The Sun.
London, England, 1869-01-19 00:00:00

TRADE AND FINANCE

The new year has now fairly opened, but, so tar, we do
not observe any great signs of the long-promised and long.
delayed return of confidence and expansion of trade. The
money market is exceptionally easy, and is likely
to become more so, and the discounts at the
Bank of England shew a considerable falling off.
The amount of commercial paper afloat is • small,
and, with a continually increasing supply of capita
in the market, we cannot anticipate higher rates for the
present. The quotation for good short paper has declined
to 2t; per cent. in Lombard-street.

These appearances, however, may be partially accountea
for by the usual inactivity in trade at the spring of the
year. There is evidently a decided though gradual return
of confidence in the manufacturing districts, especially in
the hardware trades, and the new year is looked for-
ward to with hope. In cotton goods, however, the
reverse is the case. The quotations have not
risen in proportion to the advance in the
value of the raw material, and spinners are, therefore,
compelled to refrain from going into stock. Much dis-
tress has prevailed among the operatives in consequence,
and it is more than probable that the half-time movement
will have to be resorted to throughout Lancashire. In
cotton the transactions have been to an unusually large
extent, and prices have been daily on the advance. The
operations, however, are of a speculative nature, and
indicate the unsettled state of the trade. The market
has taken quite an unexpected turn, and the movement
has resulted in great loss to many of the speculators for a
fall. We hear of the failure of Messrs. Neilson and
Nelson, of New York, in consequence of a rise in prices.
a'heir liabilities are stated to be £BOO,OOO.

The Board of Trade have determined to publish weekly
statistics of the import, and delivery, and internal move•
meat of Cotton, in supplement to those published monthly
during 1868. The publication of such a return will place
the trade in a better position, and tend to prevent many
of those foolish panics to which the market is so subject.

The reaction in the corn trade has, so far, not succeeded,
and factors have this week been compelled to accept Is. to'
2s. per quarter less money. Even at this reduction mil;
lens shewed no anxiety to operate. We still incline to
the belief, however, that wheat has now seen its lowest
point, and that there will be no further decline in prices
throughout the winter. Much depends, however, upon
the importations and the prospect of the ensuing crop,
about which it is yet too early to have an opinion.
It may be remarked, in passing, that the
young wheats are well above ground, and are
looking exceedingly strong and healthy. The growth,
indeed, has been too rapid, and farmers desire some slight
frosts to check the too forward vegetation.
The stock markets have been very steady, owing to the
payment of the dividends and the large amount of
capital lying idle, which has, therefore, been forced into
the market. The satisfactory progress of the Conference
has given additional firmness to the quotations, but this
having been anticipated, its effect has in some measure
been discounted. Large numbers of foreign stocks are
now hold under advances from the banks, which
the present state of the money market is highly
favourable to ; and it is to be noted that bankers
are again offering this accommodation to a large extent.
The success of the Brazilians in the Paraguayan war, and
Argentine
The
principal nd
the apparently total defeat of Lopez, have given great
firmness to Brazilian stocks, and the quotations have
Buenosteri ded tAip;racrad s.
bonds ln
have
movement,
participated.
feature in the stock markets during the week, however,
b
xoiafs tet hd risee in
have
evAledl tr
completely
,phoel iltoasns
cuho
"bear"yt l en
t
csoperations
slf as
l oun
sbi steotachtkee,ngi ntr
he wae
t
on many of the adverse accounts, which are known to have
been very large, both here and in the provinces, must have
been very heavy.

It is stated that Lord Stanley and Mr. Gathorne
Hardy have accepted invitations to a forthcoming banquet
to be given at Cardiff to Mr. Giffard, who unsuccessfully
contested the borough at the last election.
The South London Press understands that it is in-
anded to present an address to Mr. Locke King, M.P., in
!recognition of his efforts to promote an extension of the
suffrage, and the seduction of tio rental raluired for the
county franchise.