COTTON AND CORN.
Juser this day four weeks, we whispered a warning in reference to certain persevering exertions to force up the price of cotton by re- presenting the stock in the United States as scanty and the crops deficient. The cotton bubble has burst, and rather sooner than we expected. A few days after our prophecy that an advance of price in England would speedily produce a supply of cotton sufficient to damp the conrage of speculators for a rise, it happened that an im- mense quantity, larger than was ever known to arrive in one week at that port, wasemoured into Liverpool from a fleet of American merchantmen. Down went the price ; and what is the tenor of subsequent accounts from s\ merica ? The " holders of cotton are seeking to protect their own interests by a concert of action." Such is the announcement in a rather remarkable document, supposed at firet to have emanated from the United States Bank, but of which a Mr. S. V. Wimmit, agent for the well-known house of HUM- PIIREYS and Bum's; in Liverpool, has assumed the authorship and responsibility. This Mr. WILDER offers to make such advances on the cotton in hand, as to prevent the necessity of sacrificing the stock to the English manufacturer. The operation is generally be- lieved impracticable to the extent proposed; but the fact, that a combination to keep up prices.by holding back the last year's crop, is considered by persons largely engaged in the trade, necessary to preventst great sacrifice of property, shows that the accounts of scarcity are no longer credited. Lt the New York Herald of the
13th June, it is admitted that the crop of cotton was larger than
had been expected, and that considerable parcels, at that late period of the season, were still arriving at New Orleans. This is
precisely what we anticipated, when we predicted that "the ex- hausted districts" above new Orleans and Mobile would furnish " ship-loads by the hundred and bales by the thousand when the price rose materially."
It is matter of congratulation that at least one great article of necessary consumption will not be unduly raised in price. The
cotton-manufficturers are ill able to sustain an advance on the raw material. As it is, the principal mill-owners are working short time, or not working at all. This is one of the latest reports front Manchester- " The accounts from the manufacturing districts of the North of England are far from favourable. Various thilurcs are ammounced in Lancashire ; but as the names and particulars are not stated, it is probable that they arc not of any very important charm. ter. Such occurrences serve to show, however, that the trade is not in a sound state. The short-time working is persevered in, and extend: it self dm ily among the more powerful and wealthy ma maim etnrers. It is mentioned in private letters, that the great 711W171filehlrboy /UMW of Peels hart' absolutely shut up all their estubli,lour»ts tier the present, but at the same time continue a small weekly allowance to their workpeople, who else must be re- duced to a state of the deepest distress."—Times.
And while wages are cut down, and a charitable allowance alone saves many of the working-people from absolute want, the price of wheat continues very high. A week of cold weather is felt im- mediately in Mark Lane. At Monday's market, the supply was short, and prices were raised 2s. a quarter ; although in all parts of the couutry the prospects of an abundant harvest strike time ob- server. folders of wheat know, that against any augmentation of produce, increase in the number of mouths to iced must be placed. The pressure on the means of subsistence gains three with every day that passes. The next deficient hervest, the restriction on the corn-trade continuing, will enable the holders of wheat to com- mand much higher prices than those of last winter. It is notlikely, therefbre, that any great diminution in the cost of bread will be effected. The same cause that keeps food dear, curbs the em- ployers of manufacturing millions—the masses, whose numbers arc constantly growing, though the demand fbr their labour is lessening. Turn to the agricultural districts. It is manifest that, unless the quantity of land to be cultivated were constantly increasing, the supply of labour, now that the surplus is not wanted for manu- factures, must exceed the demand. That point we have already reached. Wages of agricultural labourers have not been raised with the price of bread, for the plain reason, that, owing to the abundant supply, the farmers can procure workmen at the wages paid when wheat was 36s. instead of 76,s. a quarter. The Somer- set County Gazette states, that the Board of Guardians at Taunton received painffil evidence, at their meeting last week, " that the agricultural labourers of Somerseishire arc, if possible; worse off
than those of Devonshire,"—referring to an article published in the same paper three weeks ago, which represented the condition of the Devonshire labourer as wretched. At the Taunton meet- ing, a woman with two children in her arms, one of them sick, ap- plied for relief-
4, Her husband is a farm-labourer, working, for a farmer in the immediate neighbourhood of Taunton. His wages (we seven shillings a week only, with an allowance of cider for himself. We ascertained that these were the wages gener«Ily gieen by the farmers in this vicinity. The tinnily consists of the peasant, his wife, and f1;.-e children under ten years old. The fanner sells them wheat, not the best, but still, site said, very good, at Ss, a bushel. She bought half a bushel ft week ; which consumed 45. out of time 7s. She paid eighteen- pence a week liar house-rent ; it cost her sixpence a week for grinding, baking, and harm, to make the wheat into bread; another sixpence was consumed in tiring; and only a solitary sixpence was left to provide the family with the /ft.rary of potatoes, clothes, and other necessaries—for comforts they had none. And this is the condition of the English labourer."
But this must continue to be their condition, as long as the Corn- laws make !hod dear, and keep down wages by curtailing the de- mand for labour, in a country where the number of the people is regularly and rapidly increasing.
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