The Express.
London, England, 1862-01-06 00:00:00

CAPE RACE

Cape Race, whielt is so often mentioned now in
ocanesion with our intereourse with the United
States, is the south-eastern point of Newfound-
land, and is the nearest point to Europe. The
North Transatlantic steemerepass near there on
their way to and from the United Kingdom and
the United States. There is a telegraphic communi-
esti= between Car Rase and New York. The
distance by water a about 900 miles, and upwards
of 1,000. miles by lead. Outward bound steamers
carry out epitomes of English news in tin
cases attached to floats, which are thrown
overboard off Cape Race, and are picked up by
boats, taken ashore, and the epitomes are tele-
graphed to New York three days 'before the out-
ward packets can reach that port. Sometimes these
cases are not found, and occasionally captains
of steamers refuse to communicate with Cope Race,
and carry on their news to New York or Barton,
for the sake of the klat and interest the bearers
of invariant news excite. This would appear
to have been done by the ocannitndei of the
Europe, who might otherwise have allayed for six
days the irritation of the American public es to
the demands of the English government respecting i
the Trent Air. Steamers, as they leave North j
America and pail Cape Race on their way to Eng- j
And, maim there American telegrams, with I
three days' later news to bring to this gauntry. j
Sometimes the dmitness of night and sough weather
prevail Owe talegiama boss being of board j
the etesinsm If the electric s cable
Wallas Ws= and St.John's,•Newfon d, had
been anesiestully laid down, the English govern-
meat Might have laved s ample of Millions of
mosey erpein In pips,* for war with the United
States Agualel In the Was se minima in
Pub* aesinitt—as might, ham been Mopped, sad-
two meths of intense amitement in this eouutry ,
and tub MAW States have been preveated.

—Cialeseillainitimith." at As Bengal Fririsesee, who has
="to .311mdem ffi. L ittelitot oalrilaincestlint
workeind appnemeen he duty.
In Chem bki write lands with an moel.
lent cotton .turtia..d on 20 years' kerms rent
free for three yam, at tsar rate rif half s rupee an acre all
rowed. The pluses is hem 1,000 to 2,000 het above the
sea
The Nuke lbw Mow branded in Sir Marla Wood's
purist sad relirdelent seam% 'sod whom the government
sews/ ere moditri in their adhesion and acceptance
of his came in oeseiderable numbers.
The Meth-West provisos., no recently ravaged by famine.
me °seared with abed petealebg rubies wipe.
The Kerwin prise mew to be divided ..rapt General
Whitebait% and the Central India Meld Force, or Sir H.
Rom's column.
_ . . .

Th;tiliteetilk tieffnaryOA of Bombay, for 1860 has
lest teen gmblithed. The total number of deaths...was
KUL leinebtr le 1,1117 below the avenge of the
laet tese peso. the propene= of male to female deaths is
as =um iii, the seems Wag 124. The diminution of
wortedilp
tipd
ko wee whesswale•wasarly equal degree both in
Me moidmastreglinsiettistes es.
Inis Welded to "mops= enterprise and capital for
bee tea sulliwition, ilia is *idly increasing. The pro-
dose el tbe Amnia Comprey's . gardens alone is now about a
million newbem and the wades d t.Uchar, which five years
ago amnia" yielded to government • revenue of
TM ay" now yield upwards of three and • hall lakhe
per 1118111 IL
A letter from Cebool stated that Sultan Ahmed Jan, the
Mara Herat, has established friendly relations with Afoul
now. the Doses ass, and resolved to throw off his &Le-
gion.*** Penis.
&Med ILium, the smadarer of the late Major Burton and
his stem inn ' teen swevisesd sentenoed to death, and
haCitiPoirtarnber, 1861,was • crimite last day el th
exigent* of the regiment of the Bombay Artillery. A bun!
deeet end einem paws of geed sad gallant *write hoe to
be reworded of h. corm.
.The Duke of Cambridge is now
the estmMadant Cl thp
JAN'S: estisns unseat bee been deg up at
NW ~of thwegermaants of the ex-king.
The h of the eity end Wand of Bombay is good. The
weather very mei and deeightfiaL

THE OUTWARD. CALCUTTA AND CHINA

MALTA

SOUTHAMPTON, Jas. 4.
The Peninsular and Oriental Company's steam-
ship Pen, Captain Junkman, sailed hence this aftersoon
with the milks for Gibraltar, the Mediterraneas, Egypt,
Ades, Oryloa, India, Chins, do., together with 67 first
and S 4 sessad dem pmesegers, ameegst whom ens the Hoc.
D. Arbuthnot. Lieubmitail-Osimiel Woods, Captains Eld-
ridge. Dehymple. Gash Haanltoe, Blss, mid Amodio,. ;
Lieutessat posh Lissienarg Lamps% Reaps &Mellen
mid Coupon. bee.. Parker, Willis. sad Hector, sad Staff
italielest-Sarglims Grant, Dsvldgs, and O'Halloran ;
amorpt the passmgers, 36 is somber, who proceed rid
Menials@ to this mai, ate Sir H. sad Zoorldwardes,
Major Hoed. Wardrogen n
White, Rev. G. Binh. sad the Rev. J. H. 'II=
The Pars took on freight for Ceylou—sovereigns, 1,2001. ;
twills/7, ; for Medme—Gold coin, 1,5381. • silver,
Se. ; gold thread, 1,3071. ; for Oaletts--Ber' silver,
79,8001. ; jewallmy do., 7N1.; for Siegspore—Dollars,
!6.4401.: for Hoegion-ezelismollars, 8,7001. ; jewellery, he.,
2.6161. ; tar 10014 sad far Alex-
ascirk—Sovereisun 4,0001.; imrallery, 301. 10e. The Pees
also took est a tall cargo of pare merchandise.
PAMIR Daly IN TIMMS. —The Rev. Peter
Defy has leas ailed ass east el despot in the Oahe of the
tome el Galway. Her elminams of the Towo Oasusis-
embamers sad of the &Asa: Commtmeiamws. Judi es
hew the seems sessellissa reptiebsd in the loud jamas* he
4litveleallieJunesre muddy, sad could brook any
eon ettogsraVtassevea Imre the ascot respeetal
41 the sestmults hewed fret sympsoms of
loystisaes sod vemOsa at ibis &trial domisatios is semi-
Is! aisles At leastb..hesaves) they have idlest epos his
I hed_4lll to teterfenAtes=hoq a Galway in the
Dublin The oemsraaest Roams
:
; " Trathatj4Es enicaatted sy the Rama
eathdie for having takes; the ask at
nesetiag Testa dimnprd al the
biSlamistiou. erlaweessunaded him seem tilmaireet:
a , imm illepolder puma& The bishop us
to Wilt" mesa el hieing the iejsasties). by the
some gesthisee, 112111a1111 Si lite bard,
misstbeq FlAir DalY sluteelealeallessaltect
01.1:tioeldeld think *at matisd leap l he.
nine In aerobe: hive foaled mean! in
lhdpiarsqletenninstios te eheek Father We bradass•
withal booking the mkt Si his loclesielinal speedar.."

AND CMS
prim IXTRAOT of CALVES' FIST,
Per Imbibe sal Orisrs Usa
MI le 01,14,14, ird 4s. dasird b 4 al Amble. Wu" "
11/11111AMWT. Ur= MITIAwIsdr. d 5.44444. W.

PECOND-H•ND PIANOFORTES.
awn% UAL; sad WOOD bays a bays 118110.1111111
.....44.1 Wasciatfata by We mat aissiasd maims. st
/dam wind plissa-01. laarabaDosa.

ghe Orpreoo.

TO opaamoarsurra
L eoLum,,aw.—We brow iwbewedlywar MIME to the tegmnier.
Advertleerseuts intesdwl Mt " I.^"Me Roraima
P•sr. mast be le Me MIK 10, Bouterbewtreet. by Two
o'cbck on the do d publimillww.

HAY WA *KIT.

TIP/I Klrinvio. THEUOY' Lii.-1711. Maim. Chippendale,
L. A' Inters. and Howe Mr. WlDdas sod Mai Jane Coombs, ac.
And LIT l MIAs MI FPET AND LINTLZ BOY BLUE; or,
Harlequin and trid U.w.d) LomediSL LIMN Warr eq. Lc.

!!ti,,.

Evceptga. PLAYING wni FILL—Aid the Orand
PAntoollme. tt HITTINGTO3 AID NA CAT , or, Itulequis Kiag
K.A1yw..41.0.1 and IS Gado,d Good Harooar. Mews. J.
Lark iltklyard. sad Nei, ; Mho Onsallas Adam►

It Minn
Tim framlal. A WONDZILIIIL wow: mows
AND ANDRII)11:DA• or, IM ilmater.
Mom I. XM$ . W &Aim: Nam Herbort.
T•rry —AM 121 G SCSOOL—Osmisessaill.

leszrairm.
Pnts Immo The Planneninin. TUX LINO OP 1111
CURL& Pim S. Lam: Moms. A. Roby, J. Us* Nsidhann.
roe ClonallyUe Frani; Man. C. inishas, ha W. Otudied.
—An4 THE DWI MUD ONE—Onomoss M lg.

1101 WET= AT WM HUM
Ts Oar —*moms, /4 ILL.— AlkowaL IL N..
To-Imam —Yoram eh. Ara. R Nor.

LONDON, MONDAY. JAN. *.

THE hat number of the Saturday Bovine con-
tains an article the only meaning and moral
of which is that Slavery, as the best condition
for the negro, is right in itself, and ought to be per-
petuated. This is an advance in the right direc-
tion, that of outspoken honesty—and as such we
give it a hearty welcome. The writer, it is true,
considers Slavery in only one of its aspsens—as it
affects the negro himself ; but we must do him
the justice to say that he deals fairly with this
branch of the subject. He does not attempt in
any way to conceal the brutalized con-
dition to which Slavery reduces its
victims. The slave, he tells us, "is too
" degraded to measure his own humiliation, and,
" let us add, he is generally too happy to care for
" a change of condition." And, again, we are
positively told that " the presaure of servitude
" the we're, areas of its victims to its dues- '
" deli un--the comforts of Slavery reconcile
" them to its duration." He allows, indeed, that
this Mate of physical comfort is not quite uni-
versal, there being " exceptional cases of magi'.
" serial brutality which render • slave's condition
" one livelong burden and curse." And of course
during any period of general excitement and dis-
content, the exception would become the rule.
However, waiving this tor the moment, the writer
allows that iii any case the moral degradation is
hopeless and complete. "As for moral aspire-
" tions, he is usually content to forego them in
" his normal existence." And his argument is,
that whereas forced servitude keeps the negro
brutalized and fat, while emancipation would
probably make him enlightened and lean, Slavery
is the better state and ought to be perpetuated.
It is true that this argument is directed primarily
against forced emancipation—the evil which the
Northern leaders have laboured all along to avert,
but which they may have forced upon them
by the course of even= by the violence, obstinacy,
and madness of the South. But in reality his
reasonings apply with equal force, if they are not
openly directed, against emancipation in any
shape. We commend the whets argument to the
consideration of those who are disposed to believe
that a high degree of intellectual cultivation is a
necessary measure of ethical advancement either in
the individual or the community. We confess it
seems rather to confirm the opinion of those who
hold that fastidious cultivation and luxurious re-
finement may be as hostile to the true interests of
society as herbaria= itself. The moral languor
and Epicurean indifference of the oue appear to be
almost as fatal to the progress of virtue and truth
es the brutal ignorance and moral degradation of
the other.

A rasa most memorable in the history of the
cotton trade the most important branch of
industry in the kingdom—has just closed, and
already there are fears that 1862 will be marked
by still greater disturbance of the course of busi-
nen, and by much distress amongst the operatives.
The present condition of the cotton trade is un-
questionably disastrous. No one but the specula-
tor thrives. The legitimate trader, who eschews
speculation, and prefers to stand idle rather than
embark in it, finds himself completely elbowed out
of the business-circle through the crowding and
pressure of eager speculators. It is no longer •
question of legitimate commercial calculations, for
politics at present exercise the chief influence upon
the course of the trade ; and when merchants turn
politicians a great disturbance of the ordinszycourve
of affairs is implied. lt stands to reason that they
are then out of their element. During the three
years preceding 1861, the great bulk of the enormous
profits accruing from the cotton trade fell to the
share of the manufacturers. They were pre-emi-
nently the prosperous class, while importers were
relatively in a far lase favourable position. The
growth of the wealth of the manufacturers at-
tracted a great deal of notice, and, indeed, forced
itself upon public attention in many ways. New
mills sprang up in considerable numbers. Orders
were given out for whole forests of machinery of
the most approved and costly kind. This was of
course upon the sound principle of reinvesting in
a business prowl' to be highly lucrative a portion
of the large profits of the period to which we refer.
But these profits abounded too much to be worked
off in that way. Some of the largest investors in
public securities were the northern manufacturers.

We do not refer to purchases of stock made merelyl
with • iew to a rise in prices, and
then to selling, but to investments effected
with • view to a permanent holding, and reaching,
in some instances, hundred& of thousands of pounds,
for account of a single well-to-do family. It was
an illustration of the thrifty fashion of with-
drawing the surplus of prnfits from • successful
business and putting it into solid securities out of
harm's way. Many • fortune has been founded
in this manner during the three yearned the manu-
facturers' prosperity. Our northern readers will
readily recal to mind many inetaaess in which
other wealthy manufacturers have bought large
estates, investing their profits in land, which can
never run away from them, and building them-
selves • name in the country, to be perhaps en-
nobled hereafter by patrician alliances. There is
a great deal of interest attaching to the subject in
a social sense, bat this is not the column of our
journal wherein to treat of it. It accords more
nearly with our immediate purpose to point out
that, following upon three years of signal prospe-
rity, 1861 has proved • hew year to rsenufsc-
turns as a elem. Owing i greet sesame, no
doubt, to the severe disturbanes et the entire out

ton trade during the last half *1 the year, practical
observers remark that the relative position et ka-
porters and manufacturers has been reversed, and
that importers, dealers, and speculators have all
made large profits, while spinners have scarcely
covered their expenses, and manufacturers have
worked to a lose. There must of muse be
ups sad downs in every trade. But though
et a time when the majority of the mills are put
on short time, and when many are even being
closed altogether, the new mills lately erected and
fitted may seem to be monuments of a spirit of
enterprise that overleaps itself, we must not over-
look the indications of accumulated wealth which
are presented in their very existence, as well as in
the other extensive investments referred to. The

cotton interest was never in s better position to
meet the heavy trial which is now overtaking it.

From the indications in the cotton market it is
to be inferred that the manufacturing and spin-
ning interest has not yet reached the climax of
its difficulties, and that our operatives have not yet
got through the worst of their privations. The
cotton crisis, in fact, has not yet culminated. We
have taken more than one occasion to refer
to the rampant speculation which had arisen
at Liverpool, and which appeared to be
(winding and entangling a number of per-
sons whose business pursuits lay in quite
a different direction. Any who took such
wax-lungs to heart must have profited largely by
them, for they were speedily followed by a com-
plete penis in the market, precipitated by the
news of the outrage to the Trent. No one could
I'ooll. The fall in American cotton amounted to no
less than 2d. a pound, being the most rapid de-
slime known sines the year 1825. Such a move-
meet conveys a significant admonition to amateur
speculators in cotton to stick to their own busi-
ness, and to leave this dangerous game entirely to
those versed in it. It is a remarkable fact that,
during Use last few days, when the speculators
have made up their minds that there will be no
war between England and America, and therefore
no breaking of the Southern blockade, the
whole of the great fall referred to has been fully
recovered. The prices of American cotton stand
now above the extreme point which they touched
prior to the news of the Trent affair, and it is
probable that the market is intrinsically stronger,
because a number of the weaker speculators must
have been weeded out during the panic. At such
a time it is always the weakest holders who go toi
the wall, and stronger men step into their shoes,
through the temptation presented in the fall in
price. As we write, the market is in a state of
greater buoyancy than has yet been presented. Onl
Friday no less than 30,000 bales were bought.
Were war to occur between England and America,
• large number of the present holders would pro-
bably be completely ruined. But, apart from this
extreme contingency, we find all the best informed
people putting forward calculations which go
to show that the price of cotton in the coming
spring will probably rise considerably above its
present extraordinary point. To a casual observer
it may at first sight seem strange that there
should be so much excitement and apprehension
and such an enormous rise in prices, seeing that
the stock of cotton at Liverpool is at this moment
larger than it has been at the corresponding date
for many years, taking into account the 90,000
hales which, on the verification of the stocks at the
close of the year, have been found to be deposited
there in erase of what was estimated. We will peas
this discrepancy by with the mere expression of the
public wall that, for the credit of Liverpool, at a
time when so much speculative excitement pre-
' rails, some fuller explanation should be given
than has yet appeared. The contradiction
apparently involved in the satisfactory
amount of the present stock and the excessive
range of prices, disappears when it is borne in
mind that it is the very nature of speculation to
point forwards, and that there is now no American
cotton at all on the water, nor any prospect of
supplies from that quarter. Moreover, the present
stock in the hands of spinners is computed by
several of the principal Liverpool authorities to be
less than at this date last year by some 120,000
balm, which would probably represent a money
value of a million and a half sterling. We notice
that several firms are of opinion that even the
cessation of the Southern blockade would be
attended with extremely high prices for cotton.
" The American crop of 1861-2," observe
Mews. TactMAv and Roues, "is esti-
" mated at only three million bales,
"of winch much is destroyed, none of it is
" ' ginned,' and the country is destitute of pack-
" lug material." Messrs. NEILL BROTHERS,
of New York, whose generally intelligent
remarks we have on former occasions quoted, go
boldly into the question of the effect that would
be produced upon the cotton supply by war with
England and by • raising of the blockade. Consider-
ing the dislocation of society in the planting States,
the shortness of the present crop, the reduced
planting of the ensuing one (a policy which is
pretty sure to be acted on in the South, in order
that, by growing food, the Secessionists may re-
duce their old dependence on the North), the diffi-
culty of internal transport, and the high rates of
freight and of insurance against war risks, the
Mews. Nem arrive at the conclusion that the'
present prices of cotton would probably be main-1
tained even were the blockade to be raised by the
extreme event alluded to. What is of chief
importance at the moment to remark is, as
Messrs. Tammuz( and Roves observe, that
"after March next we shall, in all probe-
" bitty, be mainly dependent upon the supply
" from the East Indies, and the small quantity
" usually received from Egypt and Brazil." When
we look at what India, now our mainstay, has
done during the past year, we find, it is true,
great ground for encouragement. It is a remark-
able feet that the imports of East Indian cotton
into the United Kingdom in 1861 reached close
upon one million of bales. The exact number
appears to have been 986,290. The progress
accomplished is shown in the fact that this is
nearly double the amount received in 1860 and
in 1859. In the former year the imports were
562,874 bales. and in the latter 510,603. It is
noteworthy, too, that while the imports have
nearly doubled, the consumption of East Indian
cotton has fully doubled, whence it may be inferred
that the repugnance to the nee of this kind
of cotton is being really overcome. Still, it be-
comes increasingly evident that the immediate
capacity of India as a field of supply is not what
; ' the urgency of the case requires. It would not be
in the nature of things for • supply of cotton to
Ibe actually improvised on the enormous scale
I wanted. Probably not even an expenditure of •
' dosen millions sterling would bring it about. Our
wants, no matter how pressing—our gold, no matter
how plentiful, will not hurry Nature in her task
;by one day. All we can do is to stimulate enter
prise and production in every suitable locality by
all the means in oar power. This we are doing,
and we shall certainly iu the end accomplish all we
desire, and place our cotton-manufacturing interest
in • position of unprecedentedsecurity. But, mash-
; while, it would be wrong to disguise the prospect

THE EXPR

%Lira&

MONDAY EVE