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1204 THE LEADER, [No. 450, November 6, 1...
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The Si/dmaiunh) Cable jiktween England a...
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RAILWAY INTELLIGENCE. The Railway Market...
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JOINT-STOCK COMPANIES. Tub half-yearly m...
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Tims SmrriNO Interest.—Mr. T. Holman, of...
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TOTTSTT STOPT<" POMP A TSTTT? q J U1JN1-SJ.QOK COM1 ANI^S
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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.
Additionally, when viewing full transcripts, extracted text may not be in the same order as the original document.
Home, Colonial, & Foreign Produce Market...
Wool . —The colonial sales of 50 * 000 bales have commenced with a large attendance of home buyers , and an active demand at an advance of 2 d . on Australian , 2 d . to 2 id . on Port Phillip , andld . tol £ d . on Cape , as compared with the previous series . Spxces . —Black pepper is fully Jd . per lb . cheaper , but the whole of 3500 bgs . sold readily at the decline . Fair Singapore , 3 sd . to 4 d . ; half heavy Malabar , 4 d . ; 223 bgs . white brought 8 | d . to 8 * d . for Penang , and 8 f d . to 8 M . for Singapore . Nutmegs sold steadily at Is . 5 d . to 2 s . 9 d . for small to good bold Bengal . Ginger , at 15 s . Gd . to 16 s ., was cheaper ; Cassia Lignea is firm ; Pimento unaltered .
Metals .= —Banca tin has sold in moderate quantity at 122 / . ; Straits 120 / . to 121 / . ; Spelter , after obtaining 22 / . 15 s . for small lots , has been sold at 22 / . 10 s . per ton . Copper is in steady request , at late rates . Lead without quotable change . Scotch pig-iron , 53 s . 9 d . sellers , and very little doing . Stock at Glasgow , 135 , 000 tons , against which warrants are out for 129 , 800 tons . The deliveries of tin in Holland during October were 20 , 000 slabs against 10 , 000 in the corresponding month last year , and the stock on the first inst . 111 , 192 slabs , against 142 , 097 last year . The present stock in London is 960 tons . Cctch . —286 bgs . sold at 32 s . to 32 s . 6 d . Cochineal is more freely offered , and Id . for the cheaper . In lac d ^ -e very little doing .
Shellac . —Considerable supplies have been brought forward , and have met a steady sale at late rates for all but garnet sorts , which declined 2 s . per cwt . D . C . orange held at 80 s . ; button sold at 80 s . to 84 s . ; garnet , 69 s . to 71 s . ; native orange , 70 s . to 718 . 6 d . ; livery , 65 s . 6 d . to 68 s . ; good native orange , 78 s . Gd . to 80 s . 6 d . per cwt . Gums . —A fair extent of business has been done at steady prices ; Kowrie has sold more readily at 16 s . to 16 s . 6 d . cwt . Ixdia-kdbber . '—At sale to-day Para brought Is . 8 d . to Is . 9 d . for good tube and sheet ; and fine East India 9 . d . to 9 | d ., one lot 9 fd . per lt > . Cotton . —The week ' s business at Liverpool is 47 , 000 bales , fair qualities id . per lb . lower . The imports 20 , 132 bales . The transactions in the London market have been beneath report .
Hidks . — At public sale 199 , 059 East India ( including tanned and buffalo ) were offered , and 85 , 000 were sold . The quantity offered being much in excess of the requirements of the trade , a large proportion were- consequently withdrawn . The demand was chiefly confined to clean , cured , and . brine descriptions , which realised fully previous rates ; other sorts being dull and neglected . Buffalo hides were unsaleable . Oils . —Linseed has further declined to 28 s . 6 d . on the spot , and 29 s . for future monthly deliveries . Rape oil difficult to sell , but for immediate delivery are not lower . For future delivery 40 s . accepted for brown .
Olive oils have met more inquiry , in consequence of advices from producing countries to the effect that the present crop had sustained serious injury from the " worm , " and that prices free on board were equal to present value here on the spot . Our quotations are , therefore , rather higher , say , Mogadore , 42 / . ; the market cleared of Malaga at 44 / . ; Corfu selling at 44 / . ; and G allipoli at 45 / . 10 s . Cocoa-nut sells steadily , at 40 / . to 417 . for Cochin , and 37 / . 10 s . to 38 / . for Ceylon . Palm scarce , and fine worth 40 / . 10 s . to 41 / . Fish oils sell slowly . Sperm 85 / . to 86 / . ; southern 35 / . Several hundred tuns cod sold at 30 / . on the spot and to arrive .
Tallow . —On Tuesday our market became greatly excited by accounts from St . Petersburg of cold weather with six degrees of frost , and prices ran up to 50 s . 6 d . to 51 s . on the spot , and for Jun .-Marcl ^ sp eculative sales for all the year were made at 49 s . to double ; however , the price has since receded a little , as each day ' s telegram stated " mild weather ; " the shipment to . this day was 110 , 000 casks , of which probably 15 , 000 casks are still in craft , and about 16 , 000 casks were left on the wharf ; the price was 157 ro . ; freight , 30 s . by steam , with plenty of
room ; so that the present is quite a weather market . A great deal of business has been done during the week both for spot and delivery , and the consumers have taken up nearly the whole of the deliveries made on contract . We close quiet at 49 s . 6 d . to 49 s . 9 d . spot ; 49 s . 8 d . to 49 s . Cd . all the year ; 60 s . Jan .-March , The public sales yesterday were of little moment . St . Petersburg letters to 15 th ( 27 th ) ult . etate shipment 40 , 683 cks . 1655 , 104 , 621 eke . 1850 , 93 , 860 cks . 1857 , 98 , 983 cks . 1858 . Town tallow , 58 s . 6 d . ; rough fat , 2 s . 9 Jd . ; melted . BtufF , 37 s .
"Whale-fins . —Two cargoes Davis Straits have sold at 550 / . f . o . b . at out ports , with undersized at half-price . Tuhpentinus . —No arrivals of crude . American and raw & pirit , 41 s . to 41 s . 6 d . ; English , 40 s . 6 d . per owt .
1204 The Leader, [No. 450, November 6, 1...
1204 THE LEADER , [ No . 450 , November 6 , 1858 .
The Si/Dmaiunh) Cable Jiktween England A...
The Si / dmaiunh ) Cable jiktween England and Holland . " —A telegram waa received on Tuesday , with the intelligence that tho William Cory steamer had succeeded in laying dowp two-thirds of the new oleotric cable between Aldboroupjh ( end the coast of Holland ., and was expected to complete , the" rest' before tho close of the day . Tho steamer wne In eight from tho lighthouse on tho Dutch coast when the telegram was despatched .
Railway Intelligence. The Railway Market...
RAILWAY INTELLIGENCE . The Railway Market this week presents no feature of importance . " Within the last few clays there lias been a tendency to lower prices . The first meeting of the Railway Companies'Association was held on Thursday , at the Railway Clearing-house , Euston-squ . irc ; Mr . H . S . Thompson in the chair . Thirty-one directors , representing eighteen railway companies , were present . On the motion of the ' chairman * Mr . Thompson , of the North-Enstern , it was resolved that reporters should be admitted to all subsequent meetings , The report of the committee is to the following effect : —The principal reason for the formation of the association was the
unsatisfactory position of all railway property . For its improvement the committee look to union and mutual co-operation amongst the companies . This anticipated improvement is b y no means limited to the question of dividend , but applies to the judicious development and amelioration of the railway system quite as much as to the increase of net receipts . The committee adopt as their motto " Railway Improvement , " not alone on the returns of railway capital , but likewise in the internal arrangements of the companies , upon which the safety and convenience of the public so much depends . The return upon 300 , 000 , 000 / . of capital can never be otherwise than an important consideration , even when treating of the
interests of a nation , and the employment of million after million in the construction of unnecessary lines must have a marked influence on the supply of floating capital , which is at once the measure of our power of sustaining great national efforts and the means of effecting great national improvements . No improvement can be effected until the public mind is disabused of the fallacies which at present prevent railway companies from obtaining fair play . One of the first cares of the association , therefore , will probably be to bring prominently before the public the principal facts connected with the present position
of the railways of the United Ivirigdom . The report then proceeds to refer to the anomalies and expense attendant upon railway legislation , arbitration between the companies , and internal improvement . In conclusion , the committee announce their opinion that the Railway Companies'Association be taken up with the firm resolve to be deterred by no difficulties , and to persevere until their object be accomplished , that object being railway improvement by all and for all . Appended to the report is a list of rules for the government of the association . On the motion of Mr . Watkin it was resolved that each
Company connected with the association should have a vote , and that that vote should be given by a director in person , not by proxy . » The half-yearly meeting of theLeven Company was held at Leven ( Fifeshire ) , on Friday . The report was unanimously adopted . The half-yearly meeting of the East of Fife Company was also held at Leven on the same day . The report was adopted , and a dividend of 2 £ per cent , declared . At the meeting of the Mersey Docks and Harbour Boards on Wednesday two communications were
presented , one from the Birkenhead , Lancashire , and Cheshire Junction Railway Company , and another from the Great Western Railway Company , on the subject of the proposed extension of dock works on the Liverpool side of the Mersey , which the directors of each of these companies fear will involve a sacri fice of the agreements entered into between them and the Mersey Docks and Harbour Board for the completion of the Birkenhead Docks and the general development of the railway interests on the Cheshire side of the Mersey . The consideration of the report and plans was postponed for a week .
Joint-Stock Companies. Tub Half-Yearly M...
JOINT-STOCK COMPANIES . Tub half-yearly meeting of the Western Gas Company was held on Thursday , at the offices , Argyll-street ; Mr . W . Russell , M . P ., in the chair . From the report it appeared that , after deducting the dividend at the rate of 5 per cent , per annum paid for the first half-year , a balance remained of 5129 / ,, out of which the directors recommended a further dividend at the rate of 6 per cent , per annum , leaving a surplus of 848 / . for the next account . The report was unanimously adopted , and tho dividend agreed to . An important meeting of the Eastern Steam Navigation Company has been held . The company was dissolved , and liquidators were appointed . It was also resolved that , in the event of tho groat ship company being formed , tho liquidators should bo authorised to receive the whplo or part of the purchase money for tho Great Eastern in shares .
Tims Smrrino Interest.—Mr. T. Holman, Of...
Tims SmrriNO Interest . —Mr . T . Holman , of Topsham , la at present in London , on the part of tho Western clubs , engaged in arranging a plan of operation with tho Shlpownero' Socloty of London , in view of the approaching conferCnQQ .- ^ iSuipjping Gazette .
Tottstt Stopt≪" Pomp A Tsttt? Q J U1jn1-Sj.Qok Com1 Ani^S
MONEY MARKET AND STOCK EXCHANGE . CITY , FlMDAY EVKXI . VG . The . prudence ami foresight evinced by the Bank directors in steadily refusing to reduce the ' rate of Interest for the convenience of a certain class of City speculators , whose voico is heard growlinw uu heeded in the columns of the Times , is the theme of general praise . We know , from personal assurance
that many persons of judgment-and influence iu the City , Mho were at Grst inclined to think that the Bank directors acted on erroneous views , have ad mitted their mistake frankly , and now place themselves in the enlarging ranks of the Bank supporters . The Bank directors correctl y anticipated tliat an increased demand for money would tuke place , and that gold , which lias been accumulationfor some time past , must have an eillux . in the natural action of commerce .
AVe find accordingly that money is in more demand , that gold is required to purchase . silver with to send out to the East , that the exchanges are adverse , that money is wanted to pay forcl ° n calls , and for continental operations , particularly the return to specie payments of Austria , draw gold away , and that the result of these ' combined circumstances is to find vcuts for our stock of bullion , and to afford a prospect of the monetary demand increasing . Had the Bank directors given way to ¦
the ignorant aud interested clamour raised against then ) , and reduced the rate , there is no doubt they ¦ would have been obliged to retrace their steps and to raise the rate again . The consequences of such fluctuation may easily be conceived . As far as our inquiries extend , we are in a condition to report that the condition of commerce generally is -improving . A sound trade is doing in most quarters , but there arc . some ' manufactures which , do . not as yet exhibit any decided recovery fro in the paralysis they sustained at the beginning of the year .
One word -with-reference to the charge brought against the Bank of England , that it refuses to do business at the " market " "" rate of interest . We should be glad to have some further insight into what is called the " market" rate . The Bank establishes its " market" rate , ithasa perfect right to do so . The outside discount houses establish theirs , they have au equal right to do so . But why should the lower rate be considered tho " market" rate any more than the higher . Thediscouuthouscsbcatdowuthc Bunk rate , whatever that rate may be . We can hardly understand why the Bank should be requested to submit to this kind of dictation , or that it should be callod upon to do anything more than to manage its own business in , its own way according to tie best of its foresight and judgment .
Money is still dear in Germany , principally on account ofthe putting out of circulation of the 24 and 12 kreutzer pieces , which being no longer a legal tender in tho greater part of Germany , arc carried in largo amounts to the mints at Frankfort and Bavaria to be melted . Advices from Vienna mention that tho Finance Minister has announced his intention to allow nil holders of Austrian Stocks , bearing less than 5 per cent , interest , to convert them into 5 per cents ., according to tlioir proportions—that is to say , 200 / . of 2 £ percent , foriuw .
of 5 per cent ,, and so on . . Exact details of the proceedings at Constantinople with regard to the appropriation of the instalments oi the recent Turkish loan are expected in tho course oi « we « k . Meanwhile all tho advices stato tho fundsarc placed with tho Ottoman Bank , according to tuo fltrw » terms of tho contract . Tho friends of Turkey at w « some time point to tho fact that there is no ovidenco w that country having over undertaken a solemn o ^ 's *" tion in tho face of Europe which it has not flutuiiwy fulfilled . „ .. . The advices from Brazil mention the failure « A A * W ( lit y 1 WO W VM «• # «•* *»««•••*¦¦«" ¦ — -- — «
**** Messrs . Plowes , Son , and Co ., merchants of Kio «« Junoiro . The corresponding house of a similar name w London stopped in September , ana tho suspension oi m » firm on tho othor sido had been also arranged . Tho amount of tho insurance at Lloyd ' s on tlio ««« son steamer just burnt is only 21 , 000 * ., the w ™ . ™ . ? polioy on tho hull and maohjnory , valued at w * ™ : ThegoWon its way to this country is ostlma ou «* about a million and a half ; tho silver going out to ¦ wm East Is about a quarter of a million . A good donl ?« goWl has loft tho Bank vaults this week , and U « »'" said that the reserve of tho Bank of Iruiwe u « a « l inlnlehod by upwards of one million ,
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Citation
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Leader (1850-1860), Nov. 6, 1858, page 28, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_06111858/page/28/
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