The Sun.
London, England, 1867-01-23 00:00:00

STATE OF TRADE.

MANCHESTER, Jan. 21.—1 n consequence of a
weaker cotton market to-day we have had very little
doing in cloth or yarns, and prices are slightly easier.
Messrs. Ellison and Haywood, in their monthly
cotton report, Liverpool, Jan. 18,
say :—"'Twelve
months ago, in commenting upon the prospects of
the market as affecting the future position of the
consumer, we observed that the year then before us
opened with the promise of a healthier and more re-
munerative trade than had been experienced for
several years past. So far as the business of the
first seven or eight months was concerned, this
forecast was fully realised. The supply of the raw
material was in excess of the demand, while the
demand for the inanuft.l,,,..red article fully equalled
the supply, and though prices declined both here and
in Manchester the fall in raw cotton was much
greater than the decline in goods and yarn. Then
followed a period during which the course of the
markets was precisely the reverse of that just de-
scribed ; the stock of cotton rapidly decreased, while
the demand for goods perceptibly slackened ; the
value of the one advanced while the price of the other
declined, until the advantage gained by the producer
in the early part of the year was more than lost,
leaving him in a far worse position at the close of
1866 than at the end of 1865. Whatever changes,
therefore, take place in the course of the new year,
the opening prospects are the reverse of favourable,
and the first three or four months of 1867 threaten
to be as profitless and perplexing to consumers as
the last three or four of 1866. We cannot expect
an import into Liverpoolof more than 700,000 bales
from all sources during the opening quarter of
the year, against a supply of 895,000 in the cor-
responding period of 1865, whereas we require at
least 65,000 bales per week, or a total of 845,000
bales, for home consumption and export, which
would reduce the present stock of 516,000
bales to 371,000 bales. As a matter of course,
such a decrease would lead to an important
advance in prices ; but our impression is that, in
view of the more ample supplies which may be ex-
pected to reach us in the early summer months, the
position taken by buyers in Manchester will be such
as to compel spinners and manufacturers to reduce
their consumption the moment prices rise to a point
much beyond their present level. We expect the
total import into Great Britain in 1867 to reach
about 3,350,000 bales. In this figure- we include
1,000,000 bales from America, but we should not
be surprised if 100,000 bales more were received. A
great deal will depend upon the amount of the new
crop. With a favourable season and a large yield
we should probably get 250,000 more than our esti-
mate. As some 250,000 to 300,000 bales of last
year's Indian import consisted of stocks held at the
close of the previous season, and as no similar sur-
plus existed at the commencement of the present
season, we do not look for a supply of more than
1,500,000 bales for 1867. The Brazilian accounts
are not so favourable as we could wish ; some point
to a decrease in the shipments for the present year,
none to an increase. On the whole we shall be safe
in placing the imports at 400,000 bales. From
Egypt the advices are conflicting, but they all agree
in estimating the crop at less than was expected two
or three months back. The import into Great Bri-
tain will probably reach 280,000 bales. It may be
more, but bosuttlwikeeldyosennodt tahink it s
mall imn'cilrleabsee
ulersosn. l a
sTurkey
r
—say 40,000 bales ; and we shall in all likelihood
receive 130,000 bales, or more, from the West In-
dies, Peru, Sze.,,

The Member for Chatham and his
Constituents. •
CHATHAM, Tuesday.
_ _

Last night Mr. Arthur J. Otway, the member for
Chatham, addressed a meeting of his constituents in
the Lecture Hall, the area of which was crowded
to excess. The chair was occupied by Mr. John
Tribe.

Mr. °TWAY, after alluding to the events in the
past year abroad, spoke of those at home. The bill
foe the extension of the franchise, as brought in by
the late Government,
had been rejected by the
House of Commons, and the reins of Government
had passed from the hands of Liberals into those of
their opponents. (Loud cheers.) The reason the
late Reform Bill was defeated last session was be-
cause it was a real, honest "measure, framed with a
view of improving, in however small a degree, the
representation of the people ; whilst its defeat was
brought about by a dishonest combination of the
enemies of reform with those who professed reform
with their lips but not in their hearts. (Cheers.)
He did not believe the late bill was by any means a
perfect measure—(hear, hear) _nevertheless, he gave
it, so far as it went, his warmest support. His own
conviction had long been that the only abiding plan
for the suffrage, so far as boroughs went, was to be
found iu household voting, supplemented by an ex-
tended residential lodger franchise. (Cheers.)
There was now a powerful movement being made in
favour of manhood suffrage; but ho would honestly
say that he was not in favour of that measure.
(Hear, hear.) In England the House of Commons
was supreme, and had long possessed power, and it
was therefore of the utmost importance that they
should well consider the results likely to follow
before they finally decided by what suffrage they
would elect their representatives. (Hear, hear.)
He had long been of the opinion that all reform must
proceed gradually, and therefore he would candidly
say he was not in favour of manhood suffrage,
although he was most anxious that all classes should
be represented in Parliament, no one class prepon-
derating over another. In the House of Commons
they found the army and the navy, law, commerce,
manufacturers,
aanda new class called " financiers'
h presented ; but the working
(l —(laughter)—all g
tclasses were without a representative or spokesman
er)—ll re
of their own. (Hear, hear.) Were manhood suffrage
to exist in this country an immense preponderance
would be given to that class over all the others.
(Hear, hear.) That being the case, he was in favour
of a scheme of reform which, while moderately ex-
tending the franchise in all boroughs, would give to
certain large cities and towns a suffrage of an ex-
tended character, and allow every working man resi-
dent therein to vote. With the bill brought in by
the late Government he should like to have seen a
large lodger franchise, and some 20 or 25 large
boroughs selected, where the working classes predo-
minated, to be allowed to try the experiment of man-
hood suffrage, the members thus elected giving the
benefit of their experience to the House of Commons,
(Cheers.) The great object they had to keep in view
was this—that the working classes should be repre-
sented, but that they should not predominate. With
regard to the county franchise, tin ,1.0 qualifica-
tion, as had been proposed, would satisfy all reason-
able claims. He now can-1., to the question of the
redistribution of seat',, and on this subject he would
frankly say thy'.the bill introduced by the late Go-
vernment ',lad better have left that unfortunate
quest;
—on alone. (Hear.) Before he left the subject
it the late Reform Bill he would allude to that fin:-
portant clause which would deprive 'the artisans em-
ploed in her Majesty's dockyard 4 of their votes.

(Hear, hear.) Ile believed that Mr. Gladstone,
although he might not have been influenced by
pressure, would have been amenable to argument,
and lie had reason to know that the members for the
dockyard towns would have been successful in get-
ting that clause expunged from the bill. (Cheers.)
Ile could not help expressing his regret that Lord
Russell had not attempted a settlement of the awk-
ward questions arising out of the Alabama claims.
(Hear.) Although that demand on the part of our
cousins, or rather brothers—(hear, hear)—in Ame-
rica was one rather for statesmen, it had been
handed by Lord Russell over to the lawyers,
and with what results they had all seen. Precedents
appeared to be more considered than policy, and a
golden opportunity to settle the question had been
let slip when the Government of the United States,
in strict conformity with its neutrality laws, took
action against the Fenian marauders in Canada.
(Cheers.) Common sense told them that repara-
tion was undoubtedly due to the Americans,
and a great country like England ought
not to refuse making
.it. With regard to the
question of reform during the coming session of
Parliament various rumours were afloat. He did
not venture to prophesy, but his own opinion was
that the present Government would decline to bring
in a measure of reform. (" Then they must go
out," and cheers.) That opinion was grounded on
the belief that the members of the present Cabinet
could never agree among themselves on the question.
There were men of great ability in the Cabinet,
foremost among whom were Lord Cranborne and
General Peel, and others, who were decidedly
opposed to any reform, as by their recent speeches
in Parliament and elsewhere they have testified. It
was not, therefore, to be supposed that Mr. Disraeli,
bring in what measure he might, could hope to
satisfy them; and if it did not satisfy them did they
think it would be satisfactory to the country ?
(Cheers.) He would not dishonour those members
of the Cabinet by believing that they were political
tricksters, and that they would consent to eat the
very words delivered by them a few months back.
(Hear, hear.) Neither could he suppose that Mr.
Disraeli would again attempt to propose such
a measure as that brought forward by him in 1859
in the face of certain defeat, and therefore he in-
clined to the belief that there would be no measure
of reform brought forward this year; but it was
probable that the house would be invited to proceed
by resolution. (Hear.) In conclusion, he firmly
believed that with a reformed Parliament all the
subjects which required attention would be grappled
with, and the House of Commons, invigorated by
a large draught of the popular element, would make
England the "mother of parliaments," an example
to her children of prosperity, happiness, and liberty
for ages to come. (Loud and prolonged cheering.)
A vote of confidence in Mr. Otway was unani-
mously agreed to.

Lord F. C. Cavendish, M.P., and Mr.
Forster, M.P., at B adford.

The annual meeting of the Bradford Chamber of
Commerce was held on Monday, and a soiree was
subsequently given in St. George's Hall, by the pre-
sident, Mr. W. H. Ripley.
Lord F. C. CAVENDISH, M.P., in seconding the
adoption of the report, said :—lf they looked at the
end and object of commerce, when free and untram-
melled, he saw that the end was that capital and
labour should be spent in those directions where
they would meet the very best reward, and also that
those gifts that Providence, with bounteous hand,
had showered on the various nations of the world
should be brought within the reach of all in every
nation. With respect to the commercial treaty with
Austria, up to the present time it had brought forth
no great result owing to the great war.in Germany.
He had formed the conclusion that uo delay could
take place before not only that treaty was in full
working order, but also before the principle of free
trade tola very considerable extent was put in opera-
tion over the States on the Continent. They could
hardly expect that free trade could be adopted in
new countries, colonies, and the United States. We
at home were so incensed by the apparent stupidity
of:the colonists in not learning the lesson we had-'
learned of late years that we scarcely did justice to
their position. He thought instead of us telling them
that they were to grow rich simply by agriculture,
we should point out to them that the industries
they were rearing up would be sickly and ,weakly,
and that they should trust rather to the gradual
growth of local wants, which would enable the ma-
nufacturers to secure a firmer field of trade. The
next event which he would refer to was the financial
panic and the suspension of the Bank Act. There
was one question deserving of serious consideration
in connection with it—whether the notes of the
Bank should not be issued unless there was bullion
behind them, and whether the issue of the notes
should not be entrusted to a separate department.
He thought there were very strong arguments in
favour of entrusting it to a separate department ;
one was, because as long as the Bank had anything
to do with the issue of notes, many people would
believe that the Bank had unlimited means, and that
it was the business of the Bank to come out and
rescue those who were in want of funds, and that it
was the business of the Bank to help them out of
any great commercial catastrophe. If the issue of
notes was placed in the hands of some department
that had nothing to do with the Bank, that state
of things would be obviated. He now came to
another subject of considerable difficulty and im-
portance—that of strikes. There seemed to have
been of late years a tendency on the part of some
to get rid of these strikes, and, if possible, put an
end to these troublesome tr.;fles' unions. He thought
anything leading that way would be a great error,
because that course had been tried and in"..d failed,
and we were still suffering from the evils of i,;;.?
attempt. The only measure that the Legislature
could bo called upon to pass was one that would
secure more completely the working man from the
intimidation of trades' unions. There was great
hope, however, that these disasters would not
occur so frequently in the future, from the
fact that consideration showed that the interests
of employers and employed were identical. Ex-
perience would teach them to be wiser, and,
therefore, there was good reason to hope they
would soon see a diminution of the number of
strikes and lock-outs. With regard to the ques-
tion of belligerent rights at sea, he tendered his
deepest thanks to the present Government for the
course they had taken. To no nation was it of more
importance than to England that this question
should be clear and certain ; that the present state
of the law should be ascertained, and if it was not
consistent with the present state of civilisation, it
should be amended. It was well that that should
be done in times of peace. He also expressed his
gratitude to the present Government for the course
they intended to take with regard to the Alabama
claims. He would not enter into the question as to
whether we had fulfilled our obligations with re-
gard to that vessel or not, but he would only say
that there was a deep feeling in the United States
that we did If it was declared that we had
fulfilled our obligations all cause of ill-will would
be removed ; but if, on the contrary, it
was decidedlow
we bad not, though it might be disagreeableto
o a
we were wrong. yet we should stand before the
world in a far higher position by admitting our
error, and rectifying it as far as we could, than if
we should simply deny and defend our actions.
Even if we had a heavy saw to pay, it would be a
very heavy sum indeed which would not be far ex-
ceeded by the beneficial reFults to ourselves in the
next war we have to undertake. (Applause.)
The motion having been carried, t
at the next ,
Mr. FoRSTER, M.P., proposed T
meeting of the Associated Chambers of Commerce
the council be requested to support the resolntion
proposed by the Hull, Leeds, rind Bradford -

• ber for the appointment of a select committee or
committees of the House of Commons on the sub-
jects of tribunals of commerce, and of courts of
conciliation between masters and s3rvants." It
would be exceedingly difficult to establish these tri-
bunals in England, for they would have all the
lawyers against them, for they could not see with-
out concern that disputes could be settled without
their assistance ; and we should find it very diffi-
cult to engraft such a system upon our courts of
law. Ile thought the time had come when the
House of Commons should sec whether they could
not do something towards putting an end to the dis-
putes between the employers and the employed by
the samesort of arbitration there was on the Continent.
One thing was clear, if these courts were established
in England they must be voluntary courts, and the
parties must be induced to assent to their decisions.
With regard to the question of strikes, he thought
there had been special circumstances during the past
year which might be said to have caused the diffi-
culties on the labour question. In consequence of
the general prosperity of the productive interests of
the country, there had been a great demand for
labour, and the emigration from Ireland, and also,
to some extent, from England, had reduced the sup-
ply, so that the labourers thought the time was
come when they could obtain a greater share of the
general profits. They had in many cases asked for
a greater proportion of the profits than the real jus-
tice of the case demanded. He hoped, however, that
common sense would show them. the error of that
course, and that they would have much fewer strikes
in future. After complimenting the Governtnent on
the course they bad taken with regard to commercial
matters, he in conclusion reminded the meeting of
what he had told them before, that they would find
Lord Stanley and Sir S. Northcote had satisfactorily
attended to commercial affairs. (Applause.)
Mr. BEIIRENS seconded the motion, which was
carried.