Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1866-08-23
From the Times of Indi

From the Times of India June IL.
It is very encouraging to see that 'Surats are
not scOrnfully discarded soon other cotton is
within reach. This used to be the case in for
mer years now, ' fair Dholera and Berar cot
ton not only keep their ground in the English
market, but steady demand may be counted upon
for them, and at figure much higher in proper
| tiOn than was obtained in former years as COM
pared with long stapled Egyptian and American.
The strenuous eXertions that have been made in
Western India, by collectors, cotton inspectors,
and merchants Themselves in promoting the i'm
proved preparation and honest packing of cotton,
have told we'll IN raising the character of the Bonn
| bay export In Lancashire it is regarded quite
different article compared with the dirty and
mixed cotton that used to lie sent from hence
en- eight years ago. The gratifying result is
that our staple export again b. neglect
ed in the English market. These considerations
are think, quite sufficient to show that none
of better qualities of cotton at al likely to
fall again to the prices usually obtained before the
wal. It will, indeed, be needful to push to the
utmost every kind of effort that has been made to
improve the staple and condition of our cotton
Paradoxical as it may seem, it is true, that the
high prices obtained have checked the improve
ment of cotton. While so sure of market, why
should the class most to blame for adulteration-
| those who buy direct Of the cultivators-trouble
themselves about fine distinctions in quality, or
take excessive care to the condition and honest
packing of an article for which they can have Gus
toners at will? Now this istless disposition must
be laid aside and it is reasonable to expect far
more care IN these respects, seeing that prices will
depend upon quality so much more than during
the last few years. Counting, then upon the quail
ity of our cotton being improved year by year,
there is good reason to hope that remunerative
price will be obtainee for it. We shall, indeed
be reminded of the vastly increased production of
cotton in other countries but it must be remem-
ed that the consumption has also increased, in
spite of high prices and with lower rates may be
be expected to expand over fresh regions of the
earth.
Early in 1861 the total annual manufacture of
cotton Was estimated, by very competent au-
thOrlty, to be represented by the work of six mil
lions of spndes--three for Great Britain, one for
Europe and two for America. The writer added :
To furnish this large increase of manufacturing
power with the requisite supply Of raw material
would require annual increase of 400, 900 bales
OF cotton. That increase needed over and
above the average exports Of several previous
years, including, no doubt, OF more of the
heaviest years of the slave grown American pro-
duction. No one will suppose that anything like
that increase has yet accrued from all sources, al
though the Indian crop of last year so large
and not only is crop certain to be much small
er this year than last but the supplies from Chi
na and Bengal, besides from many of the expert
mental cotton grounds stimulated only by high
prices-wil be almost wholly withheld from the
English market Then must consider how
low the stocks of cotton cloths in all parts of
the world, and that too, in prospect of steadily
increasing demand Five years ago Mr. Bailey,
NJ F., said that the production of cotton manu-
factures was increasing yearly at the rate of ten
per cent, and the exports of cotton goods at two
and half per cent per annum. There is good
reason to believe that this rate of consumption
will in the present year be enormously increased,
as America must be ready to purchase extensively
as soon as the balance of trade will permit, and
the working classes of England being prosperous,
there will be large home demand In fact the
only check just now to the very rapid increase of
English manufacturing industry, and especially
in her consumption of cotton is the deficiency of
laborers- not the deficiency or dearness of the
raw material. AS it seems to u.s. it is the proba-
blllty of the labor supply falling short, and the
rate of wages rising, that threatens England's
manufacturing supremacy much more directly,
than does the remote prospect OF falling off in
the supply of coal.
Although we think there is no probability of
cotton falling to the rate of prices before the war;
until it is what free America can produce we
have always urged that the Indian cultivator must
ultimately be prepared for competition with his
old rivals in the Southern States As the prices
of commodities always tend to accommodate them
selves to the cost of production, so the cost OF
raising cotton under the new system in America
will for long determine the price which the Indian
Icultivator will be likely to obtain. The delusion
that the negroes when freed will not work indus
trousy is one that is supported only by ignorance
or pre- judice. There have already been proofs
afforded in America of their willingness to work,
and their power to produce than under
slavery. If their late masters do not, like the
planters in Jamaica, endeavor to thwart the prop
exercise of free labor it is fairly to be expected
that the American crop Of 1867 will exceed the
largest under slavery. It does not follow, even
then, that the price of Indian cotton must be de-
pressed to the rates ruling in 1866 The great
difference to be looked for regards the negroes
is this-they will expect and must get higher
rate of remuneration. They will probably do
more work than under slavery, and they will do it
l1,1t4b 4o1
a far larger amount of capital than before. Had
1t been otherwise their masters would not have
fought SO tenaclOusly in defence of the great in
lstitution but the consumers of cotton will have
to pay part of the additional cost which free la
Dor will to enter into the price of American
Icotton.
Indian cotton can be raised at less cost to the
producer than any other in the world the assess
ment of the land is much below the real value of
the soil, and the labor in mere cotton production
can generally be supplied wholly by the family of
the ryot. In 1856 cotton was sold at Nagpore at
I'd. per pound, and over 400, 900 bales were ex-
ported from Bombay. This low price was, we be-
ieve, remunerative to the growers but the year
afterwards they obtained 2!d. on the spot and
nearly third more cotton exported from the
central provinces. In 1858 the price at Nagpore
had risen to 35d., but that year a much smaller
quantity was exported than in 1856, simply because
much of the land required its usual rotation OF
crops, the necessity of which the ''gnorant" ryot
understands SO well. These prices, even yet
would be remunerative to the ryots in the best
cotton districts and if we compare them with the
present and probable prices in the Liverpool mar
ket it is evident there is likely to be- for another
season at least a fair commercial profit on the
J chief export trade of Bombay. But the period
for extravagant prices and wild speculation in cot
ton has passed away ; and when existing obliga
tions are disposed of in some way, the new men
who may step forward to take the place of ruined
merchants will probably take a more sober esti-