The Sun.
London, England, 1864-07-13 00:00:00

STATE OF TRADE.

MAN CHESTER, July 12.—The market for shipping yarns
has been very strong to-day, and many spinners have asked
prices so much in advance of late quotations as almost utterly
to discourage operations. But for the extreme prices it is
believed a considerable business would have been done. A
good many secondhand lots, bought last week, have been
resold to-day at prices under what spinners were now will-
ing to accept. The market closes very firm, buyers some-
what at a less how to act, from a feeling that if they refuse
the rates now demanded they may not be able a few days
hence to supply their wants without giving a still further
advance, In our home trade market the advance in prices
has been considerable, and a moderate business has been
done at an advance of Id per lb on the rates of last Friday.
Spinners, however, in some cases have asked considerably
more for cops—in some instances as much as 2d or 3d per
lb in excess of the prices of this day week, while some pro-
ducers decline for the present to name any quotation. With
the market in this state, it has, of course, been difficult for
buyers to get on, and business has to some extent been
checked. In the cloth market the improvement noted last
week has continued. A good deal of business has been done
altogether during the past five or six days, in fact a large
business at a slight but gradual rise in prices, especially in
shirtings suited to India. The demand has embraced shirt-
ings of all kinds, and especially wide shirtings. Buyers have
preferred to suit themselves out of stock, where that has
been practicable, and where orders have had to be given for
goods to make have manifested extreme reluctance to give
any lengthened period for deliveries. Where manufacturers
take orders to make they are compelled by the advance in
cotton to ask considerably higher rates for cloths—say, for
811 b 40-inch shirtings 91 to 12d per piece ; and for other
shirtings in proportion. For other cloths sellers are adding
id to 3d (and in some cases more) to last Tuesday's rates.
Buyers seem to a great extent taken by surprise, and to-
day these extreme rates have checked business very con-
siderably in cloths. Messrs. John Hogg and Co. report :
"Since Tuesday last we have had an improved demand,
and a good business has been done at our full quotations of
last week, chiefly for goods in stock, or short term of de-
livery. The movement in the cotton-market has to-day
compelled manufacturers considerably to advance their quo-
tations; and, as buyers are unwilling to follow, especially
for distant delivery, the business of the day has been much
restricted."

_
LEEDS, 12th.—The markets in the cloth-halls to-day have
been quiet, much the same as on this day se'nnight. As
large quantities of heavy goods suitable for the fall trade are
delivering by the manufacturers direct to the merchants,
there is a comparatively small bulk of seasonable goods in the
halls. The market was affected by the occur.enee of Leeds
annual summer fair, which imparted a hoiyday feeling to the
market generally. The manufacturers report themselves as
keeping well employed, and that their stocks are far from
being heavy. As to prices, they are very firm. A good deal
of interest has been manifested to-day in the suspension of
payment by a large shipping-house (Messrs. J. Mirfin and
Co.), who have issued a circular to their creditors, announc-
-1:g that, in consequence of the non-receipt of remit-
tances from America, and the high rate of exchange,
they have been obliged to suspend payment, They
intimate that they intend to place their affairs in the
hands of an accountant, and to lay a statement as soon
as possible before a meeting of their creditors. In the
meantime they express a hope that they will meat with for-
bearance. There are many rumours as to Messrs. Mirfin's
liabilities, the amount being stated to be from £lOO,OOO to
£200,000. It is understood that the firm have scarcely any
stock on hand, During the last few years they have done a
large business with America, a considerable portion, if not
the large portion, being with the Confederate States by
means of blockade runnera. At a meeting of the creditors
this afternoon there was a good attendance. Mr John
Mirfin, who constitutes the firm, estimated his debts at
£136,000, but he thinks he has £150,000 to pay with,
£130,000 of which consists of goods at New York. The
meeting terminated in Mr Mirfia agreeing to execute a
deed of assignment. Six trustees were chosen, and in-
structions were given to them to take immediate steps for
recovering a large quantity of goods lately transmitted to
New York and to Nassau.

NOTTINGHAM, 12th.—At this Exchange-ball to-day
there was a fair attendance of merchants and manu-
facturers. The demand for lace yarns was only mode-
rate, prices being above the views of buyers. Hosiery
yarns were also held at an advance on late prices. Silks
firm, and advancing. The demand for brown nets was
slow, but late rates were fully supported.
EDCHDALE, lltb. —There was a fair attendance of buyers
in the flannel market to -day, and a brisk demand for light
and fancy articles, Medium and heavy goods are also in
steady request, and the same may be said as to Yorkshire
goods. Manufactut ers are hardening their prices, haying
no difficulty in obtaining last month's currency, and find-
ing it difficult to buy wool without some advance. The
manufacturers are all well employed, and the condition and
prospects of the flannel trade have rarely been better than
at present.