Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1847-09-25

IL
The state of trade throughout all the manufacturing dis
stricts of the United Kingdom is gloomy and unsatisfactory.
This remark applies both to cotton and woollen fabrics. The
late accounts from India-the stringent and
ing character OF the late movements Of the Bank oil England,
in enforcing 81 per cent. for discounting paper Of short date,
the numerous and heavy failures which have taken place in
the corn trade, and rumors of the temperance OF the potato
disease, have all tended TO depress trade in the districts alud-
ed to. Our usual monthly report Of trade IN and around
Manchester will be found elsewhere and the accounts from
Yorkshire show that the trade in the Halifax Piece-hall Is
duler than usual, scarcely any goods finding purchasers. The
yarn market, also, has been decidedly hatter through the last
week though the low rates so long current, not being equal
to the cost, prevent any giving way IN price. As to long
wool, the staplers are anxious sellers at old prices, and short
wool remains without alteration. A better prospect seems to
be before the manufacturers Of woollens in the Huddersield
district. The most recent advces from Leeds state that very
few goods are changing hands at the Cloth-halls there. AT
the same time more activity Is expected, and prices remain
steady for every description Of woonens.
The condition of the money market has not undergone i'm
provement since the 10Th ultimo. The succession Of failures
which we have recorded in our present number has cast dis
trust throughout the banking and commercial community,
which only time and a more settled state of affairs can dissi-
pate. Considerable sensation was created in London on the
10Th ultimo by the fact that a large amount ofdrafts of Prime,
Ward Il Co., of New York, on Overend, Quincy & Co.
had been refused acceptance 'suntl the arrival of thesHiber-
MIA, ;" and that Messrs. Barring, Brothers IL Co. had declined
10 interfere FOR their protection. These drafts remained in
allegiance several days after the arrival Of the Hibernia, and
on "Wednesday. the LIST, the jrawees definitely refused 10 ac-
cept them. The friends Of the New York house having,
however, given their joint guaranty, IL is said, to no less
amount than g4s, 900, the bills were finally accepted by
Messrs. 0yerend, Quincy d Go. on the I'd. This oppor-
tune Intervention, with the improved quotations of the course
70 exchange at New York, and the fact of very Iaree impor.
taions of our goods for the fall trade, induce The hone that
The anfieipated mischief tchich The failures on This side pav
create in The United States liR ia a great degree be coun-
teracfed. In the mean time it cannot be concealed that very
great distress exists, and every improvement in the bank week
ly returns is watched with an intense degree Of interest, in
order to found thereon some confident expectation Of ameIio-
ration. The bank rates OF discount continues as before stat.
ed at 81 per cent. for bills under two months, and @ 10 81
for longer dated paper. However, ut the breaking up OF the
Bank Court on the I'd instant it was announced that loan.
would be made until the 18th October upon stock, exchequcr
bls, and bills Of exchange, at the reduced rate Of 5 per cent.
This relaxation Of the late stringent measures Of the bank
must tend to assist the mercantile community, whilst il avoids
holding out the delusion that the rate Of discounts can. for the
present be reduced permanently.