The Express.
London, England, 1863-10-05 00:00:00

HAYMA3p7.

Tins 'STAMM, AN 17741,17Fi1i MOITAL. Mr. W. num.
eNSE! or, Srr AND COUNTERSPY. Menem A. Wigan and
Bu, ketone . Mrs. Duirton, Mrs. A. Wizen, and flu AngeL—To
conclude with TORN INO THE TABULA. Mr. Compton.

BIITANICLL

ml, RIIIIMIO. PlidirElkiißLL Mrs. Yarnold.—Tlll
GREAT GHOST EFeRCT.--Smeng by Mr. Randall. Mr. Parker.
and Mme. Pleon.—And LADY AUDLEY'S SECRET. Messrs.
Reynolds, Cranford, and Parry; Anzacs Miles and Downing.

HIGH WAVER AT LONDON RAMAT.
=a Day Morntrmg, 711 en... .Atternoes. 7L. Sios.
ito.aoßaow a korgla& Oa. Atlersaym. Bk.

LONDON, MONDAY, OCTOBER 5.

ALL classes and interests in the community
may be congratulated on the commercial
prospects with which the autumn quarter has
opened. The revenue returns for the twelve
months ending last Wednesday are very
satisfactory, the receipts being larger by
800,0001. than last year, notwithstanding the re-
ductions of the rate of the income tax and the
duty on tea. The foreign trade of the country is
increasing, the Board of Trade returns showing
that the declared value of the exports of
British and Irish produce during the last eight
months exceeded those of the corresponding period
last year and in the year before by 7,475,744/. and
7,176,725/. respectively. In the month of August
last they ware a million and a quarter sterling, mea-
sured in declared value, in excess of those of
August, 1862. It would be gratifying to know that
that particular branchof industry in which the public
bas lately been called to take a special and painful
interest was participating in the measure of its
full proportion in the general improvement. But
if this cannot be affirmed, still a steady ameliora-
tion is taking place, with a prospect of more rapid
advance. Very extensive purchases of cotton
yarns and goods for export and home consumption
have been made during the last three months, and
although during the last week or two a
speculative movement directed to a rise of
price has temporarily checked business, yet the
higher prices ranging in the foreign markets tell of
exhausted stocks and the exigencies of the con-
sumer. Moreover, the time is fast approaching
when an increased supply of the staple will greatly
mist production. "The minimum of the supply of
" cotton has already been reached and passed,"
Messrs. Groans Frusta, Soar, and Co. report in
their October circular ; "and we may look for an
"augmentation gradually, or perhaps for a pretty
" rapid increase after Christmas, of the import of
" cotton and of the production of yarns and goods.
" Already there will be sufficient cotton in stock,
"and that may be calculated upon our receiving,
" to admit of 35,000 bales per week, for the
" trade and for export, being taken out of the
" Liverpool market up to the end of the year,
" without reducing the stock below its present
" figure, a quantity which is probably quite adequate
" for consumption at anything like prevent prices.
" After that period the supply will probably wig-
" ment pretty rapidly." The rate of discount is
higher by from one to one and a half per cent.
than it was at this time last year, but four per
cent. will not hinder the development of legitimate
commerce. Above all, it is satisfactory to know
that if we have sometimes been doing • more
extensive trade, transactions generally never had •,
more healthy character, or stood on • sounder
basis. Nothing like that gigantic speculative move-
ment of over-production which was neutralized so
singularly and so safely through the restriction
of the cotton supply is now to be observed in any
quarter.

The quotations of the stock and share market
still show the favour with which the public is dis-
posed to view banking enterprise. The advance
of the last few weeks is generally maintained, and
indmany cases a further improvement has taken
place. Many of these banks cannot show an
amount of business done to justify the premiums
which their shares command, but on behalf of
some of these it may be alleged that they have
advantages of organization, or position, to which a
market value may be assigned. It is in the
foreign market, however, and in connexion with the
non.dividend paying stocks, that the principal
dealings have taken place. The progress of the
settlement has demonstrated the necessity of fur-
ther calling public attention to the real position of
these stocks. Were they still in the strung hands
of the acute and vigilant speculators who have had
the chief share in placing them in the market,
counsel would be altogether superfluous. They
have, however, served the purposes of these
gentlemen, who have now taken leave of them,
after realising all the advantage they were capable
of yielding. The stocks are now held, if that is not
too strong a word, by weak operators, who are
getting staggered, as is shown by the rates of fifteen
and even twenty per cent paid last week for car-
rying over purchases. This fact will pro-
bably be a sufficient warning to all persons
capable of accepting one. These stocks have
been bought up cheap abroad by wealthy
capitalists, the Dutch having taken a leading
share in the business, and imported here for
our special use. Greek, which at the time of the
revolution, less than a year since, stood at Bi, is
now quoted 38, although nothing has yist been done
to adjust the finances of that kingdom, and al-
though the first effect of the political changes has
been to aggravate the financial difficulties of the
State. Mexican has advanced from 26, in Oc-
tober, 1861, and 33, in 1862, to 46i, although
nothing can be more uncertain than the political
future of that country. The repudiated Certifi-
cates of Spain might be bought for 51 two years
ago ; they see now quoted at 14i, although not a
step towards their recognition can be pointed out.
So far as the value represented by the difference
of the extremes between which the prices of the
stocks have ranged has passed out of the bands of
foolish Englishmen into the pockets of their wiser
fellow-couutrymen there may be not much to
regret, as the money will probably be henceforth
better taken care of; but so far as it represents
profits made by foreign importers of these fancy
articles, the effect is a simple loss of so much
capital to the country. The advent of a season of
severe pressure would put their worth to the test,
and as they are not negotiable banking securities
they must then be sold at prices approaching to
those at which they were quoted before the period
of inflation.
Looking at the hopefulness with which the public
are disposed to appreciate almost any kind of
security, it is perhaps to be desired that aby new
projects which may be in preparation, and which

will bear strict examination, should be brought
out early. And it is understood that several
undertakings are to be launched immediately •