English trade and the American Troubles.
The New York ‘"Shipping and Commercial List, "’ of May 1st, gives extracts from the London Times of April 17th, which contains nearly two columns of reports from the manufacturing districts, exhibiting in a most striking light the ruinous depression of trade there, consequent upon the prospect of civil war in the United States. All branches appear to be alike affected. The result of the Times' statements may be condensed as follows: In Wolverhampton, trade is about as bad as bad can be, but under the impression that the American (Morrill ) tariff will be speedily repealed, and that the separation of the North and South can be peacefully effected, there are many of the ironmasters who are confident of a speedy renewal of orders from the United States. (The impression alluded to, seems to have been created by private letters from this side, the writers of which appear to have been blind to the true meaning of the events in progress here.) From Sheffield, the reports are of the most discouraging character. Some of the cutlery manufacturers, exclusively employed in the American trade, have closed their establishments altogether; but the diminished likelihood of war was raising hopes that the crisis would come to an end sooner than was generally anticipated. At Nottingham, the wholesale houses have been buying more freely, and some few orders from America are reported — enough to revive a feeling of confidence as to the future, and to justify manufacturers looking forward to increased demands. At Birmingham, stagnation in every department is the order of the day. From America the orders are entirely nominal. The long-continued depression in trade is at last becoming serious as far as the artisans are concerned, so many of them having been employed not more than three or four days in the week, and the number of those who are unemployed has been on the increase of late.A number of heavy failures are announced. At Bradford, also, the American houses are either out of the market altogether, or if they buy at all, their purchases are insignificant in amount. At Newcastle-on-Tyne it was thought that when the new American tariff came into operation it would entirely stop the exportation of coals thence for the United States; but in consequence of the low freights that now prevail, a large quantity is being shipped. Of course, by the operation of the tariff the American consumer loses all the advantages of the low freights.
The New York commercial journal which makes these quotations, adds :
‘" We need not continue these citations. We have submitted enough to show that, severe as the blow is, which our political troubles have dealt to trade and commerce at home, our foreign relations are staggering under it even worse than we are; a fact which will engender with many a hope that self interest may yet prompt Her Majesty's Government to tender its good offices as mediator between the two sections of our unhappy country, to put a period to a strife which, if it go on, bids fair to inflict injuries upon the commerce of the whole world, from which it will take many long years to recover We have no idea, ourselves, that the offer of any such mediation, at present. would be accepted; but, when mutually exhausted by a desolating conflict, who shall say that an olive branch, coming from the parent country, in a spirit of genuine kindness and good will, would be rejected with scorn ?"’
