The Sun.
London, England, 1847-05-06 00:00:00

Bouverie ; her Majesty the Queen Dowager, accompanied
by his Serene Highness Prince Edward of Saxe Weimar,
and e'en& I by the Earl and Countess Howe, Viscount and
Viscountess .6arrington, Hon. Miss Wheatley, and l.i.apidiu
Somerset ; and her Royal Highness the Duchess of Cam-
bridge, attended by the Ladies Augusta and Honoria
• Cad°gatt, and Baron Knesebeck, were also present. Amongst
the general company were the Prince Louis Napoleon, the
Duke and Duchess of Beaufort and Lady Blanche Somerset,
the Duke and Duchess of Montrose, the Duke and Duchess
of Cleveland, the Duc de Melfort, Marquiss and Marchioness
of Ailesbury, Marquis and. Marchioness of Douro, his Ex-
cellency the Baron de Brunnow, the Baroness Brunnow and
Mdlle. Olga de Lechner, his Excellency the Hanoverian
Minister, Marquis of Huntley, Marquis of Conyngham,
Marquis of Donegal, Earl Cadogan, Earl of Strathmore,
Earl and Countess of Wilton, Earl of Warwick, Earl of
Arundel and Surrey, Countess of Jersey and Lady Clemen-
tina Villiers, Earl of Munster, Earl of Chesterfield, Earl of
Falmouth, Countess of Blessington, the Misses Power, Earl
of Cardigan, Earl and Countess Granville, Countess Dowager
of Essex and-Miss Johnson, Earl of Belfast, Countess of
Dalhousie, Earl and Countess of Powis, Countess Grey,
'Viscount Cantalupe, Viscount and Viscountess Maidstone,
Viscountess Falkland, Viscount Canterbury, Viscount Ra-
rielagh, Viscount Castlereagh, Viscount Clifden, Lord and
Lady Willoughby de Eresby, Lord and Lady Macdonald,
Lord and Lady Ernest Bruce, Lord Alexander Gordon
I...ennox, Lord and Lady Seymour, Lord Brougham, Lord
Brooke, Lord Gardner, Lord Sandys, Lord Saltoun, Lord A.
Fitaclarence, Lady Glentworth, Baron and Baroness Roths-
child, Baron and Baroness Lionel Rothschild, Baron Re-
hansen, Baron Nicolai, Baron Koller, Count d'Orsay, Count
de Barke, Count de Courcv, Count de Blacas, Hon. G. L.
Smythe, Hon. R. Curzon, Hon. W. Willoughby, Hon. J. Mac-
donald, Hon. Mrs. Dyce Sombre, Hon. R. Lawley, Hon. Mr.
Dillon, Sir R. and Lady Peel, Sir Moses and Lady Montefiore,
Sir George Talbot, Lady Palmer and Miss Palmer, Sir
Loftus and Lady Otway, Sir Alexander and Lady Wood-
ford and Miss Woodford, Sir Fitzroy anti Lady Kelly, Sir
Charles Lemon, Lady Colbourn, Sir Wm. Fremantle, Sir
merge
Webb, Sir IL Willoughby. Sir Andrew Barnard, Sir
bliss
Wombwell, Sir Bellingham and Lady Graham and
ms Graham, Lady Slade, Sir Hew and Lady and Miss
Meux, Lady Douglas, General Upton, Colonel Tynte, Colonel
Merrick, Mrs. Colonel Powell, Colonel Bowers, Major Butler,
Major Baring, Major Colgreave, Captain Reynolds, Captain
Greville, Captain Smith, Captain Laing Messon, M. C. De
liondriaffsky, Mr. and Mrs. Hodgson, Mr. and Mrs. Hubert
de Burgh, Mr. and Mrs. Trelawny and Miss Trelawny, Mrs.
Cunningham, Mr. C Packe, M.P., Mrs. Packeißeading, Mr.
Leader, M.P. Mrs. Mrs. Grote, Mr. Barry Baldwin, M.P., Mr. G.
Delafield, Mr. W. Delafield, Mr. J. Hankey, Mr. Hucksley,
lixa.r. W. Williams, Mr. Montagu Gore, Mrs. Capel, Mr. and
G. Philli s Mr. and Mrs. Wheeler, Miss Gyles, Miss
Gee, Mr. Clark, Mr. H. Villebois, Mrs. Matheson, Mr. H.
Barclay, Mr. Amory, Mr. Howard, Mr. Holtord, Mrs. Perry,
Mr. B. Lindo, Mr. Robarts, &c.

FERGUSON AND TAYLOR'S
MONTHLY TRADE CIRCULAR.
Messrs. Ferguson and Taylor, of Manchester, have
issued the following Monthly Trade Circular, of Prices
Current, which deserves careful attention:—
oWhentato o
cirt had been ascertained that the failure in
the potato p
P, and the deficiency of yield of certain
cereals last harvest, amounted in money value to a loss
by the nation of ecore than twenty millions sterling in
one year, it became evident to all ;who reasoned on the
matter, that such a calamity must inevitably derange
our monetary affairs, and lead to a temporary
pros-
tration, at least, of our manufacti.rieg industry, and
some embarrassment to our ordinary commercial enter-
prise. It was clear that this deficiency in the native
Supply of the food of the people, would have, to a
large extent, to be met by importations from foreign
sources, and whether such supplies were paid fer by
commodities or money, the nation would be inimpover-
risehtuedroso
itst resources to the extent of the deficiency in the
her own fields ; since those importations
Would not be, as in the case of an abundant harvest, an
increment to previeusly existent wealth, but, on the con-
trary, would have to be balanced by a draft on past
savings. and the future products of our industry. With
this fact before us, we anticipated a depression in the
home demand for manufactures, as a consequence of the
advanced cost of food, and foresaw that a stringency
would be experienced in monetary affairs as soon as the
"changes turned in favour of those countries whence
supplies of bread-stuffs were being imported. '1 he
crisis foretold by some of the ablest leaders of public
°Pini3n has at length arrived, and, we apprehend, too
suddenly many parties who are largely engaged in
regulation of banking facilities, to be calmly con-
lered. The evils against which provision is to be made
We conceive has beers too much magnified, and want of
.onfidence has grown out of excitment, and added
! the embarrassments of the time. The extent
the demand for specie for foreign remittance and
duration of unfavourable exchanges have, we think,
been over-estimated ; whilst, on the other hand, the re-
sourcesas of the country, and the healthful and legitimate
Leis on which its trade has been conducted for some
past,
have not been allowed their due weight.
as Although a high rate of interest appears to be inevitable,
well as desirable, in order to correct the adverse
balance of trade, still we believe there exists no reason,
Inthe present condition of affairs, or in the probabilities
of the future, for that extraordinary stringency in dis-
counts, and almost (as we have heard) capricious rejec-
tion of first class securities, which have taken place
daring the past week in London. The effect of the
tightness in the Money-market has completely paralyzed
the trade of this district during the past week.
Buyers are unwilling to extend their liabilities,
a,,nd, therefore contract their operations within
psulyineiymipoasitlimited compass, confining their investments
to mere parcels for assorting stocks. Spin-
ners and manufacturers, on the other hand, viewing no
Probability of an immediate revival of demand, are re-
ducing production as much as possible, by working
!eon time, or closing their mills_ It is a benevolent
feeling which induces many to continue their work-
People in employment, during three or four days per
Week, at a loss, rather than add to the privations
these poor people already unavoidably endure, by
closing their factories altogether. In the meantime
stocks are kept from accumulating, and so far a wiser
policy prevails now than obtained during the depression
of the years of 1838 and 1841. No heavy stocks
bang over the market to depress prices much below
their natural level, nor are foreign markets being
glutted by shipments made by needy manufacturers
under advances. We hear of no manufacturers
endeavouring to force sales in an overdone market
by cheapening production at the cost of the
operative;—the rate of wages for labour is maintained,
but the market is not over supplied by its products. We
believe no former period of depression has found the
business transactions of both markets and manufacturers
placed on a sounder foundation; there is no undue specu.
lation,lorextension of trading to be corrected ; and as
stocks are comparatively moderate both abroad and at
home, the inference is fairly deducible, that as soon as
the present straitness in money matters is withdrawn, a
lucrative trade will follow. With respect to the future
rule of prices, we are inclined to believe they must be
considerably higher than at present as soon as the pre-
sent monetary pressure shall have passed away. At the
present rates of cotton, it is an undoubted fact, spinners
and manufacturers cannot continue production, and it
does not appear likely that the prices of that staple will
speedily decline. Although we doubt the accuracy of
the conclusion drawn from the falling off in the arrivals
of cotton at the ports of the United States, (which may
be occasioned by the accumulation of stock at the sea-
board, scarcity of storage, high rents and rates of insur-
ance, advanced freights, scarcity of shipping, &c.,—all
favour of retaining supplies in the interior,) still we
cannot doubt that so long as supplies are kept back, and
uncertainty exists as to the ultimate yield of last year's
crop, that the value of the material held here will be
firmly supported on the least improveme of demand.
To correct the advanced rates of cotton, and equalise
production to demand, we have in Manchester, out
of 177 mills, employing 41,000 hands, 52 mills, employ-
ing 12,500 hands, working short time, and 24
mills, employing 7,500 hands, entirely stopped ; iu
Ashton-under-Lyne, Staly bridge, Dukinfield, Mossley,
Fairfield, &c., out of 211 mills, of 6,479 horse power,
employing 27,500 hands, there are 4,301 horse power,
with 18,032 hands, only working four days per week ;
in Stockport, out of 55 mills of 3,648 horse power, and
employing 14,592 hands, there are 40 mills, of 3,165
horse power, employing 12,660 hands, that are only
working three days a week, and 15 mills of 423 horse
power, and 1,692 hands, are entirely stopped ; in Bol-
ton, out of 53 mills, of 1,425 horse power, employing
7,070 hands, there are 33 mills, of 842 horse power, and
employing 4,250 hands, working, on an average, 4i days
per week ; in Oldham, Crompton, ItJyton, Chadderton,
Lees, and neighbourhood, out of 182 mills, above
100 employing about 17,000 hands, are working only six
and eight hours per day, and about 12 mills, employing
about 2,000 hands, are stopped altogether; in Rochdale,
Boron, Todmorden, Whitworth, and neighbourhood.
put of 205 mills, employing 10,064 hands, there are 109
mills, with 13,011 hands, working short time, and 21
mills, with 3,141 hands, entirely stopped. In Blackburn,
Preston, and Wigan, " short time" and stoppages are ex-
tending. It is contemplated by many who are now run-
ning full time to stop entirely, for a short term at Whit-
suntide. This course cannot fail to influence prices
eventually, as production must now be greatly below con-
sumption; and as stocks are being cleared off, both abroad
and at home, as soon as ever a revival of demand sets in,
the value of manufactures must advance. Good harvest
prospects, as the season progresses, would speedily give
animation to business, and an impulse to prices.