The Sun.
London, England, 1864-10-19 00:00:00

STATE OF TRADE.

MANCHESTER, Oct. 18.—We have to report the gloomiest
market to-day that has yet occurred since the present
crisis commenced. Some of our spinners and manufac-
turers had been led to expect, to use their own phrase,
that things had taken a turn, and that prices had reached a
minimum. In consequence of this feeling manufacturers
in several instances had written or telegraphed to their
Manchester agents to advance selling quotations for their
cloth Id to 2d per lb. To such persons the market has
proved a great disappointment, In shipping yarns we have
had very little businw s, and in yarns made from short-
stapled cotton prices are decidedly easier than they were
last week, while for those made from long-stapled cotton
the market has been *moderately firm, though without much
business being practicable at the quotations. In this branch
of the market (shipping yarns) business closes quiet, with a
tendency to lower prices. In home trade yarns the rumours
of failures have had a depressing effct, and there is a want
of confidence, so that we have had a more stagnant market
than previously. Low cop yarns as well as low-bundled
yarns are cheaper. Cloth has been exceedingly difficult to
sell. We have heard of some fair sales at a price, but gene-
rally the market is flat. Tee few buyers who were in the
market have been making very low offers, and low as prices
were before they had not touched the bottom. On the whole,
cloths have been cheaper than they were before. We hear
of six or seven more manufacturers having stopped payment
to-day, and the feeling of gloom seems to be increasing as
the knowledge of these failures come to the public ear. The
commercial public have, of course, been awaiting advices
from India with some anxiety, and a private telegram has
been received to-day (the first since news of the crisis had
begun to arrive out), and it bears out the fears entertained
here that a reflex of the advices sent hence would be dis-
couraging. According to the telegram the markets there
had been paralysed by the bad accounts to hand from this
side. The large purchases of cotton at Liverpool to arrive
are producing their effect, and we hear of stocks purchased
at 24d per lb selling at 16d, and in some instances as low as
15d and 14d per lb.

LEEDS, 18th.—The woollen cloth-markets to-day have
been thinly attended by buyers, and those present confined
their purchase to small parcels of a miscellaneous charac-
ter, including both heavy and light goods. All things con-
sidered, the market had as active an appearance as could be
expected, and there was a stronger tone of confidence in the
proceedings than was maintained on this day se'nnight. As
winter stocks may be said to have now fully pasted into the
hands of the retail dealers, attention is directed by the
wholesale houses to spring goods, and on such and ordinary
fabrics manufacturers are mostly engaged. The trade is
certainly not so buoyant as we lately had to report it, yet
the mills are running full time and the manufacturing ope-
ratives are in full employment. The failure of the Leeds
Banking Company still engages a good deal of attention.
The £5 notes of the company are selling at from £4 lOs to
£1 15s each, and some speculative individuals advertise to-
day that they will give £4 12s Od a piece for them. The
committee of shareholders of the bank have signified their
acquiescence in the appointment of Mr. Turquand as the
sole liquidator, and have issued a circular recommending
them to unite in an application to the Court of Chancery to
snake the appointment of Mr Turquand, which is now only
provisional, permanent, There is no likelihood of any op.
position to this application, and in the meantime all that
can be dune at the bank, under the superintendence of the
committee of investigation, is being done to forward the
winding up of the unfortunate concern. Till, however,
the liquidator be fully appointed the real work of winding
up can scarcely be commenced.

NOTTIN GUAM, 18th.—At this Exchange-hall to-day
there was a fair attendance of merchants and manufactur-
ers. Spinners asked higher rates for lace yarns, which
buyers were reluctant to pay, and business was eventually
done at fully late prices. For hosiery yarns the demand
was slow, but prices were unaltered. abDut the same
as last week. the demand for brown nets was dull, and
prices had a downward ten 3ency.
ROCHDALE, 17th,—The attendance of buyers in the
flannel market to-day has again been small, and they pur-
chased cautiously, so that less than an average amount of
business was done. Though the trade is undoubtedly rather
dull, the manufacturers are well employed, and as yet there
is no great accurulation of stock, and a fair amount of
orders are in hand. The Yorkshire goods trade is also rather
quiet, and will probably remain so till the cold weather has
been the means of reducing the stocks of the retail dealers,
and fresh supplies are needed, Prices of goods aro steady.
In the wool market there is not much business doing, but
the staplers maintain late prices.