The Sun.
London, England, 1855-11-15 00:00:00

STATE OF TRADE.

MANCHESTER, Nov. 13.—That falling off in the
amount of transactions, both in yarns and goods, which
we noticed at the close of last week, has become more
decided to-day. There is still a moderate aggregate of
sales, but we hear of no extensive ones. Sellers are,
however, perfectly firm, at the full prices of last week ;
indeed, for some articles they are inclined to harden in
their terms ; but buyers are, on the whole, less disposed
to operate than they were, as is shown by the fact, not
only that they are doing less, but that they are making
fewer attempts at business in the shape of offers to pro-
ducers.

There is a general complaint that the very moderate
advance which has now taken place is of no benefit to
spinners and manufacturers ; and, in reference to this
statement, it is worth while to note what has been the
actual course of things. Before this rise began there had
been a period of decline from the level to which a pre-
vious rise had carried prices. That decline went on pro-
gressively, as orders ran out and as stocks accumulated,
until at length it reached a point, by the end of last
month, which brought buyers freely into the market,
even in spite of the existing financial pressure. Spinners
and manufacturers were relieved of stocks. Prices be-
came steadier. As business proceeded, an increasing firm-
ness arose, and then an upward tendency showed itself in
successive 16ths or eighths of a penny per lb., until it
may be said to have now raised the average current rates
of yarns ed. to td. and in some few kinds, chiefly 30's
water, fully Bd. per lb. To some extent, goods rose in
about an equal proportion, chiefly such as were suitable
for India and China, more especially the latter. But it
was before the rise began that the millowners had cleared
out their stocks ; and the contracts now in their hands
were generally taken either just as values became more
regular and steady, or, at best, during the earlier steps
in the upward course. The amount of sales effected at
the present quotations is extremely limited. Now, the
raw material has risen in a greater proportion than the
finished article, thus placing the producer of the latter in
a worse position than that which he occupied before.
Spinners and manufacturers are striving to get further
orders at higher prices than those already in their books;
but having pretty well supplied their wants, buyers are
resting upon their oars (taking only compartively small
quantities for assortment), in the expectation that when
engagements again come to an end, and fresh accumula-
tions appear, they will be able to supply themselves
anew, at something like the recent low ranges of value.
And, in looking for this result, they are only looking
for a repetition of previous experiences. In the ebbs and
flows of prices, it is in the former that the mass of busi-
ness is done—the latter, are in great part nominal, and
always short-lived, breaking in mere froth. The cau-
tion of buyers is also kept alive by the advancing price
of corn, and by the state of the money market, which is
.again betraying an unfavourable bias, and may possibly,
it is feared, be subjected to renewed restriction. At
the same time, we have a telegraphic statement by way
of Trieste that the rebellion in India was renewed, and
that trade was depressed, when the mail left Calcutta.
Notwithstanding this tamer state of our market, and in
the face of an impending turn-out in the city, there is a
considerable business going on in raw materials, at full
prices, in the neighbouring port. We understand that
the turn-out alluded to will take place this week.
HUDDERSFIELD, Nov. 13.—The market has been un-
usually dull this morning, both in the Cloth Hall and
manufacturer's shops. Excepting for low goods, there
has been scarcely an appreciatee demand for any descrip•
tion of Huddersfield goons. The attendance of buyers
up to a late hour was more limited than at the previous
market during the last six months, but others arrived
about noon, and business was better in the shops and
warehouses towards the close of the day. Prices con-
tinue firm, and confidence is very satisfactorily esta-
blished, so far as the houses in town are concerned, form-
ing an agreeable contrast to the unfortunate state of
things last year about this time. Prices of wool con-
tinue unchanged, according to most recent advices from
the sales now being held in London. To-day is "second
Tuesday," or the merchant's monthly payday, and, so
far as we have been able to ascertain, claims have been
very generally shut.

SPECIE.—The specie. brought by the West India
steamer yesterday was 167,0001., of which 70,0001. was
gold. The gold will all be sent to France, and the silver
most probably to China.