The Express.
London, England, 1862-04-07 00:00:00

1110111_WAyill AT MOWS WOOL

T MITTIOinIO. Altaresta. 71s. Ua
To4ooow —Moak& 7a Oa.— Abram% 0. lea

LONDON, MONDAY, APRIL 7.

We have drawn attention on several occasions
of late to the difficulties under which the cotton
trade is labouring. Those difficulties are still in-
creasing. Thu transactions at Manchester during
the past month have been on the smallest scale
known for many years. The paralysis of business
is of course due in great measure to the scarcity
and exorbitant price of the raw material. Although
the cotton market has occasionally shown a ten-
dency to flag during the past month, as is natural
considering its present speculative tension, and
although a decline of about id. per pound has
taken place in the prices of some descriptions, as
compared with those current a month ago, " mid-
" dling New Orleans" is still quoted as high as
121 d. per pound. At the corresponding period
of 1861 it was only 71d., and the highest
point attained in September, 1857, during
the speculative mania which preceded the com-
mercial pain.; was not above 91d. It is easy to
gather from this comparison that a complete revo-
lution has taken place in the trade. But the high
price of cotton is only one of the difficulties with
which spinners and manufacturers have to con-
tend. Did the prices of yarns and goods move in
accordance with the prices of the raw material,
their business would be exempt from many of the
harassing complications by which it is now sur-
rounded. But the rise in cotton has been unac-
companied by any proportionate advance in the
prices of the manufactured or partially manufac-
tured article; nay, cotton has occasionally risen,
while goods and yarns have declined. The con-
sumer of Manchester commodities has evidently
still a great advantage over the predator.
This state of things is aggravated by tie
unremunerative position of the important Indian
markets, whence nearly every mail brings de-
clining prices. " The quotations returned from
" that quarter," observe Mesers. Termite and
Roves, " would be barely remunerative with
" middling Orleans' at 6d.," or less than half
its present price. It would be difficult to find •
more speaking proof of the losing nature of the
Indian trade, arising from the excess of shipments,
and from the consequently over-stocked condition
of those markets. The effect is to be traced to
some extent in the statistics of our exports. The
total value of the shipments of cotton piece goods
to all parts in February, as shown in the returns
just published, was as follows :

Felipary, lA6O
10161
1864

The falling off in cotton yarn was more canide-
rabic, the figures being es nuder :
February, 1660 027,695
1661
left
The decrease in the quantity is of course greater
than in the value, prices being much higher now
than they were at the previous periods. Thus, the
total number of yards of piece goods exported to all
parts in February was only 133,307,553, against
217,286,360 in February, 1860; and the total
number of pounds weight of yarn exported in
February was only 6,739,090, against 16,781,211
in February, 1860.

These figures show that the export business in
cotton goods is at last feeling the effect of the
depression which pervades this branch of trade.
The reluctance, however, with which shippers
appear to slacken their operations is • peculiar
feature, and occasions some anxiety. It is even
most strongly marked in the case of shipments to
India. For the month of February the exports
of cotton piece goods to India are valued as
under:

Fsbillowy,
11860 £898,718
„ 861 458,941
„ 1862 . 305,838
Bet when we look at the exports to India for
the 6rat two months of the present year, the re-
sults are rather striking :
Two mouths of MO £1,329,444
1861
99 1862
If it be true that the " quotations returned
" from that quarter would be barely remunerative
" with 'middling Orleans' at 6d.," or less than
half its present price, what, in the name of com-
mon sense, do our merchants moan by sending to
India in the two months of the present year
goods to the value of 393,4611. more than
those which they sent in the same period of
last year, and even 27,660/. more than in 1860,
when the present difficulties were not dreamt of,
and when trade pursued its course undisturbed I
What uncontessed influence is there in secret but

powerful operation, which urge; merchant to go
on consigning goods in =eh try quantitts to
utterly unremuneratire dirket ? Surely, undue
nometary 'acidities cripotie at the beton of this
apparent departure hem all ordinary prbrdples of
business 1 The matter is the more worthy of
attention because the coat at which goods
are now being sent to India is extra-
, ordinarily high, and the contingency of an early

termination of the American war, and of a great
fall in the prices both of cotton and cotton fabrics,
is not to be entirely discarded from prudent mer-
cantile calculations.

The fact that some kinds of yarns and goods
cannot be produced at the present price of cotton,
combined with the discouraging nature of the
amounts from India, renders it certain that em-
ployment in the manufacturing districts will be
still further curtailed. There is a vast risk in
accumulating stocks of goods at their present met,
and (observe Messrs. Do Fsv and Co., of Man-
chester) " however anxious manufacturers may be
" to give work to hands, it is out of their power
" to do so at increasing lorres.". .

Uncertainty is at the root of the present dis-
location of the cotton trade. It may seem a startling
assertion, but the condition of this great branch of
industry is probably worse than it would be were
the certainty acquired that the whole American
cotton crop is destroyed, and that we shall never
have another bale from that quarter. After the
first shock, commerce and production would adjust
themselves with wonderful alacrity to the altered
circumstances, and producers, manufacturers,
and merchants would alike know what
they were about. Their transactions would
then be conducted under legitimate commercial
conditions, instead of being entirely dependent
upon speculative contingencies. Messrs. Da FAY
and Co. declare that " as long as the American
" war lasts no permanent improvement can be ex-
pectedii
_ _ _

There are really only two fade of a consolatori
character in the present state of the cotton trade.
The first is, that there is every prospect of a large
and rapid increase in the supply of cotton from
India ; and the second is, that our spinners and
manufacturers have at last, under the pressure of
absolute necessity, got over their unwillingness to
ese cotton produced in our own possessions. "It
" would appear,"oteerve Messrs. Gsoacz FRAME;
Sow, and Co., "that the consumption of East
" India descriptions has now so far extended as to
" comprise more than one-half of the whole quantity
" used, and according to present appearances it
" will extend relatively higher still during the next
" few months." It is complained that " much of
" the yarns spun from Surat mixtures is of a very
" poor and unsatisfactory quality," but this is a
point in which improvement will occur. Upon
India we shall soon be able to rely implicitly for
any quantity of cotton we may want, and in the
improvement in its quality, as well as in
its extended use in our factories, there will
be some compensation for the severe trials
under which the operative population of
Lancashire and Cheshire are now suffering. It is
a trial which, from their complete dependence
upon American cotton, has hung over them all
their lives, but which, we trust, with India deve-
loped, as it soon will be, they will never be re-
quired to undergo again. Let India have a little
more time, and a cotton famine will never again
be possible.
The new projects which have been anticipated
as sure to come out at a time when money is ex-
cessively abundant, and when, from the dulness of
trade, the community have leisure to take part
in other forms of enterprise, are already
being brought forward pretty freely. Follow-
ing closely upon the brilliantly successful
Turkish Loan, an Egyptian Loan to the amount
of 2,195,2001. (stock) has been launched, and
the subscriptions on the first day have amounted
to nearly twice as much as is wanted. Premiums
are becoming as plentiful as blackberries. An
" Alliance Bank of London and Liverpool " is
organized, and scuds like a meteor across the
financial firmament, arresting the attention of all
beholders, for, before it has done • single stroke
of business, its shares go t'p to 51., 61., and even
81. premium. Au " Imperial Bank " follows,
gets its capital immediately subscribed, and is
put at 21. per share premium. In Man-
chester, a " Northern Counties Union Bank " is
projected, under, it is stated, good auspices, and
is instantly rated by the market at 31. and 4!. pre-
mium. Latest of all in the way of banks is one
for British Columbia and Vancouver's Island : it
has the advantage of first class London names, and
will doubtless likewise take its position in the list of
premium-bearing concerns. But these are only •
few of the forms assumed by joint-stock enterprise.
It is proposed to give tramways and more rail-
ways to India, drainage to Rio de Janeiro, elec-
tric telegraphs to the Cape, gas to Singapore, and
new wharves and warehouses to the Thames, to
establish a system of overland communication
between Canada and British Columbia, and to
make both bread and boats by machinery. The
new projects which are " out " are few in number
compared with those which are forming. There
is no sign, however, that the public are unable to
exercise a wise discrimination.

THE CIVIL SERVICE &TIM AM. —LAW AND
JI. ATIt E.—The iota estimates for "law and justice" in the
year ending March 31, 1803, amount to 2,763,308/., being
an increase of 121,8301. over the expenses for the previous
year. The increase for England is 6,2481. ; for Scotland,
18,78% ; foe Ireland, 45221. ; for prison ►nl convict ser-

Muse at borne and abroad, 15,2911. The chief item of la.
creme is that for the Irish constabulary, which is no Ism
than 80,4211. mare than the previous year.
EXPORTS or SALMON.—It appears from a par-
liamentary rotors white was issued this morning that the
value of salmon (of British taking) exported from the
United Kingdom in 1859, was 18,6:511. ; in 1860, 22,3971.;

and in 1861, Z.1.5J61. Of the export of Nelson preserved
in tins or otherwise, no return osn be furnished.

BOROUGH or Ltiourrm.—lt is rumoured that •
vacancy will shortly occur in the representation of this
borough, Mr. Revell being about to accept the Chiltern
Hundreds.

THE UNSUCCENSFUL INCUBATION OF THE PYTHON.
—All hopes of the hatching are sow at su end ; the eilis
were removed yesterday (Friday) morning. N. blame eas
attach whatever to the authortnee of the garden., or the
keepers, for this unfortunate result on any account, unless
it be the very forgivable one of a too polite attention to the
wishes of members and visitors. There is no doubt that
the frequent removals of the blanket in uncovering the
eggs. and the occasional partial uncoiling. of the make,
caused too numerous sudden changes of temperature for
the prooer development of the young, which originally we
know, horn Mr. Partlett's dissection, were in them. The
effect; of these disturbances attained a climax
is the lesgthened period of the snake's ebeenoe
is shedding her skin, during which, it will be remembered
hem ear former statement. the eggs became completely
cold. They were removed under the direction of the super-
intendent of the acolrgical collection, by her keeper, who
has attended her dense the whole of her bastion in the
gardens. for more than seven years. The neeeseity for their
removal was not only apparent from the bed state they
were in. but the impoverished condition of the python,
diminished in bulk by probably at least one-third of her
former dimensions. cod her long absence from food, now
32 weeks, naturally led to anxiety as to her ultimate safety
if she were allowed to hopelessly continue her witting. The
sacks behaved spitefully during the operation. We cannot
but express the hope that Dr. &later will soon have
another opportunity of satisfying the interest which thin
incubation has excited, when the like deference to the
natural inquisitiveness of the public could Le, with pro-
priety, forbidden by the conned of the society, without
soy install to earn Naiad ilsm—London &view.