“36-inch shirtings have participated in the general depression, and stocks are beginning to accumulate. 66-reeds, 7¾ lb., have receded in value 6d. to 9d. per piece, having been sold in February at 8s. to 8s. 4½d., whilst now they are worth only 7s. 6d. to 7s. 9d.” Again:— “Domestics T cloths and stout long cloths continue neglected, notwithstanding the curtailed production, and can now be bought on easier terms. Average qualities of domestics have been sold at 9d. per lb., which is by no means remunerative to the maker.” The concluding paragraph of the circular is very decisive as to the comparatively profitless nature of the manufacture:— “Cotton has now declined about 1d. per lb. during the last three months. It is still, however, much higher than is warranted by the prices which can be obtained for the manufactured article. Indeed, _at several periods during the last few years, prices of yarns and goods have been quite as high as those now current, with cotton at 1d. to 2d. per lb. lower than at present_.” Since the date of the circular containing these gloomy accounts, an important change has taken place, and the tide has set in strongly against the manufacturing community. Immediately subsequent to its publication, the arrival of the American mail-steamer brought news confirmatory of the anticipations of a short crop of cotton, and prices immediately advanced, leaving the spinners and manufacturers to recruit their exhausted stocks at a further loss, as compared with the prices of goods. On the 5th of April, the receipts of cotton at the ports of America were shown to be 310,000 bales less than at the same period of the preceding year; whilst the stock computed to be held in Liverpool was 511,000 bales, as compared with 447,300 bales held at the same date in 1849, or only 63,700 bales more than last year, although spinners had decreased their consumption by 6300 bales per week, and taken 40,000 bales from their own stocks. The total crop of the United States, which had been estimated in the beginning of the year at from 2,250,000 to 2,300,000 bales, was only estimated in the advices by the steamer at 2,100,000 bales.