a few houses are doing a fair business in heavy fabrics, such as fustians, moleskins, and other articles worn by the artisans and other working classes; and in some fancy goods of the same description for the middle classes. This fact, however, is in a great measure an _exemplar_ of the declining condition of the country generally, the articles in question being worn, in a majority of cases, as substitutes for the more costly woollen fabrics. Moreover, no profit accrues to the manufacturer from these goods, their production at existing rates of the raw material being, on the contrary, attended with absolute loss. The retail trade in the manufacturing towns themselves, represented as being in such a satisfactory condition, is anything but good, a considerable portion of the population being employed only two or three days in the week, and the whole having been compelled during the past two or three years to submit to reduction of wages, as the price of their boasted boon of Free-trade. This is particularly the case in the districts of Rochdale, (John Bright’s district,) Heywood, Bury, Middleton, &c. The effect of preceding years’ short-time working is still severely felt, last year having been the only one since 1846—when we had the boasted measure of Sir Robert Peel, and the “heavy blow and great discouragement” was inflicted upon British agriculture and our sugar-growing colonies—that the manufacturing population have been fully employed. Such being the acknowledged condition of the home market for manufactured goods, the question naturally presents itself—what has been the result, so far as profit is concerned, of the operations generally of the manufacturing community during the past four months? In reply to this question, it will be very easy to prove that thus far, in the present year, they have been the reverse of remunerative. The following extract from the circular of Messrs M‘Nair, Greenhow, and Irving, of Manchester—one of the best published, although putting rather the best face upon things—dated the 31st of December last year, will show the prospects with which manufacturers entered upon the present year:— “MANCHESTER, _Dec. 31, 1849_. “Exactly twelve months ago we represented the transactions of the closing month as having been almost unprecedented in extent, considering the season of the year; and to-day we are happy to have in our power to communicate a pretty similar statement with regard to the present month, repeating what we have often remarked, that _December_ in ordinary years is generally marked by dulness and inactivity.