The Express.
London, England, 1864-01-04 00:00:00

country, the absorption cannot continue for an '
indefinite period. In England we appear to be
little aware of the sums forwarded to that one
spot. In France they were calculated a short time
back at 20,000,0001. sterling, and now are stated
at 16,000,000/. for the season. Of this amount
upwards of 8,000,000 T. are asserted to have been
already sent. The shipments for some time back
from Marseilles by each steamer to Alexandria
have been from about 100,000/. to 200,000/. ster-
ling. The Egyptians have few wants which are not
supplied from Europe ; and, save the comparatively
unimportant amounts sent to the interior, each
coin committed to the fellahs speedily creates a
want for implements or clothing, and will find its
way back ere long in exchange for those commo-
dities.

With regard to India, the cue is different ;
and yet there are points that lead to present
similar results so far as an indefinite conti-
nuance of the bullion export is concerned.
At the present time the exchange operations
with India are greatly under the control of the
banks. By their means advances are made to the
growers ; and, speculating but speculating
legitimately—upon the extent of probable as
well sa of actual advances, they take bullion in
Europe and import it to the East. So large have
the advances been already on cotton acc. cunt in
India that the capitals of the Presidencies are ac-
tually in want of coin ; aud, with Abundance of
metal bars, the demand on the Mint is I=l:muscly
beyond the possible rate of supply. Notes onii
exist in small quantities; and bullion, like any
base material, lies dead, with money at fabulous
rates of interest, from the impracticability of ob-
taining cash loans thereon. There is less probabi-
lity that the demand for coin will fall off in India
by attracting an additional supply. Supply can
only reach the capitals from Europe,
from the Mint, or from the interior. Suitable
silver coin is not to be had in Europe,
the Mint can only work gradually, and the ryot
disbelieves in interest and credit—he hoards his
coin. The difficulty and delay in procuring coin
may, however, prevent in some degree speculation
in bullion export, which, while exchange or coin
be not procurable, is nearly useless. The main
safeguard, however, lies in the careful digestion of
these facts, and in the avoidance of any excessive
quantity of advances, either on bullion shipments
from this country or on cotton to arrive. With
reference to cotton bills, it is probable that in the
dislocated state of the trade no great amount can
be afloat ; but reasonable care should still be
urged in respect of individual engagements, which
might in these times easily be excessive.
With Brazil and with other parts of the southern
continent of America we are each day entering into
new and interesting relations. At present we are
scarcely exporting anything but coin ; and yet it
is in the direction of South America, next to
Egypt, that our prospects are the brightest. We
have there a considerable civilized population,
used to luxury, and to some extent proficient in
rude manufacture. We have also there a vast assem-
blage of natives, who here and there in small knots
are beginning to devote themselves to the cultiva-
tion of the cotton plant, and to trading with the
established communities. For every knot of
Indians which we detach from the wild tribes we
create the want of clothing and other necessaries,
and every individual of European origin for whom
we create a trade with those Indians is also driven
to us for the articles which we teach those Indians
to require and to use. There is trade to be
opened with the South enough to double the em-
ployment for our own manufacturing industry,
and to lead to a harvest of profit even beyond that
ever gathered in from the interrupted trade be-
tween this country and the northern continent of
America.

It seems difficult to arrive at any other con-
clusion than that the cotton demand must con-
tinue ; and the continuance of the cotton demand
still means the export of bullion from England and
from France. There are circumstances that may
check and from time to time hinder and delay that
export. In due course the specie current will be
turned, and the influx recommence ; but, meantime,
our great safeguard will be in the avoidance of
facilities to undue speculation. With the abun-
dant wealth and ample resources of this country
there is no cause for ex:itement or alarm.
While the present movement continues it is to be
expected that money will remain dear ; this state
of things will itself help to prevent speculation.
With the prices current in trade it is possible to
encounter a period of moderate stringency ; and
with adequate profits on trade on the one hand,
while on the other we support our credit by a
conservative policy at the Bank, we may reason-
' ably expect to come out of the cotton crisis with
I enlarged experience and with greatly improved
I commercial prospects for the future.

taw inttllistnte.

METROPOLITAN COUNTY COURTS.
BMing days appointed for the preaent week.
wserrigutannt, St. Martln'a.lans--Tuesday, Jan. 5; Wednes-
day, lan. 6; Thursday, Jan. 7
MARYLIDON; Martlecone.road.—Friday. Jan. 8.
Old.strert.road.—ThursdaL Jan. 7.
Bow, Bow.road.—Prlday, Jan. 8.
WIUTICIILPILL, Great Prescuttatreet. —Tuesday, Jan. 5. Wed-
nesday, Jao. a; Thursday, Jan. T.
GILENXIVICH —Tuesday, Jan. 5.
Wootwien.—Thursday, Jan. 7.
errs or LONDON, Oundball.buddings.—Friday, Jan. 8; Satur-
day, Jan. 9.
luau Marna's COURT, Guildhall—Saturday, Jaa, 9.
CTITILL 01/11121•1 COCRl.—Monday, Jun. 4.

THE POLICE COURTS.

ANNUAL TRANI CIRCULARS.

SPORTING INTELLIGENCE.
THE TWO-YEAR-OLDS OF 184;1-SUMMARY.

COTTON.

Total quantity taken for home consumption in 1863

THE EXPRESS, MONDAY EVENING, JANUARY 4, 1864.

The annexed tables exhibit the import, consump-
tioe, and export of cotton durtng the past year :

IMPORT. —The average import from the United States
during the 6ve years preceding 1862 web 1,970,301 bales.
The import of 1862 was only 72,029 bales ; and that of 1563
hos not exceeded 131,648 bales. It is obvious that so large
• deficiency in import from what has hitherto been the main
source of supply moat create a revolution in the trade ; and
the receipts from India during 1863 exhibit an excess on
throe of 1862 of about 160,000 bales; from Egypt the in-
crease has been 64,3:4 ; and from the West Indies 40,722
bake, principally Smyrna ; from China, hitherto an unpro-
ductive source of supply, about 21)0,000 bales have directly
or indirectly been received.

ConiduarnoN.—A. prosperous state of general trade
during a large proportion of the past year has influenced au
extent of home consumption of cotton which excessively
high prices could not control. At the close of 1802 the
consumption was reduced to a se le of about 15,000
bales weekly. It increased with the opening year ; and
has been since maintained on suck • scale that the
average weekly consumption is estimated to have been
26,491 bales. It will be observed that the average weight
of the bales consumed is materially less than in former
yew

Bales.
The total Stock remaining in the port at the close of
MM.! was • f433,9.7.0
The total import 0f.1863 has been 1.04114

2,3*0;4
Deduct Stock remaining at the close of ISUS-327.9.10 nee,— SOO
Deduct the quantity exported Otio,nso)

1,377,364

And it has bees taken in the following weekly propor-
tion
American
1563. ISM. 1861. 1860. 1859. 1838. 1837. 1538. 1,35.
2202 4889 34717 41001 37072 91513 27071 31574 30350
Brat I

--2159 1946 1622 2153 2029 2174 2956 9350 2201
Egyptian-
-0941 2556 2087 1814 1900 1722 1763 2477 2323
Fiat Intli6-
17212 13419 MN UN 3406 6802 7070 5221 5152
Other kinds-
-1010 354 261 122 115 207 130 263 173

- - - -
'10491 Y 2436? 45399 46513 443±2 41318 33010 MIS 40107