The Sun.
London, England, 1866-11-14 00:00:00

STATE OF TRADE

MANCHESTER, Nov. 13.—The market opened to-
day with an unusually dull and depressed feeling,
and an article quoted from the United States Econo-
mist of October 27, pointing out the desirableness
of the recently-inaugurated short-time movement
here in presence of a supply of cotton which is barely
enough to sustain cotton goods at the present high
prices, has created a strong impression. The writer
points out that after an exhaustive war in the States,
the depression of trade in England from the severe
panic, the great depression in Germany from a san-
guinary war, the presence of famine in India, and
the threatened civil convulsion in Turkey, it appears
to be an unwarrantable assumption to suppose that
consumers can be found to take the former supply
of cotton goods (if our out-turn does not exceed
that) at an advance of 150 per cent in price. These
or similar consideration have, at all events, dealt a
heavy blow at prices to-day. Shipping yarns are
very quiet, and for all descriptions of them, to make
sales, lower prices have had to be taken. There
have been some very large offers, involving consider-
able quantities for shipping, but at prices too low

for acceptance. Still in almost every case where
offers have been taken it has been at a reduced price,
even on the decline of last week. Home-trade yarns
have also been very flat, and prices are still tending
in favour of buyers. In the cloth-market this may
be registered as one of the worst days we have had
this year. Notwithstanding the extensive adoption
of short time to restrict production, both in spinning
and weaving, sellers have been obliged to consent to
considerable reductions in price. The feeling almost
amounts to panic, and people compelled to sell have
accepted very low rates. There is a very uneasy and
anxious feeling in the market, and there seems to be
a want of confidence both among sellers and buyers.
Buyers who had large offers in the market at a de-
cline on the then current rates have now withdrawn,
and are again disposed cautiously to wait and see
the turn of events. Messrs. John Slagg and Co.
report of to-day's cloth-market :

"During the whole of the past week prices have been
slowly giving way, and buyers appear determined to keep
out of the market. There is consequently a strong pressure
to realise on the part of manufacturers, but very unremu-
nerative offers are made, and on the whole the market
closes in a more gloomy state than we have experienced
for a considerable time.

LEEDS, 13th.—The attendance of buyers in the
cloth halls this morning has been about the same as
last week, but they purchased carefully, and the ag-
gregate amount of business done was not a full ave-
rage. Tweeds continue to hold their place as the
most saleable fabrics, and of these a good bulk
changed hands, or were ordered for early delivery.
There is no change in either the price or thedemand
for either ordinary plain or heavy goods, in both of
which only a small amount of business was done. '
The flax trade is rather quiet, but the mills are run-
ning full time. Clothing wools are steady in price,
unless it be for some of the coarser kinds, which are
a shade lower.

ROCHDALE, 12th.—The weather, keeping open
and mild, causes the heavy flannel trade to remain
rather dull, and the buyers in the market to-day, as
for some time past, purchased light and medium
goods, including a large portion of fancy flannels and
printers, more freely than they did the heavier and
coarser qualities. Manufacturers,keep tolerably well
employed, and the stock of goods on hand are not in
excess of what is usual at this period of the year. At
the same time there is a feeling of quietness in the
trade generally that is rather depressing. York-
shire goods sold to about the same extent as last
week, and the same may be said as to wool. Prices
of the latter, in common with those of flannels and
Yorkshire goods, are nominally the same as last
week, and in some instances a little concession in
price has been made to-day for both goods and wool.