But the supply of African labor is limited, and the increased profit on cotton renders the cost of that labor heavier in its turn, the value of the negro rising one hundred dollars for every additional cent of profit on a pound of cotton. The increased cost of the labor increases the cost of producing the cotton. The result is clear; and the history of the cotton-trade has twice verified it.

The Allies, who have no cotton to import to China at the present moment, may generously consent to protective duties on this article, but Japan, which has plenty of it to import, objects to a handicap to her cotton-trade. If the Allies require China's intervention, then let them pay for it. Thus the "Chugwai Shogyo," a Japanese newspaper, under date of March 7: Buying China's Friendship.

In the presence of a good-will so strong, difficulties disappear. Look now at this immense hangar or storehouse the largest in the world through which we are walking. It was completed three years before the war, partly, it is said, by German money, to house the growing cotton-trade of the port. It now houses a large proportion of the food of the British Army.

In 1846 there was so great a decay of the cotton-trade of Western India, that a committee was appointed in Bombay, partly of Members of the Chamber of Commerce and partly of servants of the Government, and they made a report in which they stated that from every candy of cotton a candy is 7 cwt. or 784 lbs. costing 80 rupees, which is 160 shillings in Bombay, the Government had taken 48 rupees as land-tax and sea-duty, leaving only 32 rupees, or less than 3/4d. per pound, to be divided among all parties, from the Bombay seller to the Surat grower.

This English People, which has spread itself over all lands and seas, and achieved such works in the ages, which has done America, India, the Lancashire Cotton-trade, Bromwicham Iron-trade, Newton's Principia, Shakspeare's Dramas, and the British Constitution, the apex of all its intelligences and mighty instincts and dumb longings: it is I? William Conqueror's big gifts, and Edward's and Elizabeth's; Oliver's lightning soul, noble as Sinai and the thunders of the Lord: these are mine, I begin to perceive, to a certain extent.