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nj ^ THE LEADER. L No :J i ^ 5 r OcT0B ^...
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MONEr MARKET AND STOCK EXCHANGE. CITY, F...
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FKOM THE LONDON GAZETTE. Tuesday, Septem...
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Vintage Prospects i>r France.—The vintag...
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Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
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Nj ^ The Leader. L No :J I ^ 5 R Oct0b ^...
nj THE LEADER . L : J ^ r OcT 0 B ^ ' ^ 2 J : ^ '
Moner Market And Stock Exchange. City, F...
MONEr MARKET AND STOCK EXCHANGE . CITY , Friday Night . Tue Bank Directors made no alteration in . tlie inini . mum rate of discount on Thursday , and in deciding to retain the rate af its present figure we think they acted prudently and wisely . There has been some attempt to brfng a pressure to bear on the Directors to compel them to make a reduction ; this attempt has shown itself principally in certain organs of public opinion , but the Bank Directors have very properly refused to be influenced by wishes or complaints of an extraneous character . The Bank
Directors appear to act upon their own judgment of ¦ what they conceive to be most fitting for the general interest of the trading public , and for the advantage of their proprietary . People are generally apt to fall into error respecting the power and the duties of the Bank . It is no part of the duty of the Bunk to regulate the rate of interest for money , and certainly it has not the power , even if such a regulation came within its line of duty . The Bank is just like ordinary banking firms . It must , like them , employ its deposits in a safe and profitable manner , otherwise it could pay little or no dividend to its proprietary . The Bank certainly does announce the
rate at which it will discount bills , but then that rate is not binding on other discount houses , it is only in the nature of a guide . It is true that when the Bank raises the rate it may be said to lead , for certainly the moneyed interest raises the rate immediately all over the kingdom . When it lowers the rate , it may rather be said to follow—that is * it sees that in order to obtain a share at all of the discount business it must conform to ordinary commercial laws—it must discount as cheaply as other houses , or otherwise be left without business . Such may be said to be the position of the Bank at this moment . The vast and continuous influx of money , the rapid accumulation
of bullion in the Bank , and in the hands of monetary houses , combined with the low rate of interest and the paucity of sound channels of investment , ereato an unusual amount of competition for the _ discounting business . Of course , as the outside houses bid loieest , as far as the rate of discount is concerned , they naturally secure the main portion of the business ; The Bank—which is also a discount establishment—must follow the market , and if nothing is left for it but to reduce the rate of interest in order to compete successfully with the discount houses , it must do so . But then we may feel tolerably well assured that the Bank will take no such step , except
at the last moment . No one knows better than the Bank the consequences likely to follow a further reduction in the present low rate of interest . Let the nominal standard come down to 2 per cent , —as some persons are predicting—and then we shall have a chance of seeing speculation let loose again in its wildest and most ruinous forms . It stands to reason that persons who have money on deposit in joint-stock banks , although they may put up repiningly with 2 per cent ., will spurn at 1 per cent ., immediately withdraw their hoards , and look about for channels of investment which hold out the lure of 8 or 10 per cent , yearly .
It is this moment that the getters-up of speculations , the concoctera of joint-stock bubbles , the contractors for rotten foreign loans , the fathers of fraudulent subterfuges of all kinds are waiting for . The moment the public shows a disposition to support speculative schemes , we shall have at least one hundred of all aorta , which are now in readiness , launched on the market . The evil will not rest here . The trade of the country , which has undergone , and is undergoing , a severe purgation and purification , which has gradually recovered from the annihilation of confidence nine months ago , which is believed to be steadily
advancing , and which is declared to be of the soundest character , will receive a sudden inflation ; the manufacture of accommodation-bills will spring again into active existence ; matters will go on swimmingly for a few years ; we shall have the Economist pointing week after week with exultation to the beneficial effect of its own exposition and practical exemplification of free-trade doctrines ; a crisis will come , and the pneumatic commercial structure will suddenly collapse , and sound and rotten firms equally will , as heretofore , be Involved in one mass of Indiscriminate ruin . '
The Bank Directors doubtless have been guided by some such considerations in keeping the interest at its present rate and in refusing to make a reduction for such a lengthened period . How long the Bank will be able to maintain the same firmness it is impossible to predict , bub our opinion is that no reduction will be made for some time to come . It is unquestionable that a greater demand for money has sprung up this week . Wo can partly account for this from the fact that about October the demand for more gold in Ireland aud Scotland periodically
occurs . This demand continues until the end of the year , and money in our market is in more request , and , of course , in less abundance . These circumstances induce us to believe tli : it unless other matters , which cannot at present fairly be anticipated , make their appearance , the Bank will adhere to its present minimum of 3 per cent . The ^ ommercial reports from nea rly all parts of the country continue to speak of the revival ot trade and of its entire freedom from that rash speculative disposition which had so large a share in precipitating the late collapse . Orders for winter goods were given out in the woollen districts of Yorkshire rather late , but when thej- were given they proved exceedingly
large , and there has since been great activity m those districts . And now , long before the winter demand has been satisfied , spring goods have come into requisition—that is , the manufacturers have already begun making the fabrics usually in consumption during the early period of the year , and that , too , nearly wholly in fulfilment of contracts . In the cotton districts of Lancashire the factories , both spinning and weaving , with their accessories of dye works , yirint works , . and bleaching works , are in full and increasing activity , although the Manchester market , both for yarn and goods , has this week received a slight check , owing to the determination of large buyers not to pay the advanced prices now required . The buyers have to some extent proved successful ; but there is
still great firmness among both spinners and manufacturers ; and as they are making mostly for immediate consumption and * there is no accumulation of stocks , it will depend upon the course of the cotton markets at Liverpool and in the United States which side is hereafter to make concessions . Meanwhile , there is quite demand enough to employ all the mills in Lancashire , and the accounts from India and China are still favourable to shipments to those markets . In Birmingham , and throughout the iron and hardware districts , there is a continuation of the improving tendency lately noticed , and it is weekly receiving further development as the means of other parts of the country improve . The foreign trade of those districts is decidedly increasing , although the demand for all classes of British goods from the southern states of America has been
greatly checked by the prevalence of yellow fever . The silk trade is good ; so are those in earthenware , leather , flax , and other articles of large homo and foreign consumption . It may be doubted whether , if money were cheaper , commerce would be stimulated into greater activity by . that circumstance . Many persons doubt it , some fear it , grounding their apprehensions upon the inexpediency of tempting men by low prices to take that which they do not really want . At all events , we cannot foresee any very
active commercial demand for money until the close of the year , when numerous engagements , just made and making ^ may possibly create it . That the mercantile classes do not greatly need money in the shape of discounts is proved , in a great measure , by the satisfactory way in which the revenue has been paid ; yet that their operations have increased cannot be questioned , if we notice the increase in customs and excise receipts , and read them by the returns of the Board of Trade during the past two
months . The trade of Franco is at present in a state of transition . The last accounts from the manufacturing districts are that the manufacturers aro making preparations for the winter 3 eason , which they expect will be more profitable than the summer trade . The Paris shopkeepers still complain of the falling off of thoir receipts in consequence of the fow foreigners , and particularly English , who have visited Paris this summer . Considerable anxiety prevails both in Paris and throughout the country as to the intentions of the Government with respect to the decree permitting the importation of foreign corn , which was to expire on the 00 th inst ., and which , if not renewed , will cause the revival of the obsolete sliding-scale .
The City of London Life Assurance Company have purchased on equitable terms tlie entire business of tlio Achilles Assurance Company . The Russian Navigation Company will bo authorised to establish a station in Algeria , and to havo a dnpdt of coal there . The company is not bound by its statutes to confine its services to the ports in the Black Soa . The commercial telegrams from India and China today Bhow that there has been a further doclino of about 2 per cent , in the rate of exchange at I-J ^ ng-Kong as woll as at Shanghai , thus further diminishing all prospect of silver being sent from Kuropo . The exports of tea to dato aro stated at l , 020 , fi 00 lb ., and of silk 8484 bales , including 2000 by the prosont atoamor . In tho Indian exchanges there has boon no material variation , but tlio Bank of Bengal havo made anothoi- reduction of 1 per cent , in thole rate of discount , the chargo boing now 7 per cent .
Messrs . I-Iorinan Sillum , Son , and Co ., morcliantfl , who suspendod in Novombor , have announced < i further dividend of la . Od , In the pound , making a total of l /> s .
Fkom The London Gazette. Tuesday, Septem...
FKOM THE LONDON GAZETTE . Tuesday , September 28 . BANKRUPTS . William Smith , Greyhound-yard , Smithfield , gas-meter manufacturer . William -L . vwson , Howland-street , . Fitzroy-square surgeon . . . ' ' . ¦ Charles Garton , Bristol , brewer . Thomas Godsell Bilks , Bath , linendraper . Richard Henry Haml . es , Cardiff , tanner . SCOTCH SEQUESTRATIONS . W . Allardyce , AberdeeH , merchant . J . Low , Sen ., Clatt , Aberdeenshire , fanner . H . Laavrhs , Edinburgh , clothier . Friday ^ October 1 . BANKRUPTCY ANNULLED . Henry Markixfield Addky , Henrietta-street , Coventgarden , bookseller . BANKRUPTS . William Doncastkr , Wandsworth , builder . Hksky Frearson Clarki ; , Nottingham , laee-manufacturer . - Samukl Sewell Wilson , Burton-street , Eaton-square , builder . . . George Dawsos , Grantham , Lincolnshire , gunmaker . Thomas Ellis , Tymawr , Glamorganshire , brick-maker . John Elwortiiv , Crediton , Devonshire , dealer in coal . George Moylk , William Hunter , and Alexaxdeb Hunter , Nottingham , glove manufacturers . John Edwards , Bath , linendraper . William Darby , Harrogate , travelling . co-median . Richard Juk . es , Liversedge Irou Work , Yorkshire , ironmaster SCOTCH BANKRUPTS . Gillies and Macpherson , Glasgow , leather merchants . Dougald Blair , Glasgow , grocer and provision merchant . Thomas M'Creatii , Belleslcyhill , Ayrshire , farmer .
Vintage Prospects I>R France.—The Vintag...
Vintage Prospects i > r France . —The vintage is a matter of great interest at the present moment to the French public as well as to foreign merchants . It is now in fuU'operation , and a tolerably good ulea may be formed of the produce . All the information ; which has reached Paris from various quarters of France is highly satisfactory , particularl y as regards Burgundy , the Cher , the Orlcanais , and the rieigh bourliood of Nantes . Opinions arc divided with respect to the Avines in the south , which are chiefly used for distillation . of
Gold from Russia . ^ A sum 80 , 000 half-imperials , or about 04 , 000 / ., has arrived from Russia per the steamer Grimsby . Alike amount is expected immediately , to be followed by further remittances . The privilege of transmitting specie is still confined to the Russian court banker and his London agents . Other mercantile firms who may bo desirous of exporting gold And almost insuperable obstacles interposed by the authorities . The balance of trade between Russia and Western Europe being thus unredressed , the exchange on London remains at a depreciation of some six or seven per cent , from tho par value . In other words this would be tho ratio of profit on tho transmission of gold to this aide were official impediments removed . Revival of Business in N k \ v York . —In almost all times
branches of trade the influence of more prosperous is evident in the increased activity every where observable . Tho anticipations of a good fall season nro general . With tho opportunities of clearing off ami renewing tho stocks of merchandise which tlio forced sales occasioned by tho panic afforded , o . ml tho revival of confidence among the mercantile-. classes which now niny bo fairly counted upon , there can bo no doubt that a Jnrgo amount of remunerative business will bo done tins * season . Tho steamboats and rail aro bringing thousands of persons , whoso expenditure contributes largely totno suatentation of our domestic trade . In jir . "thcr iounight our population will be again at its ubh . - . I com ^" mont , and thon it is hoped the working cLwoes win enter upon that full and uninterrupted course oi JinlJI " * . mont which ia necessary to carry them wilJwii P « tion and suffering through the winter . — vow
Times . , ,, _ ., Arf of Commerce of New Oni . EAN 8 .-Thp annual i . port . or the commerce of Now Orleans shows that the u « t > ieb «« value exported is far in oxcesa of any P ™ v 1 "'" J" ' Tho oropa all promise well , and t / io markets fo siifeMj cotton , and tobacco aro pf a promising nature , not only lu a good yield , but in good remuneration loi i »< - i duco . —New York Kaonomtet . , ta , rct Tub Potato Chops . — Funnors aro beginning io b up tho later kinds of potatoes , and tho rusuirw factory , tho amount of tiio bad being very ' » »* , £ comparison with former years . In wine fleh J » ° "J of the dboase are hardly porcc-pU > Io , the ti I . * < ™ £ clear and perfect as In tho oldou t mo 5 h <* , J » J ^ J are isolated ensew , bat it is certain that , up to tho pu thno , tho potato I * low l"j « -o d than it luw « ¦ J ^ tho same period since tho destructive ravngoi nm inwoloomo appearance . — JJlrnunff finin 1 o * t .
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Citation
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Leader (1850-1860), Oct. 2, 1858, page 28, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_02101858/page/28/
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