The Sun.
London, England, 1855-10-27 00:00:00

STATE OF TRADE.

(From the Manchester Guardian of thi. cioy.)
MANCIII:STER, Oct. 26.—We stated in our last report
that, although the downward course of prices had re-
ceived no check, indications of a slightly improved tone
of feeling were not unobservable. Since then, the direc-
tors of the Bank of England have held their weekly
meeting, at which no further alteration in the rate of
discount was made. It appears, therefore, that a some-
what easier state of the currency is now experienced.
This was showing itself in the earlier part of the week, and
has become wore apparent each succeeding day. For some
time back mercantile men have been narrowing their ha-
bilities, and gathering their resources under their hands
as much as possible. The benefit of this cautious pro.
cedure has been felt as the drain of gold has proceeded,
and as the rate of interest has risen, and is very palpable
to everybody at the present moment. The entire trade
of the country has remained sound and underanged, with
no other exception than the fall in prices. Our own dis-
trict has exhibited a remarkable case in regard to means,
and so also have most of the other great centres of indus-
try and commerce, while scarcely any abridgment of em-
ployment for manufacturing operatives has taken place.
But a conviction that the uncertainty of our position ren-
ders continued caution indispensable to safety, seems to
have rooted itself deeply in the minds of merchants and
dealers, spinners and manufacturers. They have seen a
very striking instance of the power of political causes to
effect a most serious financial disturbance, which does not
shake our trade, only because that trade is, on the
whole, upon a solid footing ; and, with this fresh in their
memories, they are not likely to be thrown off their
guard by appearances which are so manifestly liable to
pass away. So that, although the prices of yarns and
goods have now declined to very low ranges, the differ-
ent classes of buyers are still holding back from business
in a very decided way, and the market at large remains
flat. But people are less gloomy, and are inclined to think
that wo have perhaps seen the worst ; though a slight
shadow is cast upon us from the United States. We
find that there has been more inquiry to-day for cloth
of some descriptions on the part of home houses ; and
purchases of goods for India and Chins have been
made, for delivery within a short time, on account of the
sailing of a certain vessel. In the same way, 16s. to
245. water twist has been taken for China. But the ope-
rations we speak of are few and exceptional, and do not
materially affect a general estimate of the market. They
are, however, valuable as barometers. The parties to
these t.-ansactions are persons possessing ample resources,
and not given to ill-considered ventures ; it is, therefore,
a fact to be noted when they venture to act under cir-
cumstances such as now exist.
NOTTINGHAM, Oct. 25.—Since our last report of the
condition of business in this town, nothing worthy
tradeso f re-
mark has occurred, and both the hosiery and lace
are in a more healthy state thanf
them Bankight naturally
o f
England
b e ex-
pected. Although the action o
has not effected us seriously just yet,
still it must, if
continued, have the effect of crippling trade
here as well
as elsewhere.
LEICESTER,
and more multi-
throughOct. 25.
brfanrc
ofis generalaourm anudfauolltnuerses, pre-
valentan
immediate order. There are
demand,
odf
this
employment,
is only a precur-
Tomh e
hr
goods are onlypreovdeuryce—d
ninearnyyhas operativesbee n s u outpen
suspended.
business.
sor to a worse state of
chaaunsde a
are the
light,tm satncdansotimosts
the money market and the increased
added to the state of
interest,
against ourTh The
high
visions always operates
:ell; orders would relieve several departments.
rate of discount
At the colonial wool sales some of the inferior
amongstGW.eovresrtnejtdinspinners are not so busy, and produce with can-
lul d
stocks
sold at id. per lb. lets than the former,
tion.
the better kinds went off at but a trifling reduction ;
but were
indeed it was matter of surprise they sold so well, con-
sidering that the Bank of England on that day had an-
nounced their advance in the rate of discount. English
wools are flatter, and but little doing in them ; the
growers are quite careless about selling, as all their pro.
duce is in demand.—Leicester Journal.