The Express.
London, England, 1860-05-07 00:00:00

HIGH WATILIL AT LONDON BESDOL

TIM Da I —Months, 3k. Ir. Maw" lb. Ma
To-moriaow —lianas& al ma Abanass. 4k 7m.

LONDON, MONDAY, MAY 7.

Tux statistics of the cotton trade, and the move-
ments in the cotton market, present features of a
highly favourable character. During tie last
month, although the " middling " and superior
qualities of cotton have been supported at former
prices, the important fall of id. to id. per lb. has
taken place in the " ordinary " qualities. This
alteration points, of course, in favour of enterprise
in the cotton manufacturing districts. All may be
inferred from the course of the market, the pro-
spect of our obtaining a supply of cotton fully
equal to our utmost requirements is unusually
promising. The total stock of cotton at Liverpool
is now considerably upwards of a million of bales,
and exceeds by 600,000 bales, or about •
quarter of a year's consumption, the quan-
tity held at the corresponding date of last
year. The quantity of cotton on the way to
this country both from America and India is also
rather larger than last year, and the stocks in the
American ports present an increase of about one
hundred and twenty thousand bales. In the high
rates now quoted for our cotton manufactures,
both yarns and piece goods, and in the moderate
price and full supply of the raw material, there is
every ground for confidence in the continued
prosperity of a branch of trade which contributes
more largely than any other to the profits of the
nation, and which imparts life and animation to •
hundred other departments of business.

The course of trade at Manchester during the
last week has been satisfactory. Both for India
and China a considerable amount of business has
been done, and buyers have come forward rather
freely for the South American, German, and
Mediterranean markets. A fair business is like-
wise going forward for home consumption, not-
withstanding the backwardness of the season.
Prices in many instances are firmer ; and where
any concession is made by sellers, it leads at once
to large transactions. The important articles'
adapted to the requirements of India and China
are particularly steady. In consequence of the
condition of the cotton market, the margin of
profit on some kinds of goods, such as "domestics,"
is now larger than for many years past. AU these
details are of a favourable tendency.
From the woollen districts, the reports are less
favourable. A diminished business is going for-
ward, both for exportation and home consumption.
The falling off in the demand, combined with the
very high price of the raw material, is causing
some amount of machinery, at Bradford and else-
where, to be stopped. The spinners are rightly
of opinion that it is not safe to accumulate stocks
at a time when wool is so dear. The bulk of the
business going forward is to supply immediate
wants, awl in execution of absolute orders. There
is evidently, however, an entire absence of the
spe:ulative spirit which has occasionally been dis-
played ; and all the particulars afforded con-
firm the opinion that the woollen trade
generally, though dull, is in a sound and
healthy position. Nor is the state of employment
by any means unsatisfactory, considered as a
whole. At Itochdale, for example, it is noticed
that the flannel manufacturers are quite indifferent
to accepting any large orders, unless at conside-
rably advanced prices.
In the hosiery districts the immediate demand
appears to be slack, but there is plenty of employ-
ment for the operatives. The reports respecting
the textile manufactures of Belfast and Dundee
describe small stocks, steady prices, and a gene•
rally healthy condition of trade.

The iron trade is also unmarked by the activity
which prevails in the cotton districts, being rather
dull. There are, however, few complaints of
want of employment : the absorption of most
kinds of ironmongery goods is large. From the
Scotch ports, the exports of pig iron during the
nine weeks ending the 28th April amounted to
only 97,513 tons, against 126,697 tons for the
corresponding period of last year. There are
nevertheless some signs of recovery, for the de-
creer°, which in March was 19,920 tons, amounted
in April to only 9,261 tons. Now that the effects
of the strike have passed away, the course of this
trade may be steadier.

The lateness of the spring is..unquestionably
retarding business in a vast number of internal
channels. What is termed the opening of the
home spring trade has thereby been deferred to a
h later period than usual. The influence of
the check interposed by the state of the weather is
far more important than careless observers may
imagine. The present generally favourable condi-
tion of business and of employment is therefore
the more satisfactory. In the drapery and some
kindred branches payments have been thrown
into arrear, through the difficulty of selling goods.
This state of things is felt both by the wholesale
and retail houses, for where the latter are com-
pelled to ask for a little indulgence, the operations
of the former must be proportionately restricted.
At the west-end, for example, many complaint'
may be heard of the dulness of trade : the incle-
ment weather and cold east winds cause everybody
to keep on their sinter garments, and check
shopping. The advent of warm weather would

give an immediate spur to trade in a great varieti'
of branches, cause a freer circulation of money,
and stimulate confidence in harvest prospects.
The latter consideration is now beginning to en-
gage prominent attention in mercantile circles.
The monthly mail from one of the most important
of oar colonies—Auntralia--has just been delivered,
and commercial people are concerned to observe
fresh evidences of increasing embarrassment in
those markets, particularly at Melbourne, in con
sequence of the recklessness with which fresh sup-
plies of inordinate amount are still despatched from
this country. In addition to an extraordinarily
long list of minor insolvencies, four large mercan-
tile failures have occurred at Melbourne and one
at Sydney. Money was very tight, the banks
extremely cautious, business—so far as regards
Melbourne—excessively slack, and the entire
trade of the colony anxious and ember-
rammed. Every mail brings earnest appeals
to shippers on this side to hold their hands. Many
kinds of goods were absolutely unsaleable, even at
a heavy loss. Of some important articles it is
estimated that there is now in Melbourne a quan-
tity equivalent to about two years' ordinary con-
sumption. There will be trouble in this direction
=ball caution is observed, and perhaps the best I
way of enforcing the hitherto rejected lesson of
moderation is to warn the houses engaged in the
trade that their paper is likely to be scrutinised
more narrowly for the future. One of the mer-
cantile circulars from Melbourne alludes in
terms of bitter derision to the recent pro-
jection in London of a new company, whose
operations were to be specially devoted to supply-
ing the colonial markets with malt and other
liquors. The glutted state of those markets en-
tails almost a certainty of loss.
At a time when a project has been announced,
under promising auspices, for extending banking
accommodation in the Cape of Good Hope, a brief
glance at the commercial statistics of that colony
may not be out of place. They indicate a very
satisfactory rate of progress, and an important
extent of general trade, in consequence of
the highly favourable geographical position
and large internal resources of the colony. The
gross value of the imports into the Caps was
1,588,3931. in the year 1856, 2,637,1921. in
1857, 2,493,8971. in 1858, and 2,577,8671. in
1859. The value of the goods entered for actual
consumption in the colony was 1,512,2691. in
1866, 2,505,9751. in 1857, 2,385,5401. in 1858,
and 2,379,0301. in 1859. The largeness of these
figures serves to show that at the Cape, as in
Australia, and in every other colony populated
from this country, an excellent market will at all
times be found for our commodities, if the supply
be kept within proper bounds. British settlers
in distant colonies retain most of their old
tastes, and are, in many instances, as good
customers to the mother country, and
almost as valuable contributors to her
general profits, as if they remained at home. The
value of the produos exported from the Cape
was 1,818,0801. in 1859 against 1,651,6621. in
1858, 1,833,7001. in 1857, 1,240,6251. in 1856,
970,8391. in 1855, and 666,3971. in 1854, show-
ing a very rapid increase. As a producer of wool
the colony is making great progress, the exports of
that article having been 19,490,1941 b. in 1859,
against 16,981,1131 b. in 1858, 17,695,2221 b. in
1857, 14,920,9881 b. in 1856, and 12,014,3151 b.
in 1855. This branch of industry is susceptible of
great extension.

THE EXPRESS,

MI

ITALY.

LATEST INTELLIGENCE.
THE CONFERENCES.
The following telegram has been received at
Mr. Reuter's (Ace :

VIENNA, MAT 7.

In reply to the proposals of France, England
consents to adopt u basis of the conference Article
92 of the final act of Vienna, which refers to the

neutralisation of the districts of Chablais and
Faucigny. England reserves, however, the right
of making at the said conference proposals relative
to the modes of this neutralisation.

The declaration of Enema is likely to increase
the probabilities of the assembling of the proposed
conference.

PARIS, MONDAY NOltrCiO.
bag an article by ita chief

editor, M. Grandgaillot, condemning the efforts
which are being made to cause the fall of Count
Cavour. It details the difficulties which have been
successfully overcome by Piedmont, and points out
the political importance which she has acquired by
the consent of Europe. It extols the policy of
Count Cavour, and commends him for resisting the
efforts of those who would exceed that policy.
This article also clearly declares that Europe, and
France particularly, will energetically disapprove
aggression, and that the work of Piedmont is no
more to extend her boundaries but to assimilate
herself with the annexed provinces.

TURIN, MAT 5.

King Victor Emmanuel arrived yesterday at
Modena, and went to the cathedral, where he
assisted at the celebration of aTe Dews. A great
concourse of persons were assembled, by whom the
King was heartily cheered.

THE INSURRECTION IN SICILY.
VIENNA, MAT 5.

According to official intelligence from Naples to
the 4th instant tranquillity had been restored
throughout Sicily. The firing had °eased. Only a
few arrests had taken place.
The Opireirm publishes the following despatch
from Sicily, dated Wednesday, the 2nd inst. :
" The insurrectionary movement is spreading
throughout the Wand, and is spontaneous and ge-
neral. The royal troops are in possession of the
towns, and are blockaded between the sea and the
insurrection in the interior."

TURIN, ILty 5.