The Sun.
London, England, 1864-01-01 00:00:00

COMMERCIAL PROSPECTS.

The new year dawns with favour upon the com-
mercial world. Merchants, it is true, must yet pay
very high for monetary accommodation—nearly
double the amount this time twelvemonths. But
even so, a low rate for money does not necessarily
imply national prosperity. Last January the pros-
pect was bedimmed with the Lancashire distress
and uncertainty. The dogged perseverance
of Englishmen, however, carried their enter-
prise to other climes, and now the cotton
importations from other sources than the old
fields in America, are setting our mills at
work, and although that working be only
for three or four days a week, yet by this employ-
ment how much national poverty will be alleviatea,
and if so much has been done in one year towarets
relieving us from solely relying upon foreign depen-
dence, how much may we not reasonably expect to
be accomplished when 1865 shall have made its ap-
pearance. The commerce of the country has been
substantially enlarged despite the utter collapse of
the principal branch of our native industry. The
misfortune which the civil war in America en -
tailed upon us served only to quicken our
energies ; new paths of enterprise were im-
mediately sought after, and operations commi
menced. There was no quailing in the hour of
need. The national spirit rose with the emergency,
and like the British pluck that saved India slipping
through our grasp, Englishmen relied upon their
own strong arm, and by their unflagging efforts
have with their enterprise even overtopped the most
prosperous years. Speculation has indeed been in-
dulged in to an almost unprecedented extent, 130
negotiable property have escaped the notice of ope-
rators at the Stock Exchange, nearly every foreign
loan, and the shares of nearly every joint stock
association were taken in turn and received due at-
tention, but for all that, prudence invariably guided
the transactions, and if certain stock were at one time
unduly inflated, no one has materially suffered. It
was, indeed, natural that with so large an unem-
ployed floating capital speculation should be every-
where active ; in fact, it was the rock upon whiJa
it was thought the good old ship might strike, and
it is marvellous, now that the danger has passed, to
learn how skilfully she eluded the shoals.

Ma. COXIVELL'S BALLOON AT WOOLWICH.—
Every preparation was made at Woolwich Arsenal
yesterday morning for the ascent of Mr. Coxwell's large
balloon, but as Mr. Coxwell and other gentlemen were about
to enter the car, it was observed that a thick, hazy atmo-
sphere was gathering overhead which would render the
taking of observations practically nugatory, and the ascent
was therefore deferred until this day (Friday) when it will
take place at eleven o'clock, from the .hoyal Arsenal,
should the state of the weather prove favourable. The
balloon is now inflated with 75,000 ft. of gas, and it is in-
tended to make a high ascent, the object being not for
purely military purposes, 'as on a former ascent at Wool
with, but to enable Mr. J. Glaisher to make a report to tna
British Association as to the state of the atmosphere at
various altitudes about the period of the shortest day, it
being a matter of doubt with scientific men whether tlek
higher regions are much colder in winter than in summer..
Mr. Glisher has presented Mr. Coxwell with a barometer
bearing the following inscription :—" In admiration of the
judgment, skill, and great presence of mind displayed
in
the several balloon ascents made from \Vclverhampton and
other places in 1562 for the British Association, this baro-
meter is presented to 11. Coxwell, D.q., by his fellow-
traveller, James Glaisher, Elt.S."