The Express.
London, England, 1867-01-14 00:00:00

THE. EXPRESS,

sumption has been 257,000 loads in 1882, and
303,000 loads in 1866—a tolerable increase,
although about 13,000 loads less than in 1865.
There are many other channels of trade to
which public attention is rarely turned, although
they afford a considerable portion of our national
wealth. The homely subject of leather and hides
affords one instance. Our exports alone, for
example, amounted in the first eleven months of
the past year to not much less than 1,700,000/.
Messrs. T. J. and T. Powett state with truth,
that the monetary crisis, unparalleled as it has
been, was more financial than commercial, and
that if the industrial interests of the country suf-
fered, it was in the main indirectly. They also
remark how little the ordinary market was affected,
that legitimate business was fairly maintained, and
that the year's trade in leather, notwithstanding
the monetary crisis, has probably fallen little, if
at all, below an average amount. In one re-
spect we are not disposed to agree with Messrs.
PowEtt, that the business in leather has been
restricted by the war on the Continent. Expe-
rience generally points the other way. In modern
days, the surest indications that Continental Go-
vernments are determined on war are continued
purchases, first of horses, then of boots and shoes.
The falling off in the Australian demand is more
easily explained. The markets there have been
lung overstocked, and it may be doubted whether
they have ever thoroughly recovered from the
speculative exports that took place in such an
inordinate degree in 1857. Looking, however, at
the leather market in a general point of view, it
appears That stocks are small, and that any revival
in tr.ule will be readily appreciated, and exercise
proportionate influence.

Among our miscellaneous supplies of raw mate-
rials may be instanced hemp, although its relative
value has been materially lessened by the use of
jute, one of the commercial consequences of the
Crimean war. Mr. W. H. HINDLEY reports that,
notwithstanding a rise in price caused this time
last year by a fire in the St. Katharine Docks and
by a second in March, the quotation, after some
fluctuations, shows no material difference from
January, 1866. The present stock in London is
about 2,800 tons, or more than 100 tons less
than in 1865, but somewhat more than in 1864.

Touching articles of consumption, the most im-
portant is of course corn. Messrs. HORN, SON,
and M'INNEs observe that the money panic has
scarcely touched the corn trade. It is difficult to
see why it should. Harvest failures and difficul-
ties in the money market are calculated, not to
depress, but to raise the price of corn. Appa-
rently, however, our home production was so far
alert that while we imported grain and flour to
the extent of 49,237,598 cwt. in 1865, we took
63,259,922 cwt. in 1866, the difference involving
an excess of payment of close on eight millions
and a half sterling. The same authority confirms
the view that the harvest of the past year has
not been as prosperous as was at one time ex-
pected. The crop of wheat is estimated at 14 per
cent. below the average. Barley, also, 15 per
cent. less ; oats middling ; beans and peas about an
average, though partly injured by rain ; potatoes,
perhaps the worst crop since 1847. Altogether
the prospect is not satisfactory. The total stocks
of grain on the Ist January, 1867, were 459,660
quarters, against 657,004 quarters in 1866.
Tea is almost as much a necessary as bread in
these days. Messrs. THOMPSON, one of the first
houses in the trade, give some details respect-
ing the effect of the monetary crisis in the tea
market. Apparently, it has caused a fall in
prices of from 6d. to 81. per lb., although it is
fair to state that this is almost, if not quite, as
much due to previous speculation as to temporary
financial discouragement. Holders of " stock "
were induced by the expectation of a rise in prices
to buy tea, and to keep it. The crisis has upset
these calculations. A profit which, under ordi-
nary circumstances, might have been obtained has
been destroyed by a panic. The result is not
unusual, but singularly unfortunate.
In referring to these annual trade circulars one
distinctive feature may be noted, and that is the
check upon internal trade caused by a crisis. It
is so common to estimate our general commerce by
the returns of foreign exports and imports alone,
that the point is constantly overlooked that our
internal trade is perhaps twice as important as the
external. Anyone who glances over the trade cir-
culars of the year will at once be struck by their
general agreement in stating that business is bad,
but chiefly as regards England, not foreign
countries. No doubt the reduction in the foreign
demand for home manufactures is great, but is
less absolutely than that from our own com-
munity. The lesson is repeated of previous crises.
We are undergoing a state of transition, and, as in
former times, before returning to our ordinary
condition of tranquil commercial prosperity, must
submit to an ordeal of doubt, disorder, and
general distrust.

OUB CONTEMPORARIES.
(THIB DAY.)