Manchester, 22 May 1852 

Dear Marx, 

I am writing to you today simply to make sure you know that 
yesterday I sent direct to you by the first post 1/2 a £10 note, and 
that the 2nd half went off at the same time under cover to Lupus 
for transmission to you. I trust you have received it all right. 

There is now great ELECTIONEERING activity here—two of the Whig 
FREE TRADERS” were put up by the Tories with the intention of 
ousting Bright and Gibson, and nothing goes on here but 
canvassing and boozing. Of course the fellows don’t stand a 
chance, but it’s going to cost them a mint of money. 

Three weeks ago, as I anticipated, there was a flush of 
speculation on the cotton market; but since opportunities are not 
yet sufficiently pronounced and the spinners and merchants here 
were operating against it, the thing momentarily subsided again. 
However, it will recur before very long, as soon as the whole 
weight of the American crop has been delivered. Wool, too,— 
because of the sudden ruin of the Australian sheep-farmers— 
lends itself splendidly to speculation and, all things considered, 
there is every prospect that by the autumn speculation will be in 
full spate. Railway stocks, etc., etc., are again beginning to 
rise—the better ones continue to yield more than the 1 to 11/2% 
now still to be had from the banks in respect of deposits. In 
America, speculation in cotton has been well under way for the 
past six weeks, and the proliferation of strange new joint-stock 
companies now being announced all over the place indicates the 
extent to which capital is feeling around for debouchés” in all the 
big money markets. Apres tout the straws in the wind may now 

a Joseph Denman and George Loch - > outlets - © After all 

be seen rather more clearly and in greater quantity. Cela sera 
beau.* 

I hope to receive a letter from you by tomorrow morning at the 
latest. 

Your 
F. E.