The Sun.
London, England, 1861-10-18 00:00:00

COTTON SUPPLY.

A writer in a contemporary says ze—Amid all the
outcry made about a " Cotton Faw.ine," and in view
of the salutary efforts likely to be produced by a
little alarm and high prices, I hardly know whether
you will care to give insertion to remarks on the
other side of the question ; but, as apprehension is
felt in some quarters that distress among the opera-
tives will render them very troublesome this winter,
and as so staid a journal as the Economist has found
it necessary to remind the spinners of Manchester
that their necessities will no more justify England
in breaking the blockade of the cotton ports than
in stealing the cotton afterwards, it may not be
amiss to give a few words of comfort and hope to
the desponding.

The quantity of cotton taken out of this port by
the trade in the year 1860 was at the average rate
of 49,000 bales weekly, at the end of the year the
stocks in their hands were greatly increased, and it
is probable that, what with the large stock of cotton
en hand and the great accumulation of "waste,"
which during the good times of last year spinners
had not time to use up, the quantity which actually
passed through the spindles did not exceed 45,000
bales weekly. The short time movement began in
earnest about the beginning of September, and the
reduction of consumption already is estimated at
30 per cent. ; if the supply of American cotton is
entirely withheld during the w hole season, it seems
likely that the consumption will be reduced by one
third, and the trade will not require more than
30,000 bales weekly from Liverpool from the Ist of
September, 1861, to the Ist of September, 1862.
The export from Liverpool during the last 10 years
has averaged 291,551 bales per annum ; last year
it was much greater, owing to exceptional circum-
stances—the enormous American crop of 1859-60
having been sent to this market, it became the
cheapest, and Continental buyers came here for a
larger quantity than ever before.
Now let us examine what our position will be en
the Ist of September next, supposing we do not re-
ceive a bale from America, that the importation
from other places is only increased by the quantity
of cotton actually known on the Ist of September
last to be at sea from India in excess of what was at
sea at the same time last year, assuming the con
sumption to be two-thirds of that of 1860, and the
export at the average rate of the ten years 1850 to
1860, inclusive.

Bales.
Stock of cotton in Liverpool, Sept. 1, 1860 885,610
Import of cotton, other than American, into
Liverpool, Sept 1, 1860, to Sept. 1, 1861 .... 867,494
Known on September 1 to be at sea (Bombay to
Liverpool) in excess of same time last year .. 164,152

1,917,2,5
Twelve months' consumption at
30,000 bales weekly
Export at the averago rate of last
ten years

1,851,551

It may be urged that the Continent, and, per-
haps, even the United States, will have to come to
England for their supplies ; but it must be remem-
bered that the trade here hold very large stocks of
cotton of which no account has been taken, and the
same is unquestionably the case in all other places ;
and abroad of course the same economy will
be forced upon spinners as in this country.
It may be further urged that bales of other
kinds of cotton are smaller than American bales ;
but this will be far more than compensated for
by the fineness and lightness of the goods which
are made when cotton is dear. Then the price of
middling New Orleans cotton to-day is 101 d. per
lb.; while this time last year it was 61d. per lb.;
and it will be contrary to the laws of trade if such
an increase of price does not call forth an•increased
supply.

Our American friends have been very much sur-
prised at what they have termed the apathy of the
manufacturers of England in not running up prices
of cotton much sooner, and they will be still more
surprised when they learn the calm business-like
way in which the prospect of an entire absence of
American cotton is met. The Southerners are ac-
customed to regard England s.s absolutely dependent
upon them, and it will be a very disastrous circum-
stance if the labouring population of the manufac-
turing districts should be reduced to two-thirds of
their usual wages ; but this is very different from
" famine," or from such distress as will convert
honest and industrious operatives into a dangerous
class.

I have endeavoured to allay needless alarm at the
loss of one American cotton crop, but I should be
sorry indeed to check the regular and natural pre-
cautions which are being made to meet the present
exigency.
Liverpool, Oct. 16.

LITERATURE.

The Parish of Linwood ; or, Who is Responsible,
By I. G. Edinburgh : W. P. Nimmo. Loudon :

Houlston and Wright.
I. G. has a very humble wish—that her little
book may " amuse the wise, instruct the ignorant,
and do injury to none." We have no doubt her
wish will be attained in the case of numerous
readers, for the story is of that kind which is a
favourite with the age of her principal heroes and
heroines. From the circumstances mentioned in
the short preface, it is evident that the authoress
could not be an artist in the vocation of tale-
making ; but her slips—such as a person drowning
without any cause for it, and her young hot Tory
hero seconding the Address in a Palmerston Parlia-
Inan ecni
dt e—n
tdso anr
eo t
pilnetnetriffeurle we
niut hu
gthh
alni fde
the of f
lheevre
ss oarnyd.
perplexities, and cross-purposes, and comings-right-
at-last, sufficiently numerois to content any lover
of the unexpected and surprising. When we add
that the leading personages are a wealthy young
landlord, just come of age, and a clergyman about his
own age, who both desire to make Linwood a merry,
but yet a God-fearing parish, our readers will be
sure tharc morality and religion cannot suffer in the
story. The authoress, in a secco edition, must look
a little carefully to the Scotticisms, and to the hints
of, friendly critics on minor points.

The advices from Paris are still of a very anxious
character. The drain d gold continues, and the rate of ex-
change on London is firm. The Bank of France persevere•
in its sales of stock, but the market is sustai,--3 &L all
on the part of the ex-
„,...—...,11C13
traordinary manner by large in
c.tuent are these carried that it is said
public. To such
did prices of all kinds of securities would experience a de-
cided rally in the face of the existing difficulties were it not
for the realisations effected by the Bank of France. The
rexpectation of a fresh movement in the rate of discount ap-
pers to be generally entertained. The sale of the bills for.
the £2,000,000 on Messrs, Rothschild and Baring is to cow
moue this week.