COTTON QUESTION-DISTRESS IN ENGLAND-WHAT SUPPLY WE CAN ANTICIPATE AND WHAT PRICES.

UNTIL recently, very little has been said or written (during the past few months) in regard to the suffering, the want of cotton is producing in Europe; and yet it has been so steadily increasing, that all feel, unless relief comes soon, the effect must be very disasterous. It can do no good to disguise this fact. Take the case of England for instance. Her condition is very forcibly described in one of our English exchanges. It will be remembered that from two-thirds to three-fourths of England's usual consumption, is from America. For nine months or more this supply has been wholly cut off. In ordinary years, between the 1st of September (the commencement of the cotton year) to the present date, about two millions and a quarter of bales are shipped from the ports of the United States to Great Britain. This year within the same dates we may say that none has been received. The usual stock of American cotton is about 600,000 bales. The actual stock is only about 150,000 bales. The usual price is 7d. per pound. The present price is 13d. The quantity usually on its way at this time is 300,000 bales. Now there are not probably 300 bales afloat. To set against this alarming deficiency, England last year imported about double the usual quantity from India, which supplied their market with nearly a 1,000,000 of bales. But to all appearance this was a spasmodic effort, which it is scarcely probable can be kept up. The stock of Indian cotton in Great Britain is 100,000 bales larger than last year. But the quantity afloat-the quantity that has to arrive before the end of June is 100,000 bales less, according to the best calculations-190,000 bales against 293,500, in 1861. The inevitable result is that nearly all mills are on "short time;" many are stopped altogether; and, as a rule, the operatives who are still employed are only earning about half their usual wages. Every week, too, makes the inatter worse. The consumption of cotton continues; the export continues; the arrivals come in slowly and inadequately; stocks are regularly decreasing; and the amount of earnings on which the working population of Lancashire and the other cotton districts have to subsist, grows scantier day by day.

The following table from the Manchester Examiner and Times, shows the actual reduction of employment and earnings in the cotton districts of Lancashire and Cheshire. The total number of mills is 1,678; usually employing 349,316 operatives. Now, however, the working time of these operatives is as follows:

Thus it will be seen, that only 92,355 operatives are in receipt of their usual earnings, and that 57,861 are earning no wages at all, and that taking them all together, the average time worked, is only a little over three, instead of six days each week. From this table, the London Economist estimates that £87,500 has been abstracted from the weekly incomes of this one class (mill hands alone) in the cotton districts. These figures are certainly very expressive of the wide spread impoverishment and suffering now existing.

Then again, we do not see that there is any prospect of early amendment or relief, except as it may come from America. Much has been written the past year about India cotton, and great expectations as to the future supply from that quarter, have been raised. Now, however, it seems to be admitted, that last year's increased supply of Surat cotton will not be equaled this year-that the larger supply of 1861 arose from the accumulation of stocks in Bombay and the districts, during previous years, and especially during 1860, when there was scarcely any demand for India cotton on account of the large American crop. These accumulations were brought out and added to the new crop under the influence of the altered prices of 1861. The following figures showing the actual imports of cotton into Bombay, and the exports the past four years, illustrates this statement:

India therefore can furnish no actual relief to the manufacturing world the coming year, and the whole amount of cotton that the most sanguine can anticipate from other sources, (except America,) can make no appreciable difference. It is from America alone relief can be obtained.

Thus not only to ourselves, but to the whole world, the prospect of a speedy close of the present war is very gratifying. Yet we cannot think that there is to be such an immediate relief, and that we shall soon experience low prices again, as many argue and apparently believe. To be sure, the government has opened many important Southern ports, and it is undoubtedly true, that there is but a very limited supply throughout the South of even the necessaries of life. There must, therefore, be a demand for these articles at once, and the South has little to pay with except cotton. Consequently it is natural to suppose, that the necessaries of life will find their way in, and cotton will find its way out. This we might count upon with certainty, were there no disturbing influences at work. But it must take some time to disabuse the Southern mind of the false ideas their rulers have endeavored the past year to instil, respecting Northern people and Northern purposes. So long as they believe, that the object of the North is to subjugate them, and steal their cotton, they will keep back the much needed staple. Weeks, therefore, and even months may pass, before we shall be able to see the full effects of return

ing reason. Great confidence however can be felt, that by fall, we shall receive all the cotton the South may have to sell.

It has been estimated that the last cotton crop not marketed, at the commencement of the war, was about 4,700,000 bales-we can safely call it 4,000,000, bales. Of this amount some has been already taken by the Government (in places occupied by the Federal forces) and sent North, and other small amounts have been burned by the Confederate Government in South Carolina, Tennessee, New Orleans, etc. Nearly all the crop, however, still remains unginned on the plantations where it was grown-the shipping of it to the usual shipping ports having been prohibited. The Confederate Government, therefore, cannot reach it to burn, if they would, and the owners of it will not burn it. The good people South have the same instincts, affections, and feelings people elsewhere have, and to argue that they will voluntarily throw away or destroy the only thing of value left them in the general wreck, is simply to assert that they are deficient in sentiments inseparable from humanity. Then, too, the experience we have had in Tennessee and elsewhere, proves that the Southern planters have no love for such sports. The Nashville Union of May 10, states that 3,600 bales of cotton have been shipped from the plantations in Tennessee since the opening of trade on March 10. This amount, though small, is large enough to prove, (if we needed proof,) that the cotton on the plantations is not, we repeat, to be burned, but will come to market as soon as the owners believe (and it will take time to convince them of this) that they can safely bring it. The whole amount, therefore, that has been or will be burnt, together with what has been sent North, will not amount to 500,000 bales. However, even calling it 1,000,000, we still have 3,000,000 bales of the old crop left to be thrown on the market as soon as the state of the country will permit. Then, again, another crop is growing. Without doubt much less than usual has been planted; but still, with the knowledge we now possess, the crop cannot be estimated below 2,000,000 bales, and it will more likely reach a higher figure. We may therefore safely conclude that by fall there will be 5,000,000 bales of American cotton brought to market.

Yet, with this supply from America, we cannot believe that there will be a cotton glut, or that prices will be extremely low. Such a conclusion by no means follows. The supply in this case will not equal the demand. The cotton famine the past year has greatly reduced the stock of cotton goods, so that more than usual is needed to supply the necessary consumption. This American stock, therefore, will find an exhausted and ready market. Some would anticipate a production from the other cotton regions (induced by the present high prices,) so excessive as to cause prices to be lower than they have been for years. The facts will not, we think, warrant this conclusion. There is no country but India from which much can be expected. Even if all the other regions should double their supply, it could not this year affect prices to any considerable extent. As to India, it seems to be universally admitted that she will not, even with the present extremely high prices, be able to send to market as much as she sent the last year. With prices somewhat reduced, her supply will be still less, because the cost of getting the cotton to the sea coast is too great to warrant its being brought forward except when the prices are very high. Then, too, Surat cotton can never compete with or affect to any considerable extent the prices of the American staple,

since it is universally recognized as being a very inferior article.* Englishmen have at all times tried, and are now trying, continually to deceive themselves with the idea that India cotton is to be made better. We believe it cannot be done to any extent. It has been tried too often and failed. The following item, cut from the European Times of May 3d, is a good specimen of what can be found every week in many of our exchanges:

FINE SAMPLES OF COTTON FROM INDIA.-The Cotton Supply Association have received a sample of excellent cotton, grown from New Orleans seed at Astra, in the Gangam district, Madras. Their brokers report upon it as follows: "White color, clean, fine staple, and fair length," valued at 1‍4d. to 144d. per pound. The circumstances under which it was raised, as described by the grower, prove that the American plant is just as hardy and easily cultivated as the indigenous cottons. The Association have also received from Messrs. MisLEY and HURST, their honorary agents at Calcutta, unusually fine samples produced from Egyptian seed on the banks of the Mutlah and at Darjeeling, which have been valued at 144d. to 15d. and 15 d. per lb. respectively; and a sample of New Orleans cotton raised at Beerbhoon, valued at 134d. to 13 d. Were there any question whether a very superior staple of cotton can be produced in India. these results obtained in a widely distant part of that country with seed sent out by the Association would furnish a satisfactory answer.

Such an item may be consoling in these times of dirth and famine, but we cannot see its value. No one has ever doubted but that cotton equal to the Orleans could be grown in India. So can superior oranges and lemons be grown in the vicinity of New York-under glass. You can take the Orleans seed from America and plant it in India, tending it carefully, and it will very likely produce Orleans cotton. But when you have counted the cost of the production you will find that fifty cents a pound would not be a sufficient remuneration. It has been tried many times, and always with the same result.

Not, however, to pursue this point further, we think it is evident that we shall have by fall a sufficient supply of cotton to satisfy our necessities, and that the American staple will find no dangerous rival in the field, so that we may anticipate not only a good supply but good prices.

* See April number of the Merchants' Magazine for 1862, where we have stated the reason for this conclusion more at large.

STATISTICS OF TRADE AND COMMERCE.

1. FOREIGN TRADE OF GREAT BRITAIN. 2. RECEIPTS AND EXPORTS OF PRODUCE AT THE CITY OF NEW YORK FOR THE YEAR ENDING APRIL 30, 1862. 8. PORK PACKING AT THE WEST FOR 1861-2. 4. PORK PACKING IN CINCINNATI. 5. GOODS IMPORTED FROM UNITED STATES TO ST. PETERSBURGH IN 1860-61. 6. TRADE OF NEW ORLEANS FOR 1861.

FOREIGN TRADE OF GREAT BRITAIN.

The account both of exports and of imports shows a great diminution in the last month as to which we have information from the returns just published. The result of the three months of exports and the two months of imports for the year is of the same character, though the figures relating to imports are rather less striking.

The principal reduction of exports is in the cotton manufactures, of which we see the details in the following tables of quantity and value respectively.

EXPORTS OF QUANTITIES OF VARIOUS COTTON MANUFACTURES FOR FIRST

Cotton yarn,..... . . lbs.,

Cotton piece goods, yds.,

THREE MONTHS.

1860. 49,804,158

604,546,656

1861. 37,763,486 602,350,461

1862.

22,505,748 450,839,353

VALUE OF EXPORTS OF COTTON MANUFACTURES DURING FIRST THREE MONTHS

This large diminution in a single article of diffused export, and the necessary diminution of the trade in all articles to America, accounts for the reduction of the export trade.

The cotton trade is likewise to blame for the diminution in imports. The computed value of raw cotton has fallen from £5,337,797 in the first two months of 1860, and £3,979,789 of 1861, to £1,206,392 in the first As raw two months of 1862.

But these figures do not show the worst.