THE REVIVAL OF ENGLISH TRADE.

Globe, Volume XXII, Issue 1830, 3 January 1880, Page 3

THE REVIVAL OF ENGLISH TRADE.

The “ Times ” of October 31st remarks that—“As a crowning sign of the revival of trade, there is now witnessed a remarkable change in the character of the weekly returns of railway traffic as compared with the returns in the spring and summer of the present year. Until quite lately there was a decrease which threatened to make the year one of the worst on record for railway shareholders, and as time went on matters seemed to get worse instead of better. But during the present month the falling returns have given place to others, showing first an even balance as compared with the corresponding weeks of last year, and now in many cases a remarkable increase. The returns of most of the leading lines published this week are especially satisfactory, although in one or two instances there is still a moat depressing decline. It is quite true, of course, that the returns now begin to compare with weeks of last year in which a large decline set in, but this is only another way of saying that during the twelve months the causes of the decline which then began have been removed, while in some cases the recovery of traffic is now more than the former falling off. After this last sign, then, it may seem lawful to speak with the utmost certainty of an actual revival of trade having set in. With a conspicuous American demand for iron manufactures and other articles; with a distinct increase in our exports ; with rising prices in the wholesale markets all round; with an upward movement on the Stock Exchange which has many marks of solid support as well as of speculative enterprise ; with a marked increase in the Bankers’ Clearing House Eeturns, a sign of activity of some sort; and, last of all, with this distinct change in railway traffics, showing the generally renewed activity to be partly the result of actual business, and not altogether the result of speculation, we have no room to doubt that trade is actually better for the moment, whatever question there may be as to the extent and probable duration of the improvement.”

Writing on the same subject, the “ Standard” observes that it can no longer be denied that a genuine revival has set in. It would be incorrect to gauge its extent by the transactions o£ the past few days, because, as we have intimated, many of these have been of a purely speculative character. Money is cheap and abundant. Investors have experienced no small difficulty L». finding openings for their capital, where its employment would prove remunerative. They have', consequently, taken prompt advantage of the signs of returning prosperity in trade, and in anticipation of enhanced rates, have freely purchased those commodities for which there is likely to be an improved demand. The best proof of the correctness of this view is furnished by the fluctuations in prices exhibited last week, especially in the iron and tin markets. But, whoa due allowance is made for speculative dealings, there yet remains ample evidence to show that a real impetus has been given to most of our manufacturing industries. From all quarters the reports are couched in hopeful and stimulating terms. In the Cleveland district furnaces which have long been idle are again in blast. Large exports of iron are being made to Scotland and the United States. Already the shipments are said to amount to between twenty and thirty thousand tons per week. Nor is it only to the North and to America that exports are going forward. One firm has received a large order for bridge work for India, and others of a similar nature are expected to follow. Our correspondent at Barrow-in-Furness states that twelve out of the thirteen furnaces there are now at work, and the ironmasters are increasing the output to the fullest extent. In the neighborhood several furnaces have, during the last week or so, been blown in again, and there is a strong disinclination to accept orders at existing rates. At Wolverhampton, our correspondent reports, masters are making a “ desperate rush with orders, it being almost impossible to meet the sudden demand. The tinplate firms and other manufacturers in this locality are refusing to book orders at current prices.” The coal trade in South Wales is once more brisk. Prices, it is true, have not materially altered, but this is mainly owing to the enormous stocks which the colliery owners have on hand. Whilst, however, the accumulated stocks are being disposed of as rapidly as possible, tho proprietors decline to take contracts at the same rates for forward delivery. One of the moat hopeful signs of the reality of the revival in the South Wales district is the fact that preparations are being made for starting a portion of the Cyfarthfa works, which have not been in a state of activity for nearly seven years past. In sympathy with the improvement in the coal, iron, and hardware trades, the cotton, woollen, and linen industries exhibit a more cheering aspect. There is a fair demand tor Manchester goods, and a quiet but steady business is being done. At Leeds all branches of trade are reported to be in a more favorable condition. The Halifax merchants were busy last week, there being considerable buying for America. At Bradford the animation which has recently characterised the market has been sustained, accompanied by a corresponding hardening of values. Our Belfast correspondent states that linen yarns are going up in price, and that large orders for tho spring account have already been placed. At other industrial centres similar buoyancy is manifested, from which it may be reasonably concluded that tho influences which have fer so long depressed our mercantile and manufacturing interests are at length being gradually dispelled.