Statistics^ 29$ 
upoB every pound of cotton, which must be deducted from the gross 
proceeds of the sale, is Is. "2\d. 
But during the same period the average sale price has never 
exceeded Is. \ \d. per lb. which leaves, after all deductions, only 
^d, as the receipt of the proprietor. 
Now it will readily be granted that, in speculations in which 
there is scarcely any risk, 1 0 per cent, upon the capital, after pay» 
ment of all expenses, is the reward expected and usually receiv" 
ed. Mercantile people know this too well to require conviction 
from argument. Whenever the hazard is increased, the premium 
to the advantages is proportionably augmenteds Mr. Lowe, in 
his excellent pamphlet, has well insisted on the point. It will not 
be denied that speculations in transatlantic property, are preca-* 
rious in an eminent degree. The uncertainty of crops, risk of 
health from climate, of property from the enemy, and various 
other causes, all render it so. Ten per cent, then, as the lowest 
reward of speculation, may be assumed as the minimum of return 
due to the cotton planter. This will be more easily conceded, as 
it is the general admission that this is the proper per centage of 
^he sugar planter, and it is well known that sugar crops are much 
less affected by contingencies of weather, &c. &c. than those of 
e'otton. 
Assuming then ten per cent, as the reward of the planter, the 
value of each acre to be 140/. sterling, and the quantity of cotton 
produced to be 200ibs., the nett receipt of the planter on each pound 
of cotton wool should be U*. 5 li. but the actual sum he receives is 
a certain loss to him of ^\d . ; for if it be once granted, as it 
undoubtedly must, that 10 per cent, is the fair premium, all below 
it may be considered as takeii out of the funds of the proprietor. 
Such is the state of the British cotton-planter. That of hL 
North American rival is much superior. Situate in the midst of 
the necessaries of life, he depends on himself or his neighbours for 
support. He purchases land at a cheaper rate, and imports his 
^legroes at an inferior expense. Every thing diminishes the in° 
trinsic cost of cotton properties in the United States, and the 
filiations of Great Britain increases the value of the produce. 
The limits of this essay do not permit further details j but should 
circumstances allow, they may perhaps be laid before the public. 
At present it may suffice to state that if tlu^North American plant- 
er netts Qd. per pound he can afford to cultivate cotton. Now 
tlie expenses of cultivation, of navigation, &c. are very tfifling. 
Hence he can always undersell the British planter^ 
VoL II. P p 
