The Sun.
London, England, 1847-07-07 00:00:00

STATE OF TRADE.

The following is an extract from the trade report, of
the Ist instant, of Messrs. Du Fay and Co., of Man-
chester:—

We noticed in our last trade report the beginning of
an improvement in the general •.pect of affairs, and we
are glad to say that it has been more fully developed
during the past month; but the improvement cannot be
considered safe until all doubt and anxiety about the
harvest here and abroad are removed, particularly as the
potato disease has again shown itself in some districts.
The accounts from all quarters speak confidently
about the appearance and the probable yield of the crops,
but we require certainty to render• our position secure.
Another failure of crops would be fraught with conse-
quences so disastrous that no forethought could predict
the extent— no prudence nor exertions avert the
severity of such a calamity. As the harvest in
some of the neighbouring states is near at hand,
and on the point of bring secured, we shall not
be kept very long in suspense as far as the yield there is
concerned; meantime our own crops will, we hope, ad-
vance rapidly towards ripening, and finally afford ample
supplies. The anxiety with which the state of the weather
has been watched everywhere throughout the month, and
the sensitiveness which all markets without exception ex-
hibited with every change of the barometer, show how ge •
nerallytheconviction is entertained that a good harvest only
can restore something like former prosperity. At present
the general opinion leans to the favourable side. Confi-
denco is gradually returning, and money is easier, owing
in some measure to the unusual contraction of business
during the previous months.
This state of things, combined with recent accounts
from America, have revived speculations in the Liver-
pool market ; the article of cotton being one of para-
mount interest to this immediate district, we beg,
before entering upon any remarks about the trans-
actions of the past month, to say a few words re
specting the supply and probable consumption of this
important staple under existing circumstances. Next to
the food question, none claims more attention, being
secondary to no other in its consequences on the welfare
and prosperity of a large mass of the population of this
country. It is generally assumed that about a million
and a half are engaged in the various departments of the
cotton manufacture of Great Britain.

We minded in our last trade report to the critical and
unsatisfactory position in which our spinners and
manufacturers are now placed, between the Liver-
pool cotton market and our own, by a rise in
the former without an adequate advance in the
latter. The disproportion which then existed be-
tween the raw and manufactured article has increased
since, instead of having bee❑ equalised. It is true our
manufacturers look forward to a better state of things—
to an improvement in the prices of goods; but will they
be better off than they have. been, it cotton continues—
as it has so tar done—to precede instead of following an
advance in our market?

The steamer Hibernia, which left Boston on the 16th
ult., arrived at Liverpool on the 28th ult. The letters
report a dull and declining cotton market, in consequence
of discouraging accounts from this side, and the diffi-
culty of negotiating bills on Europe The main point.
the extent of the crop, remains as before, the entire
amount of the crop will probably not be more than
1,800,000 bales.

The tlecrease in the c insumption of cotton during the
first five months of this year, compared with 1846,
amounted to about 200,000 bales. We do not believe that
the falling off can be made up during the remaining
months, although the consumption of cotton has rather
increased in this district since our last report; the num
ber of workpeople out of employ being now 8,671.
instead of 12,167; and those who work " short time,"
i. e. who are only partially employed, are now 5,021, in-
stead of 6,628. It may not be out of place to state that
several of the most influential millowners, whose estab-
lishments have worked " full time," are now reducing
the hours of labour to ten hours per day, in order to
preparein firee
f'o)rt,l andtep to counteracteriodw
when the he
come if possible, by ing~ nuit}'
and Exertions, the disadvantages or enhanceno nt of cost
which are inseparable from the working of this Bill. In
'ivies like the present, when the supply of the raw
material is short, short hours of labour are in

character, but hereafter, when a full expansion of
the cotton manufacture may nut only be desirable
but necessary, the reaction of about 12i per cent.
which the Ten Hours' Bill is likely to effect in the usual
production of goods, may for a time cause incon-
venience and loss. It must be borne in mind that one-
half of the amiunt of our last year's exports—namely,
25,600,0001., consisted of the produce of cotton articles,
4nd the question may well be asked what have we to
make up in the shape of returns for any ueficiency which
may arise in our production of cotton manufactures,
whether caused by a short supply of the raw material
or by legislative interference ?

ST. BIARYLZBOXE
STREET.—EstabI
ment of progress,
years.

BANK FOR SAVINGS, 76, WELLBECK-
Iished July 5, 1830.—Comparative State-
, at specified periods, during the last seven