The Sun.
London, England, 1856-10-08 00:00:00

STATE OF TRADE.

The additional half MANCHESTER, OCT. 7,
cent pon
. u di be Bank
of England has led to alt but a completescounts suspy enth ion of
business here to-day. The local banks followed the steps
of the national institution without the loss of so much as
an bour's time iu giving notice, and contracts partly
entered into on Monday afternoon to a very large amount
for cloths, in consequence of .the hardening puce of the
raw material at Liverpool, were immediately withdrawn
on receipt of the telegraphic news from London stating the
decision of the Bank directors there. There is no change in prices, because in the present state of feeling no reason.
able amount of concession would tempt business, and in
fact the manufacturers, with stocks of no great cinase-
queue° and with the prices of cotton tending upwards,
aro not a position to offer concessions. The tone of the
market, however, is one of great depression and discourage-
ment. In yarns, as in cloths, prices are quite firm, but
business is almost at kstandstill. The telegraphic report
from Liverpool speaks of 8,000 bales having been sold to-
day—a report which iu itself tends to uphold the prices of
yarn. Buyers appear disposed to wait and see what fur-
ther changes are likely to take place in the money market
before ventuiins upon new engagements, and, while very
little is doing for the home trade, exporters to India and
other foreign markets aro unwilling to do anything. In
a trade where so large a proportion of business is done
through the instrumentality of six months' bills and other
paper it is easy to conceive that 80 sudtien.an alteration in
discounts has been a check of serious consequence on all
hands.

ears. John Slagg and Co. report : —"Towards the
close of last week, owing to the upward tendency of the
cotton market, there was a better demand for nearly all
kinds of goods, and a fair amount of business was done'at
the full prices of Tuesday last. On receipt, however, of
the very great advance i i the Bank rates buyers withdrew
from the market, and yesterday and to•day there has been
little or nothing doing, but stocks being generally light we
cannot quote any change in prices."
Messrs. George Fraser, Son, and Co. report :—" Tho rise
of a half per cent. in the minimum rate by the Bank of
England on Wednesday last, followed by a further advance
yesterday to 6 per cent. for paper 63 days and under, and to
7 per cent. for larger paper running up to 95 days, has
caused a considerable interruption to business in our mar-
ket to-day. There is not much actual change as yet in
prices, but very few offers aro made."

LEEDS, Oct. 7.
There was a good attendance of buyers in the cloth•halls
this morning, notwithstanding that the weather was damp;
and at the close of the markets it was found that a good
deal of cloth had changed hands, considering the quantity
of seasonable goods brought into the halls. The advance
yesterday of the rate of discount by the Bank of England
was the subject of conversation, but it can scarcely be said
to have affe.ct3d the woollen market. It will certainly check
any false speculation, if there be any, rnd will probably act'
upon the whole beneficially in this as in other commercial
communities. Both wools and cloths continue steady in
price.
The following is the report of this day's Huddersfield
market :—" The raising of the discount by the Bank of
England had its effect on this market. Continued wet
weather operates injuriously also. Trade to-day was gene.
rally quiet. • The most numerous demands are for low
goods; and of those very light mistured black doeskins go
off slowly, and there are bat few sales in fancies. Wool
trade rather flatter."

7.
There was a good attendance B
of buyers today,and, tlie
C
mpetition was most animated forall descriptions of wool.
Fine fleeces appeared to be most in request.