The Sun.
London, England, 1853-07-07 00:00:00

STATE OF TRADE.

(From the Manchester Guardian of yesterday.)
MANCHESTER, July s.—The effect of the advices by
the overland mail is to confirm the merchants connected
with India and China in that policy of inaction which
they have latterly adopted; There is, therefore, hardly
so much firmness as there was in shirtings for the for-
mer quarter, and those adopted for the latter may be
had on rather lower terms. In mule yarns for India, how-
ever, there is no change. The buyers of yarns and goods
for the European continent have shown, by their ex-
treme caution, that they are influenced by the nearer
approach of a crisis in Turkish affairs ; and yet the prices
of the yarns in which they deal continue very steady.
In all classes of yarns, the supply of which is affected
by " turn-outs," price is found to be affected also.
The greatest effect is seen in pin-cops for domestics and
other coarse goods ; and in a less degree, in 24's and
28's warps. The diminished production of 14's to
18's pin-cops in Stockport and Manchester, has enabled
those who can sell for speedy delivery, to obtain an ad-
vance of id. per lb. upon the prices that were current
prior to the cessation of work at the former place. The
makers of domestics and T cloths are now commanding a
fair advance. The abandonment of these fabrics in favour
of lighter makes, which has been so long pursued by
manufacturers, is now telling upon the heavier cloths ;
but the rise in these is more than absorbed by the ad-
vance in the yarn from which they are made ; so that
the parties most nearly concerned are actually in a worse
position than that which they previously occupied—such
of them, at any rate, as do not spin, and they form the
greater proportion.
ROCHDALE!, JULY 4.—The market has been dull and
inactive to-day, with little or no change in prices. In
wool there has been very little doing ; the manufactur-
ers keep out of the market, and seem disposed to wait
and see the result of the very heavy wool sales adver-
tised to take place in London this month.
HALIFAX, JULY 2.—The attendance in our piece-hall
has been very slender to-day, and the transactions in
worsted goods, of all sorts, are very limited, both there
and in the warehouses, the aspect of affairs in .the East
being such as greatly to curtail commercial operations.
The same cause produces similar effects in the yarn and
wool markets, and the prices of wool are quoted some-
what lower.

BIRMINGHAM, July 4.—A farther reduction of 20s.
per ton on all manufactured iron was resolved upon at
the preliminary meeting of the trade, held at the Stew-
pony Inn, near Stourbridge, on Thursday last, and very
numerously attended. This result has been matter of
surprise to some, as it was scarcely expected without an
attempt to diminish the cost of production ; and it is
argued that, as would now appear, iron can be profitably
sold at the rates usually realised under a nominal declara-
tion of 91. per ton for bars, with colliers' wages at ss. per
day, and puddler% and furnace-men advanced from thirty
to forty per cent., it may reasonably be asked why have
the consuming public been so long gulled? The poor
dupes who have latterly been paying their 101. and ill.
per ton have just cause of complaint. The workmen
also will not be backward in making a note for their
future guidance, and the proprietors of mines will have
a better idea of the royalties to be demanded hereafter.
The principal reasons adduced for adopting the present
step seecustomers m to have been the importunate solicitations
of
the probable competition of
,the new pro-
,
clueing' districts, and the impracticability of maintaining
for marked bars an excess of 30s or 40s per ton above
the quotations of inferior makes. Great complaints have
also been latterly made of the over-production
made
pig
iron, and we are informed that an effort was at
the meeting, by the leading pig-makers present, to ar-
rapge for a general blowing-out of a certain proportion
ofeir furnaces ; but with the result of their delibera-
tions we have not yet been made acquainted. The
prices of iron as now declared are—bars, 91. ; hoops,
101. ; and sheets, 11/. per ton ; but it is notorious that
many, even large makers, had previously been selling at
81. 55., and pigs had been bought at Si. ss. Within the
,last few days a better feeling had, however, been spring-
ing up, more firmness was exhibited in general.

EAST LONDGN WATERWOBIKS.—Yesterda,y the com-
mittee, of which Lord iiinnaird is chairman, passed
this company's measure for constructing new reservoirs
at Walthamstow, for the supply of Enfield, Waltham,
and the surrounding districts with pure water. The
supply will be pumped from the river Lea into the reser-
voirs at Walthamstow, and be supplied by gravitation
to the surrounding districts.