The Sun.
London, England, 1866-03-21 00:00:00

STATE OF TRADE.

MANCHESTER, March 20.—The market for ship-
ping yarns has been very quiet to-day, with but
little disposition manifested for business. Buyers
are unwilling to follow the upward tendency of
prices, and spinners are equally indisposed to make
any concession. The market closes tamely at the
high quotations spinners are now asking. In home
trade yarns also we have had a tamer market,
manufacturers preferring to wait before paying
extreme prices. So far as there is any change in
prices they are slightly in the buyer's favour.
A large proportion of the spinners of yarns of
the best qualities are well under order, and have
no temptation to press for additional engagements
at a decline. Some of the spinners of commoner
qualities not in so good a position are rather
easier to deal with. The heavy arrivals of cotton
at Liverpool these last few days from America,
India, and other markets having checked opQrations
at Liverpool to-day, the depression resulting from
it naturally reacts upon this market to-day. The
business in cloth for several days past has not been
large, though prices have been well sustained. To-
day the demand has been decidedly quiet for all
classes of goods, and for some descriptions of cloth
even the market is rather weaker. The amount of
business, at any rate, has been very small. Buyers
appear to be less sanguine than they were last week
about giving out orders for future delivery, or indeed
than they have been for some time past. On the
other hand, manufacturers, having heavy engage-
ments, some of which will not be completed for
weeks and months to come, are indisposed to make
any abatement in their quoted prices. In most eases
makers adhere rather firmly to the rates of last
week, and show no disposition as yet to give way.
Messrs. John Slagg and Co. report of this day's
cloth market :—" Our market to-day has been de-
cidedly quieter, and the transactions are but of
small amount. Makers, being well engaged, con-
tinue firm at last week's quotations, and possibly
for early delivZry those rates might be obtained.
The confidence to contract for long dates of deli-
very, which has characterised our market for some
time past, seems to-day in a great measure to have
disappeared."
CARDIFF, 19th.—The coal trade of the district
continues active, and considerable quantities of
steam coal are regularly sent down for shipment to
the various foreign markets. Proprietors are well
off for orders, and, as fresh contracts are given out
freely, there is probability of trade maintaining its
present prosperous position for some time. There
is also a brisk inquiry for steam coal for marine
purposes, and the inland trade continues good.
There is a fair demand for house qualities, but it is
not likely to increase,
the season is so far ad-
vanced. The iron tr das
_...coizis rather quiet.
and
~e,irin,f,f
LEEDS, 20th.
that the wholesale
purchase of spring
in a to a close, there basmbeen a fair sale of such
draw-
fabrics in the cloth-halls to -day.
been slightly influenced by the via:Tbl.cee
idemand has
n the price
of wool, which necessarily involves a
espondino•
advance in the price of cloths at
" distant da;
The fineness of the weather, too, has not teen with-
out its beneficial effect upon the market. The plain
cloth trade is steady, and there is some inquiry for
patterns of goods for the fall of trade. Nothing par_
ticularly novel has been seen in the public markets.
Heavy meltons, mixed, plain, and fancy, and top-
coatings of the soft witney character, will probably
continue in vogue for wear in the colder season of
the year. Tile local wool trade is in a fair state of
activity, and prices are very firm.
NOTTINGHAM, 20th.—There was hardly an average
attendance at our Exchange-hall to-day. The de-
mand for lace yarns was, however, very firm, and
prices must be quoted /d. to 3d. per lb. higher than
last week. The inquiry for hosiery yarns was steady,
and prices tended upwards. For silks the demand
was very slow, but prices underwent no material
alteration. Brown nets in limited request, and
prices same as heretofore.
ROCHDALE, 19th.—There was an improved feel-
ing in the flannel k
3-liar et to-day, and of those habi-

tually doing business here there was more than an
ordinary attendance. The easier state of the money
market telltits own tale here as well as in the manu-
facturing localities, notwithstanding that the price
of wool is particularly high. Some buyers to-day
were still as reserved as usual, but many others were
brisk in their inquiries after fancy goods. Orders
in this branch have been given out already to a fair
extent for delivery at the beginning of the next sea-
son. Plain goods have scarcely come into any bet-
ter favour during the week.

Railway and Other Companies.

SCOTTISH NORTH-EASTERN.

The report of the directors states that the gross
revenue of the company for the half-year ending
the 31st of January last amounted to £149,991, and
the expenditure to £68,001, leaving a balance of
£81,990. Of this sum the Aberdeen revenue account
took 59.5 per cent., or £48,784, the Scottish Mid-
land revenue account took 25-5 per cent., or £20,907,
and the Dundee and Arbroath revenue account 15
per cent., or £12,298. The directors recommended
the usual dividends on the preference stocks of the
Aberdeen, and at the rate of 21 per cent. per an-
num on the Aberdeen original stock, leaving a
balance of £1,123. With regard to the Scottish
Midland stock the directors recommended the usual
dividend on the preference stocks, and at the rate
of 51 per cent. per annum on the ordinary stock,
leaving a balance of £954. On the Dundee and
Arbroath the directors recommended the usual divi-
dend on the 5 per cent. preference stock, and at the
rate of 8i per cent. per annum on the original
stock, leaving a balance of £1,363. The revenue
account for the half-year showed an increase of
£10,980 in the receipts, and of £4,631 in the expen-
diture, as compared with the correspondinghalf of the
preceding year. There hadbeen a considerable addi-
tion to the capital account during the half-year. The
works on the Denburn Valley Railway were being
pressed on as rapidly as possible. The formation of
the northern section of the Dundee and Forfar
Railway would, it was expected, be commenced in a
few weeks. The Crieff and Methven Railway was
nearly completed, and would be opened for traffic
early in April. The directors had, subject to the
approval of the shareholders, entered into an agree-
ment to work the line at 50 per cent. of the receipts.
The directors had also entered into an agreement
with the directors of the Caledonian Railway Com-
pany for the amalgamation of their respective com-
panies and systems. The preference stocks of the
company were amply secured by the Bill promoted
for that purpose ; and under it, after January, 1869,
the Aberdeen stock would bear a minimum guaran-
teed dividend-of 4 per cent. After that date, when
the Caledonian company paid more than 7 per cent.
on their ordinary stock, the dividend on the Aber-
deen stock would rise pari passu with it. As the
agreement was based on the dividend payable on the
Aberdeen stock, the Scottish Midland and Dundee
and Arbroath stocks would receive their proportions
in the same ratio as they had hitherto.