Without further detailing these malpractices, of which the above examples are perhaps the worst, we will advert only to one other point in the transactions of these large houses—the drawing-up of trade-circulars. It is the habit of many wholesale dealers to send round to their customers, periodic accounts of the past transactions, present condition, and prospects of the markets. Serving as checks on each other, as they do, these documents are prevented from swerving very widely from the truth. But it is scarcely to be expected that they should be quite honest. Those who issue them, being in most cases interested in the prices of the commodities referred to in their circulars, are swayed by their interests in the representations they make respecting the probabilities of the future. Far-seeing retailers are on their guard against this. A large provincial grocer, who thoroughly understands his business, said to us—“As a rule, I throw trade-circulars on the fire.” And that this estimate of their trustworthiness is not unwarranted, we gather from the expressions of those engaged in other businesses. From two leather-dealers, one in the country and one in London, we have heard the same complaint {124} against the circulars published by houses in their trade, that they are misleading. Not that they state untruths; but that they produce false impressions by leaving out facts which they should have stated. * * * * * In illustrating the morality of manufacturers, we shall confine ourselves to one class—those who work in silk. And it will be the most convenient method of arranging facts, to follow the silk through its various stages; from its state when imported, to its state when ready for the wearer. Bundles of raw silk from abroad—not uncommonly weighted with rubbish, stones, or rouleaux of Chinese copper coin, to the loss of the buyer—are disposed of by auction. Purchases are made on behalf of the silk-dealers by “sworn brokers;” and the regulation is, that these sworn brokers shall confine themselves to their functions as agents. From a silk-manufacturer, however, we learn that they are currently understood to be themselves speculators in silk, either directly or by proxy; and that as thus personally interested in prices, they become faulty as agents. We give this, however, simply as a prevailing opinion, for the truth of which we do not vouch.