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

STATE OF TRADE.
MascnssTEß, TITESDAY.—The beneficial effects
of 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-
renaes 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
niillowners 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 tbe
o feared l
that this ion
is
only the commencement of a genera reduc
throughout the district.
We extract the following remarks from the over-
land circular of Islessrs. Ferguson and Taylor, of this

town :
" 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
improvement 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 better 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 heavy. 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."
Roc HDALE 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
HALIFAX, SATURDAT.—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.
LEEDS, 'FuEsnx-r.—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-
ther being most propitious.--Manchester Guardian.