Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1826-09-12
From the London Times, JuiY %.

The exports and imports Of Great Britain, as
well as her revenues, have fallen OIL feartuy
within the last IS months, and the cause is nei-
Their temporary glut Of the raw material at
home, or of the manufacture in foreign Coun-
tries; but, as we have already stated more than
once, a growing and powerful rivalry of our
skill---an export of our capital, and an emigra-
ton Of our workmen---in one word, lower prl-
ces abroad, with higher wages and more en-
courasement than in England. These are not
transient or incidental circumstances; they ca
tenate, as people say, with our general condl-
ton. In the staple article Of cotton, the trade
of England exhibits melancholy falling off.
On comparison of the two quarters ending
April, 1925, and APRIL 1926, decline has Ia
ken place in white or plain cottons of from
100000 10 100000 yards, or full one
fourth Of the whole quantity In printed cot
tons, similar change has occurred, though in
less Notifying proportion; the decline hav
ing been only from 100000 TO 100000.
But this is an incomplete view Of the tendency
to diminished commerce--for each yard of
cotton sold during the former period was worth
nearly double its present price; so that the re-
duction ot,quantity ought to be multiplied by
that Of value, to get al the real loss which we
sibly with regard to the wooen trade and the
linen, which has suffered in the duplicate ratio
of price and magnitude.
In cotton twist, it is perfectly certain that the
expectation has increased one half, that is to
say, that we, matured and accomplished man
utacturing nation, are diminishing in the sale OF
those articles which bespeak the possession Of
high skill and ingenuity, while we gain ground
in the expectation of those which are in stage
but one degree removed from the raw material.
We Cease TO sell that which characterizes an
advanced state of manufacture, and fal! back to
the fabrication of those rude matters which it
would be better that we should import, together
with the raw produce itself Cotton twist is,
perhaps, double the value of raw cotton. Cloth,
when manufactured, may be ten times, or much
more than ten times, the value OF the twist
We therefore. gain by our industry profit Of
two upon the wool, and leave to those who are
turning us out of the market profit of twenty,
or, indeed, profit, bounded only by the fine
ness OF the article---thus changing places with
those nations who can hardly be called manu-
facturers, but stand nearly in the rank of grow
ers. Nor is even this the worst; while our ex-
port Of cotton cloth has declined, that of the
raw materialof the cotton aUook--has grown
from half million TO six million of lbs. or twelve
times the amount which had been previously ex-
ported! What does this prove? Is it consistent
with the favorlte excuse that foreign markets are
laboring under temporary glut, & when that is
overthat they will speedily renew their demands
upon US? What means, then, their purchase of
the raw material? Dothey buy the raw cotton to
burn it?-No; but they buy the wool and reject the
cloth, because these foreigners choose to man
ufacture for their own consumption, instead of
preterrlng, as In former instances, the webs and
prints of Great Britain. Nor can the absence
of purchasers for our manufacture, be ascribed
more fairly to dearth Of capital, than to glut
of goods. II capital were wanted by the for
eign merchant, could he pay for twist or for the
raw material, any better than for the web or
print? But, again; the "poverty" of the for
egn merchant! How then, besides paying for
that raw cotton which it appears the capital Of
England is not sufficient 10 absoro--how can