The Times has been writing a number of articles warning
us against trusting the United States too much with oar exports, lest our customers there should be unable to meet their engagements, and heavy failures in England should ensue. That our exports to the United States have increased very much during the last two or three months is certain, but it seems equally certain that at present at least the indebtedness is on our side, not on theirs. Our export returns show us that up to the end of October we had exported to the United States goods in the ten months to the value of 14,844,7041., and undoubtedly we exported as mush in November and December as in any other months of the year,— possibly even 6,000,0001., the value for October alone being 2,511,3781. But this only brings up the value to about 20,000,0001. in the year. Now the cotton alone imported, almost entirely during the last three months, is said to be400,000 bales, value 15,000,0001. But besides this we have been importing not only other goods, petroleum oil, tobacco, &c., but United States' securities in con- siderable quantities, which, except in case of a highly improbable repudiation, are of course as good payment, at their market price, as gold itself. There seems no manner of doubt that at present we owe the United States more than the States owe us.
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