The Sun.
London, England, 1869-03-22 00:00:00

TRADE AND FINANCE.

Certainly, for a deposed monarch, King Cotton exercises
a most formidable sway over us. We were congratulating
ourselves that some good at least had been derived from
the American war, and not the least was the fact that
our dependence upon the United States for cotton was
in some measure obviated. No sooner do supplies threaten
to be curtailed, on the other side, however, than the trade
is thrown into a panic ; and the fact that the Southern
States still rule the markets in regard to this particular
article is made obvious. It appears that our previous esti-
mate as to the out-turn of the American cotton crop must
be considerably modified, and further, that we must expect
even shorter supplies next year. In the face of this state of
affairs, speculators, both here and in Am erica—but especially
in America—have bought heavily for future delivery, and
thus prices are kept in a state of tension. From this
point of view there is sufficient justification for the
recent advance in the quotations, but when we look to
the state of the goods trade, we can find nothing to induce a
belief that the high rates now current can be maintained_
The distress amongst.r;..ecrs in Lancashire is very great.
Failure after failure has been announced, and others
will probably follow. The prices of manufactured
articles have not risen in proportion to the improve-
ment in the raw material, and sprners lave for some
time pact being working at a loss. An almost general
resort to short time has ban the con 3 quenc2, and heavy
reductions have been made in wades. At Preston some
considerable stt ikes haveoccur]ed, r rid the:general aspect of
affairs is becoming threatening. T.:et e no immediate pros-
pect of any improvement in the goods ti ark t ( Llthough we
notice that the quotations for grey shirting. 3, in China
chew an advance), and manufacturers have 110 alternative
but to adhere to the course which has, unfortunately, been
thrust upon them.

As we anticipated last week, wheat has given way
heavily in value. Still there are no signs of animation in
the trade, and millers continue to operate with extreme
caution. With reference to future movements, we
must bear in mind that although we secured
an unprecedented harvest last year, we anticipated
the increased supplies from the fact that it was rated one
month earlier than usual. We have, therefore, an extra
month to provide for, which will go a long way towards
diminishing the effect of the excess of the crop of 1868
over that of the previous year. Farmers will be wise in
holding firmly on this account, and will hesitate to realise
fine wheats at any further decline. At the same
time there is a feature in the market which must,
sooner or later, exert a depressing influence on the quota-
tions here. The stocks of produce in Amer:ca, both at
New York and the Lake ports, are enormous. To this
accumulation the sensitive conditiol of the New York
money market, the high rates of freight, and the firmness
of holders in the face of declining rates at Liverpool,
have all contributed. Holders have now, however,
become anxious sellers at reduced rates, being apparently
convinced that no upward movement can be expected on
this side. Under these circumstances, as it is evident that
the bulk of this produce is intended for the English
markets, heavy shipments to this side may be expected at
no distant period, and these on their arrival will tend to
depress prices.

A most important feature in the money market, is the
proposed transfer of the right and privileges of the
Hudson's Bay Company to the Dominion of Canada. The
terms offered by the latter appear to us to be liberal in
the extreme. It is well known that the claims of the
company to the best portion of Hudson's Bay Territory—
the Fertile Belt—have been contested for years,
and that the present company bought out the
old one on reduced terms on that account. It will be
well if the shareholders decide to accept the compromise
offered to them by Lord Granville, as theyare the best terms
they are ever likely to obtain. It must be borne in mind
that the company are utterly powerless to colonise so large
a tract of country, or to open up commuuicationsfrom coast
to coast. Besides this, the hunting grounds are yearly
becoming less remunerative, and will naturally continue to
do so, and for these reasons we think that the companyare
being generously dealt with. Should they refuse, legisla•
tive action must ensue, and the terms then imposed upon
them will certainly be more onerous than those now
offered.

The money movements of the week shew that the Bank
of England directors were right in not raising the rate of
discount last week. The tendency has been towards
increased ease, and the rates for accommodation in the
open market have tended downwards. The exchanges,
however, were less favourable on Friday last, and some
considerable withdrawals of gold from the Bank have
ince taken place.

It is very positively stated that the Emperor and
Empress of the French, the Prince Imperial, Prince Napo-
leon, and all the Imperial family will go to Corsica in August
to celebrate the 100th birthday of Napoleon I.

A singular charge of perjury arising out of the
Salford election inquiry Las Leen submitted to the
qipendinly magistrate for Salford. At the recent trial Mr.
Col Huge, the landlord of the Yew Tree Inn, gate evidence
amounting to an allegation that a Mr. Stocks, who was
recognised agent of the Conservative candidates, had in
directly authw iced the supply of beer to voters and others.
The magistrate, however, after hearing the opening state-
ment, taking it for granted that it miLltt to proved, :aid
there was not the slightest ground to suppo.:e that a con-
viction would be obtained, and dismissed the summons.

Several valuable gold coins Lave been picked up at
Blackpool Sands, Stoke-Fleming, near Dartmouth, during
the week. They consist of coins of Eng!and iu tiro time of
Edward 111. and Henry VI., and French coins of the reigns
if one of the Charles's and Louis of France. They aro in a
good state of preservation, the inscription being quite legible.
It is supposed that these coins must have formed part of a box
of specie on board a ship which has been wrecked there, and
became deeply embedded in the sands for some hundreds of
pull, but owing to the recent sweeping away of the sandeelthey bave...becomo 4419agALtaa _1105.423s
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