The Sun.
London, England, 1847-10-08 00:00:00

STATE OF TRADE.

MANCHESTER, OCT. 5. The anticipations of a
gradual improvement in the state of business here,
which some parties have recently entertained, and
which were mainly founded upon the fact that, for
three days no additional failures were announced, suf-
fered a serious blight this morning by the announce-
ment of the suspension of the house of De Jersey
and Co., one of our most extensive foreign agency
houses for the purchase of yarn and manufactured
goods for the Russian and German markets. The
high character for capital, prudence, and stability
which the houses of this class have acquired and
maintained may be readily conceived, when we state,
that during all the severe revulsions to which the
trade of this district has been subjected during
the last twenty-five years, and notwithstanding
the enormous amount of business which they
have transacted, not one, so far as we can recollect,
has failed in its payments until the present time.
Messrs. De Jersey and Co. have always had the
the reputation, and, we believe, justly, of possess-
ing ample capital, at all events for their regular
mercantile business, but it is said that, for some
time past, they have been largely engaged in the
establishment of cotton spinning concerns in Russia,
not strictly on their account, but under circumstances
which required some considerable advances of capital
on their part. The immediate cause of their suspension,
however, is the stoppage of their London corre-
spondents, Messrs. Thomas, Son, and Co., with respect
to whom seine particulars will be found in another
column. With respect to the extent of the liabilities
of Messrs. De Jersey and Co., we have not heard
even a conjecture. 'there is no doubt that, at this
season of the year, they must be very large, and
include, no doubt, a considerable sum for machinery
and millwrights' work. We trust, however, that no
loss will eventually be sustained; and from the un-
doubted capital of the house, and the high personal
character of the partners, we are induced to place
more than ordinary confidence in the assurances
which we receive that there is an exceedingly
favourable prospect of their being enabled to
resume their business, and to meet all their
engagements, in the course of a few days. The
failure of Messrs. James, Nephew, and Co., mer-
chants and commission agents, of this town, was also
announced this morning. The suspension in this, as
in some other cases, has been caused by the previous
failures of two large houses for whom Messrs. James
and Co. were agents. The liabilities, we understand,
are about 22,0001., of which about 11,0001. are due
to manufacturers, chiefly in moderate amounts, and
we have reason to believe that the stoppage will be
merely temporary.
We are exceedingly glad to be enabled to announce
that the business of the firm of Birley, Corrie, and
Co., East India merchants, of this town, which was
last week stated to have been suspended, is proceeding
as usual. The house, in fact, has never suspended its
payments at all ; but having received some remit-
tances (though not nearly to the amount generally
stated) from India, in bills on London houses which
have stopped payment, a suspension was contemplated,
which, however, was rendered altogether unnecessary
by prompt and effectual pecuniary assistance. As
we find that some little misconception has prevailed
on the point, we think it right to state that the house
of Birley, Corrie, and Co. neither has nor ever had
any connection in business with that of Messrs. Birley
and Co., the well known cotton spinners and manu-
facturers of this town.

In reference to the failures which took place here
last week, we regret to learn that the result of two
meetings of creditors have been much more unfa-
vourable than were previously anticipated. The ap-
parent assets of Messrs. James Guest and Co. are
stated to be so very trifling that we decline to men-
tion the amount; and the losses of Mr. J. A. Arm-
strong, from this and other causes have been so large,
that it is understood that the dividend is not likely to
exceed 12s. in the pound.

The principal suspensions at Liverpool during the
last few days have been those of Mr. William Maury
and Messrs. T. and H. Murray. Of these, the
former has already resumed, and the most confident
expectations are entertained that the latter will be
enabled to do so in a very short time, as their means
are understood to be very ample.
Of course, under circumstances like those which we
have just described, it cannot be expected that much
business will be done. The demand, in fact, has
been on the most trifling scale, and prices are conse-
quently almost nominal. Still, we believe, the great
majority of the manufacturers show much firmness,
and decline to submit, even for immediate payment
in cash, to any material reduction.
ROCHDALE, OCT. 4.—There has been another
good market to-day, and flannels of every description
have met with a ready sale, at the average prices of
the last three weeks. The transactions in wool have
been limited, which may be accounted for, princi-
pally, by the want of confidence created by the late
numerous failures, and the unwillingness of the deal-
ers to sell upon the usual credit. There is no change
to report in price.
HALIFAX, OCT. 2.—The dulness in the piece trade
continues unabated. The slight improvement mani-
fested in the demand for yarn, last week, has been
decidedly checked by the tremendous failures in the
commercial world, which have created a general feel-
ing of mistrust, and led to the present course of a still
further diminishing production. As it would be na-
tural to expect, these causes have slightly depressed
prices. The stock of long wool in the market con-
tinues light, with a small quantity arriving from the
country, as the farmers have not yet been induced to
ask lower rates. What is selling here is a little in
favour of the buyer. Short wool remains firm, the
slackness of the spinners causing the supply to be
very limited.
HUDDERSFIELD, OCT. 4 —There has been a consi-
derable business in low goods. In the better sort of
woollens there has also been rather more doing.
LEEDS, OCT. s.—We had a very quiet market to-
day, and much less business doing than last Satur-
day. The tightness of the money market cannot but
interfere with our trade.—Manchester Guardian.