The Sun.
London, England, 1863-01-19 00:00:00

STATE OF TRADE.

MANCHESTER, Jan. 16.—There has been a very
good demand for yarns suitable to the Calcutta
market, especially for 40's mule twist, which is
about ld. per lb. higher than the price of this day
week, The demand for these yarns, which are re-
markably scarce in the market, has sprung up in
consequence of a telegram from Calcutta dated the
29th of December, and two days later than the tele-
grams to hand in the early part of the week, re-
porting an active demand for yarns in that market,
with an advance of about d. per lb. in price. For
all other descriptions of yarn the market here is
quiet, and especially for home trade yarns, which
can be bought at lower prices even than on Tuesday.
There is a slight improvement in the tone of the
cloth market, mainly owing also to Indian advices,
according to which shirtings at Calcutta were up-
wards of 6d. higher than at previous dates. This
has brought a good many buyers into the market to
test prices here, and sellers report a good inquiry,
which has led to some, though not a large business.
It is not believed the purchases have been made for
immediate shipment. Some parties are reported to
have done a good business in re-sales of cloth for
speculative holders, but manufacturers have not done
so well. The India advices have caused a livelier
feeling in the market altogether, and have improved
the value of goods generally ; but we do not hear of
much actual business for the home trade. In addition
to the failure of a large manufacturing firm at Padi-
ham, reported on Tuesday, it is said there have been
at least two smaller concerns in other parts of the
cotton district obliged to stop during the week ; and
it is feared that these concerns will not be the only
ones which will have to pay a severe penalty for
having attempted to carry on their trade notwith-
standing the difficulties arising out of the cotton
famine. A considerable number of small manufac-
turers were ruined during the first few months of the
cotton crisis, but since then we have heard of com-
paratively few stoppages. The fact has excited some
surprise among the best acquainted with the trade,
and they have not hesitated to predict that more
serious disaster must ensue, sooner or later, however
it may be staved off for a time; but one of the guts-
tions which must now begin to force itself more
urgently upon the public mind is, seeing the distress
and misery which have been brought about by the
failure of cotton supplies from America, what steps
are being taken to remedy the deficiency for the
fat are. Will the year 1863 be allowed to pass over
without greater efforts in this direction than we have
yet witnessed? There was great excuse for the apathy
which existed so long as there was an uncertainty as
to the earnestness with which the belligerents in
America were disposed to carry on the war. But
most people are beginning now to be undeceived
on this point. There was another obstacle in the
immense amount of cotton held in the Southern
States, and which it was feared might any day be
set at liberty and overwhelm with ruin those who
might undertake any enterprise to raise cotton in
other countries. But now that the prospects of
mediation or interference wax fainter, and the huge
proportions of the war entered upon begin to de-

velope themselves clearly, and now that it becomes
probable that the stores of cotton so much dreaded,
yet so much needed, must have undergone serious
deterioration, if not diminution, through decay from
insufficient housing, how stands the question? How
far must the disorganisation of Lbour in the Slave
States and the decay of cotton stocks on hand be
assured to the perceptions of people on this side of
the Atlantic before it is considered safe to make an
effort to grow cotton ir.‘ sufficient quantities else-
where ? Everybody feels conscious that the efforts
hitherto made through cotton companies and orga-
nisatiou for gathering what is grown up to the
present time must fall far short of the exigencies of
the trade. There was at first great obstruction to
the progress of efforts of this kind through an opi-
nion promulgated by those to whom every one
looked as the natural leaders in such a movement
that joint-stock companies of spinners, manufac-
turers, and merchants, and others immediately con-
nected with the trade, were not the right agencies
to employ. But that could only be the delusion of
a moment among a class of men who themselves
hold more stock in bank, railway, canal, mining,
marine, and other joint-stock enterprises, perhaps,
than any other class in the world, and where even
the operatives have begun to find out the advan
tages of co-operation: It was an opinion held by
some, honestly no doubt; but the great obstruc-
tions to efforts for a supply of cotton were those be-
fore noticed—of the uncertainties overhanging the
future of America, and which are now, or ought to
be, fast wearing away. The whole attention of the
country appears to have been recently absorbed in
the effort necessary to raise money to support the
starving operatives, but this question of cotton sup-
ply is one that must and will have to be answered
soon. Meanwhile the question is asked, " What is
the Cotton Supply Association doing " This orga-
nisation appears to have obtruded itself very little
on public attention of late. It was unfortunate,
perhaps, in its name, being an association rather to
encourage the cultivation of cotton than to supply
it ; but it has been of considerable service in obtain-
ing information for the guidance of parties disposed
to take an interest in cultivating and procuring
cotton, and it is to be regretted that its efforts have
not been attended with greater success.