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Leader (1850-1860), 1st January 1859, Edition 2 of 2, Page 26, BANK OF ENGLAND. An Account, pursuant to...

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      26 The Iilabeb. [3s~O. 458, January 1,18...

      26 THE IilABEB . [ 3 S ~ o . 458 , January 1 , 1858 ^ .

      I0me, Colonial, & Foreign Produce Market...

      I 0 ME , COLONIAL , & FOREIGN PRODUCE MARKETS .

      Beyiew Of The Week. Mincing Lane, Friday...

      BEYIEW OF THE WEEK . Mincing Lane , Friday Evening . Business has this yreek . been , in nearly every instance ? of a merely nominal character , the leading . markets being closed until the 4 th . The few transactions have , however , given evidence of the stability of most markets , and a steady and improving trade in the new year is very generally anticipated . Ct > RK .-- » The fresh- strppKes- of both English and foreign -wheat , and indeed of most other articles of the trade , have been moderate , and although the buying has been only to a moderate extent , the tone of the market has in general been firm . English and Foreign \ rheat sold at the full term ? quoted in our last . In flour there was rather more doing without change in price . Malt ia if anything the turn cheaper , choice new were not being quoted over 67 s . Barley is more plentiful , and Foreign Is . to 2 s . cheaper ; white peas are Is . cheaper , the weather checking consumption ; oats in moderate supply . and inactive , but ; not lower . COBS ARRIVALS . English . Irish . Foreign . Wheat ...,. qrs . 5 , 189 — 2 , 932 Barley ; ...... „ 2 , 376 — 20 , 088 Oats ,, 12 , 943 — ' ¦ — Beans .. . „ 728 — 2 , 716 Peas ..... ... „ 289 — 650 Flour ........ .. sks . 19 , 102 — 1 , 925 Ditto / ....... i ... brls . — — 25 LONDON AVERAGES . Qrs . s . d . Wheat ..... 2903 at 42 8 Barley .................. 243 „ 34 0 Oats 1314 „ 23 11 Beans 269 „ 38 6 Peas .................. 42 „ 58 4 Potatoes .-1—With average supplies of hpinergrown and liberal imports of foreign , trade has ruled dull : York Eegentsj 80 s . to 400 s . ; Kent and-Essex , 8 O 3 . to 90 s . ; , Seotch , 70 s . to 80 s . ; Cups , 60 s . to 70 s . ; Belgian Reds , 55 s . to 70 s . •_ ¦ . ; Provisions . —At Newgate and Leadenhall trade has been dull , except for Beef , which sells readily at fall prices , prime up to 4 s . 2 d . per stone . Mutton has derdiaerl considerably ;; prime Downs sold at 4 s , Live Stock .- —As usual close after Christmas the supply has been short , and prices firm , although the demand was not active . The following were the numbers at market and current quotations : —^ Monday . Beast . Sheep . Calves . Pigs . 2 , 010 7 , 050 60 100 3 s . 8 d . to 5 s . Od .-Ss . lOd . to 5 s . 2 d . 3 s . 6 d . to 4 s . 6 d . 2 s . 8 d . to 8 s . 10 d . Thubbdax . 1 , 050 5 , 600 210 150 33 . 8 cL to 5 s . Od . Ss . lOd . to 5 s . 2 d- Ss . Gd . to 4 s . 6 d . 2 a . 8 d . to 3 s . 10 d , Sugar . — The only transactions of moment are a landed cargo Bahia at 36 s . 6 d , for export , a floating cargo Maceio at 26 s . 9 d . fox Trieste , and 1500 bags Mauritius at . 39 b . to 42 s . Spirxxs . ^ —Small parcels ram have been placed on full terms . Large sale . s of Otard ' s 1858 brandies have been made for arrival at 5 s . 7 d . to 5 s . 8 d . on the quay . Coffke . —Business is confined to a cargo of 3900 bgs . Bio at 483 . for Trieste , and 1000 bge . native Cey Ion at 60 s . to 60 s . 6 d . for good and fine ord . Tea . —Tho market ia quiet , but quotations . steady . CooHTNEAt . very firm , ia consequence of unfavoiuv able crop accounts . . MxiXAt ^—Clonsidjerable transactions have taken place in spelter at . advanced prices ranging up to 23 / . 10 s . fox W . H . plate ? . To-day the market ianot so brisk . Other metals are not altered materially . JuTE .-r-About 7000 hales have changed hands at full prices , but the market -clpeoa leas , active . Cotton . —rVery little passing , and the market dull . Oils . —Olive has ratbor a downward , tendency ; linseed scarce , and , worth 801 . Tallow . —The market haa been steady through the week , and closed , to-day at 5 Xa . 8 d . for Russian yellow candle , on the spot and fox delivery , TJU « official market letter remains as-on lost Friday . In other articles the transactions Jhare been entirely devoid of interest .

      Algerian- Baww/Ht. —Mr. Henry Smith, Of ...

      Algerian- Baww / ht . —Mr . Henry Smith , of Birmingham , contractor ; has been in Paris with a staff of English engineer * , investigating the project of the proposed railway from Algiers to Oran . Hp had an-audience with , PrinoeM tfapotoony antf haa- since left for Algeria , whither his staff of engineers had precoded him to prosecute inquiries > iivto the project , , > This Nationai * Bank qv Austria . —Under the ajx > - thority OJf tho Minister of Finance , the bank has nnnonnced thoisswo of one-florin notes in tlfe same proportion in the new currency in which notes for-one , frvro , and flvo florinsin the old are withdrawn . Tho > amount pf now notes- is- not to exceed 10 , 000 , 000 / ., and they ar « seouired by the mortgaged Slate domains * An increase of tho metallic reserve is likewise promised .

      Money Market And Stockexchange.

      MONEY MARKET AND STOCKEXCHANGE .

      Friday Iiivening, The Demand For Money, ...

      FRIDAY iiiVENING , The demand for money , which has been active all the week , was extreme to-day , and it generally is considerable at the close of the year ! For some time 116 bills have been discounted below the Bank value , and to-day higher terms were demanded . In the Stock-Exchange 3 per cent , was freely given for loans for short dates , every person finding it more

      for his advantage to pay a high rate for temporary accommodation : than have on this day a scanty balance at his banker ' s . But this extreme demand is merely temporary , and to-morrow will probably be relaxed . The public funds have been dull in the week , with very little business doing . They preserved the same character to-day . Consols closed at 9 ( if , Exchequer bills continue at 36 to 39 premium . Erom Paris the prices come steady , and there , as here , the funds are quiet .

      Railway shares , as the traffic accounts continue to be good , are generally looking up , and likely to improve . To-day the shares of the Birmingham line were in much request , and they were at 97 % , buyers . North British too , which the Berwick Company is expected to purchase , were Tather run on , and advanced to G 2 , buyers at that price . We notice with regret that the proceedings of the Joint-Stock Banks , in placing the Victoria ^ Debent ures on the market in a ] , manner something unusual , excite attention and remark ; -while their success and their great resources giving them advantages over individuals , induce them so to extend their business as to beget alarm for the ultimate results . We trust they will continue to be prudent and to eschew all but real banking business .

      thither that they can afford to come home empty without loss . Another cause for the diminished employment of our shipping is said , by these gentlemen , to be " the discontinuance of the guano charters , " as well as the general contraction of trade . L They give us hope , however , of a revival . " Outward frei g hts have considerably improved ;" " ship-building in the colonies has been diminished , " and , as a consequence , " second-hand large colonial ships are improving in demand . " The condition o £ the shipping which is left will be improved too by the losses of shipping in 185 S , " which have been enormous , considerably over those of 1 S 57 , " however much some shipowners and underwriters may thereby suffer .

      —as we learn from the circular , of Messrs . Curry Kellock , and Co ., Liverpool , shipbrokers—of "the large fleet that has gone to the East in the war service . " The enormous amount of tonnage , they say , that has accumulated in the Indian anci China ports ( about 500 j 000 tons ) , has reduced freights from thence to a nominal rate . " It is probably known to our readers that the enormous amount o f tonnage employed in the war service or as transports , are not included in our shi pp ing returns , and , being exclusively British , were tliev included would affect very favourably the statistics of our shipping . Moreover , the . owners of these transports , carrying troops and stores to the East , take into their coi £ sideratibn the probability or not of obtaining return cargoes > and they are so well paid for carrying men

      The alread 3 announced Russian Loan continues to be expected ; and as it is to be contracted chiefly for promoting manufacturing and commercial enterprise , which in the end may pay well ; it is looked forward to rather with favour than apprehension . The Public Securities throughout the last week of the year have , been generally heavy . No political cause can be assigned for this . Several loans ,, indeed , are announced , which have some influence over the market , but we believe that the principal cause is the great profit which has of late years been made by employing money in trade . When

      banks pay dividends of 15 or 20 per cent ., it is hot likely that money will be eagerly pressed into securities that yield only 3 or 4 . At present trade is dull , but there is a prospect of its reviving , and of making again something like the large profits it made in 1856 and 1857 . As long as hopes of such a result are entertained fixed securities will not rise in price very rapidly . The first parcel of debentures of the Railway Loan for the colony of Victoria will be offered to public tender at the London and Westminster Bank on the 7 th instant . The amount will be 1 , 000 , 000 / ., and a further sum of like magnitude is expected to be brought forward during the year . A deposit of 5 per cent , will be required upon each tender , the remainder to be paia on the 1 st of February . The debentures are , for amounts of 100 / ., 500 / ., and 1000 / ., redeemable in twenty-five years ,

      with interest accruing from the 1 st of October last . The London committee point out that the revenue of tlio colony for 1857 was 3 , 307 , 407 / . ; that it is estimated ^ to realise a similar total tlus year ; and that nearly ono-half is expended annually on internal improvements . The total to bo obtained in the short space of four years is 8 , 000 , 000 * ., of which 7 , 000 , 000 / . is to bo drawn from the London market . Let -us add to this that the finances of this young colony have already been once in a very dilapidated condition ; that the amormt of revenue for which credit is claimed is enormous to bo collcctod from less than 300 , 000 people j and that a very largo portion of it is collected on trado , any decline in whioh will materially afl ' cot the resources of the Government . In 1857

      the rovonuo of the United States was nearly twioe as large as in 1858 . The revenue , therefore , on whioh . tho . borrowers and londere rely is gathered by a system of taxation tl » at may on any day tumble to- tit © ground * Moreover , interest jls tp commence from Ootober last , or months before any revenue can nooruo from railways yet to bo completed . Tho public oannot doprcoato too strongly tho praotico of individuals and Governments borrowing largo Bums now to bo paid by future industry . Ono of tno . strong points of tho shipowners' oaso is tho very low freights from Xndia , the consequence

      Bank Of England. An Account, Pursuant To...

      BANK OF ENGLAND . An Account , pursuant to the Act . 7 th and Stli "Victoria cap . 32 , for the week ending on Wednesday , the 2 Uth day of December , 1858 . ISSTJE DEPARTMENT . ' ' ¦ ' ' £ ¦ - ' ! ' ¦ ' ' £ Notes issued ......... 32 , 855 , 315 Government debt .. 11 , 015 , 100 I Other securities ... 3 , 159 , 000 ' Gold coin and bul-I lion ,,.,.. 13 , 3 S 0 , 3 l 5 ! Silver bullion ...... - — £ 32 , 855 . 315 ' . jeS 2 , SoD , 315 BANKING DEPAET 3 IENT . £ ,. . ¦ ' ' £ .. Proprietors ' capital 14 , 553 . 000 Government sccuffcest ' ..... 3 , 115 , 077 rities ( including Public deposits ( in- Dead " Weight Ancluding Exche- nuity ) 1 O . SO 8 . 501 quer . Commissioti- Other Socurities . ie , ! Kio , l 53 era of National Notos . 12 , 7 * 4 , 900 Debt , Savings' Gold and Silver Banks , and Divi- Coin-... 5 SC 7 S 5 dend Accounts ) .. 9 . 806 , 029 Other deposits 12 , 903 , 618 Seven Day & other Bills 712 , 770 £ 41 , 090 , 494 £ -11 , 000 . 401 M . MARSHALL , Chief CasUicr . Dated the 30 th day of December . 1858 .

      From The London Gazette. Tuesday, Decemb...

      FROM THE LONDON GAZETTE . Tuesday , December 28 . BANKRUPTCY ANNULLED . Edwarp Dxxon , Gravesend , oilman . BANKRUPTS . Jonathan Hxm-s , Dartford , miller . Joseph Care , Alcestcr , Warwiclcslnre , licensed victualler . John CnEETirAM , Birmingham , gcnernl dealer . Whuliam Picaksau ,, Kiddorminstcr , licensed victualler . Jasws MolNTyjtic , Blorthyr Tydvil , draper . Richard and Wir . MAM James Rothweli ., Roclidalo , -woollen manufacturers . SCOTCH SEQUESTRATIONS . A . R . Stewart , Aberdeen , dyen W . Bissbt , Old Machar , Abordoenshiro , gardener . G . Rodertson , Kirk wall , general merchant . R . Wauoh , Coatbridgo , baker . J . Rob 11 , Edinburgh , builder . Friday , December 31 . BANKRUPTS . Gu « TAVK Duystbr , Old Trinity House , Wntor-lanc , glass-merchant . John Aijtricd Misi-iin , Iligh-stroot , Shoroditcl ) , tobacconist . Robert McHapfhb Mkwj 6 s , Manchester , merchant . Epciau Augustus Gmjvicu , Liverpool , hotel koojior . Mwxry Wicsr , 1 'i and 15 , Cannon-stroot , up holsterer . Wimuam Cawi-uy , Stockport , draper . « ' ¦ . ' , ¦ SCOTCH SEQUESTRATIONS . Wjuvucam Tuunkr , llawJok , grocer . . WttMAM Burnw or Wilwam Stuu'JMibrs Burns , hamburgh , lace , dpaler . , ,..,, Awsxa « i > mr WBor , South Moan Edit , AbordeonaUm , farmer . John Boyd , Paisley , drapor .

  • Citation
    • Leader (1850-1860), Jan. 1, 1859, page 26, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_01011859/page/26/