The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1849-02-06 00:00:00

ployinent and food to five millions of our
a ruinous competition with the

TIM LITERIPOOL

sugar and 58 puncheons of rum, will thus, in 1848-9, after
three years of Mr. Smith's management, after an expen-
diture upon it of nearly £lO,OOO, besides its purchase-
money, make but 110 hogsheads of sugar and 50 pun-
cheons of rum, if Mr. Smith's best hopes are realized,
and that from no bad seasons."

We certainly never heard ourselves of this very
promising experiment. Perhaps Messrs. Rathbone
and Ewart, the chairman and deputy, or some of
the unfortunate shareholders, can inform us whether
the result of the company's operations, as given
above, is correct. If this really is so ; if, with all
the appliances of abundant capital, improved ma-
chinery and science, they have found the cultivation
of the West Indies such an awfully losing concern;
they are bound in justice to admit that the free
trade agitation has been based upon false statistics
and representations, and that the proprietors in
those colonies are a most injured and oppressed
body of men.

WE are happy to inform our readers that the
orders for manufactured goods of all kinds by the
steamer which arrived yesterday from America- are
very extensive. The late imports into the States
were realising very handsome profits. All the letters
from New York give a very favourable account of
trade, &c., and people were in the highest spirits
regarding the Californian gold.

The following important letter, on the subject
of the present condition and future prospects of the
cotton trade, is from the pen of the same gentleman
who furnished us with some valuable information
on the same subject for our last. His statements
are well worthy of attention :
TO THE SPINNERS AND MANUFACTURERS OF
COTTON IN LANCASHIRE AND CHESHIRE.

GENTLEMEN.—Since I addressed you last week the
sales of cotton have again been extensive, and it may not
be altogether uninteresting to you to have an analysis of
the total sales for the past month, ending the 31st ultimo,
by which you will the more plainly be able to discern your
own position.

The sales are estimated at 236,000 bales, of which
69,000 are to speculators, 11,000 to exporters, leaving
156,000 to the trade.

4t is generally admitted by those who have the oppor-
tunity of forming a correct opinion that the consumption
of cotton at the present time is greater than at any former
period. Messrs. Littledale, in their last India circular,
estimate it at 33,000 bales per week, whilst other parties
put it down at 34,000; but in calculating it at the lower
figure, we shall find that 156,000 bales for 31 days is little
more than 35,000 per week, leaving barely a surplus of
10,000 bales : to this we may add 10,000 forwarded into
the country, unsold, during the month, chiefly on manu-
facturers' account, with probably 10,000 more yet to
be sent forward—in all, 30,000 bales, or less than a week's
consumption. So far importers have met the demand
very freely, and the advance in the month is not more
than id. to Id. per lb. ; but the stock of all descriptions
is only 415,000 bales, of which speculators at the present
moment are supposed to hold at least one-fourth.
Hitherto, the late imports have realised a good profit,
but they are now nearly exhausted, and future supplies
will stand the importers much higher rates. By advices
brought by the Indian mail, from Bombay, we find that
there was little doing in exports, so that any supply from
this quarter must of necessity be very limited for some
months.

Should the steamer from the States, now hourly looked
for, bring accounts of increased shipments, our market
may be heavy for a time, and possibly droop kd. per lb.
But on the other hand, should the accounts be favourable
to holders, an advance in prices would be inevitable. In-
deed present prices are moderate when compared with
those of previous years ; and, as I stated last week, I do
not consider it to be to the permanent advantage of the
manufacturing interest to keep down prices below a re-
munerative point to the grower. In corroboration of the
foregoing remarks, I may add, that I have been informed,
within the last few days, by unquestionable authority,
that the stocks of manufactured goods in America are
greatly exhausted, and that we may look for a very exten-
sive demand from this quarter during the ensuing spring;
and in letters received by the last steamer, the writers
stated they were only waiting to get samples of the newest
patterns previous to sending their orders forward.
Liverpoot, Feb. 3rd.

P.S.—Since writing the above, the "America" steamer
has arrived, bringing one week's later account of receipts
and shipments. As I prognosticated in my former letter,
which appeared in the Standard of last Tuesday, prices
have advanced in the States half a cent, equal to a farthing;
the receipts have considerably fallen off, being only 70,687
bales ; the shipments are exceedingly light, being only
21,370 for the week ending the 17th of January ; and ge-
nerally, by well-informed parties, the estimates of the
crop are reduced. These accounts will unquestionably
have a tendency to further enhance the value of cotton in
this market, as it will be impossible for any supply to ar-
rive within the next two or three months at all adequate to
your wants. _

Under these circumstances it will be for you to judge
whether it will be for your interest to hold off till, proba-
bly, the comparatively small stock will have found its way
into the hands of speculators, or whether you should not
continue increasing your purchases, though you might
have to pay some advance.

- Your obedient servant,
Sol, Feb. 5,1849.

Liverpo

HINDOO

THE events which have taken place in Paris
during the past week, and their favourable issue,
have proved that nothing beyond a confidence in
the permanent duration of peace throughout
Europe is wanting to give an increased value to
our public and other securities, if not even to sti-
mulate a similar course of wild speculation to that
from whose recoil the community have so recently
been suffering. Since the first of January, Consols
have advanced from 884 to 92; Exchequer-hills
from 40 to 43; Premium to 47 to 50; and the fol-
lowing advance has taken place in a few of our
leading railways :

Jan. Feb
Eastern Counties lll 114
Great Western
London and North-Western 126 139
Midland Stock
North Staffordshire
-and other stocks in a similar proportion.
general feeling of the market is in favour of a fur-
ther advance ; and we may, in the course of a few
months, find prices fixed at a point which will
yield only a very moderate return upon the capital
invested.

The important question suggests itself, is this a
sound and healthy state of things ? Do we notice,
as contemporary with these increased investments,
an increased activity pervading the ordinary chan-
nels of the national industry ? To some extent we
do observe a disposition to embark more freely in
trading operations, but not to anything like the
extent which we should wish to observe. The
manufacturing bodyexperience difficulty in realizing
upon the perfected article an advance equal to that
which has taken place in the raw material ; foreign
produce is with difficulty marketed with a profit
to the importer; building operations, which have
been justly regarded as a test of the prosperity of
the country, are all but suspended; and the retail
trader and shopkeeper are still suffering severe dis-
tress. The effect of the more easy position of the
money market has not yet reached the latter classes.
Perfect confidence is restricted to men of known
wealth; and the striving industrious have as yet
experienced no sensible relief.
It is greatly to be suspectedthat we are rather at
the commencement of a period of speculation,
which tvill issue in mania and subsequent crisis,

than of a healthy developement of the industrial
energies of the country. It is true that the capital
which is now flowing into the market for our rail-
way and other securities will release a large portion
of the means, the locking up of which has incon-
venienced seriously our producing classes ; and that
it will remove the pressure under which many per-
sons of restricted monetary facilities have for some
time been labouring. But it is not clear to us that
the profitable character of the avocations of these
classes is what it used to be. A large margin has
been cut away from the reward of the national
industry. In manufacturing operations, we learn
from the annual circular of Messrs. Barbour and
Sons that the recent lengthened stoppage of factory
labour has been seized upon as an opportunity for
increasing the efficiency and power of the machinery
employed, and thus diminishing manual labour.
And when we look at the serious competition with,
the foreigner to which many classes of our opera-
tive brethren are now exposed, we find ample reason
for gloomy anticipations as to their continued
ability to consume as usual and to sustain them-
selves in comfort. Our agricultural classes, too,
are just entering upon an arduous struggle, in
which he is a bold man who can prophesy that they
will be enabled to sustain themselves. In fact, if
the cry, raised by the league agitation, for a cheap
loaf was not an imposition and a fraud ; if there
was any sincerity in their plea that the manufac-
turer could not, under our protective system, com-
pete with the foreigner, a low price of agricultural
produce, and reduced wages for all classes of arti-
zans, must inevitably ensue. We may be told that
such has not been the result thus far; that the
farmer has not experienced low prices and the
labourer materially-reduced wages. But there is
an ample reason why these results have not
occurred. We have had a large decrease in the
supplies of food throughout the world, which has
kept up the farmer; and the labourer, if he has not
had a reduced rate of remuneration, has, at all

events, from diminished employment, been barely
enabled to procure the means of supporting exist-
ence. He has reached that limit below which
starvation cannot go.
We may be taking what some of our readers may
consider a gloomy view of our condition and pros-
pects. We hear around us on every side congra-
tulations over an approaching sensible improvement
in the trade of the country. Our customs' revenue
is assuming a more satisfactory aspect; the ton-
nage entering our port is larger month after month.
But we miss the results which ought to be seen
in the increased prosperity of our trading and
operative classes, and the increased drain upon our
resources for the support of our poor. Statistical
data may be excellent arguments for the parlia-
mentary debater or journalist; but they fail when
applied to convince a man that he is not hungry,
badly housed, or badly clothed.