The Sun.
London, England, 1864-09-21 00:00:00

STATE o±l TRADE.

MANCHESTER, Sept. 20.—Although military and poli-
tical events in America are much more favourable than
previous ones had been to the war party, the intelligence
has not done more than give a slight appearance or dimi-
nished weakness to the prices of cotton in Liverpool, with
a small increase of business. Any greater effect is pre-
vented by the state of money matters. A like effect has by
no means ensued in our yarn market. Spinners seem to
have come to town with their minds made up to accept
prices (if only they could get them) which they were not
generally prepared for last week. In this yielding mood,
some of them have proved weaker in bargaining
than they thought of being. The prices of all descriptions
have thus been markedly lower than they wore on Friday.
They have, it is true, been very little tested by offers; but
producers have made it plain to inquirers how matters stand
The fact is, that the dulness of the last two months has
caused a certain amount of accumulation in first hands,
which everyone is anxious to be rid of; and in some in-
stances the same feeling is produced or increased by the stock
of raw material that may be held. On Friday great surprise
was occasioned by the report of a single sale of 22,0001 b. of
good 32's twist cops at 2s per lb, for a small quantity of
which for spinning the same person had paid 2s 5d only three
days before, the quotation being 2s 51d. To-day some other
sellers have been willing to take 2s for equal quality; and
the current nominal rates have fallen to 2s 3d and 2s 2d.
This class of twist is, however, subject to greater and more
rapid variations than any other. But producers of India
mule twist have abated lid and 2d per lb from what they
wanted on Tuesday, in order to clear off stocks which had
been gathering for many weeks back ; and similar reductions
have been offered to buyers by spinners of 60's to 80's cops,
warps, and bundles, and by holders of doubled yarns. For
very fine singles and twofolds decidedly lower prices have
been submitted to for the sake of making very limited sales.
It is found that some middle counts of yarns are being sold
or offered at Gd, 71d, and 91b per lb under the late highest
prices, while the raw material is only down 3d, 41d, and Gd.
Our statement respecting the anxiety of spinners to get rid
of stocks, and the consequent weakness of prices, is applic-
able in the main to the makers of piece goods. How much
will be yielded is, however, more apparent in the case of
the former than the latter, because these are less tested by
offers. The fall should be less in twist and weft than in
cloth, for when it began the last article was relatively
cheaper than the first two. Spinners and manufacturers
must go away from this day's market far from inclined to
abate that rapid curtailment for production which is taking
place.
HUDDERSFIELD, 20th.—Business has been quieter in our
market to-day, the attendance of buyers having been un-
usually small, and those who had been present not having
purchased largely. Fancy trowserings in new goods
have been again in chief demand, but fresh arrivals
of *hese are, for the most part, delivered to order. Unions
and low woollens have not been so much in request by the
shipping houses to-day, and stocks of these goods in the
Cloth Hall are slightly on the increase just now. The
country trade is moderately brisk, witneys and winter goods
generally having sold well of late. Wools have been in
quieter demand here during the week. Prices keep firm,
both for wools and goods.
LEEDS, 20th.—Trade was very inanimate in the Cloth
Halls to-day. Both merchants and clothiers appeared to be
astounded by the suspension of the Leeds Banking Com-
pany, and neither class were disposed to operate until the
extent of the mischief was ascertained. Several +houses in
the town have already succumbed to the pressure upon them,
and it is feared that others must soon follow. The clothiers
continue busy in preparing for the spring trade.

The Crops and the Armies of the South.

The Richmond Examiner of tho Ist inst. has an elaborate
editorial article to prove that the South is very far from
exhaustion, It says :—" The crops of 1861, which are to
supply subsistence for the next twelve months, are unusu
ally good. Certain localities have suffered from drought,
but this evil has been partial only. As a general rule, the
crops of 1861 are better than those of 1863, and promise
abundant bread for another year. There has, in fact, never
been any lack of quantity. The difficulty was in distribu-
tion. Bat our railroads have held out wonderfully well.
Their own officers have been surprised by the facility with
which they have been able to keep them up. IV a are
better prepared to maintain our railroad system at this hour
than we were 18 months ago. Every month increases our
capacity to improve and maintain these essential public
works. Necessity has proved in this matter the mother of
invention. The people have found that they could live
luxuriously upon a quantity of supplies which they would
have considered four years ago approximate to starvation
—and great manufacturing enterprises have been impro-
vised without trouble, which everybody in the South
thought beyond our capacity to accomplish even in the
time of peace. Nor are our armies so nearly destroyed
as the enemy persuades himself. That of Northern
Virginia is stronger now than when Grant began the battles
of the Wilderness. We have lost few in killed, and the
wounded are nearly all recovered and returned to their places.
In general the army grows stronger rather than weaker,
for the boys attaining to the military age outnumber the
killed and discharged old men. The progress et active
operations thins o'er ranks, but a lull of the strife recupe-
rates the disabled and restores the strength of the ranks.
The Confederacy is immeasurably stronger on this Ist day
of September, 1864, than it was on the Ist of May, 1862 or
1863. It can place as many men in the field, and each man
is a veteran, when before he was a raw recruit. The Yankees
may as well dismiss their pleasing visions of Southern ex•
baustion. It was this mistake which lured them into the
war ; and the same delusion has been the cause of all their
disappointments. If they determine to carry on the war
they must brace themselves like men to the real fact that
they will have to encounter great armies, well supplied,
thoroughly armed, and brave as any that ever trod a field
of battle. The cowardly idea that the rebellion is exhausted,
and that their further operations will be feebly resisted, will
bring them to grief. The South has fought Lincoln for one
term successfully. If they can re-elect him she can fight
him another term still more successfully, There is no
thought of submission, nor any fear of collapse here ; and
the North would meet in the fall of 1868 the same spirit
which they encountered at the outset of the struggle at
Bull Run.