Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1866-03-20


Chamber of Commerce, January 20, the
consideration of the prospects of cotton
supplies from India was discussed. Com
plants were made of the apathy of the Gov
eminent respecting India, and the opinion
prevailed that all that was necessary to OBJ
tain larger supply was to develop the
canal and railroad communications in that
country. Mr. Bagley, Member of Parlia-
ment said
Since the. termination OF the war with
America they had acquired something OF
the former degree of the activity that once
pervaded the manufacturing districts. Still,
much remained to be done. In 1860 the
consumption of cotton in the United King
dom amounted to 100000 bags during the
year, at the period Of the greatest distress
namely, lS62-the consumption had dimln-
ished to 100000 bags; and last year it had
gone up to 1000, 900.
But during this period there bad been
very important additions made to the means
of consuming cotton, not only by the spirited
determination of spinners to repair their old
machinery and prepare for a better time,
but by the spirit of capitalists who had in
vested new capital in new works, the result
being that there was at the present moment
the power to consume much larger quanti-
ties of cotton than had been known at any
other period, and he apprehended not less
than 100000 bags would be required to
supply the trade of the whole kingdom,
when cotton could be had in plenty, and at
the same time at such cheap prices as ruled
previous to the convulsion of 1860. 1t had
been stated that the exports to America with
the revived trade had been so large that our
public finances were likely to be seriously
Inconvenience. Hedifered altogether from
such an estimate.
1t was quite true we had sent something
like e20 100000 value of British exports to
the United States, but in estimating the
means of payment by America, it seemed to
be entirely forgotten that America, during
the last year, sent such ample supplies of
cotton that the value OF them would belittle
short of G25,000,000 But although this
was sufficient reason why we need apprehend
no danger from our trade with America,
there might be some reason why we should
look to our investments at home. There
had been continually created new joint
stock companies, we had been continually
contributing to foreign loans, and he esti-
mated fairly that the home engagements of
the country last year amounted to a~sttle
less than e20,000,000. He put it to the
Chamber whether we were likely to be in
danger from speculative investments of that
kind, or from legitimate trade of G20,
DOC, 900 with our friends across the Atlantic
There has been no very important i'm
provement in the cotton received from
India. Larger supplies, it is true, had been
received during the years when cotton had
been so much required, but it must be recol-
lected that part Of those supplies was cot
ton that had been cruelty taken from the
Indian home manufacturers, and that we
had not secured so large portion of lndia's
augmented production as we should have
received. 1t was grievous to hear that in
some instances the home manufacturers of
India had not been supplied with their raw
materials in consequence of the expectations
to this country. He felt considerable anx-
iety as to the supplies Of cotton from India.
In 1860 there were here consumed about
$500 bags of Indian cotton per week. Last
year the consumption was to the extent of
10000 bags per week but the quality of the
cotton was so inferior that the moment
abundant supplies from America could be
obtained from America, Indian cotton would
cease to be consumed, and India, which
already depended upon great supply being
sent to this country at high prices, would be
greatly disappointed when she found that
the supplies and prices were diminished.
The time, he feared, was coming when
distress would be brought upon India, be-
cause it would be more to the Interests of the
people of this country to obtain cotton from
America than from India. G100,000,000 al
ready paid was ample compensation for what
we had received, and we had no occasion to
trouble ourselves with consequences as to
what might accrue to India, although it
would be much to be deplored if India did
not keep up in the race of competition. I'm
less something could be done in the way of
administrative reform in India, there could
be no improvement in the cultivation of
cotton.
Something must be done TO emancipate
the agricultural industry of India, from the
thraldom of officials. India possessed ample
means for repeating her custom duties. The
whole revenue of India, is about G45, O00,-
900 gross; the net amount was perhaps from
G35, 100000 to G36,000,0O0. The expenses
of collection amounted to 5000, 900, andhe
submitted, that this sum, deducted from the
gross revenue, was a sum altogether unne-
cessary, and it would be possible to save as
much as 100000, out of the expenses of
collection. At all events, the manufacture
of cotton yarns, contributed to the revenue
of India, about 100000, that could be east
ly abolished; and as the cotton trade has
given India something like G100,000,000,
benefit would arise to India, if cotton goods
were wholly exempted from duties.
twas to behoped, therefore, an effort would
be made to repeal the duties upon cotton
manufactures. If there was a large trade
rapidly rising in India, where spinning and
manufacturing were being conducted, pro-
lection would arise to those manufacturers
if something did not alter the present con-
ditioH of things. The whole official reve-
nue. of India required to be fully examined
and economical. Only e29, 900, 900 was re-
quired for the real expenditure of the coun-
try, and to collect G15,000,000 appeared to
leave margin that gave great scope for
financial reforms.
Reproductive works of any kind, which
would greatly contribute to the revenue of
India, has made but little progress. True
e50,000,000 had been expended in about
5000 miles of railway in India; but in
America there was $4,000 miles. Water for
inland navigation ana irrigation was, no
doubt, the great wealth of India. Great in-
vestments ought to be made in the means of
conveying heavy goods from the interior to
the ports; and water applied to the land, it
was well known, increased the production
four fold. Wherever irrigation was applied
the quality of the cotton was vastly in
creased-of course, to the corresponding adj
vantage of the agriculturist The land ten
ure question was also of the highest impor-
tanee To India