The Sun.
London, England, 1869-06-14 00:00:00

TRADE AND FEVA.NCE.

The announcements of constant failures throughout the
manufacturing districts spew the great dulness that still
exists in trade. This week some prominent firms have
gone, and it is stated that the failure will affect other
firms, and that thus a considerable number of hands
will be thrown out of employment. Although
this must be productive of great immediate
distress to the operatives, there is no doubt that,
so far at least as the cotton trade is concerned, con-
sumption cannot be too much restricted. We are, there-
fore, inclined to look upon the shutting up of the mills
with more complacency than we otherwise should, as we
feel convinced that such a course will be for the ultimate
pod of the trade.

The course of the cotton trade has been a matter of sur-
prise to everyone interested in it. It is very evident that
great difference of opinion exists between the producers of
cotton and the ultimate consumers of it as to its present
value, and until this great discrepancy is done away with
no return of activity can be looked for in the trade. For
a long time after the American Civil War the question as
to the supply and probable value of cotton at Liverpool
was very problematical. Accordingly the heavy ship-
ments of manufactured goods made to foreign
markets were readily disposed of at very satisfactory
prices, native consumers being convinced that if
prices did not go higher the rates then current would at
least be maintained. In course of time, however, the
marl:ets again became re-stocked, and it was soon disco.
vered that the supply of goods available was more than
sufficient to meet all immediate wants. Purchases were
accordingly made more cautiously, and the quotations
abroad gradually receded until, as has been the case for
some time past, goods could be purchased abroad at a less
figure than they could be laid down in Manchester. This
arose, after all, from the most natural causes. The spinner
at Manchester looked for his standard of prices to the pro-
bable supply of cotton at Liverpool and the course of the
quotations there, while the native consumer in the East as
naturally took the basis of the available supplies of goods
immediately on the spot or on passage. And there is
no doubt that both were right, and had things taken
their usual course the event would have proved far
otherwise than it has been. Consumption has been
restricted within the narrowest limits, owing chiefly to the
adverse times upon which we have fallen. and to the fact
that mercantile profits, both at home and abroad, have
been reduced to a minimum. The great distrust which
has been the characteristic of the interval that has elapsed
since the closing of the " Corner House " has materially
affected all branches of trade, and has checked speculation
in all descriptions of produce. We fully believe that, while
profits have been less, they have been more secure,
but the savings of the people generally have been very
small, and the amount of money available feir articles of
clothing and luxury has accordingly been greatly dimi-
nished.
In point of fact, it is a great question whether, looking
at the relative proportion of the supply of cotton at
Liverpool, and the extent of the consumptive demand,
whether the present range of quotations is not considerably
higher than the cicumstances of the case warrant.
Apparently such is the truth of the case, but the changes
in the aspect of the market have recently been such as to
lead to the inference that a considerable decline must soon
take place in the value of the raw material, the addition
to the stock since the Ist of April being about 70,000
bales, while there is an excess of the quantity at least over
last year of 53,000 bales.
A good cotton crop would go far to obviate all present
difficulties, but there is reason to believe that the present
yield will not be greatly in excess of last year. Opinion
in America points to 3,000,000 bales as the probable out-
turn, but this is certainly an outside figure. The position
of the Southern planters is certainly satisfactory so far as
pecuniary matters ere corceened, as last year's crop
was raised at a minimum of cost, and was
held at very remunerative prices. This Year, how-
ever, the freedmen are in a more independent position,
and have shorn very little disposition to tern out into the
fields. This is a difficulty that threatens to become
chronic in the Southern labour market. After an unpro-
fitable year, when common adversity has drawn freedmen
and planters into closer dependence upon one another,
labour contracts Will be secured on advantageous terms.
But in times of prosperity there will always
be a difficulty in getting the negro to work, and
it is only natural that he should advance his terms
for his labour in proportion to the competition for
it. With regard to the crop itself, a larger area of land
appears to have been placed under cultivation this year;
but, so far, the weather has not proved favourable, an d
the plant is decidedly backward. The planters appear to
of
_
have resorted largely to the use of fertilisers instead
opening up virgin soil. There is, therefore, reason to
believe that not only will the crop be backward this
season, but that
which, theascostagre
pickingat will severely eroutlaytoralsethan
last year's.test
the capabilities of the lama riaaTl‘9t; littt operation-
be+2o;;Vl 11/01027.

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SUN OFFICE, 7 o'CLocK.

TAT TEI3ALL';.I—This Evening.

NORTHUMBERLAND PLATE.
2to 1 agst Spy (taken and offered)
6to 1 agst Tabouret (taken and offered)

6to 1 agst Three per Cent, (offered—take 7to 1)
100 to 6 agst Flora (taken)
Juno 14.—Ale Mr. Merry's horses struck out of their
Newcabtio engage 'mints at 1.45 this day.

GOODWOOD CUP.
Bto 1 ttat, BriraLtice (taken and offered)
6 to 1 agst Thorwaldsen (taken)
10 to 1 agst Rupert • (taken)
7 to 4 ogst Brigantine and Thorwaldson coupled
(taken) .
ST. LEGER.
7to 4 agst Pretender (taken)
6to 1 agst the Drummer (taken and wanted)
Gto 1 ag t Pero Gomez (taken)
100 to 6 agst 'rhorwaldsen (,akeu)
20 to 1 ng.-t Dunbar (taken)
25 to 1 agst Royal O:Lk (taken)
DERBY.
20 to 1 agst Kingcraft (taken)

LONDON BETTING.—Tats DAT.
NORTILUMBERL AND PLATE.
3to 1 agst Si y (tak-rn)
t 5 to 1 agst Throe per Cent (taken)
8 to 1 agst Tabouret (taken)
10 to 1 agst Fairwind (taken)
10 to 1 agst Myosotis (taken)
100 to 8 agst Crocus (offered)
100 to 8 apt Number Nip(offered)
100 to 6 agst Tramp (offered)
20 to agst Drummer (offered)
100 to 5 agst Bracken (taken and offered)
GOODWOOD CUP.
4to 1 apt T. Dawson's lot (taken)

Race Glasses, bylroigtliinder, are now no longer the ex-
clusive luxury of the rich. Since the great demand for
photographic lenses has diminished, an opportunity has
been afforded for applying mechanical power with the
greatest success, whereby the cost of these beautiful and
most perfect instruments is reduced in price in some
instances to us much as 20 per cent. In fact they are now
no dearer than those of the best French or English makers.
At the depot Callaghan, 23A, New Bond-street, corner of
Conduit-street, the patrons of the Derby may indulge
their taste in the possession of a veritable Voigtlander at
comparatively trilling cost. It is superfluous to say the
quality is as aver matchless.