The Sun.
London, England, 1853-09-17 00:00:00

,A 4
Tbirb zio-, t tOn

SUN OFFICE, Six o'clock.

STATE OF TRADE.

(Prom. the Manche ter Guardian, of this day.)

MANCHESTER, Sept. 16.—The progress of depression
in our market is very decided in the present week. The
rates for discounting bills in London have continued to
advance, and the difficulty of effecting discounts has be-
come greater. No doubt the Emperor of Russia's de-
cided rejection of the modified note of the great Powers
has contributed to this growing monetary stringency,
which, however, is mainly due to the continued efflux of
the precious metals, and to the state and prospects of
the European food market. The effect we experience is
a very much more marked abstinence from any attempts
at business on the part of all classes of buyers, than was
previously observable. it is, however, to be particularly
noted that there is nothing like alarm, or any pressure to
bell. Prices are undoubtedly lower, and a good deal of
irregularity is occasioned by contracts terminating in
many quarters, whilst considerable orders are yet unfi-
nished in the hands of other producers. A general per-
suasion, however, exists that the commercial interests of
the country are sound at the core, though there may be
a tendency to extension which needs to be restrained,
and which meets with its natural restraint in a diminu-
tion of the facility of borrowing capital.
BRADFORD, Sept. 15.—W00l is exceedingly bad to
buy from the grower, and equally difficult to sell to the
spinner, whose avocation is ruinously bad, and the con-
sumption is daily diminishing. Nods and brokes are
without change. Yarns—The business doing is steady,
but the prices are ruinously low. and the cost of pro-
ducing yarns is so great, both in material and labour,
that the spinners are inclined to stoppage of frames
Where orders run out. Pieces—The month of Septem-
ber has not been active for the purchase of gray goods
of plain fabric. Those so engaged are unwilling to make
to stock, and as orders run out, looms are ceasing to be
employed ; the cost of worsted and cotton yarns is so
great, it is impossible to realise prime cost, and the
shortening of the supply is daily getting more general.
NOTTINGHAM, Sept. 15.—Since our last report there
has been a considerable number of lace goods from
various p'aces, which has caused a little extra stir in
the warehouses, but the benefit has not reached the
producer. All machine holders are complaining of
the want of business, and the extravagant prices now
required for both silk and cotton are such that it would
be madness for makers of brown goods to hold stocks.
hence we hear of some who are contemplating stopping
tl,eir frames as the warps come off. The hosiery trade
is still in a healthy condition. Stocks are light in all
departments, with the exception perhaps of articles
Made from round frames, of which description of goods
there appears to be an over production for the time, but
orders are continually arriving from Australia, and
buyers from the United States are making their appear-
ance amongst us. We are consequently looking for an
increased business. The price of the raw material is
much against us.
LEICESTER, Sept. 15.—The general demand continues
as good as we have reported for some time past, and
many kinds of goods cannot be finished fast enough to
complete orders on hand. Worsted yarns retain their
Price, and are looking upwards. The wool market is
active, and prices are well maintained by the growers.