Lord John Russell is famous for bloodless
fields, which resolve themselves into reviews--shall we have another
such in the course of the approaching session?
That manufactures are now exceedingly depressed, and have been so
for a long time, notwithstanding the reduction in the price of food
consequent upon foreign importations, is an admitted and notorious
fact. We have from time to time kept this before the public view by
quoting from the trade circulars; and though further evidence may
be unnecessary, we shall subjoin extracts from the last accounts
received from three seats of industry, two of which are represented
in Parliament by Colonel Peyronnet Thompson and Mr Feargus O'Connor.
Gloomy as they are, they are by no means the worst which we have had
occasion to cite during the last two years.
"BRADFORD, _November 6_.--The market here does not show any
symptom of improvement in the demand for any kind of combing
wools. All seem in wonder and anxiety as to what may be next
expected, for to buy none are willing, whether with stock or
without. The staplers appeared to expect that the spirited
buying of colonial wools would give a tone of confidence, but
that appears to have no effect. The spinners pause when they
contrast the comparative high prices of English wool, especially
those of the finer class, with what they were in 1848, when
yarns were at the present prices, and will not buy with the
certainty of making so great a loss as a purchase would entail.
The supply of Noils and Brokes was never so limited as at
present, and the small quantity making brings full prices. The
business doing in yarns is certainly small, and the transactions
confined to immediate delivery. No one seems inclined to enter
into engagements for distant delivery. For to go on at the
present prices of yarns is worse than madness, the price for
low numbers of good spinning and standing having reached 8s.
per gross, and those of a secondary class sold, if reeled, for
what may be the instructions to the commission houses, who have
needy parties pressing sales. The quantity so offering is not so
great, but the sacrifices which have now for so long been made
render the position of the trade exceedingly embarrassing. _The
production continues to be daily curtailed, and from the whole
district the same cheerless tidings are received. Some large
houses, who have never reduced their operations before, have
adopted it, their loss being so immense, and the whole condition
of the trade so thoroughly disjointed._ In pieces the business
during the week has not shown any feature of increased activity,
and the stocks in the manufacturers' hands are somewhat
increasing, but not so fast as last year at this period, and
especially in Coburgs and fancy goods: the former are chiefly
Public-domain text, read in full here on John Shaqi.
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