Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1850-09-21
FOREIGN.
FROM OUR LONDON CORRESPONDENT.

together within the space at any other time or
in any other place, is now comparatively dull and
quiet. All who are enabled TO leave it for few
weeks, have left il, and those who remain, if they
have not real business pursuits TO retain them create
artificial ones, by attending to some one or other of
the unreal, unnecessary, and fictitious employments
with which London abounds: such are all stock
broking speculatons, railroad share operations and
much of the dongs almost all the great marts of bu
siness, where thousands daily speculate without cap
tall create high prices by artificial demands and depre
cate property and produce by unreal operations Mil
lions of money in name exchange hands daily by the
mere transfer OF Insignificant sums and men bargain
for thousands of pounds sterling, who do not possess
one per cent upon their bargains, and whose only
chance of making good their engagements is by trans
ferring them to third party, for small profit
small loss as their good evil star predomnates. In
fact great deal of business is done in London upon
the principle that betting books made up at
Newmarket or Ascot that is, by what is technically
called hedging, which literally fencing in"
probable bad bargain with probable good one, and
by this sort of financial hocus-pocus, bringing the
whole series of daily operations to an advantageous
result. This plan Of procedure is not favorable to
good morals or to the formation of correct business
character and much do fear, if things were to be
number of the busy men Of London, would be more
properly designated as gamblers, than by any other
word in the English Dictionary. This description
of men seldom leave town their operations daily,
and must be every day attended to. Many visit
Brighton, and other watering places, so GO miles
from London, but they up by the railway every
morning, and return by the same ready conveyance
every evening Alas, what slaves do the votaries of
mammon make of themselves, and how often are
they found sacrificing all the comforts of life and the
rules of right, to the desire of wealth which they
aim to procure, not by steady industry in course
useful to Others and moderately profitable to them
selves. but by some dashing speculation, some des-
peratey adventurous undertaking. some secret con-
federacy or some indirect falsehood or ndustrously
disguised statement.
But we are wandering far from our sober purpose,
which was to give your readers summary of the
facts and figures of the past the present and the flu
ture of the CoTToN TRADE. A sufficient supply of
this raw material is now considered by every think
ing man to be an object of paramount Importance,
affecting directly artisans manufacturers and
merchants, and indirectly, but not very remotely,
eyery other class of the British community. 1t is
calculated that at least four millions of persons de-
pend directly upon the cotton trade in all its branches
whilst its products constitute, in round numbers,
about one-half of our entire exports Need more be
said to show the importance of the subject to this
country and as the raw material furnishes the prin-
cipal article of export to the United States and
England cannot at present, be supplied with it from
any other country, do not how, in the present
dearth of news both European in general, and En-
glish in particular we can fill usual weekly al
lowance of space in your columns with more inter-
esting subject
The !" Economist" states the annual average Of
your cotton crop for the years. 1856 to 1S412
both inclusive to have been 1885 596 bales that for
the seven years, 1923 to 1889, both inclusive
2251,315 bales; and further that the crop of 1852
which 272S, 596 bales, was double that of 1885,
which was only 1,367,225 bales. The table, which
the Economist gives, shows that, while during the
last ID years. rapid extension of the cultivation of
cotton has been going in the United States, the
crop is also extremely huctuating one from year
to year-the crop of 1857 being below that OF
1889 no less than 949,945 bales. The supplies OF
cotton received from the United States in England
do not increase in proportion to the increase of the
amount grown in the United States, owing to the
larger consumption in the United States and on the
Continent of Europe. But here are also great fuc-
tuatons, rendering it almost impossible to lay down
a general rules thus, out of the crop of 2728,5 96
bales of 1889 we received 1,477,6SS bales, whilst
of the much smaller one of 1S44-5, which was only
1884, 500 bales we received the larger amount of
1,500,273 bales.
between 1880 anu Iofl-0, we iupoIteu foui Oil
countries, 1317,SH bales annually between 1923
and 1882 1,629227 bales annually.
During the first period we re-exported annually an
average Of 1907 bales; during the latter an ave-
rage Of 1sO,271 bales.
During the first period we consumed annually an
average of 11532l9 bales; during the latter, ave-
rage Of 1,449,399 bales. 80
In lS49 we consumed the large amount of l;5S6,606
bales-the largest amount on record 1t IS worthy
of remark that. although the price of cotton during
l>o. he vnprl
cent. above that of the same portion of 1S49, the
quantity of cotton delivered for home consumption
has been only 81 500 bales less fall from $4,000
bales from January to August last year. to 967,563
bales this year But as our exports of cotton have
increased this year $4,000 bales last year. there
has been therefore, increase in the total amount
delivered of 1850 bales, notwithstanding the in
crease of price from AID I'd. Another fact deserv
inc notice is that the great rise in the price of cotton
has had the effect of reducing the quantity of heavy
goods made and increasing that of the lighter and
finer qualities; thus larger quantity of goods has
been obtained, and greater amount OF labor en-
ployed In former years. an increase IN the price OF
the raw material has had the effect of diminishing
the demand for the manufactured article but what
has been the effect at this period2 The returns of
the Board of Trade show us, that exports from
January TO July in the two former and the present
wear. have been as follows:
lS4S 1S49. 1850
Cotton manufac-
tre-vards 49S926 399 655, $685. 10 ell ,43S, 521
ace and net 2S,40S.751 4S,096,220 5S.437 AS
Yarn--lbS 52,577,6S4 6667b.4U2 62,olo,2oI
The Economist" estimates your crop Of 1s49-5o