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way, any accumulation of stock may be prevented, and firmness may be imparted to even the present high currencies. As we are not of opinion that much higher rates will prevail in this country as the year progresses, it is but just that we should insert the calculations made at Calcutta in reference to supply:

STOCKS, SHIPMENTS, &0.

Stock at the beginning of the May sales...chests Shipments to arrive for the July sales from Calcutta. (Average 1854-61) Madras and Pondicherry....

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Deliveries between May and July, 1858......

21,425
4,459

23,190 3,168

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Stock for the July sales.. ...
Probable shipments to arrive before the end of

1862, from Calcutta....
From Calcutta, Madras, and Pondicherry......

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As regards the stock for the May sales, these figures appear to be tolerably correct, but our impression is, because it is admitted that, last year, the total available crop, including old stocks, was 67,430 maunds, the statement, or rather estimate, for the July sales is far too low, certainly by from 2,000 to 2,500 chests. Again, the probable shipments to the end of the year are certainly placed at too moderate a limit; consequently, we may anticipate a larger stock on hand at the close of the year than 8,741 chests. If other nations were buying largely in the Indian market, we could easily understand that a portion of our usual importations would be cut off, but when we find a positive deficiency in the shipments to various quarters, it is difficult to understand upon what principle we can safely contend for higher quotations. Iu 1857-58 America took direct 806 chests; in 1858-59 the quantity was 1,868; in 1859–60, 1,526; but in 1860–61 it declined to 730 chests. There can be no doubt but that the production of the indigo plant in Bengal has been greatly checked since the commencement of 1861; still, we see nothing in the advices since the beginning of the present year to warrant the belief that the total production will be from 10,000 to 12,000 chests less than the usual average, more especially as the sowings have progressed satisfactorily, and as an abundance of rain has fallen in most of the indigo districts.

Whilst several branches of trade in the United Kingdom have suffered severely, it is satisfactory to find the indigo market comparatively healthy. Unquestionably the production in the East of late years has not kept pace with the consumption, and even additional supplies from other sources are not likely to fill up the vacuum caused by dissensions in India between the cultivators and the owners of land. The differences now

chiefly consist of a desire on the part of the latter to obtain a larger revenue from the soil than it will yield; hence, we find that in Bengal alone, a number of persons have been dispossessed of land hitherto held by them as yearly tenants for a considerable period. We are aware that the produce of the East is selling at bigh prices in this country; but if the cultivators are to be driven from the soil because they refuse to pay higher rents, we shall unquestionably lose the benefit which usually results from moderate patches of land being divided for individual exertion. The experiment has been often tried, and as often failed, in England, and we regret to find that the landowners in the East should endeavor to realize larger incomes from a system of extensive cultivation on their own account. India has passed through a period of depression and excitement, from which she is now rapidly recovering; but a falling off in the quantity of produce raised may lead to further complications of an favorable character. As regards the supply of indigo, however, this season, we have every reason to anticipate a full average quantity. To secure its early arrival here, some shippers are negotiating for the transmission of the article via the Red Sea. The additional cost by that route will be 3d. per pound, but it is supposed that it will be nearly made up by a gain in interest and a decrease in risk. That the value of indigo is likely to rule firm during the remainder of the year, is evident from the general bearings of the trade, and the steady consumption both here and on the Cortinent; but we cannot subscribe to the opinion that the quotations are likely to be much above their present level.

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HUNGARIAN WINES. A report on Hungarian wines by Mr. Dunlop, attaché to the British Embassy, has just been included among some papers presented to Parliament. On the question whether wines from Hungary can be imported into England at a cheaper rate than wines from France it throws some interesting light. As to the capability of the country for producing almost any quantity there seems no doubt; but the absence of care, method, and discrimination is still such as seriously to counteract the existing natural advantages. The Hungarian farmers and proprietors, however, it is said, are now awakening to the fact that, although they have about the largest and best district in Europe for wine growing, and unlimited quantities of nearly the best grapes for the purpose, they continue to make, on the whole, very bad wines for 'exportation—far inferior in quality and flavor to those which, with ordinary modern appliances, might be manufactured throughout the country, and much smaller in quantity than their extensive vine-farms could easily produce. The Hungarians, it appears, thoroughly understand the culture and management of the grape previously to the vintage, but their whole subsequent system is "careless, wasteful, rude, and defective." The formation of a wine association bas been suggested to correct these evils, but the remedy seeins open to each individual, since the introduction of proper methods would involve but little expense in new machinery. The estimates of the annual quantity of wine produced in Hungary are rather vague. Mr. Dunlop thinks it may amount to 390,000,000 English gallons, which, after allowing for the home consumption, would leave about 100,000,000 for exportation.

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Of this, about two-thirds are white and one-third is red, and Mr. DUNLOP considers it is " no exaggeration to state, that if Hungary once saw clear way open for the export of her wine, she would inake planting arrangements to supply any demand within the bounds of probability from foreign markets, and would equally increase her care and attention as to the qualities required." Railway facilities would also be essential, and it is believed that if a line which was planned many years ago from Pesth to Fiume, and which was rejected by the Vienna authorities, because it did not harmonise with their strategic absurdities," had been carried out, the present exports of Hungary would have been double what they are, and the export of wine much more than double. The impression is, that if there were a direct communication between Hungary and Great Britain via the Adriatic, “the people of England would be able to have an imperial pint of good Hungarian wine at from 4d. to 7d. sterling." Mr. Dunlop considers that the time has arrived when English merchants and capitali. ties should direct special attention to the capabilities of this trade. Hitherto the Hungarians bave devoted too much care to the production of " curious” and liqueur descriptions, but to develop the real powers of the country, they should, it is contended, devote all their energies to the culture and improvement of their strong, dry, clean wines, and study by all means to fit them for the foreign market, by carefully assorting their grapes, and by manipulating the wines at home as the Spaniards do their sherries. If the English middle and lower classes do not take to the light acid French wines, they would certainly, it is observed, become large consumers of the dry, strong-bodied, clean Hungarian wines, especially white wines, and these could be supplied to them cheaper than sherries from Cadiz. The strong red wine, resembling Burgundy, which might also be largely made in Hungary, would, it is added, perfectly suit the English market.

THE LUMBER TRAVE OF CANADA. The following talle, given by George H. Poovy, Esq., in a lecture delivered by him at Ottawa, March 18, 1862, shows the quantity of lumber and deals exported from Quebec to the United Kingdom for fifteen years : Sq. timber, c. ft. Deals.

Total. 1845.....

24,223,000 6,879,617 31,102,617 1846...

24,242,689 5,655,986 29,893,675 1847....

19,060,880 7,112,963 26.173,843 1848....

17,402,360 6,514,083 23,916,443 1849....

18,581,560 6,648,746 25,230,306 1850...

19,534,320 6,465,623 25,999,943 1851....

22,210,080 4,507,133 26,717,213 1852...

20,361,960 4,600,534 24,961,894 1853....

22,129,120 7,054,838 29,183,958 1854...

25,346,800 7,966,958 33,313,758 1855...

15,389,774 5,512,500 20,702,274 1856...

19,409,152 7,431,790 26,740,042 1857...

24,995,750 10,521,041 35,516,801 1858...

17,571,240 10,160,475 27,731,715 1859...

19,115,360 9,291,594 28,406,954

The average quantity produced is about 30,000,000 cubic feet square timber, and 400,000,000 feet board measure, equal 34,000,000 cubic feet sawn lumber, altogether 64,000,000 cubic feet per annum. The duties levied in Canada on square timber cut on crown lands, is 1d. per cubic foot, and on saw logs 5d. currency per log, without reference to size. No duty is imposed on timber cut on private lands.

In the year 1845 the export from Quebec formed 32 per cent of the imports to the United Kingdom; in 1846, 29 per cent; 1817, 28 per cent; 1849, 31 per cent; 1851, 25 per cent; 1852, 24 per cent; 1854, 27 per cent; 1855, 22 per cent; 1856, 22 per cent; 1857, 28 per cent; 1858, 25 per cent; 1859, 21 per cent. . This falling off of 11 per cent on the whole trade is due to the increase of importation from the Baltic, consequent on the withdrawal of a protective duty.

The whole imports of the United Kingdom, in the year 1859, were, as computed from the Board of Trade tables, 1,300,000 loads of 50 cubic feet each, of colonial; and 1,300,000 loads of foreign timber, making a total of 130,000,000 cubic feet, of which Canada furnishes about 24 per cent; the tonnage would be probably equal to 3,000,000 tons, of which we furnish probably 750,000; of this, fully 600,000 tons are the produce of the Ottawa country, and the trade there is carried on more extensively than in any part of the British Empire.

According to the best possible estimate, this trade employs 15,000 men in the woods; and counting those engaged in the various operations of the manufacturing establishments, 10,000 more, so that a total of 25,000 men are engaged in this traffic, on the Ottawa River. The yearly consumption of provisions, by the producers of square tiniber, is stated to be 12,000 barrels of pork, 15,000 barrels of flour, some 100 tons of sundries, 6,000 tons of hay, and 275,000 bushels of oats; and the same quantity of provisions is required for the production of saw logs; so that some. thing like 26,000 tons of agricultural produce is required for the purposes of this trade.

The trade returns for 1859 give the amount of seamen required to man the fleet which takes the lumber destined for European markets froin Quebec, at 17,064 ; to those must be added the men engaged on our inland navigation, in transporting same lumber to the States, and the total number of seamen employed will not fall far short of 25,000 men.

The revenue collected the past eleven years from the lumber trade is as follows:

1851 ..... 1852. 1853. 1854. 1855.. 1856. 1857... 1858. 1859.. 1860. 1861.

Slide dues.
$23,554
29,912
28,844
28,888
28,450
32,269
35,934
27,936
33,724
44,417
49,660

Ground rent.

$7,060 10,969 14,544 19,686 22,215 24,414 21,113 22,119 19,667 22,904 19,008

Saw logs. $8,070 13,725 18,833 26,403 19,143 19,221 23,278 21,162 34,007 44,147 42,474

Revenue col. lected on the

Ottawa. $110,998 143,351 148,090 184,718 150,368 167,313 197,514 156,800 182,850 203,540 219,533

THE SUPPLY OF COTTON.

In a circular just issued by Messrs. Neill BROTHERS, of Manchester, the downward progress of the stocks of American cotton since the highest point of last year, is illustrated roughly by the following quarterly table, to which is appended the Liverpool quotation for middling New Orleans cotton at the respective dates :

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There is, moreover as large a decrease proportionately in the stocks held in the continental ports and by spinners everywhere. The vacuum caused by the non-receipt of the last crop is thus at last showing itself seriously, in spite of the great reduction in consumption, which has occurred here and elsewhere. At Havre the present stock is 42,000 bales, against 290,000 last year. "For so far it is to be regretted," observed Messrs. Neill, “that the high scale of prices which has prevailed this season has failed to attract an increase of supplies from other quarters. India seems to have been cleared out by the large shipments of last year, and the shipments to Europe from 1st January till latest dates show a decrease of 100,000 bales, the figures being 251,000 bales against 351,000 last year. Hence, and from the large proportionate consumption of Surat cotton, the stock at Liverpool of this description, which on the 1st of January last stood at 295,000 bales against 120,000 last year, is now reduced to 170,000 against 133,000 last year, while in the quantity afloat the figures are still more unfavorable-namely, 164,000 bales against 258,000. From Egypt, Brazil, etc., there is a large per centage of increase in the import for so far this year, but the positive increase is not sufficient to be seriously felt in the trade. The figures are 159,000 bales against 97,000 last year. In looking to the future, it would be vain to attempt predictions of the course of prices. In the present state of stocks, any considerable demand, such as the indications from the Indian and other markets would seem to point to, might seriously force up prices. On the other hand, further Federal successes, such as there is every reason to anticipate, or the arrival of even a very few bales of cotton from the South, would, with equal certainty, at least temporarily depress them. Upon a broad view, however, of the enormous difficulties which stand in the way of any satisfactory reopening of the American sources of supply, and the long delays which must occur before the complicated machinery of the trade is again readjusted, even if terms of peace were already agreed upon, the present price of cotton cannot be considered unreasonably high."

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