greatly improved. The exact part played by peculiarity of soil is difficult to be determined, yet it is well known that soils otherwise equally good are not equally adapted to the production of cotton. The influence of soil has nothing surprising in it, since it has long been observed in the case of tobacco, wine, coffee, and tea; it is, however, difficult to separate this influence from that of climate, but there is no doubt that it exists, and, in all probability, has something to do with the superiority of American cottons. The most important advantage which America possesses is its climate, combining, as it does, the characteristics of the tropical and of the temperate zones. During the season for the growth and maturition of the plant, the warm, moist winds from the Gulf of Mexico equalize the temperature, and occasion, as a rule, an abundant but not excessive fall of rain, so necessary to its successful cultivation. To those well acquainted with the conditions necessary to the successful culture of cotton it will be obvious, that a climate subject to long droughts, alternating with a superabundance of rain, are entirely unsuited to its culture, as, under these circumstances, almost all the pods will be 'shed,' or stunted in their growth. During the 'picking' season the quantity of rain should be extremely small, and the weather clear and cool, which is true of the climate of the South for the greater

part of the picking season. The winters, influenced by northerly winds, are often quite cold for short periods, even as far south as Florida, the fall of rain being, as a rule, quite moderate. These two circumstances are very favourable to the fruitfulness of the soil, and the first must diminish, to a considerable extent, the injury to the cotton plant from insects during its growth. This is a fact by no means to be underrated, for it is a source of great annual loss, amounting sometimes to the half, and, in exceptional cases, to almost the whole of the crop. Fortunately, the loss in America from this source, though always considerable, is not uniform over the whole cotton region, or even over the same plantation, so that the uniformity in the production is not seriously disturbed. There are two disadvantages for the cultivation of cotton in the Southern States, growing out of the character of the winter season. Unlike most of the cotton-producing countries of the world, the winter is so cold that the seed must be sown annually; besides, the cotton plant is usually killed over almost the whole of the cotton region by the middle or last of October. Could the death of the plant be delayed a month, it would be utterly impossible, with the present supply of labour, to gather the crops which the area at present cultivated would produce. It is probable, however, that this would bring with it a corresponding impoverishment of the soil. Not

withstanding the comparative shortness of the season, the average yield per acre of clean cotton is much higher than in India. The yield per acre varies very much, even in the same locality, being for the whole South from 200 to 1,000 lbs.; while in India it is from 60 to 80 lbs. This fact of itself would be sufficient to cause us to doubt the capacity of India to compete successfully with America in the cotton market. It is true, that the cotton region of the South is in the summer season not free from climatic disadvantages, in certain portions intermittent fever prevailing, while in others yellow fever and cholera make their appearance at times. The negro is, however, comparatively little injured by the intermittent and seldom attacked by the yellow fever, and it may for this and other reasons be considered the natural climate of the negro. As regards healthfulness, it will compare favourably with any cotton-producing region of the world, which the statistics of population conclusively prove. The sparseness of population of the Southern States, and the fact that it is almost exclusively agricultural, which furnishes one of the most important conditions for enabling a nation to devote itself to a great export trade in grain, or raw material, are again reasons which increase its chances of success in a competition with India. One of the most potent causes of the success of the Southern States in the cultivation of

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cotton is to be found in the organization of their labour, and its relation to capital. This relation of labour and capital places both under the immediate direction of the most intelligent class, and renders their operations harmonious and certain, and, in effect, obtains the greatest results with the least loss of material and effort. The Southern States have built up a great railroad system which has cost about 250,000,000 dollars, and this almost exclusively by means of private home capital. This has perfected her system of internal intercourse, and brought the whole of her vast territory into rapid communication with the sea. Their geographical position with relation to Europe is again of great advantage, enabling them to deliver the raw material cheaper; for, when it is a question of the transport of an article so bulky in proportion to value, distance from market must always be a matter of prime consideration. When all these advantages are combined in one country in the hands of an energetic, intelligent, and skillful people, can there be any doubt of their superiority above other competitors? These advantages, together with the vast fields suited to the cultivation of cotton not yet brought into cultivation, considered with reference to the fact of the rapid increase of the labouring class of the Southern States, enable us to predict with certainty that, should no disturbance of the existing order of things take place, they will

be more than able to meet the increased demand of the world. This is rendered more certain by the fact that the Southern States, in the greater portion of their territory, are not adapted to the cultivation of those tropical productions most likely to draw off the capital of the other cotton-growing regions from the cultivation of cotton. The planter of the Southern States appreciates his advantages to the fullest extent, and has no fear of foreign competition; in fact, he feels that to a certain extent the great demand for cotton has been a disadvantage to the South, for it has tended to cause the investment of too much capital in this direction.

The country next in importance as a competitor for supplying Europe with cotton is India. That this is the country upon which Europe must chiefly depend, as long as the supply from America is cut off by the blockade, is a fact almost universally admitted. At the time of the institution of the blockade, India stood second on the list of exporters of cotton to Europe. In 1795, the import of cotton from the East Indies into England amounted only to 100,000 lbs., while in 1860 it amounted to 204,141,608 lbs. Ages ago, India was a centre of the cultivation and manufacture of cotton; and at the time of the commencement of its culture in the Southern States, she was an exporter of cotton goods. At present, she imports from