The Sun.
London, England, 1847-12-01 00:00:00

STATE OF TRADE.

MANCHE/TEX, TIIZIDAT.—Since our last report the
buoyant feeling which prevailed at the latter end of last
week has been considerably diminished by announce-
ments of one or two failures, and, still more, by rumours
of very serious difficulties, affecting a London house of
the highest respectability, largely engaged in. the East
India trade. We had heard something of these difficul-
ties on Thursday last ; but, hoping that they might be
surmounted without being brought before the public,
we abstained from alluding to them. The house in
question. and its situation, have been, however, so
currently mentioned on 'Change, and so frequently
alluded to in London and provincial newspapers, that
any further reserve respecting it is entirely unnecessary.
The house in question is that of Fletcher, Alexander,
and Co., of Moorgate-street, London—a house of exten-
sive business, and we believe, of ample means, but
unable, owing to the existing pressure, to meet its lia-
bilities without assistance. It is understood that appli-
cation has been made to the Bank of England for an
advance to the extent of 300,000/. ; and that the
directors have consented to make that advance,
on condition of receiving sufficient security from Messrs.
Fletcher and Co.'s friends, in the form of bills at long
dates. It has been stated, in several of the London
newspapers, that the requisite security had been given
ea
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with Manchester. There have been, also, two
ilifailureser, a
nidn
CLo., iveEarposotl, namely, those of Brownrigg,
India inerchants, and Edwards
and Co., arysulters ; but neither of them will cause
rnda.olial y supposed, the unfavourable in-
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has produced an injurious effect
upon our market to-day ; and there has been rather
less demand for cloth than on Tuesday last, though
without any concession in prices. For some kinds of
yarn, principally the lower numbers, there has been a
little more inquiry, though at ver • low' rates ; and, on
the whole, the yarn market may be considere a shade
lower than last week.
SATURDAY.—Less business has been dons
in the Piece Hall to-day than ou either of the last two
Saturdays, and the slight revival which had manifested
itself seems to have disappeared. There is, however, an
expectation that there will be a move for the better after
Christmas. The demand for yarns has slightly de-
creased, as the export houses are now regulated in their
operations by the continuance of open weather for ship-
ping. Prices are without alteration, as a rule; although
the necessities of the spinners lead to partial concessions.
For wool there continues a small demand, to supply im-
mediate need ; but prices may still be quoted in favour
of the buyer. Short wools remain pretty much the
same, the quantity produced being very limited.