The Sun.
London, England, 1869-02-08 00:00:00

TRADE AND FINANCE.

The foreign exchanges having continued adverse to this

country, the shipments of bullion to the Continent hav
been large, but, owing to the enormous amount of capital
still lying idle here, their influence has been very little felt.
Foreign bonds generally have continued , buoyant,
in consequence of the postponement of the
Eastern question, although more flatness pre-
vailed on the announcement that the War Party
was again called to power in Athens. Had the
export of bullion ceased, and the exchanges proved more
favourable to us, a considerable rise in Consols would have
been the result ; as it is, the quotations have remained
almost stationary.
The cotton trade continues in a most anomalous posi-
tion. Heavy speculative purchases have been made, both
on the spot and to arrive, and the quotations have been
daily on the advance. The rise in the price of Manchester
goods, however, is not nearly proportionate to that of the
raw material, and great distress is beginning to be felt in
Lancashire in consequence. There is scarcely any
demand for export, as, owing to a variety of causes,
nearly all the foreign markets show a decided loss
on all shipments from this side. The heavy exportations
to the India and China markets which took place
early in the year are now beginning to make themselves
felt in those quarters, and are having a most adverse in-
fluence on the market. Notwithstanding the rise in the
value of the raw material here, news of which had
reached China, grey shirtings had given way
in price both in Hong Kong and Shanghai, ac-
cording to our latest advices, owing to the prospect of
heavy importations. While, however, our shipments to
the East have been more than usually extensive, those to
the Western Hemisphere exhibit a marked decline. Nor
are they likely to be resumed an their ordinary sca7e
until the return of peace in South America affords scope
for the legitimate operations of *trade, and until the
removal of the high protective tariff in the United States
allows a more extended use of our manufactures. One
great point to be considered is the fact that the direct
shipments of cotton from the United States are
becoming more general. However unwilling we
may be to acknowledge the fact, it is very
evident that a large portion of the goods which
were formerly completed in the country are now manu-
factured by foreign spinners, who have a great advantage
over our own manufacturers in the comparative cheapness
of labour on the Continent. It appears that while the
shipments of cotton from the United States and Great
Britain shew a decline of 54,000 bales as compared with
'ast year ; the shipments to the Continent shew an in-
-Tease of 71,000 hales, and that, too, notwithstanding the
cry about the falling off in the receipts at the
outports in the United States. The total
exports from the other side, to the date of our
last advices, shew an increase of about 17,000 bales over
last year. With regard to the extension of the manufac-
ture of cotton goods on the Continent, the Dutch appear
to be making prodigious strides, and are gradually
superseding English-manufactured goods in the Dutch
colonial markets. The shipments of cotton goods
:o Batavia shew such a decided falling off as
can be accounted for in no other way. We notice
also that the new Commercial Bank of Vienna has under-
taken the direct importation of cotton from Bombay ric2
Suez and Trieste. The bank will, by arrangement, use the
Brenner line of the Lombardo-Venetian Railway Com-
pany for conveying the cotton to Switzerland and South
Germany, which have hitherto depended on Marseilles
for their supplies. It is evident, therefore, that the Con-
tinental spinners are making great inroads upon the cotton
goods trade, which we have for so long a time been accus-
tomed to corrider as peculiarly our own. Wages, however,
must rise on the Continent in accordance with the increased
demand for labour; and if our manufacturers are awake
to their own interests they will take care that the article
they produce shall be in every way superior in quality to
that of their opponents.

As we ventured to predict but a short time hack, the corn
market has been very inanimate, and prices have given
way for all descriptions of produce. The late reaction in
the market appears to have been due to a temporary
combination amongst factors for the purpose of checking
the rapidity of the downward movement. The combination,
however, has totally failed to effect its object, as the slight
improvement that was forced upon the market has since
been altogether lost. In the face of the very favourable
weather and the prospect of renewed importa-
tions, owing to the probable re-opening of the Baltic
ports, there is every prospect of a still further decline
in prices. A large number of grain-laden ve3sels have
arrived off the ports of call during the past fortnight, and
these heavy arrivals of produce here naturally had a most
adverse influence on the market.

Instructions have been received at Colchester,
from the Horse Guards, directing that until further orders
the standard height of all recruits for the infantry is to be
aft, Bin.

Two MEN SUFFOCATED IN A BEER VAT. —A
shocking occurrence happened at Trowbridge on Thursday
and formed the subject of an inquiry before the local
coroner on Friday. On Thursday a man named Usher,
who was employed at a public-house called the Dove, pro-
ceeded Co clear out a large beer vat on the premises there,
and had placed a ladder inside for the purpose of descend-
ing into it. Although it is well known that noxious gases
arise from these vats when empty, no test was applied, the
only precaution being that Usher placed a rope round his
body, and his father held the other end. When Usher
reached the bottom of.the vat the fumes overpowered him,
and he instantly fell. His father endeavoured to save him
by means of the cord, but was unable to do so, and called
loudly for assistance. In the meantime the cord broke, and
Mr. Soley, the landlord of the Dove, ran to the brew-
house, and, without reflection, deceuded at once into the
vat, when he fell down on the body of Usher. This double
catastrophe debarred anyone else frcm making the attempt,
and it was some time before the lifeless bodies were
recovered. A surgeon was promptly on the spot, but the
poor fellows were beyond his aid. A verdict of " A.cci•
&day figacnated !' was retuilad,