The Sun.
London, England, 1856-07-18 00:00:00

STATE OF TRADE.

( Front G. F. Mandley's Manchester Trade Circular.)
MANCHESTER, July 17.—Immediately after the issue of
my last report there was a manifest improvement in the
demand, and although prices were slightly advanced, a
fair extent of sales was effected. On the 28th ult. the
Bank of England reduced its minimum rate of discount
to 4/ per cent., and contemporaneously we experienced
the exhilarating effects of a return of sunny and warm
weather... With this auspicious change greater confi-
dence became observable on the part of buyers, with
more firmness in the tone of sellers. Orders which had
been held in abeyance in expectation of a decline of
prices were brought forward, and stocks were speedily
reduced, and in some instances cleared out. This state of
comparative activity continued for about a fortnight,
during which time both yarns and goods were advanced,
and spinners and manufacturers found themselves more
fully occupied with contracts than usual at this season of
the year. During the past week the market has again
become tame, partly, no doubt, from the fact of imme-
diate requirements having been satisfied by recent ope•
rations, and partly from the return of heavy rains and
an unseasonably low temperature. As we have arrived at
an extremely critical period, when our corn crops are
placed in extreme jeopardy by a recurrence of such un-
genial weather, and as such vast interests depend upon
the fate of our cereal harvests, it is not surprising that
we should find the business of this district sensitive to
the change. It was fully expected that the Bank would
further reduce the rate of discount, but an efflux of bul-
lion, with the doubtful aspect of the harvest, appear to
have rendered that relaxation, for the present, at least,
inexpedient. Business at the present moment is rather
quiet, but there are no stocks of yarns or goods, and con-
sequently there is no depression in prices. 0 wing to the
requent communication between this and distant markets
by steam-boats, railroads, &c., we have not as formerly
such distinctive periods of action and inactivity; occa-
sioned by the opening and closing of seasons, still Mid-
summer remains a dull period, both inthe homeand export
trade. The present lull is doubtless, in a large measure,
owing to the mid-season, and as soon as business may
ree3mmence, it will be found that stocks are light, and
from the firm condition of the cotton market there is little
reason to calculate upon a lower range of prices, especi-
ally if money be easy and a good harvest secured.
Although there has been, as usual, a good deal of
grumbling about dull markets, yet the exports of the
chief manufactures of this district show that our indus-
trial resources have been actively employed, at the same
time the consumption of cotton shows that our mills
have not been idle. The average weekly deliveries to the
trade during the first half of the present year amount to
43,803 bales, so that a large expansion must be taking
place in the production, unless spinners hold much larger
stocks of the raw material than usual ; and it is believed
they do not.
BRADFORD MARKET.—The relatively high prices at
which wool is yet held seriously interfere with the de-
mand for the manufactured products. The exorbitant
value borne by this material since last autumn has, ac-
cording to my expectations, attracted increased supplies.
The importations this year (from January 1, to June
30) having exceeded those of the same period of 1855
by 50,867 bales, yet prices still rule too high for spin-
ners. Yarns for export are dull, as buyers hold off in
expectation of a fall in prices. Piece goods are light in
stock, and have been in fair demand for home con-
sumption. The export demand is but limited, but is
improving.

CIVIL SERVICE SUPERANNUATION
BILL.

This subject comes on tonight. The bill abo-
lishes the system of deductions from salary for
superannuation as unprincipled, but in order to
make up to the revenue for this loss directs a
" revision," confessedly a reduction of salaries,
" with due regard to the amount of the deduction"
abolished. We understand that in view of the bill
passing the Treasury are prepared at once to de-
duct 5 per cent. from salaries over 5001. ; 2 per
cent. from salaries over 1001. and under 5001.,
while those under 1001. will escape. This rough
and ready " mode of revision" is unavoidable from
the limited period, the Ist of April, within which
it must be made. To make matters worse the
Chancellor has suddenly changed his mind about
the scale of pensions, and now presents one which
for 24 years is worse than the existing one which
has caused so much. discontent. As might be sup-
posed all this has created much consternation and
dissatisfaction. The civil servants say that if the
Chancellor's scale of February was just and fair,
then why withdraw it now ? Moreover, if after 27
years' endurance of a system of deduction from
salary for superannuation that system is now dis-
covered by Parliament to be unsound and unjust,
it does not seem reasonable that salaries should
therefore be reduced under another name. Such a
reduction will be a most ungrateful task for the
Treasury, for of late years the pressure has been
quite the other way.