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 pause 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 do not appear disposed to operate for any
market. There is no new feature in the cloth-
market, except that the improvement in the dem.,.tnd
for India fabrics, which the telegrams from Calcutta
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. ['he prima
of cloth are unchanged, and ma'ufact urers 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 bean again inking
some inquiries, and manufacture rs have in L.oine
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
Stagg 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."
LEEDS, 20th.—The weather, which has been,
squally, 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 oa
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 good amount of business has been done to-day
i❑ plain as well as fancy goods. Prices are well
maintained. Yorkshire linseys continue in active
request, and command profitable prices, Manufae•
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 veil
freely, many of them being well supplied.
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 lational Si'

penditure.

On Monday evening, Mr. E. A. Leatham, M.P., de'
livered a lecture in the Music Saloon, Wakefield, on "Re"
trenchment ;is it possible and ex edient." There was
large audience. The hon. gentleman, who during ale
delivery of the lecture was frequently applauded, went 5:
great length into the details of our expenditure, and showed
how it had increased, especially under the naval and mill-
tart' head. He °once-dad that our naval and military outlay
was comparatively much higher than that of France or o.ni
other nation in Europe. Tue 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 through
the E glish fleet (in itself no very simple operation), be
would have to encounter a force of 210,000 men, die
greater part of whom could be summoned in an instan"
by teleAraph, and concentrated on any given point in a
few hours. When we remember (he continued) that tbeoa
men would be fighting close to their base of operation!:
in the midst of a friendly and infuriated people, and
above all, that they would be fighting for their hone:
(the sacred inspiration that makes armies invincible, nad
every man a hero), what are we to think of the spill*.
hensions of those who t, emble at the bugbear of invasion,
and, surrounded by a population the bravest, the west
loyal, and the most united in the world, dare t°,l
outrage by their cowardice every tradition of a renown°
and indomitable people ? And what must be their estimate
of the sagacity of the first statesman in Europe, it they
think him capable of committing this prodigious fiasco P .",
is open to grave doubt whether Napoleon the Great, with
all his military genius, his implacable hatred, and his inel,
haustible resources contemplated for more than a moment°
descent upon these shores ; and are we to believe that Nap°,
leon the Third, without that genius, that hatred, and thosa..
resources, is resolutely bent upon an enterprise, the Possis
bility of which only flitted like a dream across the We!,
daring and ambitious imagination which the world 10'
known ? Are we to believe that he has studied to so little
purpose the character of those among whom he passed hie
exile, as not to know that the first Frenchman who stair
upon our island would by that very act convert every 1110
lishman into an implacable enemy,aed inaugurate a struggia
the fiercest and most deadly in his history, and which teal,
only terminate in the depopulation of England, or the dos°,
fall of his dynasty and the utter prostration of France ? Re
cent events in America do not lend confidence to the Ilia
wader, and if one more illustration were required to p 19%
the indomitable energy of the Anglo. Saxon, we have will P",
turn our eyes to the banks of the Chicahominy and theRaPP(4,
hannock. A strong argument moreover against the possll'r
_.
lay of a war with France is to be found in her present positsoo')
and relation to the nations which are conterminous wi
t
her. Her strength has hitherto been not merely in the re,
,
sources of her people, but in the weakness of her neighbour's,
A divided Germany, a divided Italy, an enfeebled Spain;
what a field for French diplomacy and aggression I Eve
point to the early consolidation of these communities. Itif
is becoming a great and united nation. Germany is gravitate
ing towards the two chief poles of German power.
powerful states, side by side, will soon in all probability o°l,
front France upon the east. Even Spain,touched by the vlf
lying force of the age, is rising from the dead. These nations
p
are all the enemies of France--and they are all girding
their loins. In proportion as they become strong, France 13°0
comes relatively weak. I think that she will find enouglie
do to hold her own by land, without engaging, at feario
odds, with a nation of sailors in a struggle for the 000
of ihe sea. The English alliance has been the fulerhilto
from which the Emperor has moved Europe. He
te
looked in vain elsewhere for trienesh p. Legi,i%6
monarchs have resolutely turned their backs upon
rude and danger us upstart whose throne ,pringe ir°ol
revoluthu. Why should he make war on England sr
for
he kill the goose that has laid so many golden eggs,
him ? But it is in vain to urge all this u-ron the alartnis
When a fixed idea has taken possession of the Wilily
mind men cease to be amenable to reason. The hon. gees
tleman then proceeded to combat the statement that Fraill
was largely increasing her naval and military forces, 700
quoted figures in support of his theory, that there Was
nothing in the state of the French armaments to Pi ht
alarm. He pointed out other .considerations which ou.:r
to induce our Government largely to reduce the nation'
co,
pencil ure, and strongly urged a policy of prudence, nd
01000
a
ciliation in our ritions with foreign powers. At the 00
of the lecture a s ote of thanks to the hon. gentleman
unanimously adopted.