4

evacuation of much of the territory
which they once occupied are all
pointers in the same direction - Upon
the back of all this comes the
expiration of time of the 3 year
men which expires early next sum-
mer. I feel no doubt that the
enemy will make great efforts but
that the result will be
"Montes parturient, nascetur ridiculus mus"

Another point is that, at last,
the interruption of the cotton supply
is producing its effect - The whole
British trade with India and China has
been carried on by means of cotton
goods - this or bullion & Oriental
demand - the large stock of Manufac-
tured goods which are on hand in
England is now failing & Bullion