PROSPERITY OF TRADE.

IF the Adversity-men triumphed in, the inquiry before the Agri- cultural Committee,—and we regret to say there can be no doubt of the fact,—they appear to have suffered a signal defeat in their twofold attempt to demonstrate, first, that our commercial and manufacturing interests are distressed beyond all precedent, and secondly, that the country is suffering from the " appreciation' of the currency and the withdrawal of the one-pound notes. The evidence taken before the Committee appointed to inves- tigate the actual state of our. shipping, commerce, and manu- factures, has been partially published ; and it forms the sub- ject of exulting commentary in the new Number of the Edin- burgh Review. If the passages extracted in the Review, and in the Newspapers, are fair specimens of the whole mass, we may conclude, that the important interests above-mentioned were never in a more healthy condition ; for the parties who were examined by the Committee (as far as we are at present informed) were among the most competent men in the country to give correct opinions on the subject, and their testimony is positive and uniform.

Mr. BATES, the managing partner in the great house of BARING, Brothers, and Company—well known as one of the most intelli- gent as well as extensive merchants in England—thus speaks of the state of the manufacturing "interests in the North.

" Every thing in that part of the country seems to be increasing, resembling very much a new country; in Liverpool, there are whole streets building, and every thing has the appearance of a new town about it ; and I see a great dif- ference in going along through Manchester and that part of the country ; and in Yorkshire there seemed to me to be occasionally entire villages, just out of

the hands of the mason, consisting of beautiful little cottages. To my view, there never was so secure and healthy a state of things ; whether you look to the present state of things here, or to the probable state of things for several years to coine,-Auppesing that everything remains tranquil here,.and- that

there is nothing to shale public confidence." <,• ■„;

Mr. KIRKMAN F I NL AY says, that " the present state of the Cot- ton trade is, one of great extension, and of a rapid sale and acti- vity." With regard to the condition of the operatives, he ob- serves— " The wages in the establishments with which I am connected, and I believe generally throughout the country, are quite the same now as they were many years ago ; the employment at such establishments is regular and constant; it never varies ; the prices do not vary. Every body is paid according either to the work done by the individual himself, or according to the work done in the particular room in which he may work, according to the nature of the employ- ment; and therefore the wages in such establishments being quite the same as they were many years ago, when the prices of provisions were a great deal higher than they now are, it follows as a naturalconsequence, that the labourers must be much better off now, in such employment, than they were at any period 1 can name for many years back."

This is saying a great deal ; and we are not disposed to question the statement respecting the rapid sale of cotton manufactures, and the extension of the trade at the present time. But how does it happen, that .wages and employment at factories generally throughout the country have been so uniform, when the quantity of cotton manufactured has varied so much, during the last five or six years ? We find that, in 1826, the quantity of cotton entered for consumption was about .163 millions of punt's; in 1827 it nearly reached 250 millions; in 1828 it fell to 208, and in 1829 to 204 millions of pounds; it rapidly recovered itself in 1830, when 269 millions of pounds were consumed; and in 1832 our manu- facturers took 277 millions. Thus we find that there has been a variation in the quantity of cotton manufactured of from 15 to 25 per cent.: we should have supposed that the wages and employ- ment of the yorkpeonic would have varied in a considerable degree also. There must have been some circumstance not mentioned, or causes not explained, to account for this deviation from the ordinary course of things. Mr, HENRY HUGHES, an extensive wool-broker, affirms, that in a recent journey into Yorkshire, he was quite astonished at the number of new mills—" it was immense, he says, " enough to astonish any body ;" and as respects the Woollen manufacture generally, he considers that " The manufacturers of this country were never better employed than at the Present moinent; there ,is more manufactured at present than there has been is any year within the memory of the oldest man living. The manufacture has. so much increased, that no man, a few years back, would have supposed that Yorkshire would have been in the state in which it is at present."

The Silk trade appears to have made prodigious strides during the last two years. Manchester, however, has reaped all the direct advantage accruing from this'extension of the business ; for it left Spitalfields and Norwich, and-Will-soon-bid -good-hire to -Mac- .clesfield.. The Edinburgh Reviewer remarks, that " the silk trade, which was said to-be Sacrificed to newfangled theories, is sleactik -inereaeing:" and then.:-he giver a-Iable shelving the amount of our exports from 1820 to 1831,—which tells us, that in 1820 we exported manufactured silks to the value of 371,7751.; in 1822,381,7031.; in 1824, 442,5961.; in 1826,168,8011.; during the next three years, it gradually rose to 267,000 (more than 100,000 less than in 1820), and then in 1830 sprung at once up to 521,000. This does not say much for the steadiness of the ' • trade; and, from whatever cause their distress might arise, it is tolerable evidence that the complaints of those engaged in it were at times well founded.

That immense branch of our foreign and domestic business, the Iron trade—which, principally from having been overdone in the' most wanton manner in the fatal 1825, was in a wretched state of depression till within a few months—has at length taken a start, and bids fair to have a part in the general improvement. Of the evidence relating to the Shipping business,'we as yet have seen little. The Ministerial advocates, who have been in- trusted with unpublished* copies of the Evidence taken before the Committee, in order to make the most of it for their patrons, —as a counterpoise, we presume, to the disastrous details of the Agricultural Report,—have taken care to keep this part of it in the background. A general admission, however, is made, that the shipowners are not in so prosperous a condition as could be de- sired. Their stock in trade has fallen in value during a few years at least 50 per cent.

Having now touched upon the evidence in relation to the Cotton, Woollen, Silk, Iron, and Shipping trades, we come to that part of it which affects every description of business more or less throughout the country : we allude to the investigations of the Committee into the state of the Money-market. The following passages are extracted from the evidence of Mr. SAMUEL GURNEY, the well-known bill-broker.

" Is the amount of bills now in circulation as large as formerly ? "—" I think the aggregate amount of bills in circulation at this time is larger than in many previous periods; the number is larger also; the average amount of each bill is smaller."

"Do you think that answer is consistent with vour representation that the prices of property have fallen very generally? "--"-It is entirely consistent, in- asmuch as the price being low, the same quantity of goods produces a smaller bill, but produces a great increase of consumption; consequently there is a great increase in the number of transactions, and the aggregate amount is well main- tained."

"Do you think there has been as increase of consumption of beef and mut- ton in the country ?".—" I am not competent to answer that question ; I am quite satisfied that there is an increased consumption of manufactured goods in the country."

"In value or in quantity? "—" I think in both."

" Have you heard that from manufacturers themselves? "—" I come to that conclusion from what I hear, and from what I see in my own business. I see that the gross amount of bills is very great ; and I see furthermore that the bilk 'themselves are less in point of size;. which can only arise from the multiplicity of transactions and a great consumption of goods.'• " How is the circulation, comparing it with the quantity that was in circula- tion a few years ago ?"—" The mutat}, bank-notes are reduced considerably; but the amount of gold, silver, and Bank of England notes, is very large; so that it is doubtful whether there is much, if any, comparative reduction. The circulation of the country is very abundant for the purposes of the country at this time."

"Do you mean to say that there is as much circulating medium now as in the former time? "—" The Bank of England circulation is very well kept up to its customary mark ; the amount of gold in circulation is very great; the amount of country bank circulation is considerably less than it was; • taking it altogether I think it is somewhat less. The reduction in the country bank circulation taco considerable ; it is, nevertheless, very adequate to the wants of the country."

" You think that the present prices, though low are healthy? "—" I think

1/3." * *

Mr. GURNEY is of opinion that: the trading intelligence of the country is very much increased since 1825: people gained a " vast experience" from the years 1824 and 1825. He says, when speak- ing of the mode in which trade is carried on at the present time--

"There is a reduction of profit, but also a reduction of risk; such reduction of profit, in my opinion, arises from the very great mass of individuals possessing trading intelligence and moderate capitals; it is in my judgment the result of our health and general well doing, rather than the contrary."

It will be seen from these extracts, that the Currency-doctors went to work cunningly with the witness, but were balked. Mr. LEWIS LLOYD, the banker, never knew trade in so healthy a state as it is at present. He says, in explanation of this re- mark, " There is an absence of speculation; there is a regular demand fully ade- quate to the supply; there is no accumulation of stocks on hand, and yet no forced means resorted to for the purpose of disposing of those stocks; and I think that the bills of exchange in circulation are upon sound transactions of business, and of a more healthy character than I ever knew before." " Have you any reason to believe that there is any want of accommodation found by those parties who wish to engage in trade upon good security?"— " None whatever : money is so abundant, that the only difficulty is in finding employment for it. No man, with a good security in his hand, can be at a loss to get money now ; in fact, we are very glad to receive applications for mo- ney upon any thing like a reasonable security. " Do you consider that the applications that are made to you are generally based upon more sound transactions than formerly?"-" Yes; prices are mo-. derate, but the risk is reduced to very little; profits are small, but risks are proportionably small; and I think trade is also in an unusually sound and healthy state." " Have you made any observations in your own business with regard to the number of bad debts that are made now, and within the last twelve or eighteen months, as compared with former periods?"—" The best reply I can make to . that question is, that I have never known the bills of exchange in circulation better paid than they are now, and I am not aware of any fames of any conse- quence.' • This Parliamentary Paper was not delivered till yesterday to those who subscribe for the Papers of the session (as we do), or even to the Members : the copies from which the Edisitergli Review and.the Timer show forth their laudation must have been ::smuggled from the Committee.- Our observations were written before we received our own copy.

Arid 040;1- .

The profits of trade are certainly,snrAl ; and, in order to be mule pkottables ende must now be follows with greal:, industry, great economy,_ teal a proper proportion of skill and judgment ; ar Al whenever it is so followed; is success, he.., The habits-of trade that wr,re-contracted during the late war were ex- t¢tplely:umfaveurable to trade. T.bey were speculative; large profits were, sud- denly made.; and till; those habits are laid aside and forgotten, and bettor habits contracted, the complaints.and: murmurs that we bear- of may not altogether cease; but I am sure that those who pursue trade now with industry and eco- ninny -cannot fail to do well,- The profits are small; but such persons will be rewarded with a proper degree 4 profit." "With. what psruceiar branches of trade are you most- acquainted ?"—" My eaperieuce extends more particularly to cotton, woollens; silk, and iron; and my remarks apply to al., {ow. " Have you any acquaintance with shipping ?"—" None whatever."

Mr. Arrw °on, or one of his party, appears then to have taken Mr. LJAYA in hand : he did not make much of him, however, as the subjoined extract will show.

"As faros your knowledge goes, should you say now that there was a surplus Rating capital in London ; insomuch that bankers find it difficult to employ their services upon good and acceptable security ?"—" There is a very large sur- plus; we-cannot employ our surplus money at this moment at 2 per cent." ; Did such a phenomenon ever happen during the war? "—" Never." **Zan you call it a healthy state of trade, when you have that sympton ex- sating, that you cannot employ capital at 2 per cent. ?"—" I think there is an .overgrown capital in the country ; this may be very undesirable to the capitalist, but I. am not aware that it betrays any syMptom of unsoundness in trade. There wa,s also a great deal borrowed hy Government during the war, and we have not

that market new" * * * " Would you call it a healthy state of trade in which capital was amassed in great masses by a few, and in which there was considerable poverty and distress among the labouring classes? "—" If trade occasioned it, I should say it is not ; but I do not think it is occasioned by trade."

"Could trade be healthy in the existence of such a state of facts; capital-ac- -cumulating in great masses in the hands of some, and great poverty and distress among the labouring classes ?"—" I do not see how that is to be prevented the industrious and the careful will accumulate, and the idle will spend it. *

"Is it your opinion that capital is equally diffused now with what it was at former tunes within your knowledge?" —" Yes, as generally diffused now as

ever I knew it to he." *- * * "Is it not within your knowledge, that during the war there was a great ex- tent of fictitious capital created by means of bills of exchange ? "—" Fictitious bills were created for the purpose of raising money, and that made trade during the war extremely dangerous and unsound." "Are not credits generally shorter now than during the war? "—" Yes, trade is-now very much in ready money."

We close our extracts, for the present, with this cheering de- scription. We trust that when we have the whole of the evidence laid before us, we shall see no reason to add darkening colours to the picture.