The Express.
London, England, 1862-02-24 00:00:00

MOH WA AT LONDON NAIDOIL.

TIN CAr-11uriliTt;iisila.77.7AfionerrarlOb. Ica
To4llannun —Montan, 11L .... Afternoon, 06. On.

LONDON, MONDAY, FEB. 24.

Tee Board of Trade Returns for the past year,
which have at last made their appearance,
throw a useful light on the condition and
prospects of trade. First, as regards the month's
export business : we find that the exports in
December were 9,760,1291., against 12,128,5411.
in December, 1860, and 10,827,2421. in Decem-
ber, 1859. Compared with the corresponding
month of 1860, a decline of 2,368,4121., or 19
per cent., is shown, and, compared with 1859, a
decline of 1,067,113/., or nearly 10 percent
From this it It dl be seen that the check to our
foreign trade is real, arid not imaginary. We are
doing a considerably diminished business—di-
minished at this moment by nearly one-fifth—and
are doubtless making much less profit than usual.
The falling off in the internal trade of the country
is probably quite as marked as in the external.
We have bore an explanation of the diminution in
the supply of bills, and of the consequent low rate
of discount.

Glancing from the export returns for the single
month of December to those for the whole year,
we may swirly Mid reason to congratulate ourselves
that, taking the year together, and considering
tbe American war and other adverse circumstances,

we have done so well. The total shipments of
home produce and manufactures in all 1861 were
125,115,1331., against 135,891,2271. in 1860,
and 130,411,5291. in 1859. The decrease, on
comparison with 1860, is 10,776,0945., or nearly
8 per cent., while on comparison with 1850 it is
5,296,3941., or only 4 per cent. It 1011 be per-
ceived that, al compared with 1860, the ratio of
decrease on the month was much larger than the
ratio of decreese on the whole year. This goes to
abow that the general colonic, of trade is still de-
clining. instead of reviving, and is of course a dis-
couraging cone!itsion.

As the 1:011,1161.41 of the cotton trade attracts
at present so much attention, let us see what new
light the present figures talon'. The total exports of
" cotton " in 1861 were 36,090,7931.—c0rtain1y,
from their magnitude, • marvellous contribution
to thu export lid ; yet this sum was 4,255,5491.
Ps/ than in 1860, and 947,, 45/. b'u than in 1859.
True, this is not • very heavy falling off, but tbs
evil is that the depression in the cotton trade seems
to be as yet only beginning. Each month will pro-
bably cause it to be more severely felt. Thus, in
December, 1861, the total exports of cottons were
but 2,674,2661., aga;mit 4,240,138/. in the same
month of the previous year, and 3,304,3741. in
1839. Thu decrease on the single mouth was
1,565,8%!1., which is at the rate of no less than
18,790,4641. a year. The reduction in the quan-
tal,s of goods exported is much larger than in the
value, prices having risen considerably, iu conic-
quotes of the enormous advance in the value of
the raw material.

The decre.ise in our export trade is mainly due
to the trouble in America, and to the unfavour-
able Amerie.in tariff. The total exports of
" cottons " to the United States, for example,
were only 47,2351. in December, 1861, against
553,2371. in December, 1860, and 550,4741. in
December, 1659. Of iron in bars, kc., the
States took in the whole of 1861 only 176,598!.,
against 735,1211. in 1860, and 798,652/. in 1859;
while of railway iron they took in the twelve
months but 176,8071.; whereas in 1860 we supplied
them with 916,361/., and in 1861 with 901,3771.
In another important item, designated "hard-
wares and cutlery," the falling off is less marked,
the total shipments for the year to the United States
having been 628,8191., against 1,347,2681. and
1,512,993/. respectively in the two previous years,
war e.tuiprnenta required by the Federal army,baving
been sought to some extent from our manufac-
turers. Some a the seats of textile manufacture
have derived benefit from the same circumstance.

Taking the figures altogether, nevertheless, they
afford additional proof that the American war, in
spite of all the compensations we derive from other
quarters, has been, and as long as it lasts will con-
tinue to be, a grievous discouragement to our
trade. The hard, di evidence pre-
sented in those figures, that our Transatlantic
commerce has expo- ienced a complete col-
lapse, contrasts strangely with the mu -urances
wh-eh were persisten4 reiterated at the outset of
the civil war, that the intensal trouules of America
would cause a great revival of trade with that
country. With an audacious self-complacency or
a fatuous blindness, it was urged again and again
that the Americans must come to us for every-
thing they wanted for the war, and probably for
many other purposes, and we were exhorted to
look forward with glee to the roaring trade we
should drive and the profit we should extract out
of the misfortune and self-sacrifice of our kinsmen.
These prophets are silent now that we have practical
proof how small a compensation war can possibly
give for the interruption of the thousand beneficent
works of peace. There are none so blind as those
who will not see. It is a strange delusion to
imagine that a community like ours, interested in
the commerce, and therefore in the welfare of
every country in the world, could possibly derive
benefit from the misfortunes of any nation, least
of all of one with which we have had such close
and cherished mercantile relations as America. It
is well that the fact is so. We can hardly gloat
over, or feel or affect a cynic indifference to our
neighbour's troubles, when we know that we must
ourselves suffer until they are happily terminated.
The fitting supplement to the figures already
given is the complete statement of the exports of
all articles to the United States for the last quar.