COMMERCIAL SUMMARY.
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Business still wears smiling face. Money is
abundant, trade is brisk, the markets arc buoyant
and the great hives of industry in the North are
alive with activity. During the last week, the
price of Consols touched rate higher than they
have reached since 1887 all descriptions of Rail
way stock are rising in value the Liverpool Cot.
ton Market, owing to the apprehensions OF short
crop is in a state of feverlsh excitement; the
frei ghts to the United States and to India are I'M
proving, and feeling OF confidence prevails
which bctokens the improvement to be rather per-
manent than transitory. The Improvement IN
business generally, during the last twelve months,
has been gradual and steady, and those acute bar
oneters of fecling-the public securities and the
markets, exhibit, at the beginning of the present
year, marked improvement over the correspond
ing period of IS43.


"A reference to our Cotton Market report will
show the extraordinary animation which has been
exhibited in the staple during the present week.
Prices have risen from an eighth to farthlng
pound and the sales in SIX DAYS have reached the
astounding quantity of 100, 900 bales The great
bulk has, of course, been American and more
than half--56, 900 bales have been taken on spe-
culation! The total sales of the last five weeks
have reached the enormous extent OF 335,UUU
bales against $4,000 during the corresponding
period Of last wear The sales Of Cotton during
the present week have exceeded, IN fact any sllil-
lar period since the first introduction OF the Cot
ton trade. The extent to which speculation has
been carried, and is still likely to be carried, may
be inferred from the fact that one capitalist Is IN
the market with fS00,000 to invest in the staple.
This excitement has come upon them like thun-
derbolt, and now that trade is revivlng, they re.
gard the present feyersh excitement as calculated
to destroy all their hopes Of permanent anu pro-
ftable career. A meeting of the trade IN that
capital of manufacturing, England, IS announced
for Tuesday next, when the subject, IN all lts
bearings, will be discussed, and doubtless coun-
ter movement will be made to resist the present
unparalleled effort to enhance prices. The Man
chester Guardian, paper of great influence and
talent, which may be regarded as the mouth-pece
of the manufacturers, and which prldes itself on
its statistical information, has been busIy en-
gaged of late In showing that nothing exists to
Justify the present excitement. But the splnners,
nevertheless, continue to purchase IN despite OF
its warnings, and they seem to be influenced by
as strong feelings as the spectators themselves.
A short time will shew whether the disclosures
in the '' comparing Of notes" at the impending
meeting will cool their anxiety. Doubtless the
conflicting reports respecting the new crop have
contributed to swell the amount of speculation,
and these reports are nearly as conflicting noW as
they were three months back.


IWiImer and Smiths Liverpool Times, Feb. 4.


TRADE AND CoMMERcE.-Our export trade
with the United States increased to consldera-
Bile extent last wear more so than the most san
guine could have anticipated. The increase in
packages was nearly SO per cent. over those Of
1912; and the increase in sterling on Cottons,
Linens Woolens, and Worsteds, is estimated at
FL 100000. To our North American provinces
the shipments were large, and the year closed
with unprecedentedly low stocks. The exports
to the West Indies were much more extensive
than those of the preceding year.


The REVENUE OF ENGLAND.-The quarterly
accounts of the revenue have appeared. 1hey
are made up to the 9Th January, which shows
that there is an increase upon the year as COM
pared with the preceding year, oi more than
f6.0OO,000 but this is composed OF t4,ooi ,Ooo
from the Income Tax, and fl,055,O 900 under the
head of Miscellaneous, including, no doubt,
larger remittance from China. The only other
increase uoon the wear IS f367 600 IN the Ex
else There is slight decrease IN the Customs,
q decrease of f64 900 In Stamps, and OF fo3,-
600 in Taxes The total produce of the Income
Tax for the year ending January 5, 1874, was
f52S9,000.


The comparison of the quarter ending January
:. 1874. with the corresponding quarter of the
preyious wear, presents in one important respect
more favorable result. 1t shows an increase in
the Customs of f552 600. Itshows also slight
increase in the Excise and the Post Office, and
decrease in Stamps and Taxes. There Is an
increase of fls7,0O0 in the Income Tax; but
from the peculiar mode of collecting this tax tne
circumstance is of little importance. Deouctlhg
this item, therefore, there is total increase Coo q
revenue upon the quarter of about 9o6o,ooo'
and this is the most favorable fact that appears