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No. 443, Octobeb 30,1858. J I HE Ij E A ...
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THE TRADE OF NINE MONTHS. In the precedi...
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GENERAL TRADE REPO&T. London, Friday Eve...
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Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
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No. 443, Octobeb 30,1858. J I He Ij E A ...
No . 443 , Octobeb 30 , 1858 . J I HE Ij E A P 3 S ft .. ¦ 1169 " * J : ¦ , , .. * ' ' —— ^ ¦ : ^ .
The Trade Of Nine Months. In The Precedi...
THE TRADE OF NINE MONTHS . In the preceding tables we lay before the reader the full particulars of our . trade in nine months , and therefore shall limit ourselves to noticing one or two peculiarities . Some imports have declined in the mouth , such as coffee , flax , hemp , hides , timber , and wine , but cotton , sugar , wool , with corn , have increased . The tonnage of shipping entered inwards in the month has fallen off to 791 , 886 as against 931 , 014 in 1857 . The declared value , however , of our exports hi tie month , 10 , 713 , 705 / ., is only 355 , 109 / . less than the declared value m the mouth oi 1 ° ' — 11068874 / . ; and the tonnage of shipping cleared
,, outwards in the month , 990 , 044 , is something greater than the tonnage cleared outwards in the corresponding month of 1857—990 , 209 . Although theprincipalshareintheimprovenientofourexportsis due to our increasing trade with India , we notice with much satisfaction that there is a sensible increase in the cottons , mixed silks , woollens , and worsted stuffs exported to the United States in the month as compared to September , 1857 . We hope , therefore , that the trade with the States , which is not purchased by any sacrifice like some of the trade to India , will now rapidly revive , though we cannot expect it to reach , even in some years , the gigantic magnitude it had
attained prior to the commercial convulsion of last year . A considerable sum , equal to the whole deiiciency in the value of exports for the month , is accounted for by the cessation of the export of British-made spirits to France . This was , in 1857 , purely incidental , occasioned by the failure of the vineyards abroad . In the nine months of that year tlie declared value of British spirits exported to France was 364 , 411 / . ; in . the nine months of the present year it is only 4090 / ., without the least chance at present of being again revived . We may expect hereafter a continual increase of our trade , but it is not at present much enlarging its demands for discount accommodation .
General Trade Repo&T. London, Friday Eve...
GENERAL TRADE REPO & T . London , Friday Evening . , Although there is not the slightest degree of excitement in the general trade of the country , and although there is still a certain degree of quietness in particular branches , it is certain that a considerable expansion is being gradually developed . A reaction in the value of cotton , founded upon the character of the American advices , hns been seized by the purchasers of yarns , and partially by the buyers of cloths , as a favourable opportunity to press spinners and manufacturers for concessions . To some extent this policy has succeeded , and it has naturally caused dulness in trade , for few—except those whose circumstances did not enable them to
rtsist the pressure—have been disposed to yielJ . Nothing sliows more clearly the skill and judgment with whicli the commerce of this country is curried on than the variations that have occurred in the Lancashire markets during the last two months . Trade there began to revive the moment there was a return of confidence , and the exhaustion of stocks created during and subsequent to the collapse , added to a simultaneous foreign demand , imparted much activity to the looms and fmmes of the district . The increased consumption of cotton was soon felt by the Liverpool and American holders , and prices consequently hardened if they did not substantially advance . la some descriptions , they absolutely "
up . " Purchasers for all the continental markets thereupon abated thoir operations , though the homo trade remained steady , and they refused to commit themselves , except for immediate wants , solely upon the score of price . This state of things lastod somo time , but it did not , until about three weeks ago , arrest tho progressive improvement in the demand . At last , however , it did , to some extent , cause a marked degree of quietness . Let it bo understood that tho solo foundation for this calmness was the maintenance of the price of cotton in Liverpool . how tho js the
oaso converse , There is again a temporary period of calm and quiet , accompanied with some degree of complaint , but it is caused not by advancing but by receding priooH of cotton . j < rom this fact wo deduce a conclusion that tho oxisting flulnees will bo comparatively short . A restricted trade from advancing }> rice « ' is not unnatural-Mndced , it is a # common inoUlunt in commercial experience—but , on tho other hand , falling prices gcnorally enoourago consumption and increase transactions until tho level is found at which the relation of demand and supply moots tho
circumstances both of consumer and producer . That the Manchester trade will speedily rally may be inferred not only from several considerations of this character , but from the particular circumstances referred to below , and it willbe observed , that , notwithstanding the inactivity of the present demand , stocks are not really accumulating . In Yorkshire , the demand for woollen and worsted goods continues , and there is a good deal of briskness , tempered , however , by the firm price of wool . The most decided improvement we have this week to notice is in the hardware and iron trades . Not only is there an active foreign demand for our productions in these branches , but the home trade is extending , and the accounts uniformly lead us to expect further improvement . There is no doubt that these trades have been much depressed , and their present revival is , therefore , extremely gratifying ; but the publication of the mining statistics , collected by Mr . Robert Hunt , keeper of mining records , induces us to think that the depression in the latter part of 1857 was somewhat exaggerated . The railway traffics , so far as they show the receipts from the conveyance of merchandise , are again favourable . On some of the lines connected with the north there is a marked improvement . They are beginning now to compare with the depressed period of last year ; but we attach more importance now to the weekly than to the annual comparisons , and in this respect they are becoming more and more satisfactory . The improvement is certainly very gradual , but , it is sure and healthy . The Boar d of Trade returns for September confirm this view . The state of the money market is not particularly satisfactory to the capitalists' interests . They cannot lend their money in any amount at more than 2 per cent ., and even at that rate there is little or no demand , while upon commercial bills 2 £ per cent , is considered a favourable price . The banks have this week been refusing deposits at call , and the discount houses are full . Money is thus lying idle in large amounts . But prudent traders are not induced by this fact to enlarge their transactions upon borrowed capital ; they prefer , if trade extends , to increase their operations by their own legitimate resources . Under these circumstances , there has been a continuation of the demands upon the Bank . Directors to reduce the rate of discount to 2 $ per cent ., and some indignation has been expressed that they decline to be led by external intimidation . -For this policy a valid defence is to be found in tlie fact that the continental demand for gold has absorbed all the supplies that have arrived in . the present week , and that further amounts will follow both to Constantinople and Vienna , the former on account of the late loan , and the latter to pay the Austrian Government for the Lombardo-Venetian Railway . The gold in the Bank of France is stated to have been considerably reduced by the last operation ; and from the returns of the Bank of England , published this evening , it appears that the stock of bullion has fallen off 144 , 084 / ., leaving it at 19 , J . ' ) 2 , 476 Z ., against 19 , 270 , 560 / . last week . And according to tlie official return in this evening ' s Gazette , the export of specia in the week ending last Wednesday amounted to 499 , 881 / ., of which 39 G , 655 / . was iu gold , or 85 , 639 / . more than the imports . In this state of things , and more especially with a prospect of the demand continuing , we see no ground for blaming the course adopted by tlie Directors . In Manchester , last Saturday , there was rather more firmness in yarns and cloths suited to the India trade , buyers having operated to a fair extent in 40-inch shirtings and in 30 ' s and 40 ' s mule yarn . Hard twists for the Mediterranean markbts were also iu rather more demand . In other goods' tiie market underwent little or no change . There was a modorato business in domestics , long cloths , and T cloths , at rather lower rates , but tho comparative absence of demand for the Levant affected tho weights and qualities taken for tho Eastern markets unfavourably . Printing cloths steadier in value , but the demand quiet . On Tuesday there- was an unfavourable change in the market , in consequence of a decline in tho value of cotton in Liverpool , tho American advices showing largo supplied and a disposition to part with them . In Liverpool , that day , there was a decline of 1 / 10 d . per lb . upon the prices of the previous I < riday , except for u few of the butter descriptions . Tho consequences iu Manchester wore , on tho ono hand , an increase of that caution which has restrained tho action of the buyers of yarns and goods for sovoral weeks back , and , on the other , a further weakening of confldonco in prices among producers . Tho finer yarns nbovo No . 80 , which are relatively much cheaper than lower counts , und which aro not uflbctou by changes . American cotton , must bo oxecpted itom the procoding statement . So also must 40 'mulo , both ot tho common and medium qualities , which are sustained by tho rocont purchases und tho continued demand for India . But spinnings from Noa . CO to 80 , though not quoted lower , aro decidedly halting at tho quotations ; and tho bias of 00 is at any rato
somewhat unfavourable . The greatest alteration is in that mercurial article 32 cop twist , which must be sold , if at all , jd . to Jd . per lb . lower than it could have been a week back . Next in weakness are 4 to 12 mule and water and 20 and 30 water . Taking these several kinds , along with such others of mule and water in bundles , warps , cops , and piheops , as constitute the great bulk of the production , the depreciation may be averaged at about jd . per lb ., not more . The following statement of the actual decline from the highest not nominal but real prices , before the commencement of the present subsidence , has been published : — . .
In Kos . 4 to 12 mule , in buudlcs id . to f d . per lb . 4 to 12 water , in bundles f d . to id . per lb . 20 to 30 water , in bundles .. ! .... fd . to id . per lb . 20 to 30 mule , iu bundles id . per lb . 40 mule , in bundles . | d . per lb . fully . 16 to 24 and 28 warps id . to f d . per lb . 12 to 30 pincops ... id . to fd . per lb . 40 twofold . ..- id . per lb . Goods have been affected in the same direction as yarns , though they do not perhaps show it in an equal degree . Among those which are best upheld are long cloths , T ' s , and certain other domestic ? , but in them the tendency of prices is unfavourable . The
considerable purchases lately made in shirtings and other articles for India have not prevented their giving way ; as , compared with a fortnight ago , we may state , for . instance , that 40-inch shirtings have lost lid . to 3 d . per piece . The accounts from India , and also jfrom China , are good , and aTe inducing rather more transactions . That a dulness now of three weeks' duration must have caused some accumulations in first hands there can be no doubt . We feel satisfied , however , that they are comparatively inconsiderable , and producers are not even without orders in hand . We know that one great commission house holds a smaller stock of cloth than at any time for five years back .
The cotton trade at Glasgow has followed the course of that at Manchester , but with somewhat of a firmer tone in goods . The cloth halls of Leeds last Saturday were not very numerously attended , consequently the cloth cleared was less in quantity than has lately been usual . ~ Prices , however , were unchanged . The inquiry was principally for seasonable articles , and for goods of a fancy character , . distinguished by either beauty of fabric or superiority of finish . Tlie warehouse trade has been steady , and for the season of the year satisfactory . There has been an average attendance of buyers in the town , and along with the orders that at this period generally come to
hand a fair trade has been transacted in the warehouses . In the manufacturing localities the preparations for a large spring trade are proceeding 1 , and are giving full employment to the mills arid artisans . There has been a slight improvement in the demand for combing wool . On Tuesday tlie morning was so dull and gloomy , that it was next to impossible to discern the shades of colour in cloths , and the Coloured Hall was , consequently , only thinly attended . Still , though the quantity of cloth that changed hands was not extensive , there was a good feeling in the trade , and the transactions arranged were healthy and satisfactory ; The atmosphere had somewhat brightened before the market hour in the
White Hall , and as the examination of the goods in that place was not required to be so searching as in coloured articles , there was a ^ considerable improvement in the attendance of buyers as well as in the operations . A fair business was done in whites . As may be expected , prices are not now likely to be affected until the wool sales , commencing on tho 4 th proximo , have made some progress ; and any material alteration is not anticipated , inasmuch ns the wool then to bo offered will not be in very large supply . The Bradford market is firm , and trade is
unquestionably healthy . Considerable animation has prevailed in all branches . The demand for worsted yarns for the home trade is good , and where contracts have been made for the ensuing month full terms have been realised . Indeed , this branch is buoyant . In worsted yarns for export there is some abatement in tho demand , and quotations are a shade lower ; and in cotton yarns there is some idulncss . But for goods the purchases are equal to a full averngu ; stocks are not accumulating ; and the manufacturers aro well engaged with orders .
The worsted trade of Halifax has not materially varied this week . For wools , yarns , nnd pieces , prices remain very firm , and an upward tendency has boon manifested . In Huddereiield there is no change . Stocks tiro small , and prices firm . Tho demand for fancy coatings , now stylus in fancy trouserings , and wooJ / on and Bedford cords , continues brisk , iuul Jnrgo quantities of thoso goods aro now owing rogulnrJy nninufaeturod , and' remlily sold . Plain goo < ' » »« i ''" iclc and mixture doeskins and Huporflno » < iro somewhat Blow of sale , tho country trade continuing in an unusually quiet and dopriwiud state . Stocks on tmnd iu the Cloth-hull aro not , however , vory largo fov the
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Citation
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Leader (1850-1860), Oct. 30, 1858, page 25, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_30101858/page/25/
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