The Sun.
London, England, 1855-10-06 00:00:00

QUICK PASSAGE.

The new frigate-built clipper La Hogue, Captain
Neatby, belonging to Messrs. Dunbar and Co., has
made an unexampled passage down Channel against
contrary winds. She left Gravesend on Tuesday morn-
ing, passed the back of the Goodwin the same evening
at 8 o'clock, and notwithstanding strong fresh breezes
from south-west to south-south-west, anchored in Ply.
mouth Sound yesterday morning at 5 o'clock. She
passed every other ship as if at anchor. La Hogue was
built by Mr. Laing at Sunderland, registers 1,331 tons,
and is the largest ship ever launched at that port. She
is to leave Plymouth to-morrow morning for Sydney.

STATE OF TRADE.

( From the Manchester Guardian of this day.)

MANCHESTER, Oct. s.—Tho announcement that the
Bank of England had raised the minimum rate of in-
terest to 51 per cent. reached us at mid 'Change yester-
day (Thursday). Everybody was taken by surprise, for
there was no scarcity of money in the metropolitan com-
mercial channels, nor in Glasgow, nor in Liverpool,
whilst amongst ourselves, as we lately stated, an easier
condition has seldom been experienced. People are
startled, and caution is in the ascendant. Of course, a
limitation of monetary facilities is looked for in all the re-
gular channels of trade ; and as men begin to prepare
for it by narrowing their own responsibilities, they
thereby contribute to the realisation of the very state of
things they dread. Not only do bankers raise their
terms, but they begin to lessen the amount of accom-
modation afforded to their customers both in discounts
and in cash advances ; and manufacturers and traders
adopt a similar course in restricting their credits
to certain classes of buyers. In this way, the
screw is already receiving its first application among
ourselves by our own hands, and without any notice-
able action from head-quarters—a wholesome though
not very agreeable operation, and, at present, anything,
certainly, but a profitable ono. This process is
very sensibly weakening the firmness of sellers, and
enhancing the caution of buyers, who, uncertain
how far it may go, either abstain from all operations, or
else offer such prices as spinners and manufacturers will
not listen to even under present prices. The result
of the slow decline which has now been going on for
some time is generally stated as follows in re-
gard to yarns :—low counts of mule and water, id.
per lb ; 20's water, ; water, Id. ; 16's to 23's wasps,
to "id. ; pincops, Id. ,to d. ; India male, 40's and
50's, id. Wo know that elfers have been made for
India shirtings at a reduction of 6d. per piece. The
exceptions to this downward course are certain printing
cloths, principally 27-inch 66 and 72 reeds, which
continue in good demand for the United States at
full values. For speedy delivery these articles, and es-
pecially 66 reeds, might be sold in large quantities, but
the makers are under contract. The Carlisle manufac-
tories have within the last few days again advanced the
wages of their hand-loom weavers 10 per cent., making
20 per cent. within the short period of four weeks.
LEICESTER, Oct. 4.—There is no material alteration
in the demand for plain hosiery, which is more limited
than usual at this season, goods only for immediate use
being required.
NOTTINGHAM, Oct. 4.—There was a little extended de-
mand at the end of last week for goods in both the lace
oloifday our
in annual
thisto fair,
n.
and hosiery trades, since which but little business has
bean doing, probably in conseqineeantche
which is always observed as a great
On the whole the trade of this district is not so brisk as
usual.