This was obviously a losing trade; and it is acknowledged that, during the whole of this period business was only profitably carried on by the fortunate few who had laid in stocks at the low prices. On the 1st of February the highest price was attained, fair bowed cotton being quoted at 6⅞d., with No. 20 yarn at 8¾d., and No. 40 at 11¼d.—being an advance of ½ on the raw material, ½d. on the No. 20 yarn, and ¾d. on No. 40. To counteract the upward tendency of the market, a resort to the working of short time was resolved upon, principally by the spinners of coarse numbers; and the consumption was thus materially reduced, spinners and manufacturers drawing upon their stocks on hand, and thus keeping out of the markets for the raw material. A gradual decline in the price of cotton was the result—goods, however, sharing in the depression; and on the 1st of April fair bowed was quoted at 6⅛d., or ¾d. per lb. lower than in February. No. 20 yarn, the stocks having been reduced by short-time working, had declined only ½d. per lb.; No. 40, however, had fallen to the same extent as cotton. There was therefore no increase of prosperity brought about thus far by the short-time movement, the price of goods remaining at the same unsatisfactory point as compared with the raw material. At this date, Messrs Robert Barbour and Brother of Manchester, in their monthly circular, speak as follows with respect to the general trade of the cotton manufacturing districts:— “We have to report a very dull and unsatisfactory state of business in this district during the month. There has been a gradual decline in prices varying from 2½ to 7½ per cent, so that some kinds of goods can now be bought fully 10 to 12 per cent under the rates which were demanded in January. These reduced quotations have induced some parties to enter the market, but still the demand has been much under the average of what is usually experienced at this season of the year. The working of ‘short time’ is now generally adopted by the producers of coarse yarn and heavy goods, and several large mills continue closed. The drooping tendency of some descriptions of the finer fabrics has been slightly counteracted during the last week by more favourable intelligence from Calcutta and China; still, however, our market is unsteady, and it is more than usually difficult to form any idea of what is likely to be the future course of prices. “In the goods market a general quietness has prevailed throughout the month, buyers acting with extreme caution, purchasing only in small parcels for the supply of their more pressing wants: prices, consequently, have been irregular, and some considerable sales have been made by needy manufacturers at very low rates.” The dulness here spoken of is particularly observable in the staple articles consumed by the home trade. Messrs Barbour and Brother state that—