The British Press; or, Morning Literary Advertiser.
London, England, 1826-01-26 00:00:00

COMMERCIAL EMBARRASSMENTS.

• [From the Mundiester Mercury.l
We do not remember a period at which there has been so
deep and general a feeling of depression amongst com-
mercial men as is now prevalent. It is not in one trade
only but in all that a great extent of suffering exists. In
the woollen branches we hear the most appalling accounts
of the dismissal of workpeople, the stoppage of masters,
and the general destruction of confidence. In the silk
trade there is a most serious degree of stagnation and dis-
tress (this we have not denied, however inadequate to its
production we might think the causes assigned fur it); and
in the cotton trade the state of things is daily becoming
more serious ; we may say, fast approximating to that of
the worst of any of the other staple manufactures of the
country. A very large number of hand-weavers, we hear,
are dismissed from week to week ; die stocks of power-
, loom cloth and cotton goods generally are accumulating
rapidly ; yarns are very heavy ; and though the prices,
both of these and of goods, are decidedly lower than any
former period, the reduction in value has not yet created
any accession of demand. The fact is, there are few
foreign markets which at present afford much temptation
to shippits, whilst the home trade is for a time in a con-
siderable degree extinguished. Transactions in those parts
of the country where there have been many bank failures are
necessarily suspended ; the old circulating medium—that
of local paper, has been taken in a great degree away, and
nothing has been yet obtained to supply its place.
To what extent the disastrous consequences of this state
of things may go it is impossible to form an opinion ; the
convulsion has been far more extensive and more ruinous
than we had apprehended ; it has lasted for, a longer time,
and as yet we see no symptoms of amendment. What then
is best to do? If, as we are inclined to think, over-pro-
duction is one great cause of the present state of the cotton
trade, the remedy obviously is to manufacture less, until
the glut has been removed, and this course is new being
very much adopted. In addition to many of the chief spin-
ners in this town and its immediate vicinity, who are al-
ready working short time, a similar step has been taken, or
resolved on, by the spinners at Burnley, Blackburn, Steck-
port, and Bolton, and we believe it is in contemplation at
Ilyde, and in other places.
In Liverpool, we understand, the depression and alarm
is even much greater than it is in this town. The prigs
of cotton are rapidly ; no one knows where they trill
stop, and the reduced rate at which consumption will go
on must tend to depress them still more. This effect, how-
ever much it may be to be deprecated, appears inevitable ;
and the consequence, we fear, will be the occurrence, in
that port, of further insolvencies. The present loss on the
import of upland cottons is little less than 50 per cent.

It was reported in the latter part of yesterday that a
house in the Oporto trade had suspended its payments.
Ln TUESDAY, JAN. 24.—( From our ('orre-
spondent.)-1 am extremely sorry to have to inform you
that one of our Banks stopped payment this day, Mr.
Joseph 11adwen. The extent of the failure is uot at pre-
sent known.