The Sun.
London, England, 1862-09-17 00:00:00

STATE OF TRADE.

MANCHESTER, Sept. IG.—The yarn-market has been
exceedingly quiet to-day. Scarcely any inquiry has been
made, either by consumers or by speculators. At the same
time holders are very firm, and are demanding extreme
prices, still feeling confident that the value of all kinds of
cotton goods will be considerably higher than at present.
At the extreme rates now quoted shippers for India are
quite out of the market, and have been for many weeks
past. The recent advices from Bombay and Calcutta are
discouraging, even had not prices here gone up so out
of all proportion to the values current in India. There
is nothing indeed, doing for shipment to any foreign
market, except some limited operations, under peculiar
circumstances, for Germany. The cloth-market has
been quite as inactive as that for yarns. Holders are
very firm and the saies effected have been made without
any concession from the rates of last week. They have not
got up again to the highest point recently attained, but
holders express much confidence that they will do so, and
do not care to sell anything less. There has been no
buying for India or for export at all. Almost the whole
of the cloth purchased to-day and for some time past has
been taken with a view to resale in this market. Manu-
factures and holders of cloth generally entertain the
opinion that, whatever change may take place with re-
gard to cotton, the limited quantity of cloth on hand and
now producing will insure high prices for some time to
come. A great influx of cotton, it is thought, might tem-
porarily send down prices, but the reaction would be suffi-
cient, with the present scarcity of cloth, to secure them
from much loss. The new fibres proposed as substitutes
for cotton engage more and more attention. The trade
generally do not believe in them. Flax cotton, China grass,
and various other substitutes were tried Years ago, during
a partial dearth of cotton, and many manufacturers spent
considerable sums of money in experiments, and
were
obliged to abandon them.
Still there are many who, after
living to see the inventions of the last 30 Years, have vague
impressions that something may come of the many attempts
made to find a substitute. Some are even sanguine of such -
a result. "Fabrics may be produced," they say, ,c which
are not identical with cotton, but which it is not improbable
may be cheap enough, and of good quality enough, to eater

into competition with cotton goods." The majority of ex-
perimenters are trying to find 'fibres to mix with cotton
rather than to take its place, and among these the principal
are preparations of flax. A. fibre was produced on the Ex-
change to-day made from Rio grass which bore the greatest
resemblance to cotton of anything yet produced. It was
extremely fine, of good colour and strong. It was many
inches in length, and would require breaking up for use,
but that would be no obstacle if it could be produced cheap
enough and in sufficient quantity. It was said to be pro-
ducible in great quantity, and at 3d. per lb. ; but the ques-
tion which naturally suggests itself, if this is true, is suffi-
cient to throw doubt upon the statement. The Scotch fibres
from jute and other substances do not find much favour
here. It is said that the bleached samples which have been
tried are too brittle. The cotton offered through the Messrs.
Phillips, of London, begins to excite considerable interest.
At first it was not believed in' because the gentlemen to
whom it was shown were not allowed to handle it, but more
recently the Secretary of the Chamber of Commerce has
been allowed that privilege, and pronounces it of sufficient
strength. The statement in a circular recently issued by the
inventor that a future supply of the material may be ob-
tained by cultivation in the United Kingdom, without dis-
placing from other purposes one acre of land, has taken the
public by surprise. To this should be added the state-
ment made here on behalf of the inventor, when asked
about the quantity, that an almost unlimited supply would
be forthcoming almost immediately, or at least a million
bales. The next question to be answered, and one of great
importance, is as to cost. American cotton, it is known,
has been produced and sold in this market with a profit at
something like 4d per lb. No material is likely to come
into permanent Use here that could not withstand such a
competition. At least spinners and manufacturers will not
be likely to risk their capital to any extent in procuring it.
Even if ordinarily producible at this price, it is thought
that any undertaking of the kind would be subject to a
rude shock whenever the struggle in America is over, and
when it is believed that this market will be completely
glutted with cotton, which must be sold at any price. Such
a shock in the infancy of an undertaking would be hard to
withstand. Whether this belief is well founded or not, it
is very prevalent here, and it is this which explains the ap-
parent apathy which has been manifested with regard to
procuring cotton from new fields of cultivation. Messrs.
John Slagg and Co. report of to-day's cloth market :
" There is no change in this market since Tuesday last.
On Saturday and yesterday there was rather more inquiry,
and a moderate business was done, but to-day the demand
has fallen off again, and there is little or nothing doing.
Prices are nominally the same as last week, but are very
irregular."

LEEDS, 16th.—The markets in both the cloth halls to-
day were rather quiet as to purchases, but prices were firm,
and the tone of the market was healthy. There is no im-
provement in the demand by the export houses, but the
home trade continues steady. The parcels removed from
the halls to-day at the close of the market included a fair
portion of ordinary useful black cloths, as well as different
mixed and fancy goods for autumn and winter wear. The
finishers of the new Witneys are fully employed, and are
working overhours.

ROCHDALE, 15th.—There has been a good market for
flannels to-day, and a considerable bulk of goods was pur-
chased, as there was also at the warehouses during the past
week. Prices have an upward tendency, especially those
of Welshes. Manufacturers are busy, many of them com-
pleting orders for exportation, as well as for the home trade,
and the prospects for some time to come are satisfactory.
Yorkshire goods are selling much better than of late.
Wools still keep very firm in price ; indeed, on the more
saleable sorts an advance of 2d. per lb. has taken place
within the past fortnight.

RAILWAY IMELLIGENCE.

SCOTTISH NORTH-EASTERN.

The half-yearly meeting of this company was held on
Friday at Aberdeen--Mr. J. Stirling in the chair.
The CHAIRMAN, in moving the adoption of the report,
said he thought the result of the half-year's working was
very favourable to the company. They were enabled in the
past half-year to show a considerable increase in their traf-
fic, and to give a better dividend to the shareholders than
in the corresponding period of last year. Considering the
circumstances of the country, those two facts were very
gratifying. Their expenses were on the decrease. This was
the first half-year of their working with the Dundee and
Arbroath Railway Company, and he was glad to say that
their working with that company had been highly harmo-
nious and satisfactory. lie concluded by stating that he I
should be happy to answer any question the shareholders
might wish to put.
Mr. G. THOMPSON, in seconding the motion, said he
thought they had reason to be very well pleased with the
present state of the undertaking, and he hoped the dividends
on the ordinary stock would continue to increase.
The motion was carried unanimously.

On the motion of the CHAIRMAN, the sum of £20,103,
then standing at the debit of the Aberdeen revenue balance
account, was transferred to the debit of the Aberdeen capi-
tal account. The retiring directors were re-elected, and
also the retiring auditor.
The proceedings concluded with a vote of thanks to the
chairman.