26 OCTOBER 1839, Page 1

, The accounts from the manufficturing districts continue gloomy. 'here

is little demand for the products of the loom, and there ap- pears to be a general disinclination among capitalists to work "for stock." The consequence is " short time" and distress among the operatives. Nor is there a prospect of early improvement. Ame- rica is embarrassed and in debt ; and the orders which her mer- chants send are received with suspicion, and executed partially if at all. The state of the West Indies is deplorable ; and in that quarter British commerce must decline, for the means of purchase are Nth% off. Years will elapse before the Canada trade can be

restored to its former prosperity. Then as to the Continent or Europe, hear what the Morning Post, an advocate of restrictions on foreign commerce, says- " It seems to be almost inexplicable, that, at the present reduced rates, there should be no symptom of a demand for British fabrics on the part of the Conti- nental houses, and that, for the continued importation into this country or their bread-stairs, nothing will suffice, in payment, but that which we can just now so ill afford to part with, namely, gold and silver. It would be ima- gined that there must, at all events, be a disposition to take some of the tin€r description of manufactures from us, so much as the Continental farmer muse have been enriched by the corn-speculators of England ; and the circum- stance that the reverse of this is the case, proves but too plainly the truth of what we have frequently endeavoured to impress upon the minds of the pub- lic—namely, that in looking any longer to them for a market for their goods,. our manufacturers may look in vain. The Germans and Belgians are now sok far advanced in manufacturing skill, and their establishments have become so much extended, that there can be no doubt that for the time to come all their wants will be readily supplied without having recourse to the foreigner."

No doubt, the manufacturing skill of Germans and Belgians has been advanced, and their establishments are extended; but through what agency ? Who compelled them to make for themselves, with loss and difficulty for a long time, those articles which they would gladly have bought with agricultural products from England? The same causes which have deprived this country of its Gerinsh and Belgian customers, are operating elsewhere with the certainty of producing the same effects.

The community at large have paid to the owners and cultivators of land, from fifteen to twenty millions sterling more for grain int 1838-9 than in 1835-6; and it is said that home customers are the best customers: then how does it happen that the manufacturers of silks, cottons, and woollens, are but half employed ? What has become of the extra fifteen or twenty millions ? Would there have been any distress in Lancashire and Yorkshire, or any embarrass- ment in Threadneedle Street or Lombard Street, had this vast aunt been paid, in the shape of manufactured commodities, to foreigts customers for corn, instead of being dissipated, nobody clearly ex- plains how ? One thing, however, is quite certain—that whets extra millions are paid to these valuable home customers for grain, all but landlords, and tenants on good leases, are distressed ; but when British exports are considerably augmented, all classes with- out exception seem to thrive.