The scarcity of money consequent upon the diminution of discounts
by the Bank of England, begins to be severely felt at Manchester. As a great part of the paper circulated in this neighbourhood is Bank of England notes, it may be easily understood that the pressure is felt with more severity than in districts where the local banks' issues con- stitute the only circulation. Not many failures have occurred, but the difficulty of obtaining discounts is seriously inconveniencing many who have had a healthy and profitable business, but who may have traded to a greater extent than their amount of capital entitled them to do. Prices are of course affected, and that effect is shown particularly on power-loom printers' cloth. Other descriptions of goods have not fallen in any thing like the same proportion. The demand for yarns is still considerable, and at good prices. If, however, the Bank conti- nues, as it is likely to do, to limit its issues to an extent to affect the exchanges, it is probable that a general fall of prices will take place.— Manchester Times.
The number of workmen who have "turned out," and been dis- missed from their employ in Staffordshire, in consequence of the " blowing out" of twenty furnaces, is stated at 60,000. The yeomanry have received orders to be in readiness, and other arrangements have been made to secure the public peace.
No arrangement towards an adjustment of the differences between the cotton-masters and the spinners of Preston has yet been made ; and we fear that there is no immediate prospect of either party making any overture, further than those which have been already made, towards an amicable settlement' of their differences. Those masters who paid an advance of 10 per cent. on the wages of their hands last Saturday, bad the same returned to them on Monday morning. We have nothing, therefore, to anticipate but that our mills will be stopped, and that 15,000 hands will be thrown out of employ. This furnishes a serious subject for the grave consideration of all parties interested, and presents but a melancholy prospect.—Preston Chronicle.
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