I recently purchased an EMERSON antique record player (cabinet) that still works very well but the speakers are extremely quiet. I was wondering if replacing the speakers with newer ones would help improve the volume?
Probably not. Normally speakers either work, or they don't (or they sound crackly if their blown). The amplifier (along with the volume knob of course) is what determines how loud your speakers get. If the speakers plug in to an impedance matching output, and you've plugged/attached them incorrectly, that could also affect the volume. Also, make sure that you don't have any frayed speaker wires touching each other. This could short out the volume, and make them sound real soft.
if truly an antique, then the audio power tube is probably flat. tubes that have been used for a while and then allowed to sit unpowered for a long time become gassy. have you done anything to refurbish the electronics? old tube sets require a lot of maintenance, especially concerning the capacitors. i doubt that there is anything wrong with the speaker.