The Press.
London, England, 1855-11-24 00:00:00

the Emperor of the French being taken as an indica-
tion that there is great likelihood of a pacific nego-
tiation being opened at no distant period; and, after
the disappointments of the last year, it is assumed
that the Governments concerned would not venture
to negotiate again without a clear understanding on
the main points to be settled, and a moral certainty
that they could be pacifically arranged. Against the
favorable influence of pacific prospects, however, we
have to set the delays which would inevitably occur
during a fresh negotiation—the doubts which must
always be felt as to its course—and the certainty
that a large loan will be required by our Government
early in the ensuing year. From the accounts which
reach us, we infer that the expenditure of the
Government is proceeding at an almost unparalleled
rate at the present time.
The French funds have decidedly improved this
week, the closing price of the Three per Cents.
yesterday being 65f. 95c.
The Bank returns in last night's Gazette show
scarcely any noticeable variation from those of the
previous week. The bullion has increased between
20,000/. and 30,0001. The item of " Other Securities "
has declined to the extent of 100,0001., but the
amount is still unusually large (17,787,1501.) showing
that an active demand for accommodation still exists,
and that the Bank would not at the present time be
justified in lowering its rate of discount. There will
probably be more ease, however, now that the loan
instalments have been paid. But while the country
is so heavily drained for war expenditure, we must
expect that it will command a high rate for com-
mercial purposes,—the Government in fact is now
competing with commercialists and others for ob-
taining it.
The Colonial Produce Market has been much
quieter this week, and prices have declined. Sugar
has been dull, the West Indian descriptions having
receded 2s. to 3s. in value. Tea hes had a dull
sale, and coffee has been unaltered in value. We
imagine that speculative excitement in colonial pro-
duce, especially in sugar, has now ceased, and it
remains to be seen whether holders will succeed
in realising at the present high rates.
We see no reason to doubt our previous assertions
that the general trade of the country is in a healthy,
though not a buoyant state. We see no symptom of
any such pressure for money as need cause alarm,
and this appears to be the view now taken by persons
whose position best qualifies them to form a correct
opinion.
One of the most distressing features of our manu-
facturing state at present is the strike in Manchester.
Between 3,000 and 4,000 operatives are now thrown
out of employment. Hard as the course pursued by
the masters in attempting a reduction at the present
time must appear, it really seems that they had no
choice. Their case is concisely stated in the follow-
ing paragraph
The employers say that they are paying an average of
nearly twenty-five per cent. more than the country employer
is paying for the same work, and propose to take off ten or
twelve per cent. The operatives do not deny the fact of
extra prices, but allege that the cost of living is greater in
a large town like Manchester. The masters, while admit-
ting the extra cost of living, reply that the question is not
one of goodwill towards their workpeople in a time of bad
trade and minimum profits, but a question of sheer existence
for both masters and men. They can only compete with
other manufacturers in the market by paying something
like the same wages; and to show that this is no idle talk
they point to the gradual, decay of coarse spinning in Man-
chester for some years past. It is said that in ten years
past, while numbers of mills have been springing up in
Ashton, Stalybridge, Burnley, Bacup, and other towns,
only one single mill has been built in Manchester, the
owner of which has become recently bankrupt. Of those
that existed ten years ago one is now used as a sugar-mill,
one as a bonded warehouse, and some that have been burnt
down, or partially burnt, have been abandoned and lie
waste. They further point to the numbers of large capi-
talists during the time who have sunk under the difficulties
now crushing themselves, including a Guest, a Pooley, a
Marsland, a Thompson, a Morris, the Potters, a Yates, a
Burton, Sibson and Rigg, and others. Some of these were
the largest spinners in Manchester ten years ago. Of
those now carrying on business the allegation that they
are working at a loss, though laughed at by the operatives
in a late meeting, is supported by the fact that three of
these large firms are working under inspection. Should
the workpeople succeed, by a combination, in forcing
masters to pay higher wages than is paid in other towns,
coarse spinning will be driven out of Manchester into the
country, it is said, and one large and highly successful
firm carrying on business in the country might be men-
tioned as having been compelled to abandon a mill in
Manchester some years ago. Their successors in this mill
have since been bankrupt, while the previous firm have
prospered in the country.
To this plain statement, the operatives are unable
to make any satisfactory reply ; and distressing as a
reduction of their wages must appear at the present
time, it would seem that they had much better face
the necessities of the case than continue out on
strike at this pinching season.
The gold now overdue from Australia may be esti-
mated at from 600,000/. to 1,000,000/.
The silver brought by the last West India steamer
has been sold at 611 d. per ounce, being an advance