The British _Mercantile Gazette_ of January 15 states that the situation and prospects of the iron trade have not materially improved in the month of December, but some week or two must elapse yet before trade returns to its regular channels. In the north of England the tone of the market is tolerably cheerful, and prospects, though still vague, are considered encouraging. Makers of pig iron go into the next quarter with a good supply of orders on their books, and merchants and consumers are desirous of buying over the first half of the year. Notwithstanding the great depression which has ruled throughout 1876, there is likely to be a greater production of pig iron by several thousand tons than ever there was before, and the total make must considerably exceed two million tons, which is twice the quantity turned out in Scotland, though in the latter district a greater number of furnaces have been kept in blast. Prices are nominally the same as were quoted last week, but show an upward tendency. The bulk of the mills and forges, foundries, etc., have resumed work, and the finished iron trade is again in full swing. The plate department is well provided with orders, but the rail manufacturers, though rather better off than they were, are still in a poor position. The miscellaneous branches of the iron trade, such as the foundries and tube, wire, and cut-nail manufactories are generally well off for orders, and engineers find plenty to do. The wages agreement in the finished iron trade ends this week, but it is thought that no alteration will be made. In the South Staffordshire iron trade, work has been only partially resumed as yet, and many of the mills and forges will not be started until the quarterly meetings, next week. Orders have rarely been so scarce as they are at this moment, arrears having been pretty generally cleared off before the holidays, and no new ones coming in. Nevertheless, the feeling of the trade is more hopeful than it was a month ago. The number of furnaces in blast in this district is now only 58 out of 153; but should the expected improvement in trade arrive with the quarterly meeting, this number will soon be increased. In the finished iron branch, in which quotations for marked iron contain the basis of $45 for bars, makers of leading brands of sheets and bars are better off than the manufacturers of cheap iron, who suffer much from competition in the north. Some considerable contracts for girders, bridges, gasometers, etc., are under execution at the works devoted to constructive ironwork; but the merchant iron trade, as a whole, is very dull. Unmarked iron is weak and variable, and to this circumstance may be attributed the reduction, announced this week, in various descriptions of common iron hardware. * * * * * IMPROVED LATHE CHUCK.