SHEEP HUSBANDRY IN THE SOUTH. 125 



You aak, " Is the present home demand siijjphed ?" There is not enough annually raised 

 iu the country by 10,000.000 lbs. to meet the demand of the maiuifactones. 



You ask. " ^^'hal countries we can export wool to. &c. ?" This couutiy will not expert 

 wool regularly for fifteen years, _/b7- the rcnson that the consumption will increase as rapidly 

 as the produi-tion. lean point out articles made of wool now imported, which will rtquim 

 thirty mi'lions of pounds of that of a medium and fine quality, to supply the consum^ff 

 Hon 



The btisiness of manufacturing wool in this country is on a better basis than ever before, 

 inniKivch as the character, skill and capital engaged in it are such that foreign competi- 

 tion IS DEFIED. A very few years and all articles of wool used here will be of home mantf 

 facture. 



Now I beg of you to keep the wool-growers steady to the mark. Let them aim to excel 

 di the blood and condition of their Hocks, and the day is not distant when they will be amply 

 remunerated. I shall always have gi-eat pleasure in hearing irom you, and remain 



Yours most truly, SAM. LAWRENCE. 



Mr, Lawrence has certainly got the annual deficit of home wools low 

 enough. Table 10 shows that it was upward of 16,000,000 lbs, during the 

 last fiscdl year, 1846, This, of itself, is something of a margin for the 

 South, or some other new domestic producer, to fill ! 



Hitherto we have simply considered the amount of wool necessary to 

 supply our manvfuctories. But these establishments fall very far short of 

 working up all the wool consumed in the United States, even exclusive of 

 home-made fabrics. The following Table* will show the value of the 

 woolens imported for twenty-five years, up to and including 1845 : 



TABLE No U. 



Here is. another and still broader " margin" for both the American 

 WooI-Grou^er and the American Manvfaciurcr to fill ! 



With a country well adapted to the production of wool as any the sun 

 chines on — which, all things considered, can produce it viore chcajyly than 

 any extended portior. of any trans-Atlantic country — shall we continue to 

 import raw wool % 



Whether we should continue to import woolens is sufficiently answered 

 by the last paragraph but one of Mr. Lawrence's letter, fully sustained as 

 the facts therein set forth are by those infallible tests — the dividends of our 

 manufacturing establishments. The minimum of these, in well managed 

 establishments, has already been stated to be about ten per centum pei 

 annum,t and in Mr. Lawrence's own great establishment the dividend ot 

 1846 was fifteen per cent. Does any one suppose that the manufacturers 

 of England, with all the advantage they can derive from cheaper laborf — 

 (but with vastly higher prices for suitable sites and buildings — land taxes, 

 parochial taxes, income taxes — freights and duties on imported wools, 

 etc, etc.) — do or can make dividends touching even the lowest rate above 

 stated] They c««wo<, II 



* Report ofthe Secretary of the Treasury, 1845. See Letter VIL 



X 'I'hough not directly advised on the point, I take it for granted that the cost of machinery, also, is some- 

 what less in Englidd. 



II It may be said that the two last-named expenses fall on the consumer. They doubtless would, but the 

 English manufaclMrer has to compete with those of France and the United States, a much larger propor- 

 tion of who8e stock is of home growth— the latter entirely, in fine fabrics. The abrogation ofthe Corn-Law* 

 Will be of immense advantage to the English manufacturer, and enable him to better compete with other 

 countries. But while the Bank of England ordinarily discounts paper at from 3 to 4 per cent., and while 

 this is the common rate of interest in that country, it could not be expected that manufacturing capital 

 would be allowed to draw 8 or 10, and much less 15 per cent. Such dividends, in a country whoso 

 'uiinvested capita!, or that drawing so low a rate of interest, is so superabundant, would at once invite • 

 competition which would speedily bring the profits of manufacturing capital down to a '£vel with those <A 

 Mher comnH-rcia; cai<<ta' ^Ve may, therefore conclude that ns such dividends are made. 



