It is obvious, from the above circumstances, that the American planters, and the holders of cotton in that country and in Liverpool, have the manufacturer at this moment within their grasp, and will be enabled to extort from his necessities still higher prices than those which have for months past rendered his business a losing one. The stocks of cotton held in the manufacturing districts are unprecedentedly light, and those of goods have been of late considerably reduced. But can an advance be secured on the manufactured article, corresponding with that demanded for the raw material? Few people believe this to be practicable. With the exception of a little temporary activity in the demand of goods for the East Indian market, towards the middle of last month, the gloomy feeling existing in every branch of the trade had deepened, and the demand for nearly every article perceptibly lessened. The accounts received by export houses from foreign markets are not of a character to encourage further operations; and the demand for the home trade remains very limited. In broad terms, _the leading foreign markets are glutted for months to come, and the population throughout the agricultural districts, and in the large towns of the kingdom as well, are diminishing their consumption of cotton and other fabrics to the lowest possible point_. With respect to the foreign trade, the worst feature is the falling off in the demand from the United States, to which I showed that, in the first two months of this year, we had shipped goods equal to the one half of last year’s exports. The returns for these shipments may be expected to be very unsatisfactory. On this subject, the last steamer (the Niagara) brought the following report:— “The spring trade of New York _had disappointed all classes_. Early in January there was an unusually active demand. High prices were obtained, and large sales were made; since then business had fallen off, and _the month of March, which ought to have been the best, had been extremely dull—more so than had been known for many years_. The stock of British and other foreign dry goods was not large, but the demand was small.” From this market, expectations of the most sanguine character had been previously indulged in, which are thus rudely dashed to the ground.