The Sun.
London, England, 1848-01-11 00:00:00

STATE OF TRADE.

MANCIISSTER.—There is little, if any, change in
the market since Tuesday last. Perhaps, upon the
whole, less business has been done, owing to an at-
tempt on the part of spinners and manufacturers to
obtain an advance on their production commensurate
with the recent advance in the price of the raw mate-
rial at Liverpool. Buyers, however, and especially
buyers of yarn, refuse to accede to these demands;
and the consequence is, that spinners are in a worse
position than they were two or three weeks ago. We
are quite satisfied, that, if the advance should go on,
it will not only prevent any further extension, but
will very soon cause a diminution in the present hours
of labour.

We are glad to state that a circular was issued on
Wednesday, announcing that a second instalment of
five shillings in the pound, on the debts of Messrs.
Scholes and Co., bankers of this town, who were
compelled to suspend payment about the Ist of No-
vember last, is now payable to the creditors at the
banking house in Norfolk-street.
During the last three days a rather gloomy feeling
has prevailed here, in consequence of rumours in the
first place, and positive statements afterwards, of
numerous and extensive failures at Glasgow. These,
we are sorry to say, have been to some extent con•
firmed by later accounts. The failures in question
are, we believe, six or seven in number, the most im-
portant of which is that of Messrs. John Anderson
and Co., a house in the South American trade, whose
liabilities are said to amount to 200,000/. The failure
is ascribed principally to the suspension of Cotes-
worth and Co., of Lcndon, with whom Anderson ;and
Co. had large transactions. Another failure is that
of :Messrs. Gilmour and Kerr, in the Canadian trade,
whose engagements were stated at 80,0001., which,
however, we are inclined to consider an exaggera-
tion. he losses of the house are ascribed to un-
fortunate railway speculations. The other failures
are all of inferior importance, and we are not
aware that any of them will exercise any ma-
terial influence upon the trade of Manchester. It is
obvious from these and other events of the same kind,
either that the trade of Glasgow is itself in an ex-
ceedingly unsound condition, or that the boasted ad-
vantages of the Scotch system of banking and cur-
rency are dearly purchased by some evils peculiar to
that system. In all periods of monetary pressure the
trade and commerce of Glasgow suffer much more
than those of Manchester.
The recent failures at Frankfort continue to attract
much attention in commercial circles, on account of
their apprehended recoil upon Paris, Vienna, and
other cities on the Continent, where extensive ex-
change operations with Frankfort are carried on.
We, therefore, give some further particulars respect-
! log these failures, derived from a recent letter from
Frankfort to a mercantile house in this town :—lt
appears that Messrs 1)e Heber and Co. (brothers)
inherited from their father a very considerable for-
tune, with which they carried on the business
of bankers at Frankfort, and would most probably
have been successful, if they had not fallen into
the error which has ruined so many firms in
England—namely, that of investing their funds in,
and staking their credit to support, large manufac-
turing establishments. A few s ears ago they were
mainly instrumental in establishing, in shares, three
of these establishments—namely, a large cotton-
spinning and manufacturing concern, a machine-
shop, on a very large scale, and a sugar refinery. The
scale on which business was carried on by these
establishments may be gathered from the fact that,
collectively, they employed from seven to twelve
thousand persons. Of course they required a very
large floating capital ; and, as the companies themselves
did not possess it, Messrs. De Haber and Co. raised
it by drawing accommodation bills on three other
banking houses at Frankfort. For a time this
expedient answered the purpose ; but, at length, the
pressure for money rendered their hills unnego-
tiable ; and then the manufacturing companies,
Messrs. De Ilaber and Co., and two of the three
accepting houses, came down together ; the third
house being saved by the prompt interposition cf
the Rothschilds and Montefiores. Great efforts were
made to prop up the whole, and meetings of the
parties interested, and their friends, were held for
eight days consecutively ; bat the amount required
for the purpose was found to be so large, and money
at the time so scarce, that the catastrophe could not
be averted. It is hoped, however, in some quarters,
that, as all the manufacturing establishments are at
or near Carlsruhe, and as a large proportion of the
public functionaries of the Baden Government have
invested their savings in them, that Government may
be induced, for the sake of its servants and subjects,
to give such assistance as may enable the companies
to carry on their business. The facts connected with
these establishments may, perhaps, serve, in some
degree, to explain the efforts' made by the Baden
Government to obtain an increase in the Zollverein
duties. The public functionaries of that state, hav-
ing invested their money in manufacturing establish-
ments which could not subsist without artificial sup•
port, might very naturally struggle to keep their own
heads above water.
The London newspapers have alluded to a report
from St. Petersburgh, to the effect that it was in con-
templation by the Russian Government to make an
alteration in the duties on sugar, and also to lay a
tax on the import of raw cotton, which is at present
free. We have seen a letter of very recent date from
the Russian capital, in which the writer says (in ad-
dition to the above statements), that there are strong
rumours of an intended diminution of the present
enormous duty (equal to 7d: per lb.) on cotton twist.
Whether there is any real foundation for these last-
named rumours, we may reasonably doubt—at least,
so far as the present time is concerned ; but the im-
position of a duty of a rouble per podd (a fraction
over ld. per lb.) on raw cotton, will, to that extent,
diminish the protection now enjoyed by the Russian
spinners, and may prove a commencement of that
gradual relaxation of the tariff, which is known to be
favourably regarded by some of the Russian Minis-
ters, if not by the Emperor himself.
The following particulars of the iron trade of Scot-
land have been furnished to us by Mr. Daunt, metal
broker of this town :

" The reports from the various quarters connected
with the Scotch pig iron trade announce a very con-
siderable decrease in the amount of the stock beld at
the cke,e of this year, in comparison with tha of the
two preceding years, at the like period. This has
been occasioned, partly by the great increase of the
export trade, and partly by the strike among the
miners and colliers during a portion of the current
year, which has the effect of putting many furnaces
out of blast, thus proportionately reducing the
quantum of produce. This circumstance, in a
great measure, falsified the expectations of a vast
increase of stock, that the erection of new works
during that period had originated. The ship-
ments of 1446 and 1847, from the Clyde and Port
Dundas, were nearly equal in amount, being, in
the former year, 312,000 tons, in the latter 312,834
tons. The estimated stock in December, 1847, was
80,000 tons, of which quantity about 26,000 tons is
supposed to be in the hands of the makers, against
64,000 tons last year, and it is presumed their con-
tracts on hand far exceed that quantity; much of the
make of 1848, to the extent of from 20,000 to 30,000
tons, being already contracted for for spring delivery,
great reluctance is manifested to enter into fresh en-
gagemtuts for further delivery at that period.

" The total number of furnaces amounts to Ile 1
of which there were in blast, in 1847, only 89; out of
blast, 41; total, 130. In 1845, there were in blast
94; and in 1846 there were 97.
" The amount of stocks on hand on the 31st of
December, 1846, was 144,000 tons ; tha stock in
store and makers' hands, 31st December, 1847,
80,000 tons ; decrease of stock at the close of 1847,
as compared with 1846, 64,000 tons.

" Tii-e price for mixed numbers, equal proportions,
on the 31st of December, 1843, 765. per ton ; on the
31st of December, 1846, 755. per ton ; on the 81st of
December, 1847, 465. 6d. per ton, net cash, free
on board at Glasgow."—Manchester Guardian of
Saturday.
BRADFORD.—WooI----There is no additional activity
among the spinners. The disposition to buy does not
improve, the prices sought acting as a barrier, par-
ticularly in full-bred bright haired wools. The sale
of mils and brokes is very similar to that of several
weeks past. The year has opened with a fair demand
for yarns, which will prevent any accumulation of
stock ; but the prices are far too low to admit of
meeting the cost of production. While this gloomy
state of things continues, there is no room for hope
of any increased activity in the manufactories. The
attendance of merchants at our piece market is a full
average one, and a fair quantity of business is doing.
There are inquiries by the home houses for new
styles for spring ; and the shippers are looking out
for cheap lots in silk stripes, and other fancy goods.—
Bradford Observer.

.NI;TTINGIIAII.—We may, this week, safely report
an improvement in our lace market. The demand
throughout has been of a varied, and, therefore, of a
more satisfactory character than if it had been con-
fined to one or two leading articles. Goods combining
novelty with good taste in their design have sold
readily, and we have little doubt will continue to sell
in increasing demand, if these requisites of a fancy
trade be kept constantly in view by manufacturers.
Our hosiery markets are gradually improving in most
departments ; and though, for the present, from a
variety of causes, this will be but slowly, it is gra-
tifying to notice, that even with the present improve-
ment the workme ere beginning to feel the beneficial
effects; there is no doubt every week will witness an
increase in the amount of work given out, and-prin-
cipally in those branches which have hitherto been
the most depressed. The yarn market, if any change,
is rather firmer; most of the spinners having made
rather extensive sales, are getting low in good useful
yarns, for which there is now a very brisk demand,
amounting almost to a scarcity in some numbers.—
Nottingham Mercury.
LBICESTER.—There is no movement in oar market
at present, the wholesale houses being engaged in
balancing up their accounts ; some manufacturers
have been giving out more work for their unemployed
frames, but are proceeding with the utmost caution.
A. fair spring trade for cotton goods is expected, but
the uncertainty of the cotton market prevents
manufacturers laying in more yarn than they re-
quire from week to week. Wurated spinners are
proceeding with the utmost caution. In wools, there
is no variation in price, and but little doing.—Leicester
Journal.

BLACKEURN.—The recent heavy failures in London
and Glasgow have deepened the gloom which it was
hoped had begun to clear away, and a decided retro-
gression was experienced in our yarn market on
Wednesday. Notwithstanding the recent advance
in the value of the raw material, the price of yarns
was unimproved, and if changed was rather in
favour of the buyer than otherwise.—Blackburn
Standard.

HATLE.—We regret to state that this place hitherto
so busy and prosperous, is suffering severely from
the general calamity. A large number of workmen
have been discharged or received notice to leave,
there is diminished work for the others, with neces-
sarily reduced earnings ; while, to add to our suffer-
ing, many mechanics of this place who have been
working elsewhere, are returned, having been dis-
charged from their respective factories, some of which
have been closed entirely. Our poor rates have been
doubled in the last nine months, and are expected to
be still higher.—Cornwall Gazette.

REDUCTION OF WAGES.—A reduction of 25 per
cent. has been effected in the wages of many of the
operatives employed at the Pontypool Iron Works.
This unavoidable proceeding is borne with much
patience and submission by those who have the mis-
fortune to 1)3 the sufferers.—Monmouthshire Merlin.