As yet the manufacturing community, stunned by the conviction which has been forced upon them of their desperate position, have formed no definite resolution as to the course to be pursued. For a week or two longer, it is possible that a portion of them may make further fruitless efforts to keep down the market for the raw material, which will now be held by speculators, aided by the abundant funds in the hands of bankers, with the certainty of ultimately realising higher rates. In the opinion of parties acquainted intimately with the whole circumstances of the trade, the only available course for spinners is to decrease consumption still further, by an extension of the system of working short time, or by closing a considerable portion of the mills altogether. Profitable working, even without an increase in the price of the raw material, is out of the question, with markets in their present depressed condition. But with such an advance as must be paid, if even the present reduced rate of consumption is to go on, the business would be perfectly ruinous. It is painful to reflect upon the severe suffering which must be entailed upon the operative and middle classes, throughout the manufacturing districts, by a general suspension of operations, or even by an increase of short-time working. These classes, greatly reduced as their wages have been during the past two years, have not, I may repeat, recovered as yet from the effect of the suspension of manufacturing activity to which they were forced in 1847 and 1848; and are consequently in a much worse position to be thrown again upon their own resources. The neatly furnished cottage no longer remains to be dismantled for the purpose of providing food for their families. The little savings’ bank hoards disappeared in those years, and have not since been replaced. A few employers, no doubt, may be disposed to allow to their hands a pittance sufficient to provide against actual deprivation; but it is to be feared that the mass will act with no such humane considerateness. Another result of such a course must be still farther to decrease the consumption, and depress the prices, of our large stocks of imported produce, and thus to inflict heavy losses upon their holders.