The Express.
London, England, 1864-01-04 00:00:00

LEATHRIt.

(From the sound circular of Messrs. Fisher, King, and Co.)

A noticeable feature in the leather trade during
the year just closed is the =oat entire absence from
it of excitement and fluctuation. There have not been
wanting, indeed, periods of considerable animatioo ; eine-
cully at the commencement of the year, and occasionally
during the summer months. They have, however, been
the exception ; and while it cannot be denied that a fair
amount of business has been done, it has been generally felt
that monotony has been the prevailing characteristic.
Another feature iu the condition of the trade is the state
of equilibrium which haa been generally maintained be-
tween supply and demand. The sales effected hare been
rather below than above theaverage ; and so, for the moat
part, have been the stocks in factors' warehouses. lf, on
the one hand, consignments have seldom fallen below the
requirements of purchasers, they have, on the other, rarely
exceeded them. Since I s6O excessive production has ceased.
the unhealthy stimulus to it which previously existed having
from that memorable time entirely disappeared. The ten-
dency is now in the opposite direction. Caution on the
part of manufacturers has beau carried quite as far perhaps
as it would be wise to carry it. We are no advocates for
reckless speculation, but the reverse. As, however, there
now appears to be a fair prospect of at least a well sustained
and even an animated demand for our staple, we
feel at liberty to give encouragement to a somewhat more
extended production than has of late been the rule. The
struggle between the Northern and Southern States of
America having continued throughout the year, He effects
on trade in general, of course including our own branch of
it, still exist; but these effects, as during the preceding
year, have been felt the less, partly because the demands
for the supply of the American armies have been greater
than the home productions of the States have been able to
meet, and partly in consequence of an improved trade with
France and other parts of the world. The state of com-
mercial affairs generally in this country, as evinced in the
recent revenue and other government returns,
is highly satisfactory. The means of purchas-
ing the necessaries of life supplied by a sin-
gularly abundant harvest are gradually finding their
way into the heeds of the people. The exigencies of the
cotton &striae, although not entirely removed, have been
relieved to a large extent by increased exports of cotton
from India and other countries; and we are assured by
those who are guided by the latest and fullest informa-
tion on the subject, that they calculate with entire con-
fidence on a gradual augmentation of the present amount
of supply. It is true that large amounts of gold leave
the country to pay for the raw material which, when sent
from the Southern States, was paid for in manufactured
goods ; and that this fact has largely operated to induce
the Bank of England to raise the rate of discount to its
present high figure ; but it should be boron in mind that
an improved state of trade with the East, which will
undoubtedly spring up, will gradually lessen the difficulty.
Our government, moreover, regulating its policy by the
welbarcertaiued wishes of the nation, is doing its best to
prevent our becoming embroiled either iu American or
Continental differences. Everything, therefore, looks hope-
ful • and soi there is nothing of a special character to pre-
vent our own branch of trade tram sharing in the general
prosperity, in our opinion manufacturers would be quite
sale in conducting their operations on a more extended scale.