The Express.
London, England, 1860-07-03 00:00:00

HEAVY FAILURES IN THE LEATHER

TRADE.

Two o'CLocc.

Ths funds to-day are inanimate, at yesterday's
quotations. In every department of the Fitock
Exchange business is remarkably languid, yet
prices are well supported.

This being the day fixed for the burial of Prince
Jerome, the Paris Bourse is closed.
Consols are officially marked 934, 4, and 4, ex div.,
fot the account (July 10). The present quotation is
93} to 4. The official Waimea report is as follows :
Batik Stock, 2294, `230; Three per Cents. Re-
duced, 934, 4,4, 4 ; New Three per Cents.,
93j, 4, 4 ; Five per Cent. " enlaced "
rupee paper, 984, f ; ditto Five-and-a
Half per Cent., 102; Indian Four per
Cent. Debentures, 1868, 984 ; ditto Five per
Cent. Moak, 1859, 1044, ex div. ; India Bonds,
75., Bs., 10a., prem. ; Exchequer Bills, 3s. prem.,
Par.
The foreign stock market is inactive. Spanish
Deferred Three per Cents. are inquired for. The
Turkish loan of 1854 is quoted 77 to 78,with scarcely
any business, and that of 1858, 594 to 804. Sales
are recorded as follows :—Brasilian Old Five
per Cents., 994; ditto Four-and-a-Half per Cents.,
1852, 874 ; ditto Four-and-a-Half per Cents.,
1868, 88 ; Mexican Three Cents., for ac-
count, 21; Peruvian Uribarren Four-and-a-Half
per Cents., 81, ex div. ; Portuguese Three per
Cents., 1863, 434, ex div. ; ditto, for account, 44 ;
Russian Five per Cents., 108 ; Sardinian Five
per Cents., 814 ; Spanish Three per Cents.,
484, ox div. ; ditto New Deferred Three per Cents.,
394, 4,4, ex div. ; ditto Passive, 19.
The shares of the South Eastern Railway Com-
pany of Portugal are quoted 4 to I premium,
and those of the Thames and Mersey
Marine Insurance Company, the settlement in
which is now in progress, 1 to 14 prem.

The embarrassments in the hide and leather
trade have reached a crisis. The whole of this
branch of trade is now paralysed. The announce-
ment of the three failures alluded to in the
Repress of yesterday had produced a bad effect,
but no excitement was oocationed until a rumour
got into circulation that the great house of Street-
feild, Laurence, and Mortimore was in difficulties,
and beating about for assistance. The result was
awaited with painful suspense by all engaged in
the trade. Late yesterday afternoon it transpired
that, "in consequence of the failure of several
persons largely engaged in the hide and leather
trade," this old-established firm " have felt
it to be their duty, under the advice of
their largest creditors, to suspend payment."
Of the importance of the event an
idea may be gathered from the magnitude
of the liabilities, which are estimated at no leis
than 800,0001. or 900,0001. It is greatly feared
that, even under the most favourable realisation
possible, the assets will not yield more than 10s. in
the pound, since they will consist of hides, leather,
tanneries, and the stock in tradc'poeseseed.by nume-
rous smaller houses which have been supported
by this firm. The sale of so large a mass of property
will involve much difficulty, and require time.
Messrs. Streatfeild and Co.'s affairs have been
placed in the hands of Messrs. Coleman, Turquand,
Youngs, and Co., the accountants, who will pre-
pare a statement for the creditors with as little
delay as possible.

The fall of this house will occasion a severe shock
in the hide and leather and kindred trades through-
out the country, and has already been attended
with the stoppage of several more houses. The
most important of these are the following, viz. :
Messrs. Smith, Patient, and Smith, tanners, of
Queen-street, Bermondsey ; Messrs. T. Herbert
Smith and Co., tanners and leather merchants, of
Wyld's-rents, Bermondsey ; and Messrs. Gibson
and Co., tanners, of Godalming. The liabilities in
each instance are of considerable amount : those of
Messrs. Gibson are estimated at about 100,0001.

The hide and leather trade for a considerable
period has evidently been in an unsound position.
There has not been sufficient capital in proportion
to the extent of engagements ; capital has been
locked up to an undue extent in hides and other
produce and in stock-in-trade ; and the system has
prevailed too generally for a number of minor
houses to depend upon one large one.
The dividends will be payable to the public at
the Bank of England on Monday next, the 9th of
July.
An instalment of 20 per cent, fell due yesterday
on the Brazilian Loan of 1,373,0131.
There were again no transactions in bullion at
the Bank. The Africa, from New York, has
brought 40,000/.
The exact amount of specie engaged for the East
by the Pere, which will leave to-morrow, is
283,3362., the whole of which is silver except b 65/.
The particulars are as follows :—For Hong Kong,
147,414/. (of which 93,8941. is on government ac-
count) ; Shanghae, 86,5771. ; Singapore, 45,1301. ;
Calcutta, 31,855/. ; Foo-choo-Foo, 2,777/. ; and
for Madras, 4851.
The Mexican dollars by the last packet have been
sold at ss. 20 per ounce, being id. below the rate
obtained for the remittance by the steamer which
arrived at the end of May. Since that period the
price has stood at se. 20. and se. 20.
The steamer Prince Albert has arrived at Galway
with advises from New York of the extraordinarily
late date of the 25th of June. The time occupied
by this vessel in crossing the Atlantic was only five
days and 20 hours. A private telegram announces
that a call of 5 dollars per share has been made in
New York upon the shares of the Illinois Central
Railway Company. The object of the call is to ex-
Thes the Freeland Bonds.
monthly telegram in advance of the Austra-
lian mail is daily expected to arrive.
The Brighton Railway traffic return shows this
week an increase of 2,8511., and the South Eastern,
an increase of 191. _ _

The weekly traffic return of the Great Western
Railway of Canada, just received, shows a decrease
of 6891. sterling.
Messrs. Baring Brothers and Co. announce the
payment of the interest coupon on Grand Russian
Railroad shares, due on the 13th inst.
The interest is advertised upon the bonds of the
Cork and Youghal Railway Company.
An extraordinary meeting of the North and
South Wales Steam Fuel Company (Limited) is
called for the 6th of July, to oontirm the resolu-
tions for dissolving the company.
The settlement of the list of contributories of the
London and County Hail and Cattle Insurance
Company is to be proceeded with in the Court of
Chancery on the 3rd of July.
The directors of the North Eastern Railway I
invite tenders for the construction of a deviation
line through Harrogate, being a length of about 4
miles.
The articles of association of the Muswell-hill
Land Company will lie for signature from the sth
of July.
With reference to the general course of trade,
the circular of Masers. Trueman and Rouse, dated. I
yesterday, has the following :
There Dr been nothing of a reassuring character in the
aspect of European polities dunq the past month, nor is
there any perceptible abatement in the distrust which bag
for no long prevailed, and which still prevents a return of
the wonted activity of trade with the Continent. The con-
tinuance of unsettled weather has also caused much anxiety,
for although any injury which up to the present time may
have been done to the grain crops is not peat remedy, every
day of wet acid sunless weather diminishes the hope of the

harvest proving an average, whilst m
able circumstaaces it cannot be an ab.
therefore vory satiefactoey to know that
other lanupsim *malarial, as won se boa.
State% speak more favourably of their crops, a
are Dot likely to be forced up unduly high ; but
of adverse foreign exchanges and consulttent large t
for specie induces moth caution in an Oftlinll
I operation..

MONDAY Bynum
Consols, which closed on Saturday at 931, "rather
buyers," ex div., for the 10th of July, opened this
morning at 93i, advanced to 93it to I, and timed.
at 93} to 1,. The official business report is as
follows :—Three per Cent. Consols, for account
(July 10), 93g ex div. ; Three per Cents.' Re-
duced, 93 4, ; New hree per Cents., I,
; Five j;er Cent. " enfaced" rupee paper,
96}, t ; ditto Five-and-a-Half per Cent., 102 ;
Indian Four per Cent. Debentures, 1858, 98i ;
ditto, 1859, 961,1 ; India Bonds, 6s. din.
The Indian rupee paper remains flat. The Indian
Five per Cent. stock of 1859 was quoted 104 to
ex div. fur the aooount. India Bonds were pur-
chased at 6s. dim. ; and Exchequer Bills were quoted
par to 4s. prem.
Turkish Bonds were firm : the Loan of 1854 was
last croLed 77} to ; and that of 1858, 60 to 1.
Russian Three per Cents. were dull, at 6.3 i to 64.
Mexican were quoted 21 to
Bank of Australasia and Union Bank of Loutish
shares were inquired for to-day. Other bank awes
were steady. Crystal Palate Preference Stock and
London Discount shares were rather fiat.

The closing quotations for the shares in new
undertakings were as follow :—Ocean Marine
Insurance, 12 to 14 prem.; Thames and Mersey
Marine, 1 1-16 to 1 3-16 prem., being lower ; Uni-
versal Marine Insurance, to prem. ; London
and Provincial Marine,l to i dis. ; London and
South African Bank, I dia. to par.
There were some inquiries for the shares of the
South Eastern Railway of Portugal, which were
quoted I to 1 prem.
Victoria Government Bonds rose j per dent.,
closing at 1071 to 1014. New South Wales Go-
vernment Bonds were likewise firmer.

MINES.-THIS .DAY.

Two o'CLocz.

In the Stock Exchange to-day East Basset
shares are in demand, and have been dealt in at
140. Stray Park are marked N. The other tran-
sactions have been principally in shares in Sortridge
Consols, Lady Bertha, Vale of Towey, St. Ives
Consols, St, Ives, Wheal Allen, West Frances, and
East Wheal Alfred. The market generally is steady
in character.

AP regards foreign descriptions, attention has
been chiefly confined to Cobre and Rt. John del
Rey shares ; the former have been dealt in at 44
and 44, and the latter at 28} to f ez div.