It appears by the following paragraph from the Lockport Courier, that an attempt is about to be made to put to praetical use the immense water power of Niagara Falls :mdash; " We are informed that an Eastern company has been organized for the purpose of constructing a canal at Niagara Falls. Th canal is to commence about halt a mile above the falls, and pass directly through the village at the falls, and empty, of course, into the river below the cataract. The Porters have made liberal donations to the enterprise, and there is no doubt in the opinion of our informant, but that the process will be successfully carried out." [There can be no doubt but the water power of Niagara is sufficient to drive all the machinery in the world, and some years ago we spoke of its application for factory purposes on a large scale, by cutting a canal from above the falls, as has been done at the Cohoes, on the Mohawk. There are a number of mills at Niagara now, and for the manufacture of I wooden ware, for grist mills, and any other | kind of manufacturing business to supply the 1 interior of our north and west States, or for 1 working up raw materials from the north or I west it may be successful, but to make cotton 1 goods when the raw material has to come I from such a distance, and the goods to be again | transported to a market at a great distance, it 1 would not be a profitable speculation in our I opinion. Steam power near New York City I is cheaper than water power at Niagara for 1 many kinds of manufacturing purposes, and I cotton is one of them. The reason we give for 1 this assertion is, that the transport of the I raw cotton up to tue interior and of the goods back again to our market, where all the cotton goods are sold, more than counterba- I lances the expense of steam as compared with I water power. It is our opinion that cotton factories erected near New York City, and using steam power, would make better dividends than those erected over one hundred miles in the interior which employ water power. The value ot land in the centre of the city , of London, is 400,000 per acre.