25 JULY 1840, Page 9

The Great Western appeared in sight of Bristol at about

half-post Are on Wednesday morning last. The news she brings is important. A correspondence between the Foreign Secretary and the British Am- bassador had been submitted to Congress, accompanied by a message from the President, in which it is stated that the report of the English Commissioners was entirely t.r parte, and indicated a line vosy different from that for which the British Government had hitherto contended. The report has not, the President believes, been adopted by the British Government. The President recommends a commission to survey the territory On the part of the United States, preparatory to a joint com- mission, embodying the principle of arbitration to which the subjoined correspondence leads.

Commercial matters are gloomy, but not more so, the correspondent of the ilbrning Chronicle says, than might he expected, considering the Ihnes and the season. The I'Dited States Bank left oil' at 7:4, having been as low as 7.1 to 7-0; three days earlier. Exchange on London was 7 to 7:1.

The cotton crop has been damaged by hAmdations. The correspond- ent of the Morning Chronicle reports the following results of an inter- view with a gentleman from the cotton regions of the South : "He in- forms ate, that the late extensive inundations of the Mississippi, the Red and the Arkansas rivers, are believed to have destroyed cotton to the extent of 300,000 bales. He says that the most eminent planters and judges of cotton crops in the South believe that the coming crop will be about 1,400,001) bales.

The crop of 1539-30 was over 2,001,000 of bales.

Ditto 1838-9 „ Ditto 1837-8 „ ,, 1836-7 Ditto 1,122,9 so

It will be remembered that the average price of the staple was; in

1835-6, 19 cents.; in 1836-7, 11 cents.; in 1837-8, 11 cents. Since that period it has as you are aware, been much lower. The impression that the next crop will merely exhibit a supply well apportioned to the demand."

The proceedings of Congress have Lot been important. The revenue has not been so productive as it was expected to be. The Genevese Traveller says—" Time Government fiscal year in this country com- mences on the 1st of October. The Secretary of the Treasury, in his report to Congress at the beginning of the session, estimated the revenue

from customs for the year 1;sd at 15,001,000 dollars. Nine months of the year having now expired, it is ascertained beyond all doubt that it will not exceed 9,000,000 dollars, leaving a deficit of 6,000,0tt0 dollars

in this item. The receipts front puldie hinds were estimated at 3,500,000 dollars. It is ascertained in like manner, that the receipts from this source cannot exceed 2,000,000 dollars, leaving a deficit of 1,500,000 dollars, and a total deficit of not less than 7,.1!fiyitto dollars; being a reduction from the estimated receipts for the year 15-10 of '0 per cent. This statement deinanstrates that the business transactions of the country will not exceed in) per cent. of what was estimated, and will not be more than 50 per cent. of what was transacted in the year 1839. I regret to add, that brighter prospects are not yet to be seen in the distance."

The return of General Harrison to the Presidency is assumed to by certain. The excitement among the people is intense; conventions taking place in every quarter. The " Cenevese Traveller " compares it to a revolution, bttt without tumult or confitsion ; " the native peace- ful yeomanry constituting so torsi a portion of these asset oldies, as to awe into silence and order the foreign vagabonds which Europe con- tinues to throw from her workhouses and penitentiaries upon the Ame- rican shores."

At the close of an article on the North-east Boundary question, the Morning Herald of Monday, (1;1 the authority of private correspond- ence front New York, announces the prosp,:et of a Jwr boundary quar- rel, in another quarter. "The North-eastern," says the .//era/d, "is not the only question of disputed boundaries requiring adjudication or tending to provoke collision with the Unite:1 States. 'Independently of points still in litigation and undetermineit on the side of Canada, we learn by our private correspondence by the Crest Western, that the

frundation is laid, or is for another boundary conflict on time North-western coast of America. fere, however, we have the

Autocrat for an associate in genera!, or rather perhaps that present asso- ciation may be insidiously turned to our annoyance, by the eventful union and combi;:ation of Rossini and the ]idled States against the separate claims and rights of great Ifritain. Both we and Russia have formed set:lent:21ns in what the Americans call the Oregon Country, and the sole property and sovereignty in it Lich, as such, they pretend

j to, Moreover, the jealousy and uneasiness with which these settle- ments are regarded in tint republic, is not diminished by the reports said to be received and current there, that further explorations both by the Russians and British had been undertaken on a large scale, with a view to further extensions, and, as coot emoted in the United Stites, encroachments of territory. It is not easy to foresee to whet the: a! various frontier contentions may lead in the end; for when one may seem to lie in a fair train of amicable compromise, some cense of irrite- lion elsewhere may arise to complicate difficulties and estrange recon- ciliation still more."