Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-07-04
FROM Il. BAVLISS.
Letter From L0RdOn-DIrCet Trade
what IN Promised and what's
NanIed-EtC.

LONDON, June l7.-Since writing from
Edinburg / went 10 Liverpool, remain
ing there only three days, and thence
to this city. The cotton trade is dull in
Observation-Disclosures downward: no &C.
tivity, and little disposition among the
sp,nners TO buy, owing to dull trade in
Manchester, the favorable reports OF the
growing crop in our country, and much
unessiness in the financial markets,
which subsequently, has developed in
several failures, two concerns alone sus-
pending for about six million pounds
sterling-Alexander Collie d Co, and
Young, BOOthwick 4 CO.-besides sew
ersl Others, liabilities not named. Most
Of the suspensions, however, so far, are
caused by the failure Of Collie * Co. All
Sc, .urities are depressed, and material
declines in many. | find the people in
London about a. sensitive as our people
when money matters Sra disturbed. II
IL probable that the liabilities so far reach
eight million pounds sterling, and the
newspapers say the end is not yet-oniy
the beginning, many anticipate. OF
course this will affect the money market
on our side to some extent, but fortu-
Dately only ore house 80 far is con-
nected with the American trade.
Nothing Of any Importance to gay about
Liverpool, as cotton is the only article
that interests you, and reports of the
market you have daily. / met there
Thomas and John Leach, aud Mr.. Phil
lips, from Memphis. Thomas Leach
and the latter gentleman had just ar
rived at Liverpool, Since coming to
London have had several interviews
with prominent men on the subject Of
trade and the establishment Of sailing
and steamship lines from Liverpool to
Charleston and New Orleans. Sir Her
man Hirsh has invented a new model
Of steamships for light draft, carrying
ten thousand bales Of cotton On sixteen
feet Of water, which Hon. Mr.. Reid, M.
p, told me to-day, and VINO has been
the engineer for England, a man Of
fifst-class reputation, that these ships
would succeed beyond the slightest
doubt. Such, find, is the opinion Of
other competent judges. l have been
with Mr.. Rirsh for several days talking
over the matter, and l am satisfied that
this line of ships IS to open the mouth
Of the Mississippi river without jetties
or canals. TIE is also a line OF sail
lag vessels TO run from Liverpool to
Charleston, with a capital stock OF one
million pounds, but they require
one-third subscribed on our side.
l was summoned before q committee
on yesterday, OF which Sir Edwin Pear
son is chairman, to state what | thought
or knew in regard TO the feeling Of the
people OF the Mississippi valley upon the
subject OF direct trade, to which re-
piled that we desired it above all things,
and that was what we we're working for,
cut unfortunately, on account Of the
impoverished condition of the southern
states, that portion OF the valley was
not 10 a situation to render much assist
ance by taking stocks in their projected
lines OF steamships; that GOculsrly) we
could do the talking il Europe would
furnish the money. I find deep feel
ing here on the subject, which, from the
indications, will result in something OF
Importance before great while. They
seem determined TO open Up this trade,
but they want us committed to il in ev-
cry possible way, not only in an earnest
ness and good will but in money way,
however small. | was requested to act
for the interests of corporation here
at PaTis-upon the important question
OF trade, which promised to do, at the
meeting Of the geographical congress.
Shall leave for Paris tomorrow, but will
be in correspondence with several par
ties here, during my stay there, upon
the great question OF trade, and will let
you know the result. w. r. Moore has
Just arrived here. Have not found that
lost nameyet. Truly, B. BAYLIss.