10 NOVEMBER 1855, Page 1

The factory hands of Manchester have commenced an organized agitation

to resist a reduction of wages ; a much more formidable sign than the " dear bread" demonstrations of the day, both be- cause more real and likely to be more extensive. There are mis- takes in the first notice of the agitators—such as the presumption that the factory-owners seek to reduce wages because the price of the raw material is enhanced; a presumption wrong both in fact and in the assumed reasoning. But there is only too stubborn a reality in the conditions which tend to the threatened conflict. The price of cotton goods has been continuously declining for many years past—declining in the face of a continually extending de- mand. The one reason is, that the power of production can be

multiplied more rapidly than the power of consumption. If we had civilized India and Africa, and opened the exclusive tariffs of Spain and other couutrios suited to the consumptipn of cotton goods, the field of consumption would be eitormouelyeattnded ; but those labours of ages, it may be said, have been,anticipate&by the extension of our producing machinery, on the,more ezpeotetirgi of great markets in India and Australia. The latest accounts of those markets represent them as only now recovering from " glut," while Manchester and its dependencies could produce enough for the markets were they bare and greedy—far more than enough. This is the cause of that pressure on the masters from which they try to obtain relief by transferring it to the men.

The men suggest another course, rather than the reduction of Wages—short time ; and pure reason would seem to be wholly on their side. Over-make being the cause of the pressure, contraction of make is the true remedy. And it is the course to which the most intelligent and the wealthiest masters would probably incline. But the difficulties that so often obstruct reason are here grave. Many of the masters are not wealthy, some are not intelligent. They act together as against the men, but they act separately when it is against each other. As soon as a manufacturer has a large capital sunk in his "plant," he must keep it going. To stop, entails damage, and heavy repairs as well as loss of interest. Like a railroad, the mill must be worked if possible. Well, then, the object becomes one of getting the greatest amount of revenue. Masters of wealth and foresight would see the advantage, in the long run, of restricting the make, and living on capital rather than heap glut upon glut. Masters of no wealth, feeling little for others, will try to get foremost in a crowded market, and will strive to snatch the revenue by being first. Some will incur loss on the year's accounts so that cash be brought in for present needs. Hence the modern practice of direct consignments by manufactur- OM over the head of middlemen. Hence the practice, recently ex- posed in a bankruptcy case, of sales for cash under the market- prices. It is the parallel of the beggarly artisan who hurries his work to pledge it. To such gamblers short time is a control of their game ; and perhaps the most prudent manufacturers are embarrassed by the increased numbers of this class in the entire fraternity. It is most desirable, however, that the masters should act with firmness as respects the control over their own conduct— with unequivocal fairness towards the men, since misunderstand- ings can lead to nothing but mischief; and a peaceful issue out of the real difficulties of the case will be best promoted by cultivating a mutual forbearance, where cordiality can hardly be expected— for cordiality, like confidence, is not a feeling of sudden growth.