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COMMERCIAL.
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Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
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No . 497 . Oct . 1 , 1859 . 1 THE LEADER . 1113
Commercial.
COMMERCIAL .
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THE COTTON CROP OF THE UNITED STATES . OUR people are as much interested in the cotton crop of the United States as they are in the wheat crop of England . If the latter supplies them with food , the former supplies them with clothing , and by manufacturing it for others they are enabled to buy food . The teeming hives of industry in Lancashire and Yorkshire , and the rich men of London and elsewhere—the capitalists who make large profits , the recipients of the public debt and the public taxes—could no more exist without the cotton of the United States than without the corn of England . We have a fair crop of the latter , and not only has the crop of the
former been unusually large in 1859 , the crop of 1860 promises well . The statistics of this crop in the States are always comprised in the year which terminates on August 30 th , and accordingly we have now the statistics of this crop for 1859 . The total quaantity grown and gathered , as far . as can be ascertained , was 4 , 017 , 000 bales of 420 lbs . to the bale : and of this crop , 3 , 851 , 481 bales were sent to the seaports , and of it 2 , 019 , 252 bales were sent to England , 450 , 696 to France , 330 , 012 to the North of Europe , and 221 , 44 & _ baie& to other foreign ports , the remainder being
left for consumption in the States . More than the half of this vast crop comes to England but a considerable portion of what is imported here is again exported . What we retain , however , being more than the half of our total consumption , shows how closely the interest of the p eople of England—for all are interested in our cotton manufacture—is bound up with that of the Eeop le of the United States . They send cotton ither to the value , when imported , of twentyfour or twenty-six millions of pounds sterling per annum 5 in all , the value of our imports from the States is £ 34 , 000 , 000 , and our exports to them
are rated at £ 18 , 000 , 000 per annum—an trade , which is of inestimable benefit to the people of both countries . Their interest as human beings forming part of the great society of mankind , as distinguished from political communities , is completely identical , whatever conflict there may be between . ' their supposed political interests and between their respective governments . The cotton crop of 1859 is 737 , 519 bale ** above
that of 1858 , 911 , 962 bales above that of 1857 , and 323 , 636 bales above that of 1856 . In the latter-mentioned year the crop was unusually large . A comparison of the produce for a succession of years enables us to state that within the last fifteen years it has increased on the whole , and on the average at the rate of 4 per cent , per annum . This is * in important fact , prolific of inferences . The population of civilised Europe nowhere increnses as fast as 2 per cent , per annum . In the United States it does not inorease
faster than at the rate of 3 per cent , per annum . But this material of clothing is increased at the rate of 4 per cent , per nnmtm , and shows , a 3 has been noticed in the Daily N " ew $ , that the improvement in the clothing of mankind is greater than the increase of the people . It may be further noticed that cotton , both as rags and refuse , is one of the materials of paper , and the use of paper being , as wo stated three weeks ago , on the
10 th ult ., a test of civilisation , the more rapid increase of the material of which it is made than of population , while it is notorious that the material is short , shows that society is advancing in , civilisation more rapidly than in population . These are very important and very gratifying facts . Many of us can romeinbor , and all may have read , that a groat alarm prevailed amongst theoretical writers between thirty or forty years ngo , lest the agriculturalists and the manufacturers should not find a market for their productions . Mr . Malthus , who had a benevolent horror of the increase of
population , had also a horror of too many commodities . What we see now is , that , since his time , population and commodities have increased very muQh— -that they are ovory day incrensing- — ftna that every skilful and productive labourer in ovory part of the world is trying to produce moro and more—that more and moro is Produced , as we see by tho example of cotton , which is still said to bo short , and this moro ntul moro
everywhere finds a good market . Since we threw off the incubus of Protection , we and other nations have made a prodigious progress in material well-being ; and we may now be quite sure that the progress , in nioral well-being or civilisation has been still greater . As the progress has fone on , the authority of individuals , including ' arliaments , has declined in' credit , and the authority of general natural laws has acquired an ascendancy over the minds of all . It may be further remarked that the consumption of cotton in the United States has not kept pace either ' with the production of cotton in the States or the consumption of cotton in other countries- But in the States cottons are
protected manufactures . Duties are levied on imports from foreign countries , which induce the manufacturers there to compete with the manufacturers in Europe in making fine goods , in which they fail . If there were no such protecting duties there would be no stimulus to make fine goods in the States , and then the manufacturers there , confining their exertions to the production of coarse goods , for which they have great advanr tao-es—already in several markets they beat our coarse goods—would flourish at least equally to the manufacturers of Europe . Protection , instituted for their benefit , injures them just as it injured our farmers and our shipowners .
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THE TRADE OP EIGHT MONTHS . As a whole week has elapsed since the trade tables for August were published , the contents of which Were made generally known by the papers of Monday , ¦ we . shall merely refer to them to show we have not overlooked them . The imports of all descriptions in the month of August were a full average ; and of such us pay duty the consumption in the eig ht months has uniformly increased , except of coffee , which the national taste does not patronise in proportion equal to tea , and except wheat and flour , of which , in consequence of the low price , less haa been imported timber
than in 1858 . Of cocoa , spices , sugar , tea , , wine , &c , in the eight months , the consumption lias increased considerably , and the revenue has increased in like degree . The value of our exports in the month is no less than , £ 12 , 117 , 275 , being £ 932 , 512 more than in the corresponding month of 1858 , and , £ 578 , 470 more than in the corresponding month of 1857 , when the inflation of our trade by speculation was at its highest . In conformity with the imports and exports , the shipping entered inward and outward in the month , and in the eight months , exceeds the shipping entered inwards and outwards in the month and eight months of 1858 . These
are evidences of continued and increasing ^ pi'osperity . More and more business is continually done , more and more 2 > eople are continually sustained . The spring of progress is inherent in man , and no one can tell to what height it may How . We must , however , be careful not to confound the natural growth and natural splendour of society with the pretensions of those who assume that it requires their care , and enn only be prosperous by their guidance : who assert , too , however contrai'y to the fact , that it is their guidance which makes society prospci'ous . Whenever we mistake the origin of our greatness , we allow them to stop its progress . To give it full play and fair play , we must remove all that yet remains of old restrictions on our industry and ingenuity .
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Friday Evening . Mo . vjs y is a little more in demand than it was last week , on account of tho close of tho month and tho quarter , but the terms generally are not altered . Persons proesod for money have to give a little moro for it ,, and whilo sonio bills are discounted above 24 per cent ., somo are discounted below this rate . As tho time approaches when tho dividends will be paid , money is not likoly , except for a fuw days , to bo douror . Gold , in fact , is streaming Into tho Bank of England ; tho exchanges arc firm ; more gold is comiug forward ; there are no symptoms of spooulation , and people count on an easy money market through tho autumn , If politics romain quiot . Tho harvest is now all got In , and is bellovod
to be a good average , while a considerable stock of old corn remains on hand . Food , therefore , is moderate in price . The cotton especially , but generally all the materials of our manufactures , are abundant , and these matters being , next to our untired industry , the great elements of our prosperity , it is highly probable that we shall continue prosperous , and that money will continue plentiful . The Revenue returns for the quarter are all favourable ; and we are more thau ever persuaded that our Chancellor of the Exchequer , had he been a practical rather than a theoretical , crotchetty man , might have spared us the infliction of the additional income tax . Perhaps the right honourable gentleman wished to make us feel our extravagance , and make us examine more closely the grounds on which the public money is expended . If he could have spared the tax , he has done neither the Government nor the people a favour by imposing it . He may have to repent his haste .
The funds and shares through the week have all been extremely quiet , if we except the Mexican bonds , which have been subject to some little excitement . Consols were at 95 £ % to day , with a dull market and little business . If the public has been making and saving money , as is said , it finds some better employment for it than investing it in the funds and shares . The Stock Exchange 'is accordingly not animated . We subjoin the Bank Returns , which show the condition of this corporation : —
BANK OF ENGLAND . An Account , pursuant to the Act 7 th and 8 th Victoria cap . 32 , for the week ending on Wednesday , the 2 Sth day o ' f September , 1859 : — ! ISSUE r » EPAKTMENT . Notes issued ....,. £ 31 , 301 , 220 Government Debt £ 11 , 015 , 100 Other Securities .. 3 , 459 , 900 Gold Coin &Bullion 10 , 016 , 220 Silver Bullion .... £ 31 , 391 , 22 C £ 31 , 391 , 220 BANKING DEPARTMENT . Proprietors Capi- Government Secutal £ 14 , 553 , 000 rities ( Including : Rest 3 , 722 , 090 Dead Weight Public Deposits ( in- Annuity ) £ 11 , 220 , 018 eluding- Excho- Other Securities .. ll > , 434 , 507 Suer , Savings' Notes 10 , 185 , 000 auks , Commls- Gold and Silver sioners of Nn- Coin 024 , 899 tioniil Debt , and Dividend Accounts ) 9 , 268 , 239 Other Deposits .... 13 , 090 , 415 Seven Day and other Bills 824 , 1 * 1 £ 41 , 404 , 484 £ 41 , 404 , 484 M . BIAKS 1 IALI / , Chief Cashier . Dated September 29 , 1859 .
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Friday Evening . Mattkus of trade now go on so regularly that there is very little to say of them . The markets generally are steady , with a good business doing . Wheat ia quiet . Sugar is 6 d . per ewfc . cheaper . Tea is steady . « In short , trade is in that clearly prosperous condition that , like a virtuous woman , it gives no occasion for remark . Industry is its soul , and industry toils regularly day after day without
intermission , but ever improving - , ntul nature , ever bestowing on industry its appropriate rewards , the whole businosa approximates to tho regularity of day and night . As it becomes moro , extensive , it is moro certainly regulated bv general la . , and there are fewer irregularities to notice . But those are what arrest attention , and what men write about ; and tho less there is to sny , tho moro cortain wo may bo that all goes well with trade .
The only complaints wo hoar prooood from tho shipowners . Stimulated by tho groat gains of 1855 and 1850 , tho shipowners built moro ships than the trado of . tho world can supply . Our shipowners forgvt , perhaps , that thoy have now all tho shipownors of tho world for competitors , and thoy havo , in consoquonco , suffered sonio disappointment , and , perhaps , somo loss . There aro moro ships than find good freights . From this ciroumstanco it happens tho freight , at all tinvos a small portion only of the price of most articles , now in tho prico of some almost wholly disuppoara . In calculating cost this
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MONEY MARKET & STOCK EXCHANGE
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GENERAL TRADE REPORT-
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Citation
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Leader (1850-1860), Oct. 1, 1859, page 1113, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/vm2-ncseproduct2314/page/21/
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