The Sun.
London, England, 1844-01-06 00:00:00

STATE OF TRADE.

The opening of the present year affords a pleasing prospect
for the commercial interest ; there seems every probability of a
large business, and the chance of profit is greater than has been
afforded during the last few years. Yet we have no ground for
supposing that every difficulty is over ; and we, in great measure,
alt.ibutie the improved appearance of mercantile operations just
riew rather to increased caution and diminished expenditure in
e‘ery branch of our import and export trade, than to any actual
alteratitth in our relations with foreign countries.
We have,
eating the past twelve months, been enabled to ship manu-
factured goods at lower rates than at auy previous period. The
expenses of manufacturing are reduced by the improvements
of machinery, and low prices have induced continued large orders
from those markets which are the principal recipients of our
*sports ; but one fact must be borne in mind—it is n
proportion
heavy goods, requiring but a small amount of labour from the
operative in comparison with finer fabrics, which used to form
theinost conspicuous part of almost every invoice.
Some important alterations of the tariff are justly expected
during the ensuing session. The great benefits that were to ac-
crue from last year's measures have not yet been experienced;

but, in one instance, where a leading article in every house-
hold was attacked, and the duty placed on anew footing, great
indeed has been the advantage—we allude to coffee, the con-
sumption of which is rapidly increasing under the influence of
reduced prices. In this case, too, the West India interest is
still protected, at an enormous cost to the consumer, but the
system is not carried out to that absurd and abominable
length which precluded the possibility of admission to foreign
sugar until the consumer has to pay uniepence per pound
for the brownest description that the West Indies afford ;
then, and not till then, under the present system, . . any
relief afforded, and then only to prevent prices going higher.
Let slave-grown sugar be placed on the same footing as slave-
grown coffee ; and great will be the change ; but let us go
further, and treat it as we do slave-grown tobacco, and the re-
venue would receive an addition in the shape of duty of not
less than five millions sterling per annum. Let us have some
analogy in our fiscal regulations, and we shall immediately
have our commerce established on the best foundations.
During the week there has been again some excitement in
the cotton market; speculators will not leave business to its
natural level, and even in the face of an addition of 30,000 bales
to the supposed stock, arising from some miscalculation in the
weekly estimates, discovered when the actual stock in the port
was collected, there has been a great business, at rather im-
proved prices. Money is cheap, and if it is to be thrown into
such channels as the cotton market, it will indeed be found tou
plentiful, and may probably materially affect our manufacturing
trade. In all branches of business there is more disposition to get
into stock on the part of buyers; a favourable view is taken
of produce generally, and prices are considered safe.
The Share Market continues lively, and most of the leading
stock is bought up at still improving prices. The advance
that has taken place in shares during the last few months is
very great, and, at present prices, it is difficult to obtain more
than 4 to 4fr per cent. 'for money invested in these securities,—
Liverpool Mercury.