cotton shipped in that month would cost in Liverpool fully 8d. per lb. Prices here, however, began to decline after the first week in January, when fair upland was quoted at 7⅞d.; and on the 31st of that month the quotation was only 7½d. to 7⅝d. On the 14th and 21st of February they were quoted at 7d. to 7⅛d.; and in all March, when the purchases of the month of January would be reaching us, the average was about 7¼d.--showing a loss on importation of ¾d. per lb. In February, prices in America commenced at 13 cents to 13⅛ cents; but on the 1st of May they had fallen to 11 cents to 11½ cents. The early purchases of February, which would cost, landed in Liverpool, about 7⅝d., would probably arrive about the middle of March, when prices here averaged about 7¼d.--a loss of ⅜d. per lb., or nearly 10s. per bale. Those of the closing week of the month--about a week's transactions--might possibly save themselves, if sold in the beginning or middle of April. Throughout March prices rallied in America; and were sustained until nearly the middle of April at from 11¾ cents to 12¼ cents--about 7⅛d. here. Prices in Liverpool, however, had been falling rapidly; and a portion of these purchases arrived in Liverpool in the middle of May, to be sold at 5¾d. to 5⅞d--a loss of above 1¼d. per lb., or £2, 5s. per bale. By the end of April, prices in America had receded slightly; but in the beginning of May there was another attempt to rally them--the quotations being, on the 7th, 11⅜ cents to 11⅝ cents, or about 6¾d. to 6⅞d. here. In the whole of June, however, when the cotton bought at these prices would arrive here, the average in Liverpool was little over 5⅞d.--showing a loss of from 30s. to 35s. per bale. From this point a gradual decline took place in all May, June, July, and August, reaching the lowest point--8¾ cents to 9 cents--on the 9th of the last month. The decline in America, however, never overtook that experienced here--the bulk of the transactions of these months resulting in a loss. A slight rally again took place in September, and prices were forced up to an average of about 10 cents, or 6d. laid down in this country. No corresponding movement, however, took place here; and the average losses of September shipments would be nearly 25s. per bale. An unprofitable result, less disastrous, however, attended the remainder of the year's arrivals. The loss has been nearly as serious in our transactions with the East Indies, the length of the voyage operating to aggravate the unhappy position of the importer. Thus cotton orders, transmitted by overland mail in the first three months of the year, whilst prices of Surat were about 4d. to 6½d., would arrive here in June, July, and August, when the quotations were from 1¼d. to 1½d. per lb. less, or from 45s. to 50s. per bale.