The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-04-03
uaRD TIMES IN ENoLAND.
a Leading shippers Gloomy view OF Trade
Attitude Of Cotton Operatives.

LONDON, April 2-Mr. David McIvcr, one
Of the proprietors Of the Cunard limo Of steam
ships and member OF Parliament for Birken-
head. writes to the Times declaring unhesi-
tatingly that. from his personal experience as a
carrier. he does not know OF any nation whose
trudo prospects ut present are so gloomy RS
Great Britains. The depression in the United
States and elsewhere docs not at all approach
the depression here. The British exports to the
United States are comparatively nothing. either
rs regards volume or valuo. The British food
importations arc steadily increasing. and the
balance of trade Is so overwhelmingly against
Great Britain that he sees nothing except ruin
in prospect for home industries whether man
ufacturing or agricultural. II the present state
o: things is allowed to continue. The export
trade from Liverpool TO the United States is so
small that whenever the restrictions on the inn
Dortation Of United States cattle are removed
gentlemen VINO are prspnre,dd 10 put aIulti2hhi
make the outward voyages with water ballast
only. without joining IN the scramble for the
little outward freight. which other owners have
been recently carrying as ballast at merely nom
The Times forecasting the budget which will
be announced on Thursday says that Il will
show n surplus of e. 900 on the ordinary
expenditures, out OF which 1t will be necessary
to provide for supplementary estimates and do
something toward decreasing the accumulated
deficit OF IS 600 900. caused by the extraordi-
nary expenditure IN consequence OF Eastern
affairs. The Times points out that despite tho
accumulation Of this deficit the country really
has been paying its way. rs 1t has. while tho
deficit was accommodating, devoted moro than
$4,000 900 annually to the reduction Of the debt.
IL deprecates. under these circumstances, any
increase in taxation really merely to pay tho
debt; or IL such must be imposed. It. would
recommend an additional penny OF income tax,
instead Of disturbing trade by any Increase Of
Tho duty paid on ten withdrawn from bonded
warehouses; on Friday. Saturday. and Monday
averaged c52OOO daily. Tho Withdrawals were
IN consequence Of the apprehension that the
Government intend TO levy duty on tea. tho
announcement Of which would be made In the
budget statement on Thursday. night. The
Withdrawals OF Tuesday wednesday. and
Thursday will probably be- heavier. The fear
OF tea duty has been prevailing for, some
weeks TO such an extent "a to largely influence
Withdrawals. but it has not had much effect on
prices.
forecasting the budget Is n comment on this
supposed intention Of the Government to levy
n duty on tea.
Tho announcement that the Blackburn cotton
operatives Of all branches OF the trade. at their
meeting yesterday. agreed TO submit TO the re-
duction OF their wages, provided the masters
would consent to restore the reductions OF both
tins year and last year upon the revival OF trade.
WIS incorrect They decided to submit to tho
reduction Internationally. but declared their
intention 10 insist upon the restoration Of the
prices paid previous to last years reduction
when the trade revives.
LIVERPOOL, April 2.-The cotton circular
~ Smith Edwards 4 CO.. cotton brokers Of this
town. says that the visible supply OF cotton is
100000 bales below that OF last year. Probably
spinners throughout the world hold a surplus
oi from $50 600 10 200 600 bales and there may
be little more shipped from India for the rest
OF the season. but in any event there must be a
material reduction OF consumption 20 carry us
through the autumn. Whether there will DO
such reduction AT tho present level OF prices
Of the raw material will depend very much on
the action Of the Government rs bearing upon
silver and Eastern exchange. Even the slight
Improvement now noticeable at Manchester Is
such .expedicnts would reduce the already de-
porable finances OF India 10 hopeless bank
ruptcy. The silver question is exciting great
interest throughout Lancashire and the ouin-
ion Is steadily tending In the direction Of BIZ
metalsm; but the interests in London opposed
any practical stop can be taken in that direction
Tor long time to come