of knighthood on Sir Samuel
Baker. Five Lord-Lieutenancies have fallen in.
Lord Penrhyn now holds that of Carnarvon ; Lord
Tredegar, that of Brecknock; and Mr. M'Clintock,
of Drunicar, that of Louth ; while Northampton-
shire and Rutland are vacant. These two Lord-
Lieutenancies of Rutland and Northampton, to-
gether with a Garter, are now in the gift of the
Prime Minister through the death of the Marquis
of Exeter. Two vacant Garters have been given to
the Duke of Richmond and the Duke of Rutland.
Twenty members have been added to the Privy
Council. The Governorships of Bombay, the
Island of St. Christopher, the Straits Settle-
ments, and Natal have been filled up. Sir Bartle
Frere has been appointed a member of the Indian
Council, and a host of Recorderships and County
Court Judgeships have gone in for new nominations.
In connection with Lord Derby's unprecedented
amount of legal patronage, it may be stated that
the harvest is as yet by no means past. A bill is to
be introduced into Parliament in the ensuing ses-
sion, for the creation of three additional common-
law judges; Lord Justice Turner and Mr. Baron

Martin have served the requisite number of years to
enable them to claim their retiring pensions, and a
very few months will place Vice-Chancellor Stuart
and Vice-Chancellor Wood in a similar position. It
is somewhat remarkable that, amid all his good for-
tune in rewarding political adherents, Lord Derby
at this moment has only one law officer out of six 10
the House of Commons. That one is Sir JolJohnßolt, the Attorney-General for England, who sits
for West Gloucestershire. No seat has yet been
found for Sir J. B. Karslake, the Solicitor-General;
the seat of Mr. Morris, the Irish Attorney-Gcneral,
is formally vacant through his acceptance of office ;
Mr. Chatterton, the Irish Solicitor-General, offers
himself for the University of Dublin ; and the
Scotch Lord Advocate and Solicitor-General arc
both out of Parliament.