The Sun.
London, England, 1863-01-21 00:00:00

STATE OF TRADE.

MANCHESTER, Jan. 20.—1 n yarns there has been
no business to-day. A decided psi se has occurred
in business. Nobody seems exactly to know the
reason why. It is partly attributed by some to the
advance in discounts, while others attribute it to
the recent advices from America. Yet no one seems
to see in the American news anything but evidence
of a longer and more protracted struggle, and why
this should affect business is not very obvious.
Buyers de not appear disposed to operate for any
market. There is no new feature in the cloth-
market, except that the improvement in the dem nd
for India fabrics, which the telegrams from Ca:cutta
last week gave some hopes of, has not taken place.
In these goods, we are told, there has been nothing
whatever doing. This branch of our trade appears
to be very sensitive to any depression of the cotton
market, and the quietness in cloth is mainly attri-
buted to the state of trade at Liverpool. The prices
of cloth are unchanged, and manufacturers appear
disposed to maintain their quotation with firmness.
There is a disposition among the home trade, as there
has been for some weeks past, to do business, espe-
cially in printing cloths, but it has not yet led to
any results worth mentioning, so far. Buyers for
long cloths for Alexandria have been again making
some inquiries, and manufacturers have in some
cases taken orders, but mostly at prices which
can hardly cover the cost of making,
though they may mitigate the loss which
would result from keeping machinery actually
idle. Some little weakness has manifested
itself with some of the holders of both yarn and
cloth, but it is quite exceptional. Messrs. John
Slagg and Company report of the cloth-market :
" There is no new feature in this market since our
last report. There is still a fair demand for some
descriptions of printers and long-cloths, and a mode-
rate amount of business has been done in them, at
last week's prices. For other goods, especially for
India and China shirtings, there is little or no de-
mand, but stocks being light and production very
small, there is no anxiety to sell, and prices are
firm, at the quotations of last week."
LELDS, 20th.—The weather, which has been
squal►y, with rain, sleet, and snow, has affected the
cloth-markets this morning, by limiting the atten-
dance to less than it would have been if the morn-
ing had been fine. All things considered, a fair
amount of business was done in fabrics for spring
wear, including light goods for female attire. The
manufacturers, both in the town and the neighbour-
hood, report themselves to be steadily employed on
orders. Prices keep firm. The local wool trade
is rather quiet, but there is no change in the gene-
ral currency for wool.
ROCHDALE, 19th.--The flannel trade keeps active,
and a gaud amount of business has been done to-day
in plain as well as fancy goods. Prices are well
maintained. Yorkshire liuseys continue in active
request, and command profitable prices. Manufac-
turers are well employed, many on orders which
will keep their machinery running for weeks at
least. Wools are held firmly at late quotations,
but the manufacturers are not buying very
freely, many of them being well supplied. A
woollen firm in the neighbourhood doing r, consider-
able business has suspended payment, but hopes
are entertained that it will soon be able to resume
business.

Mr. Leatham, M.P., on the National Ex-
penditiue.

On Monday evening, Mr. E. A. Leatham, M.P., dew
livered a lecture in the Music Saloon, Wakefield, on " Re-
trenchment ;is it possible and ex, edient." There was a
large audience. The hon. gentleman, who during the
delivery of the lecture was frequently applauded, went at
great length into the details of our expenditure, and showed
how it had increased, especially under the naval and mili-
tary head. He contended that our naval and military outlay
was comparatively.much higher than that of France or any
other nation in Europe. Tile increase which had taken
place could not be justified. There was no reason to appre-
hend an invasion, and even if an enemy could break throug6
the E. glish fleet (in itself no very simple operation), he
would have to encounter a force of 210,000 men, the
greater part of whom could be summoned in an instant
by telegraph, and concentrated on any given point in a
few hours. When we remember (he continued) that these
men would be fighting close to their base of operations,
in the midst of a friendly and infuriated people, and
above all, that they would bo fighting for their homes
(the sacred inspiration that makes armies invincible, and
every man a hero), what are we to think of the appre-
hensions of those who ti amble at the bugbear of invasion,
and, surrounded by a population the bravest, the most
loyal, and the most united in the world, dare to
outrage by their cowardice every tradition of a renowned
and indomitable people ? And what must be their estimate
of the sagacity of the first statesman in Europe, if they
think him capable of committing this prodigious fiasco ? It
is open to grave doubt whether Napoleon the Great, with
all his military geains, his implacable hatred, and his inex-
haustible resources contemplated for more than a moment a
descent upon these shores ; and are we to believe that Napo-
leon the Third, without that genius, that hatred, and those
resources, is resolutely bent upon an enterprise, the possi-
bility of which only flitted like a dream across the most
daring and ambitious imagination which the world has
known ? Are we to believe that he has studied to so little
purpose the character of those among whom he passed his,
exile, as not to know that the first Frenchman who stepped
upon our island would by that very act convert every Eng-
lishman into an implacable enerny,s., d inaugurate a struggle
the fiat cast and most deadly in his history, and which could
only terminate in the depopulation of England, or the down-
fall
of his dynasty and the utter prostration of France ? Re-
cent events in America do not lend confidence to the in-
vader, and if one more illustration were required to prove
the indomitable energy of the Anglo. Saxon, we have only to
turn oar eyes to the banks of the Chioahominy and theßap pa-
hannoek. A strong argument moreover against the possibi-
lity of a war with France is to be found in her present position
and relation to the nations which are conterminous with
her. Her strength has hitherto been not merely in the re-
sources of her people, but in the weakness of her neighbours.
A divided Germany, a divided Italy, an enfeebled Spain;
what a field fur French diplomacy and aggression I Events
point to the early consolidation of these communities. Italy
is becoming a great and united nation. Germany is gravitat-
ing towards the two chief poles of German power. Two,
powerful states, side by side, will soon in all probability con-
front France upon the east. Even Spain,touched by the vivi-
gis rising from the dead. These nations
are iP
all f ce
m
France—and they are all girding up
their loins. In proportion as they become strong, France be-
comes relatively weak. I think that she will find enough to
fy
een of e the
fe
saogfe,
do to hold her own by land, without engaging, at fearful
odds, with a nation of sailors in a struggle for the empire
of the sea, The English alliance has been the fulcrum%
from which the Emperor has moved Europe. He has
looked in vain elsewhere for friendship. Legitimate
monarchs have resolutely turned their backs upon the
rude and danger% us upstart whose throne springs from
revolution. Why should he make war on England? Will
he kill the goose that has laid so many golden eggs for
him ? Bat it is in vain to urge all this u:oon the alarmists.
When a fixed idea has taken possession of the human
mind men cease to be amenable to reason. The hon. gen-
tleman then proceeded to combat the statement that France
was largely increasing her naval and military forces, and
quoted figures in support of his theory, that there was
nothing in the state of the French armaments to justify
alarm. He pointed out other considerations which ought
to induce our Government largely to reduce the national ex-
penditure, and strongly urged a policy of prudence and con-
ciliation in our relations with foreign powers. At the close
of the lecture a vote of thanks to the hon. gentleman was
unanimously adopted. _