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 has generally exceeded the cost of production. This has generally stimulated production, and yet not so rapidly as the demand increased; hence the cotton of America, has gone on displacing successive portions of Eastern cotton, until the former now occupies all the channels of consumption; and so it will be with Australian wool. The consumption of foreign wool alone in England, is fifty millions of pounds. The greater portion of this will probably be displaced by the Australian colonies. In like manner it will gradually cease to be worth while to raise sheep for their wool in many of the countries which now produce it."

The following table of the importation of wool into the United Kingdom in 1835 and 1838 is also extracted from the Encyclopædia Britannica.