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Half-time has fairly commenced in Lancashire, and Manchester is gloomy

and apprehensive. It may be doubted, as we have argued in another place, whether the alarm is not greater than the danger re- quires, but it has been keenly felt through the week. A fear is ex- pressed lest the chance of supplies front America should restrain Indian shippers too long, and lest the panic, which must sooner or later be faced, should induce many manufacturers to close altogether. The French harvest, too, is reported bad beyond ordinary precedent, and very heavy purchases of corn have been made upon French account. Some fear has also been excited, not very reasonably, by the revenue return, and altogether the week has been a gloomy one for commercial men, and the funds fell at one time one per cent.

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