An intelligent writer in Hunt's Merchant's Magazine for October, 1844, Henry Lee, Esq., has placed this subject, so far as he has there pursued it, in a very clear light. He commences by stating that "the consumption of cotton in Europe, other than the production of America and India, is too insignificant to have any important bearing upon prices." He goes on to show that the value placed upon the article at present, is quite sufficient, and that the advantage it gives to the manufacturer of New England, whose operations are vastly increasing, renders him a successful competitor to those of Great Britain; and nothing but an inflated currency, or imprudent speculations can produce an advance. And any advance so procured must inevitably be followed by a ruinous reaction. He shows that, through the agency of the British manufacturers, and the exporters of their goods to countries beyond the Cape of Good Hope, a considerable quantity of American grown cotton had been sent to those regions, in the form of manufactures and twist, over and above the amount of Indian grown cotton consumed in the factories of England. This simple fact, which is demonstrated as clearly as figures can speak, completely nullifies the importation of cotton from that quarter. The proportion of raw cotton, other than the produce of the United States and India, used in the manufactures of Great Britain, is very small, and constantly diminishing in quantity. After producing statistical evidence, Mr. Lee arrives at the satisfactory result that the consumption of cotton from the United States and India, is as ninety-four to one hundred, leaving, for all other sources of supply, only six per cent. With such a ratio as this, and the competition constantly declining, it is manifest that we have nothing to fear from rival producers.