The Sun.
London, England, 1855-10-22 00:00:00

STATE OF TRADE.

( From the Manchester Guardian of Sci ,urday.)
MANCHESTER, Oct. 19.—Yesterday week, when the
merchants assembled in our Exchange mem, between
one and two o'clock, were expecting every moment to
hear that the Bank of England had given the monetary
screw a long turn, and were looking somewhat gloomy
in the anticipation, they were relieved by the intelligence
that no change had been made. In the market of Tues-
day last, there was, consequently, a little more cheer-
fulness, and although extreme caution was still the domi-
nant feeling there were buyers who ventured upon offers,
few of which, however, were accepted. Yesterday, when
no alteration was looked for, certainly none of much
severity, the announcement that the rate for discounting
bills was six per cent, up to 60 days' date, and seven
per cent. anywhere from 60 to 95 days, seemed to give
everybody a sort of galvanic shock. Coupling this mea-
sure with the statement that the directors had prayed
the Government to authorise the issue of a large amount
of notes, without placing against them an equal sum in
gold, people began to fall into rather anxious forebodings
as to difficulties ahead, which might be discernible from
Threadneedle-street. At once a stop was put to busi-
ness. Buyers closed their order-books, and recalled any
unaccepted offers which they might previously have
plucked.up courage enough to make for yarns or goods.
There is, of course, some business which buyers may deem
it necessary or advisable to effect ; but, in these cases,
a further abatement of price is insisted upon on the
one side, and conceded on the other, by this or that
seller. In this respect great irregularity prevails, in
consequence of the very diverse situations of pro-
ducers ; for, while many arc still pretty well supplied
with orders, not a few are approaching their last deli-
veries, and others see more or less of actual accumula-
tion going on. With the exceptions referred to, how-
ever, the merchants and dealers having no idea what
prices may be safe, consider it to be their wisest policy
to continue narrowing their liabilities, and bringing
their resources under command. Pursuing this course,
which is the one of safety, and the one to help on a reac-
tion, the mercantile classes in this city generally disap-
prove of the measure sought from the Government by
the directors of the Bank of England ; and we hear of
the same disapprobation expressed by spinners and manu-
facturers from various parts of the district, who see in
the proposed course a stimulus to that very exportation
of the precious metals which is the evil complained of.
_
The India letters are not generally come to hand. W
have, however, conversed with one eminent merchant
connected with Bombay, who has received advises from
f.
that market, and we learn that the long
droul'htndn
ad
at length been succeeded by commencing rains, and
would b
he destruction which
waneekim'sputse
it
such as to rescue the crops from t
was hoped that the progress of the monsoon e
which is given on
had appeared to be impending,
to trade. The telegraphic statemrket,
on of subscribers, is so Mara-
aenndttoOf gtihree
'Change for the information busi-
ness in the Liverpool cotton ma
festly incorrect—so much snore incorrect, even, than
usual—that we decline copyingh
e improvement in
NOTTINGHAM, Oct. the lace
last week continued for
trade we noticed plain goods and
a few descriptions of fancy articles, but the generality of
houses engaged in the fancy trade complain of inactivity.
Low priced articles in hosiery goods are chiefly sought
for, while wrought or fashioned hose are but in little
demand. Thera is not much doing in yarns, and prices
are irregular.