The Express.
London, England, 1863-01-05 00:00:00

etHAMPAGNE, DRY and DELICATE. ;
X../ Plum Nu, quarts tes. pr rethrit_carriage Paid.
Itec.tuntended with oonlidence.—HZl4lY Ithi:T and Co.,
Impwteee, 063 Iroznivars Distillers, Holborn. SC.. sad 30,
11kt:cut-Sweet, Waterioo.place,

BOX-111S-EARS.—PIESSE and LUBIN'S
new PKlat'llE for the teetivithe, the aKUVI to Stolen
i gam else ate Boner de Coverley by itavoor, three bottles, in
pretty oak re. : or else. bottle, b. at None Antis without
our mun• writtng.—PLESSE and Lt'BIN. Bond-.test, Loudon

S/MOND-HAND PIANOFORTES.
CLULLIt. BEALE, and WOOD •••• • larip eamorunnt
et wooed-Mad Plaaatorlag by the most soleskotl oaken, at
peals mimed prima-9M. 1.41M1-elriet.

at, •xlreoo.

Avertisamenta Intended Soy-'.lLa]tlpnr• landau Events*
u4,t he at the hflice, 10, ltouvarbowtraet, by Two
oo ctoct on the day of publication.

COVENT GA RDILY.
Tuts Enema, RUT BLAB. Mews. Hartigan and Rantky :
Mi. Louisa Pro*. —And the grand comic Christmas Pant.,mitoe,
entitled EA Ul2l BEAUTY AND THE BEAST.—Con-
d ator: Mr. A. Commence Si ten minutes to 7.

MAYILULEBT.
innt SYlanin. OUR AMERICAN COUSIN. Mown.
&Ahern and Beekatose : Mrs. E. PltstrEWant - RAMOSL AS
PRINCS Or ABYSSINIA. Mr. Compton and Wm L Keeley.
—And MX& WHITE. Mr. Compton and Mtn Harlenr.

PRP:CR.IM
Tim MVEMIG, THE TRIPLE ALLIANCE Was Coestance
Aylmer. -And the Pantomime, RIQUET WITH TRY TUFT :
or. Herleinin and Mother Minton. Maws. Matto, R. Power,
and AM/ord. 1i A. collanson.

BRITANNIA.
TRH Priem, the Pantomime, AEON HASSAN. Wm Lane.
Hamra. CULLY. Loa* Newham, and Wile. Celeste Stephan ;
Tom Sayer* and bia two primula, llnies.—And SOME
ELLS THAT RANG.—Commence at baltvaet 0.

WOE WATIM AT LONDON MUDGE.
TIED DAT —lleroblA. 21. 17m.....A.fterenes. 210- 3Ses.
Zu-aoiutOW—ltortlaa, 9A 64a.. ..Atimeass. L. 9a.

LONDON, MONDAY, JANUARY 5.

Ir is time to glance once more at the statistics
of a trade which now unhappily numbers some
three hundred thousand unemployed operatives,
and the present prostration of which is seriously
affecting the interests of many hundreds of thou-
sands of persona in other branches of business.
A few facts and figures relating to the course of
the cotton trade during the past year may serve
to place in a familiar light the completeness of
the dislocation which has occurred, and the mag-
nitude of the transition which is still in progress.
Tke fluctuation in the prices of cotton has been
tre moat remarkable ever known : on the Ist
January, 1862, " middling Orleans" was quoted
at 12d. per lb., and the Indian sort known as
" fair Broach" at Sid. With numerous oscilla-
tions, quotations ran up until in September last
they touched the highest point ever known,
namely, 2s. 6d. and Is. 90. respectively, show-
ing a rise of no leas than one hundred and fifty
per cent A great speculative reaction followed,
and in the middle of November the same sorts of
cotton commanded only ls. 7d. and Is. 3d. per
lb. Well may the annual circulars affirm, on
looking back at the eventful year, that " the ad-
" vane has frequently been so rapid as to out-
" strip the fastest of speculators, and been fol-
" lowed by a fall so great as to appal the boldest."
The present quotations for the above-mentioned
qualities of cotton are respectively 2s. and ls. 6d.
per lb., being an advance of almost exactly one
hundred per cent. established between the Ist
January, 1862, and the Ist January, 1863.
These unprecedented and bewildering variations
in the value of the raw material could not fail to
be attended with a paralysing effect on industry.
Accordingly, the quantity of cotton taken for con-
sumption by spinners and manufacturers during
the year ham fallen off by one-half as compared
with last year, the average weekly delivery having
heed 22,033 bales, against 43,340 in 1861, and
50,590 in 1860. Thus, in the aggregate, only
1,145,716 bales have been taken for consumption
in the past year, whereas in 1861 2,253,700 were
taken, and in 1860 2,630,993. The export trade
has been similarly affected, the shipments of cotton
yarn having fallen off to the extent of about 50
per cent, while the decrease in those of cotton
goods has amounted to seven hundred and ninety-
one millions of yards. Figures of this amount
give some idea of the vastness of the depart-
ment of national industry now so grievously de-
preened. The reason why the exports have de-
dined so materially ia, simply, that while textile
cotton fabrics are now at about double the value
they commanded a twelvemonth ago, thereby
checking consumption, the rise which has taken
place at Manchester has not been adequately
responded to in those foreign markets to which
we look as the chief outlet" for our manufactures,
and the principal purveyors of employment and
wages to our operatives. The whole trade is still
suffering from the recklessness with which cacao-
sae consignments were previously made, without
regard to the capacity of foreign consumption. It
is noticed that even during this last month of
December nearly all the business transacted at
Manchester in India 'hidings and other fabrics
for the East has been merely on speculation.
Prices are still much lower in India than they
are here, and as long as this anomalous con-
dition of things lasts there can be no
real relief from the great Oriental market. It is
also justly pointed out as another great anomaly
that throughout the past year the price of good
American cotton has been above that of the cloth
manufactured from it. If the reader, therefore,
will bear in mind the double fact, as we may call
it, that, though prices in Manchester are actually
above those current in India, they are not by any
means high enough to allow manufacturers to go to
work upon cotton at its present exorbitant value,
be will perceive that a very extensive relative re-
adjustment of prices must take place before busi-
ness can be replaced upon a solid or reliable foot-
ing. Prices, both in India and here, and both as
regards the raw material and the manufactured
article, have yet to be shaken into their proper
places before our cotton workers will have a
chance of earning their bread again.
. .

At the same time it is evident that though the
recovery in the cotton trade may be yet distant by
many months, we are on the high road to it. The
course previously adopted was one of error on
many points, and on each of these points a reme-
dial action is now in program.. Thus we had
glutted foreign markets, but now we are sending
much less to them, and it is only a question of
time as to when their revived demand shall over-
take the diminishing stocks. Other markets bad
not been so much abused as those of India, and
thus a certain recovery in the demand, vainly
looked for as yet from the East, is being already
experienced from some of the less distant foreign
warehouses. Again, the stocks of goods at home
are being drawn upon materially, through the dimi •
notion of production at the mills, and as the home
public will certainly require to be clothed in much
the same way as usual, a prospect of some
relief is arising in this quarter. The mstere of the
remedial proms will be best grasped if it be
assumed that the grand error of the cotton trade
was over•produetion—i.e., production in exeess of

thn demand for consumption at home and abroad,
leading to the accumulation of stocks, partly at
home, but chiefly abroad. The natural and only