The Sun.
London, England, 1847-09-09 00:00:00

STATE OF TRADE.

- -
MANCHESTER, TUESDAY.—The beneficial effects'
f the slight relaxation that has recently taken place
in the London money market, have been entirely
nullified by the heavy failures occurring in London
and Glasgow, as well as by some unfavourable occur-
rences in this town, which, though not arising out of
the ordinary transactions of business, are calculated
to inspire distrust amongst mercantile men. The
appearances of increased demand which were ob-
served last week are entirely at an end. The demand
for goods and yarn has been on a very limited scale,
and manufacturers have, in many cases, accepted
prices a shade lower than those prevalent last week.
Notwithstanding the heavy losses to which the
millowners have been compelled to submit during the
last twelve months, the rate of wages has been gene-
rally well supported ; but we now learn that notice
has been given by the millowners at Mossley, to the
effect, that a reduction in the wages of the spinners,
to the extent of ten per cent., will take place on the
17th of September. It is to be feared that this is
only the commencement of a general reduction
throughout the district.
We extract the following remarks from the over-
land circular of Messrs. Ferguson and Taylor, of this
town :7
" A retrospect of the course of business transacted
in this market during the past month affords little
'matter fur satisfaction. The operations of buyers,
both for the home trade and for export, have been on
the most limited scale, being principally small in-
vestments for the assortment of stocks. No doubt
much of the present dull and stagnant condition of
demand is attributable to the embarrassed condition
of the money market, and the high rates demanded
for discounts; at the same time, it must be admitted
that the discouraging accounts of large stocks and
unremunerative sales, from some of the largest foreign
markets for the vend of British cottons, would, even
in an easier state of monetary affairs, have a depres-
sing influence en business here. The high prices of
food consequent upon the late dearth in Europe, have
materially limited the means of continental con-
sumers, and one of the results is observable in the
diminished demand for our yarns and textile fabrics.
Our home trade also languishes from the same cause.
Under the blessing of Divine Providence, a plentiful
harVest this season has been granted, and in due
course its salutary effects will be felt here ; in the
first instance in the improvement of our home de-
mand. It can hardly be expected, however, that the
irnpr9veragnt should be speedy—the people must save
before they can spend.
" The recent failures here much tend to limit con-
fidence, and the reckoning with the United States
speculators in grain threatens disasters. Flour
shipped in vast quantities in June and July, at eight
dollars fifty cents, with freight at 3s. 6d. per barrel,
and arriving here when the market is dull at 265.,
must give rise to serious apprehensions for those
engaged in the venture. How far this reverse may,
in its consequences, influence the American trade
here remains to be seen. A large proportion of the
increase in our exports to the States consists of con-
signments by our manufacturers, &c., and in the
event of a disturbance of monetary affairs, and the
shock of credit which threatens to follow in the -wake
of these overdone speculations, we shall fear an ad-
verse result to these shipments. 'We repeat, that
although we believe that circumstances are in opera-
tion which will restore our trade to comparative
healthiness and activity, we apprehend the amend
ment must be the work of time. The drain of nearly
seven millions of bullion during the past few months
will take some time to correct, and money facilities
are not' likely to be had on easy terms for a
lengthened period. Foreign markets, if not kept
down by the ill•timed shipments of needy con-
signers, must soon experience greater lightness arising
from the limitation of supplies ; and when cleared of
redundant stock, a prospect of be'ter prices, both
for manufacturers and merchants, will be opened to
them. The greatest difficulty to be overcome is the
short supply of cotton. Stocks of goods and yarns
(with the exception of India qualities, &c.) are by no
means hef.lvy. Were an active home demand to spring
UP, high' prices would be immediately established ;
and were our mills to resume full work, the demand
for cotton would be met with correspondently en-
hanced price, which would at once check business."
ROCHDALE FLANNEL MARKET, MONDAY.—The
flannel market has undergone little change from that
of the preceding Monday. The; demand is steady,
and prices are the same. The wool market is still
inactive, and the manufacturers buy for immediate use

•
only.
HALIFAX, SATUILDAY.—There is no improvement
in the trade of our piece hall this week, and the
scarceness of money is generally complained of. The
demand for yarn has been very inanimate, and the
buyers offer rather lower prices. The supply of long
wool in the market is not large, for the season, and the
growers hold out for better rates than can be realised
here ; but the staplers continue free sellers at late
prices. In the short wool trade there is no change
worth noting.
r 4 LEEDS, TUESDAY —The cloth halls were well at-
tended both on Saturday and to-day, and in our
• market altogether there is a better feeling; the de-
mand for winter articles is on the increase, and likely
- to continue very fair for some time to come, the wea-
' Cher being most propitious.--Manchester Guardian.

THE CORN TRADE.

LIVERPOOL, CORN•EXCIIINGE, SEPT. 7.—The
• 'imports from Ireland and coastwise continue ex-
• tremely limited. From Canada there are 3,143
/inarters of wheat and 37,366 barrels of flour, and from
•`"'' • foreign ports they are again very heavy. The exports
amount to 2,256 quarters of wheat, 331 quarters of
oats, 6,609 quarters of Indian corn, 3,318 barrels of
corn meal, 33:3 sacks and 21,184 barrels of flour. The
_ weather in the early part of the week was favourable
a-- ). ,for the completion of harvest, and in this immediate
neighbourhood the fields are mostly cleared. For
aa-a.:.three days past, however, heavy drenching rains have
-sr, a fallen, which may impair the condition of the new
wheat. For wheat there was daily a good consump-
tive demand, at the fall prices of Tuesday. Flour met
), an extensive sale at 255. 6d. and 255. for Western
' Canal and the best Canadian descriptions ; and Balti-
2'note, Philadelphia, and. Ohio were offered at 245.
~r per barrel ; unsweet, 20s. and 18s. 6d. per barrel.
Oats in moderate request at 3s. 2d. per 451 b. for good
old Irish. Barley was flat. Beans and peas without
_ change of value. Indian corn met hut a slow sale at
.275. per 4801 b. for New Orleans, and at 31s. and 30s.
for prime and yellow New Jersey and Galatz. In-
dian meal was offered at 13s. 6d. to 14s. 6d. per
barrel, and few transactions occurred. At our Corn-
' Exchange this morning there was a good attendance
• of the trade and a large show of samples of all kinds of
grain, flour, &c. There was a large consumptive de•
snand for wheat at the full prices of this day week, and
some choice mixed American fetched 3d. per 701 b.
advance. And for flour there was also a large sale at
„"255. and 253. 6d. per barrel for Western Canal, and
for other kinds in proportion. New oats scarce, and
the few samples offered fetched 3s. 2d. for Newry, and
„ 3s. per 451 b. for Scotch ; old were flat, at former
rates. Barley, beans, and peas, were without change,
. • - and in moderate demand. Oatmeal was held for 30s.
• to 31s. per load for Irish new. Indian corn and In-
- alien corn-meal were in fair request at previous rates.
---- HULL CORN-EXCHANGE, TUESDAY.-There has been
3 decided change in the temperature during the past
-week, and on one or two days some quantity of rain
Lhas fallen. This will prove a benefit to the turnips,
which were beginning to look anything but right,
and being followed by a cold brisk wind would do no
harm to the grain crops. The fields are now rapidly
clearing of Wheat, and other grain is being fast se-
cured.
Without any material extension of business, a
firmer feeling has pervaded the market since our last
report. The majority of importers preferring to land
rather than submit to previous low rates, there is less
stuff pressing for sale than we had previously to re-
_ port. Much now depends upon the course pursued
by farmers. 'They cannot easily forget the agreeable
high prices of the last six months, and those who can
hold we think will, and see whether a cessation of
-.arrivals, which is now pretty sure to take place, will
riot give them a better result than present sales will
do. There has certainly been less inclination to sell
it some of our local markets the last week.
Z. At to-day's Market we had only a small show of
Wheat from the farmers—less than our millers
needed—it was very free sale at full last week's prices,
rather more money being paid in some instances. A
good enquiry for foreign Wheat, but little or none
uffering afloat, and our stocks are also trifling, parti-
cularly of useful red Wheats.
The quality of the new Barley shown (merely
s am pies)
was very fine, and there is no doubt this is
the best crop on the ground. The season for Grind•
ing Barley is now on, and the demand good at pre-
sent moderate rates.
We have still arrivals of Foreign Oats, which are
aaleai,.le at the above currency.
Beans are inquired for, but being landed are gene-
rally held above present rates. From the general
improvement
failure in the crop of this article some
is confidently 100k.4.,d for.
• Rye-meal still attracts great attention, and is a
sl.ade darer since our last. It is being used mixed
• With water for pigs, and with brewer's grains for
0., tows with great advantage, in both cases mixed
Water put to it in a large tub and drained off
after standing some time, has proved good for young
cdves.—(From Messrs. Taylor and Bright's Circular.)
y INEWCASTLE •CPON-TYNE, SATURDAY.—The wea-
ther this week has bean for the most part of a bois-
terous character with occasional showers, but they
.„ Lave not been of sufficient importance to impede har-
va vest operations. At our market this morning we had
• a pretty I:air supply of wheat from the growers, the
great bulk o.f which consisted of the new crop; and
Its condition Laing much improved, and such 'being
warated by our millsers for mixing, Et clearance