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ton Market, owing to the apprehensions OF short
crop, is in state of fcyerlsh excitement; the
freights to the United States and TO lnd!a are
proving, and feeling OF confidence prevails,
which betoliens the improvements 10 be rather per-
manent than transitory. The Improvement IN
business generally, during thelasttwelve MONTHS
has been gradual and steady, and those acute bar
oneters of fee'ing-the public securities and the
markets, exhibit, at the beginning OF the present
year, marked improvement over the correspond
ing period Of 1913.


A reference to our Cotton Market report will
show the extraordinary animation winch has oeen
exhibited in the staple during the present week
Prices have risen from eighth to tarthing
pound and the sales III slx davS have reached the
astounding quantity of l09, 900 bales. The great
bulk has, Of course. been American, and inore
than haf-56 900 bales have been taken on spe-
cuation The total sales OF the last tive weeks
have reached the enormous extent oil oo3,Voo
bales against l27 .000 during the corresponding
period of last wear The sales OF Cotton during
the present week have exceeded, in fact, any sImi-
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 capitalist Is III
the market with io00,0OO to invest IN the staple.
This excitement has come upon them like a thun-
derbolt and now that trade is reviving, they re-
gard the present leyersh excitement as calculated
to destroy all their hopes of a permanent and pro-
fitable career a meeting of the trade in that
capital of manufacturing, England, is announced
for Tuesday next, when the subject, In all It's
bearings, will be discussed, and doubtless coun-
ter movement will be made to resist the present
unparalleled effort to enhance prices The Nan
chester Guardian, paper of great influence and
talent, which may be regarded as the monthplece
of the manufacturers, and which pudes itself on
its statistical information, has been busly en-
gaged of late in showing that nothing exists to
justify the present excitement. But thcspnners
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 noo as
thew were three months back.-Wilnner q. SmltHs
liverpool Times, Feb. T.


TRADE AND CoMMERcE.-Our export trade
with the United States increased to a consldera-
BILE extent last year more so than the most SAN
guine could have anticipated, The increase IN
packages was nearly 50 per cent. over those OF
1912; and the increase in sterling on Coltons,
Linens, Woolens, and Worstcds, is estimated at
fl .6OOO0O 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.-Thc quarterly
accounts Of the revenue have appeared. They
are made up to the 5th January, which shows
that there is an increase upon the year as COM
pared with the preceding year. OF more than
f6,000,000; but this is composed Of f4, ,6S7 600
from the Income Tax, and FL ,055, 900 under the
head of Miscellaneous, including, no doubt a
larger remittance from China. The only other
increase upon the year is E3S7 900 in the Elk
else. There is slight decrease in the Customs,
a decrease Of f64,0OO in Stamps, and of Go3,-
900 in Taxes The total produce of the Income
Tax for the year ending January 5, lS44, was
f5,2S9,0 900.


The comparison of the quarter ending January
5, 1S44, with the corresponding quarter OF the
previous year, presents IN one important respect
a more favorable result. 1t shows an increase IN
the Customs of f552 900. 1t shows also slight
increase in the Excise and the Post Office, and a
decrease III toldinPS anu dhtS lItIC 10
increase Of Gl97,0 in the Income Tax; but


from the peculiar mode of collecting this tax the
circumstance is of little importance. Deducting
this item, therefore, there is total increase Of
revenue upon the quarter of about t66O,00
and this is the most favorable fact that appears.


SPAIN.-The week S news from Spain may very
briefly be summed up. MIR. Bulwer had present
ed an autograph letter from Queen Victoria to
l,o1Io tlo Of, ,,.a
Queens majority. The Government had issued
a decree restoring to Queen Christina the pension
allotted to her in 1871. Narvaez declined to be
promoted to the rank of Captain Genera! of the
Spanish Armies, on the plea that he wished to
afford no pretext for supposing him to be actuated
by ambition or other corrupt motive: but the
Queen commanded his acceptance. The cleo
tions for vacancies in the Cortes, proceeding
throughout the country IN favor of the Pro-
greslstas


INDIA-The Indian Mail has arrived with let
ters and papers from Bombay to Dec. |. The
principal items relate to the prevalence OF great
sickness IN the two newly acquired possessions of
Scinde in India, and of Hong Kong in China
Peace prevails throughout British India, although
the preparations for war were busy throughout
the North Western Districts. An Army Of about
$4,000 men was assembled on the banks of the
Sutledge, and another was collecting at Agra !;
the former to compel the Siekhs to adopt some
regular fixed system of government, and the lat
ter to force the Government of Gwalior to make
proper arrangements.


Much attention has been directed toward the
Punjaub. The Chiefs are represented as dis
united, the soldiers are mutinous, and the Prov
inces are distracted by their fears for they dread
an invasion from the Affghans at Peshawur, and
of the British at Lahore. Mooltun is described
as highly disturbed.


1t is difficult, even in India, to obtain correct
intelligence OF what is going on at the Court Of
Lahore, and manp Of the rumors circulated have