The Sun.
London, England, 1862-09-13 00:00:00

STATE OF TRADE.

MANCHESTER, SEPT. 12.—We have had very
little business to-day in either yarns or cloths, and
exact quotations in these, as in cotton, are rather
difficult to get hold of. The Prices of cotton were
reported here yesterday as 4d. per lb. under the
extreme rates quoted a week to ten days ago,
bat to-day they are reported at a decline of
not more than 171 d. So, in cloth, the quotations
were reported 61. per piece lower on Tuesday
for sellers, but so far as we can learn there
have been very few people willing to sell at more
than a nominal decline. But in yarn and cloth, as
in cotton, there is extremely little business doing.
The sellers of yarn say they have found a consider-
ably improved feeling for all descriptions ; holders
of yarn and speculators are very sanguine that we
shall yet see much higher prices, and are holding
on the faith of this improvement. The accounts
from all parts of this district warrant the belief
that many more mills will be closed than at present
as soon as the present stocks of cotton are worked
up, and the extremely small sales of cotton at Liver-
pool this week confirm this belief. The total sales
to last night from the previous Thursday (inclusive
were which 5,300 only were to the
trade, 12,700 bales, of
The consequence is that the stocks of yarn
are reported to be getting within a very small com-
pass, and a pretty general opinion prevails that we
shall see a renewal of speculative operations next
week on a considerable scale. There is not much
doing for consumption, and most of the yarn in the
market is held on account of speculators. The tele-
grams from Calcutta are rather favourable, but at
present prices we hear of but little disposition to
purchase for export. The general opinion expressed;
on the Exchange with regard to the proposed sub..
stitute for cotton is unfavourable. We speak of that
offered in London. Persons who have seen the staple
say that the appearance of it leads to a favourable
impression, but that on trial it would prove too
brittle for spinning by the machinery now in use,
and that on this ground alone, however suitable it
might be in other respects, it must fail of general
acceptance. Cloths are regaining firmness to-day.
It is still relatively much cheaper than cotton, and
the holders of stocks, who are mostly speculators,
at
in
e dio'4,. i
de
ps
e of
are consequently encouraged to keep possessiein
cloths
()et h s hopeure
so
afi
d higher
to b e prices.pur
cha
b u 2ef3s_e.r tn
lb. under the current rate of yarn; and this is no
doubt the reason of so many mills
general opinion among the sellers of cloth to-day is„
that by holding they will yet be able to get some-
thing beyond the extreme rates recently obtained.
This is the general opinion, and although, as above,
stated, there have been no sales worth mentionir.g,
cloths of all kinds are held with much tenar'ty. .
The regular merchants are still almost entirely shut
out of the market by speculators, and hence, thougk
we have telegrams from Calcutta to the 26th ult.
of a favourable character, they have led to no busi-
ness for export, It is believed that a good deed of
business could have been done at the rates f
o yester-
day, but prices are firm, and close with an upward
tendency.