exportation; that, instead of requiring cotton, they are
exporting it from the manufacturing district in which it was stated to
be so much required.

"If cotton was in such demand, would it be upwards of thirty per cent,
lower than it was last year, and would it be falling in price as it is
now? Prices are at present within 1/8d. per lb. of the lowest they were
ever reduced to. For two months it has been a falling market, and at
the very moment these men were advancing such assertions, was the cotton
market in a state of decline, giving the broadest contradiction to them.
If cotton had been wanted, the price, as in any other article, would
have been high, not low, and would have been advancing, not receding,
especially with a limited supply.

"The importation last year was the smallest for ten years. Increasing
previous to 1845 for fifty years, it has since rapidly decreased, and
now it has been found that nearly one-third less stock is required than
there was in 1843,1844, and 1845.

BALES.

In 1843 it was.......................... 1,557,597

1844.................................... 1,490,984

1845.................................... 1,652,731

1846.................................... 1,134,194

1847.................................... 1,087,058

"And in this year (1848), up to this month, it has been ascertained that
one-third less stock than in the previous low year of 1847, is more
than enough. (See _George! Holt &c.; Co.'s Circular, and Liverpool Prices
Current,_ for the 7th of April). In addition, a reduction of upwards
of thirty per cent, in price, from that of last year, indicates a still
more limited requirement.

"While the stock is only, up to this period for this year, three hundred
and twenty-two thousand eight hundred bales, against the corresponding
period last year, four hundred and ninety-two thousand six hundred
bales; showing, with upwards of one-third less stock one-third less
price--a demonstrative proof that the supply is infinitely greater than
the demand. Whenever the price advances, indicating demand, the
American supply will be poured into the market without any necessity
for importations from France. Had the navigation laws been suspended, as
urged by some of their opponents, and the French cotton brought in, it
would only have been a drug in the market, useless and unsaleable. More
has since