The advices from Lancashire and other portions of the cotton
manu- facturing districts, up to the close of the last week, state that consider- able gloom continues to prevail in the general business of those impor- tant sections of our manufacturing power ; which is said to have ansen chiefly out of the contraction of money-accommodation by the banks which has prevailed for the past two months. There is but little doubt that a vivid recollection of the disasters of 1536-37, which arose out of an undue and most indiscriminate extension of credit to the American merchants, or in other words, permitting them to trade upon British capital almost without limitation, has led to the pressure to which we have referred ; a pressure which we understand is and has been most severely felt, whilst the existing circumstances of the country seem scarcely to warrant this limitation of credit; a restriction which is pregnant with serious consequences, both to the manufacturers them- selves and the thousands to whom they dispense employment. One of the consequences of the late contraction of money-accommodation on the part of the banks, has been to create an extreme degree of caution on the part of the exporters of yarns ; who, of course, under such cir- cumstances, would not attempt to hold large stocks for the supply of the Continental manufacturers : therefore, the stock of yarns in the bands of the spinners has rapidly accumulated, which has led to consi- derable sales at a great sacrifice. Another reason may be cited for this gloominess in our manufacturing districts ; which is, that the autumn e::gort-trade with the United States has by no means been so extensive as it was flatteringly expected during the early part of the year. In con- tradiction, however, to these untoward circumstances, we have an im- portant palliative in the fact, that the home trade in all our domestic manufactures has been very steady throughout the season ; and, as the harvest will undoubtedly turn out more favourable than was anticipated, it may in some measure protract the demand for home consumption.—. Morning Herald.
The yarn, market in Manchester continues so exceedingly depressed, that the spinners who reel for exportation are generally talking of working short time ; and it is understood that a number of extensive firms in Manchester and the immediate neighbouthood will cease to light up their factories after the present week ; a plan which, if gene- rally adopted, will cause a considerable diminution in the quantity of yarn produced. The demand for goods is also limited, and prices are rather lower than last week.—Globe.
A meeting of the shareholders of the Northern and Central Bank of Manchester was held on Thursday, to consider whether the business of the bank should be carried on. But it appeared from the report of a Committee of investigation, that the collection of debts lied not been carried to sbe extent requisite to come to a satisfactory opinion on that point; and the decision of the shareholders was postponed.
The shareholders of the Bank of Manchester met on the same day. No reporters were admitted ; but it is said that Mr. George Wood, recently a director of the Bank, preferred charges of gross mismanage- ment against Mr. Burdekin, its chief officer; which that gentleman rebutted to the satisfaction of the meeting. From the 1st to the 30th of September, 3137 vessels entered Hull from abroad; being the largest number that ever arrived in one month. On the 1st, 2d, and ad of October, there arrived seventy, most of them of very large burden. The advocates of dock .extension need but have taken away opponents to the South End at tide-time to give them a most convincing argument in favour of dock.room. The want of ac- commodation, and the consequent confusion were disgraceful ; several accidents happened therefrom. —Hull Paper. So much has the opening of the London and Birmingham Railway increased the number of travellers through the latter town, that the principal inns often have their beds engaged two days deep.—Birming- ham Advertiser.
The inhabitants of Chelmsford have, at a meeting held for that purpose, determined upon presenting Mr. Beacon with a piece of plate, in gratitude for his public-spirit in laying informations against the forty-two bakers of that town who sold their bread underweight. Mr. Beacon is a gentleman of considerable fortune. —Essex Standard.
It is rumoured that a bridge will be built over the river Severn at Newnham, and that the matter is to be taken op by Government. It is assumed that the mineral wealth lately brought to light in the Forest of Dean has tended much to increase the desire to improve the com- munications in this part of the country.—Gloucester Journal.
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