The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1842-07-05 00:00:00

OVER-PRODUCTION AGAIN,

(From the City Article of Thursday's Standard.)

The accounts received from the great centres of manufac-
turing industry in the northern countries, are of such a seri-
ous character that they are producing considerable disquietude
in the minds of the moneyed interest in town that are in
daily communication with the suffering districts. Since the
arrival of the last Indian mail the gleam of hope which had
sprung up for the two or three preceding weeks, has entirely
disappeared, and the demand for goods is to the full as
limited, and prices as low as at any period since the com-
mencement of the year. Aceordir', to the letters received
this morning, the accounts brought from the United States
by the Colombia steamer are not calculated to have any im-
mediately favourablii, effect upon business; for, although
they have removed all apprehension of an ultimate rupture
arising out of the political points in dispute, there is no pros-
pect held out that there will, for months to come, be any ma-
terial increase in the demand for our manufactures. 'lle
uncertainty that prevails respecting the course that will be
taken with the American tariff is no doubt increasing the
evil, as a similar state of uncertainty, we have seen, has in-
jured our home trade, but the main cause of the difficulty
arises from the market being overstocked with all the prin-
cipal articles adapted for American consumption, so that
additional orders are not to be expected unless they are ex-
ecuted on credit, and the result of forcing business on that
basis requires no illustration.

It appears, however, that nothing short of the literal ex-
tinction of a number of our manufacturers, will teach the
remainder to apply the only remedy which, in the nature of
' things, can ever better their condition, namely, the regula-
tion of production to the means of obtaining equivalent
values, whether the exchange be made ;abroad or at home.
It seems that the slight improvement which took place in the
prospect of business in the early part of last month immedi-
ately led to the re-employment of nearly the whole manufac-
turing power of Lancashire and Yorkshire on full time ; and
the result, as might have been expected, is an increase of
stocks in Manchester and other towns sufficient to preclude
all hope of an advance in prices throughout the remainder of
the season. The futility of the reduction of wages is also
again palpable, and those that have had recourse to the un-
wise expedient find themselves in no better position in res-
pect to profits, than they were at the point from whence they
started. They have graisitously increased the misery of their
labourers without the consolation of a single week's addi-
tional profit, or of selling one piece of goods more in conse-
quence of the reduction. It is preposterous to talk of
foreign competition in this race of cadicity of Prices. It is !
entirely a domestic affair into which no foreign competition
can enter, and it more clearly illustrates the fallacy of the
free trade principle of levelling than has been exhibited in
all the past experience of civilised communities. No fot c-

sight on the Part of the Working classes can guard them
against the consequences of the tremenduous power that is
brought against them ; and all their hopes must rest in a
limit being fixed to its operation by legislative enactment.
This is the view which was early taken by the most acute
observers of the working of the system, who laboured in the
vineyard with the late Mr. Sadler, to shorten the hours of
labour as the only remedy, and which subsequent experience
has further and further confirmed. This is encouragement
for Lord Ashley to persevere in the effort, and, from what
we have occasion to know, there is no reason to doubt but
these efforts will at length be crowned with the desired and
de
served success. Every day disarms hostility, and gains
converts to tine cause of humanity and true national great-
ness,

The branch railway line from Leamington and Warwick to
join the London and Birmingham Railway near Coventry, is
now sure to be constructed without delay.