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

aver. aver. aver. aver. aver. aver. aver. aver. aver.

4H016. Milo. 4041 b. 4UOIb. 3uulM

REVIEW OF TILL MARIEET.—The commercial industry of
this country daring the past year has been interrupted only
by causes arising out of the protracted civil struggle in the
nited States. Tranquillity has prevailed at home ; and •
harvest of unusual abundance has eminently contributed to
the general welfare of the l►bouring claws. This has been
the more acceptable, because the absence of all direct im-
portations of cotton from the United State, has continued
so injuriously to enhance the value of supplies drawn from
other sources, as to limit the consumption, and to place large
numbers of workpeople out of employ. It is COO ridge tly hoped
that the prospects for these classes during the present wiater
are far more favourable than was their heavy experience
during the past ; the number employed in the manufac-
ture of cotton is greater than then ; and for those wanting
such employ, other occupations have in many instances
been supplied. The great resources of Great Britain have
been exhibited in the extent to which she has been able to
draw supplies to meet the absence of American cotton,
and mainly from her own territones, or from countries of
hitherto secondary import►nce as placers of growth. From
India and from Egypt the imports have been in large ex-
cess of any previous year ; and from Chins, a country
hitherto drawing her own supplies largely from the ports
of India, about AlO,OOO bales have been received. The
past year opened heavily, the Bank rate of discount being
raised from 3to 5 per cent. in the course of January. At
this JUDO Mr. Lincoln's celebrated ennancipatioo proclama-
tion declared the resolute perseverance with which his
policy would be maintained ; in the same spirit this policy
has been since pursued, the blockade being maintained with
all practicable rigour ; and this fatal civil war is still
prosecuted with alternate success, any termination appearing
remote.

As the year advanced the shipments of goods, chiefly to
the East were on such a scale as to clear away the large
stocks which had accumulated in the hands of producers ;
and although the value of cotton became high beyood all
experience, yet their production was largely maintained,
prices rising in fair woportion to their coat The Custom-
house returns disclose the remarkable fact that under all
disadvantages the exports have in value exceeded those
of any previous year. With few exceptions, prices de-
elised till about the 6th March, Amencau then being 3d.
per lb., Brazilian and Egyptian sd. per lb., whilst East India
were only 2.41. per lb. below the rates current en Ist Jan. ;
the subsequent variations were slight until August, when
a continuous and rapid rise took place, till at the dose of
October American had advanced Bd. per lb., Brazil and
Egyptian 9d. per lb., and East India lid, per lb. ; then the
large shipments of bullion compelled an advance in the
Bank rate from 4to 6 per cent., and in December from 6
to 8 percent ; the rate was reduced from Bto 7 per cent.
on the 24th December, and this rate has since been main-
tained. This stringency in the money market, accom-
panied by some floating rumours of approaching peace, to
which the spirit of the messages then communicated to the
Northern and Southern Congresses appeared to give an
absolute contradiction, tended to limit the demand, and
prices irregularly declined from Id. to 3.1. per lb. The
close of the year finds the quotations of American, Brazil,
and Egyptian generally from Id. to id. per lb., and those
of East India generally from 4d. to 6.1. per lb. higher than
at the close of 1862.

A charge has been made, and powerfully advocated,
that the present high value of money, and of cotton, are
consequences of undue speculative action. This is not
true. The effect of large investments made in cotton, in
port or "to arrive," has been, by facilitating shipments
form all quieten, to make this port the greatcatton mart
of Europe ; and to secure to British consumers a larger sup-
ply than under any other circumstances they could hove
had. A less liberal import would have occasioned yet
higher rates, infinitely to the detriment of the trade, mod
would have increased the payments of bullion in some pro-
portion to the reduced quantity of manufactures available
for shipment.
STOCK AND SUPPLY. —The continuance of the blockade
compels the trade to look to other sources than the United
States for its supply ; and so long as the consumption shall
be controlled by high prime, as it has been durio; the whole
of 1863. a supply proportioned to its limited wants may be
drawn from the many sources now °pee to its growth. The
stock now remaining is leas by 106,400 bales than woo held
at the close of last year.
The following table exhibits the export during the last
and nine preceding years:

DMA. 1802. 1861. Innn. 185•.
Ameriun . 45,7 A Bn,alo 20 ,750 2: ~e 44 141.1:0
Brazil 41.,t90.1 i:,701 1,7 A e.41e1 7..0;0
I.p ptiso
Nest Ina 9,1,00 3,791 740 400 SW
Last India . 644,50 449,600 400,040 045,420 272,600

660,1.60 664,910 077,210 609.000 •36,0'0

1659. 1217. 1856. 12.55. 1654.
Ameri 157,0,0 164,630 1 0,400 120,070 137.420
Brazil 10250 4,410 10,000 4 ,7` 0 6,2.0
t+3 ptian
We,..4 India 120 160 OW 250 100
Eaat ilhilli 173.620 220,100 016,170 10',610 162,330

345,600 337,200 355.670 316.900 31v,330

Peomercrs roll 1861.—The ahem:ice of the accustomed
large import of rotten from the United Suttee, whilst it has
given an inconveuiently high value to the supplies drawn
from other sources, has tended with other causes to raise
the value of money in some proportion to the payments in
gold which such importations have required ; and the pre-
sent year opens with the Bank rate at 7 per cent. This rate,
reduced only one week ago from 8 per cent., will not be
maintained ; ',either has its pressure bees as great
as on many previous occasion'', the necessity which
occasioned it being generally acknowledged. The high
prices of cotton have induced the utmost caution on
the part of consumers ; and their production of manu-
factures is limited to the present or portusity of sale. Stocks
of goods are unusually small ; proviaions are cheap and abun-
dant ; and the general trade of the country has rarely been
on a sounder basis, or more generally remunerative. The
commercial treaties established between this country and
France, as well as with other continental nations, have pro-
moted valuable trade in those directions, and which promise
great extension and mutual advantage. Political questions
of anxious interest have arisen on the 000ticent of Europe ;
but they all admit of, and will probably soon obtain, •
peaceful solution.—(From the Circular of Messrs. Marriott,
Liverpool.)

THE DENECRATION AT TOTTENHAM COCET-ROAD
CHAPEL BURIAL-GROCND.--The Home Secretary, Sir George
Grey, has addressed a letter to the parochial authorities
of St. Pancras upon the subject of the recent alleged
desecration of the dead in the burial-ground attached to
Whitfield's Chapel. Tottenham Court road. based upon the
report recently made to him by Mr. Grainger, one of the
government medical inspectors, upon thet subject. The
letter, which is dated from Whitehall, December 24,
is in reply to a letter from the vestry, through their clerk,
calling the attention of the Home Secretary to the proceed-
inp of certain persons in digging up the burial-ground in
question, and Mares that it appears to him, from a report he
has received from an inspector of burial-grenade, that the
works directed to be done in this burial-ground by the order
of her Majesty in COUlleil of the 11th January, 1859, had
not been performed. That in accordance with the intent of
inch order he proposed now to issue a further order under
the provisions of the 22nd Vic., cap. 1, sec. 1, but before
issuing such order. he desired to be informed whether the
authorities of the perish of St. Panora were willing to un-
dertake. in connexion with the surface of tM burial grimed,
and the maintenance of the growing vegetation, that all
time parte of the said burial ground which had been ex•
seated should be covered with a layer of fresh earth of the
thickoess of 18 inches at least, under the superintendence
of the medical officer of health of the parish. The subject
is to be brought under the notice of Ike vestry of St. Paricru
at its next meeting.

Hoarsinsres Tr.& is choice and strong, moderate
la price, and whaleaoate to nee. These advantages have *seared
log thla Tea a general prehereatia It to sold is peckish' b; VDU
agsaki.—(AlmilimaM.)