The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-07-12
HaRD TIMES ~ LONDON.
Decline OF Business -Manufncturer- suffering
RETAILERS Losing Money.
Nan. AZ


JUNE % The ." hard times" concerning
which ! wrote to you fortnight ago have at
last become a subie of newspaper di.cuasion.
and on SATURDAY Mr.. Townsend Of the Spectator
stated the results OF his personal experience
and inquiries His article fully confirms what
have already stated TO your readers, and As the
subject is likely TO have no little interest for
American readers, IN consequence of Its bearing
on the trade Of the United States and England,
VIII add few more notes made from inqui-
res II my own among business men. In the
cessfui competil5k-of the United states with
England in epartments OF Industry which have
for years been almost moDopOlized by the latter
country has had a great effect In producing the
present depression. lnls particular cause is
felt chiefly in the manufacturing districts. 1t 10
beginning to be generally understood and ad-
mitted that many descriptions Of American
cotton goods are both cheaper and better than
English goods OF the same classes-a fact which
u anufacturers here have found II hard to get
Into their heads, but which they are no longer
able to deny. The result Is only Just beginning to
be felt, for the poorer classes have but recently
bad their attention called to the superiority OF
American goods-and tnev are the great con-
sumers Already nave heard one or two man
ufacturers grumble bitterly at the disadvantage
under which they lahor, In having American
goods imported into this country without duty
while they cannot con pete with their rivals In
the United states, because OF prohibitive duty
on that sioe. THIS simply means, OF course,
that they would like to see a duty imposed here
on American goods. ana II would not surprise
me To see q cry raised Tor some such measure as
that - American manufacturers 20 on beating
the English on IL cir own ground. The Indian de-
mand Is now largely supplied from the United
States-another enormous loss to Lancashire,
No wonder that some mills are being worked
only three days week. and that the owners OF all
are passing through pefiOd OF great trial and
anxiety. In the iron trade. also. the influence OF
Russign, Belgian. and American competition Is
very severely felt. Large quantities OF Amen-
can goods of all kinds are now sent over here,
and what does this country send backl At
present. very little, II ANYTHING, as the great
steamship lines have sorro wful reason 10 know.
When to these circumstances are added the
general distrust, almost amounting to panic,
which prevails among the wealthy and small
moneyed classes In consequence OF the collapse
ofTurks, Peruvians, Egyptians, and other bonds,
your commercial readers will not be surprised
to learn that retail trade in all branches Is quite
staRnant. Things are pretty nearly as bad as
they were In New York lsst fall. Every trade s.
man to whom i speak on the subject admits
that he 10 scarcely paying his ex penses. At the
West End there are many " no are supported by
the custom VI families whose means do not
vary from years end to years END, no IN after
what ups and downs may happen to the rest OF
tho world. But such shopkeepers as these form
but very small minority of the great body Of
London tradesmen. Among them there Is no
little suffering at present, aud l do not see much
chance of better times.