The Express.
London, England, 1855-01-09 00:00:00

STATE OF THE WOOLLEN TRADE.

(From the Huddersfield Examiner.)
The staple trade of this populous, and hitherto
flourishing, district, is at present, we are sorry to say, in •
depressed and somewhat critical position; and, although we
lime no intention of becoming alarnrsts, we feel ourselves
Y duty bound to lay a short statement of facts before our
impeders, for " to be forewarned is to be in some measure
'forearmed." With the sole exception of the usual delive-
rim of gods ordered by the manufacturers, which are this
year diminished considerably in amount, our Tuesdays I
Imarkets have, for many weeks, been markets only in name.
So difficult indeed has it been to get • remunerative price
for an large quantities of goods, that many merchants and,
manufacturers have large stocks of winter goods still unsold,
and these in several instances have already been assorted in
cheap lots, or laid aside for next winter. Wool, on the
other hand, keeps steady, with no decided tendency tol
decline, so that prospects just now, for the small ma-1
nufacturers in particular, are anything but promising.'
In addition to these difficulties, however, with which
just now our manufacturers have to contend, we have to
report diminished confidence in the market, arising partly
from the startling announcement first made public some
weeks ago, of the stoppage of the firm of Swain and Webb
" in near upon 200,0001.," as was then currently reported
and very generally believed. Alarming rumours as to
other large films engaged in the Australian trade were also
freely circulated, but these as yet have net been verified,
and we trust are without foundation, and as the year is now
upon the turn, and the spring trade may shortly be ex-
posted to set in, we may reasonably hope to see confidence
IS this hod radually restored. Not so, Inform-
anfidp, Obi failure of Swain and Webb, which,
tram be magnitude, the period of its occurrence,
alai the system of overtrading pursued by them as
Widened by the balance sheet, will, we fear, have a deeply
influence upon the commerce of Iluddersfield for
!ILeglizg
timei to come. Never since the unprecedented
Rawson failure has any similar event spread far and wide
such consternation and dismay. We are glad to find how-
ever, that the many reports which were at first circulated
as to the probable amount of liability turn out to have been
greatly exaggerated, and we are enabled, from reliable
oseirces, to present to our readers& correct statement of the
position of affairs.
It was first made known privately, that the firm was un-
able to meet its engagements about three weeks ago, and a
prolimintry meeting of • few of the principal creditors was
baM in consequence on Saturday, December 16, when it
wane determined to call into requisition the services of
NUN eminent accountants from London, who should
examine the books, and draw up a correct statement of
affairs to be submitted to a general meeting of creditors as
soon as possible. In pursuance of this arrangement, up-
wards of two hundred creditors assembled in the New-
street warehouse on Tuesday afternoon last, when, as we
hear, Mr. F. Taylor (of the firm of Potters and Norris,
Manchester) was called to the chair, and a printed cute
meat, of which the following is an abstract, was distri,
amongst those present :

DENTS.
To creditors, as per Est £127,619 17 10
Less, value of securities held by them 9,522 8 0

£118,097 9 10

ABBI2B.
9 8
By Huddersfield estate
£3134,,070307 18 4
By £_3ydney estate
32,812 6 10
By Melbourne estate

£97,920 14 8
Thus showing a deficiency of 20,1761. 153. '2 i. There is in
addition a claim upon two clerks, late in their emplcy at
Sydney. named Prince and Bray, alto one upch the execu-
tors of W. Hopkinson, late of Sydney, amounting in nil to
6,6731. Ms. el as well as " • further claim (amount not yet
ascertained) on Messrs. Prince and Bray," for what, does
not however appear. After a temperate discussion of some
hours' duration, it was recommended from the chair and
finally approved by a majority. of tho meeting, that five
trustees should be elected t 9 wind up the estatd under an
assignment, tho gentlemen requested b the meeting to
accept this office being Messrs. Taylor chairman), T. P.
Crosland (of the firm of (leorge Croslan and Sans) ; Mr.
C. Bird, (London) ;_ Robert Butterworth (Butterworth
Brother); and C. W. Sikcs (Huddersfield Banking Com
pany); and it is expected that they will secede to the re-
quest of the other creditors by accepting (Ince. This, so
far as we know, is the present state of affairs.

NORTH BRITISH RAILWAY.—The HOD. E. Petrel
hal resigned his situation of superintendent of locomotives
' on the North British Railway.—Berrciek Warder.