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^ ' AM Onrm^ 9. 1858.1 THE READER. 1077
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MONEY MARKET AND STOCK EXCHANGE. CITY, F...
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Transcript
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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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Home, Colonial, And Foreign Produce Mark...
stock is 900 tons . Spelter sells in small lots at 23 / . 7 s . 6 d . to 23 / . 10 s . per ton . Copper and lead unalt Hu 5 E 8 . —Public sales of 108 , 000 East India Avent without animation , but at about previous quotations Australian , and other imports of salted hides , obtained verv fair bids . ' . - , , Ieathek . — The trade at Leadenhall this week has been somewhat dull , but prices in all cases steady . Messrs . Streatfeild , Laurance , and Mortimore review as follows : — " Since our circular of the 8 th ult . the leather trade has assumed rather a quiet appearance . The arrivals of fresh goods have by no means proved extensive , and as respects prime of most descriptions , supplies still continue of a very limited character . Although the transactions have been of much less importance than those of the previous month , prices generally are well sustained , and our quotations remain nearly unaltered . Silk . The position of the markets is considered favourable . 2000 bales of the new China silk are expected to be landed about the 11 th . The market since the China advices has been very firm , although not active . Bengal silk is still in limited request , but the deliveries are extending . Public sales are fixed for the 20 th inst . The present stock of Bengal is 4343 bales sold , and 5603 bales unsold , total 9946 bales , against 4746 bales in 1857 ; of China , 13 , 903 bales sold , 3011 bales unsold , total 16 , 914 bales , against 12 , 577 bales in 1857 ; of Canton , 1759 bales sold , 2960 bales unsold , total 3819 bales , against 2951 bales ; and of Chinese thrown , 940 bales sold , 217 bales unsold , total 1157 bales , against 4176 bales in 1857—giving an aggregate stock of 31 , 841 bales against 34 , 455 bales in 1858 . Oils- —Linseed is again lower , offering at 31 / - 15 s . to 32 / . on the spot ; and 32 / . for monthly deliveries to March ; rape sells in retail quantities at our last quotations ; olive offers at late rates freely , but finds few buyers ; Ceylon cocoa-nut is in better demand , and . 37 / . 19 s . per ton paid in quantity ; Cochin is worth 38 / . 10 s . to 41 / . according to quality ; fine Lagos palm brings 40 / . 10 s . ; a cargo sold 39 / . 5 / ., the packages being rather objectionable ; fine oils are dull of sale generally ; sperm 87 / . ; pale seal 37 Z . 10 s . ; pale southern 36 / . ; cod 337 . Whale-Fixs . —The screw steam whalers at the Davis Straits Fishery have been successful ; but as yet nothing is positively known of the sailing vessels , in the absence of which there is no disposition to do business , and prices are nominal . Tukpentine . ^— There have been no arrivals of unrefined , but 44 , 000 brls . are off the coast ; the value 10 s . 6 d . The large stock of spirits is firmly held , and no American offered under 39 s . Tallow . —The price has been gradually creeping up during the week . The bulk of the quantity given off on contract has been taken away from the scale , so that the consumers have been moderate buyers ; but there have been very few sellers , as the continued high price at St . Petersburg affords no inducement to import , and the season is now fast drawing to a close . To-day the market closes quiet on spot , firm for delivery ; spot , 60 s . 3 d . to 60 s . Cd ., all the year 60 s . ; January to March , 50 s . 6 d . ; March alone , 51 s . The public sale . s to-day went off with spirit ; 1337 cks . sold ; Australian beef , 46 s . to 60 s , 8 d . ; sheep , 42 s . to 48 s . 3 d . St . Petersburg letters to 20 th Sept . o . s . state about 10 , 000 cks . done at 159 , lfiO , and 400 cks . for next August at 161 ; Exchange 35 , 13-16 to 15-16 ; total supply estimated 128 , 000 cks ., of which it was supposed 12 , 000 to 15 , 000 cka . might be kept over ; 32 , 000 cks . on wharf , and 80 , 000 cks . close at hand . Shipment , 86 , 757 cks ., 1855 ; 86 , 182 cks ., 1856 ; G 4 , 364 cks ., 1857 ; 67 , 431 cks ,, 1853 . We understand the last telegram states 71 , 000 cks . shipped off , 163 £ paid , 165 asked . Town tallow , 52 s . 9 d . ; rough fat , 2 s . 9 d . ; melted stuff , 37 s .
^ ' Am Onrm^ 9. 1858.1 The Reader. 1077
^ ' AM Onrm ^ 9 . 1858 . 1 THE READER . 1077
Money Market And Stock Exchange. City, F...
MONEY MARKET AND STOCK EXCHANGE . CITY , Fiuday Night . A . NOTHEH , week has passed without any perceptible change in the comparative stagnation tnafc has for so many months prevailed in the monetary world . Money flows into tho country from all quarters , and remittances from the Continent , America , and Australia , aro expected to continue for some time with regularity . Tho condition of things which prevails appears to baffle tho foresight and calculations of tho most experienced . No ouo can point out any quarter from which relief to any appreciable extent is to be expected , and tho prevailing fooling is one of uncertainty and uneasiness . The vast accumulation of idle Speoio , both in the Bank cellars aud iu private hands , goqs on ; trade progresses slowly , and no stnplc department ofl ' ors tile finmddmto prospect of suoli an expansion as 'is likely to absorb advantageously nny great portion of tho noouimuntion which is regularly Inking plnco . Tkero was a small additional demand for money this mKk
but the relief has been insignificant , and is likely to prove transitory . The Bank Directors have continued to maintain their firm and judicious attitude , but it is doubtful whether they will be able to resist the pressure that is arraying against them very much longer . We shall have three or four millions thrown into the hands of the public in a , few days , from the payment of the dividends , and this amount , in addition to that already in existence , will have to seek for channels of secure investment . The opinion in the moneyed circles is , that next Thursday tlxe Bank Directors will have to make a reduction in the minimum rate of discount , in order to try what effect that step will have in creating activity among the mercantile trading and moneyed interests . We believe we are not far from the fact when we say that difference of opinion as to the expediency of this step exists among the Bank Directors them selves . The Bank Directors are a large family— -it is hardly to be expected that twenty-six men who are mostly concerned in large monetary transactions should all be of the same opinion . Up to this time the prudent and steady section have contrived to resist successfully the wish of their more impatient colleagues for a reduction , but from what we have collected , it is not improbable that they may have to give way . It must not be disguised that there is a City party—a faction , some choose to designate it —who are determined to revive speculation . This party is formidable in influence and capital * or , at least , in the command of capital , and they are actively at work to compel the Bank to make a reduction without further delay . We know that this party is warmly opposed , but it is very questionable whether the opponents will be sufficiently firm and unanimous to resist successfully a movement they deprecate . The question that -naturally presents itself is , what good will a reduction effect ? Our reply is , that sucli a proceeding may possibly effect goadbut the greater probability is , it ' wiil be productive , of mischief . We have already pointed out the notorious fact that speculators are waiting to ease unwary holders of capital by diverting it into channels of a doubtful character . Foreign loans , foreign railways , foreign mines , are waiting the favourable moment to be , launched on the money market . One of these large foreign speculations- —absorbents of British capital—is just this moment announced . The Stock Exchange are impatient at the inactivity which exists in all the markets , and at the insignificant amount of bondJide business which the public transacts , and at the difficulty the ' -majority of the members experience to make out an income . It is tolerably certain , therefore , that in this quarter the utmost facilities will be afforded for the promotion of speculative enterprise . It is here , perhaps , t ha , t the seat of the possible mischief resides . It is by the aid of the lax and unfair system of business of tl ' ie Stock Exchange that so many bubbles of home and foreign manufacture have been floated , and so much misery and ruin brought home to outsiders from . time to time . If speculation should again come into tho ascendant , it will be necessary to keep a strict watch on the conduct and operations of the Stock Exchange . But in all such crises , we feel it is hopeless to expect to inspire caution . Periodical speculation , apparently , is one of the conditions of our artificial system ot society , and though the same result—loss to all but thoso who concoct and thCsc who give currency to unsound enterprise—is sure to occur , no ono appears disposed to take warning by past experience , or to refrain from deluding himself with the vain hope that his case will prove an exception . It is romarkablo that in ( his favourable period for raising monoy the railway interest obtains so little attention . Beyond question , sound railways offer tho very best security for pormnncut invostors \ but then there is so much remarkable distrust iu the public mind , that although tho annual return is much beyond that which tho public funds afford , comparatively few persons feel confidence enough to invest . Wo aro astonished the railway interest doos not sco its position with tho public in the true light . If railway magnates would really adopt , some common plan by which competition and rivalry might bo effectually restrained , they , would do wonders towards lifting ' railway shares from inch' doprcsscd condition and increasing dividends . If the publio could onco regain confidence in ruilwav I securities , railways would llnd no difficulty in reducing their enormous debenture debts ' . They
would get money readily at 3 £ to 3 | per cent ., perhaps lower , and the saving that this would effect would tell most beneficially on the dividends of shareholders . But we fear such a eonsurrir matioii is not to be hoped for , especially as the : shareholders appear to exhibit a degree of apathy : on the subject that is perfectly wonderful . We may here remark that very shortly the large amounts of specie we receive from Australia will cease for a period . At the end of the year we shall not have such regular remittances , as the "diggers " will not be able to carry on operations owing to season disabilities . This may afford some trifling relief , but it will only be offf temporary character . The financial condition of France excites attention in reflecting minds , and we may go further and add apprehension . The immense speculation in which France involved herself a few years ago , and the sudden expansion of trade which she displayed , the unsound condition of her money-market , the expense of the Russian war , and the outlay for home improvements , are all circumstances which tell strongly against the soundness and stability of her financial position . Scores of joint-stock schemes and bubbles have already collapsed , and some of the concocters are very properly sustaining punishment at the hands of justice-r-the Credit Mobilier is believed to be only kept from a crash , by immense efforts , and other large companies are maintaining their credit with difficulty . Under these circumstances , and for others which we leave out of sight , we should not be astonished if France were to experience the renewed pressure of that crisis from which , she partially escaped last year . The gigantic foreign speculation—the Lombardo-Venetian Railway—is now set afloat in . the Stock Exchange , and the market has been " rigged up" to a nominal premium of 4 per cent . The concessionnaires of the great lines of railway purchased from the Austrian Government are the following : —The Credit Bank of Austria , the houses of Rothschild of Paris , London , and Vienna ; Messrs . Talabot , Blount , of Paris ; and S . Laing and M . Uzielli , of London . These parties have issued a report , drawn up so as to catch the moneyed public ; but they have not said one word about the secret profit which they themselves are to net . We bave ^ a rooted distrust of foreign concessions , because-we know that the speculators who obtain them l * uvc only in view their own' selfish ends , arid that the result is nearly always disastrous to bond Jide shareholders . Messrs . Laing and Uzielli are identified with that abortive and ruinous speculation , the Crystal Palace ; this fact will hardly tend to give confidence to the public in the new foreign gigantic speculation . "We should advise capitalists to be very cautious in touching these shares . The French Custom-house have just published tlu complete statistics of the trade of France in 1857 . Tho real value of the total imports of France in 1857 , including the precious metals and the transit trade , was 107 , 500 , 000 / ., and the real value of the exports , including the same , 105 , 560 , 000 / ., making the total value of the imports and exports together 213 , 120 , 000 /! Of this amount , representing the total external trade of France , 153 , 200 , 000 / . is the value of the united imports and . exports by sea , and 59 , 920 , 000 / . of the exchanges curried on by the land frontier . The total trade , which represented a value of 213 , 120 , 000 / . in 1857 , was only 93 , 600 , 000 / . in 1847 , showing an increase of 119 , 520 , 000 / ., or 128 per cent , in a period of ten years . An instalment of 15 per cent , on the recent Turkish loan of 3 , 000 , 000 / . falls due to-day , It is doubtful whether the remaining portion of the loan , 2 , 000 , 000 / ., will bo taken up by the original allottees . A notice was posted in the Stock Exchange to the effect that the Cape Town and Dock Railway Company had sealed the contract from Cape Town to Wellington with Captain Galton , tho agent of tho Colonial Government . ^* L . . Tho ampunt of g ^ psent into tho Bank during tho week is reported to bo nearly throe-quartera of a million . A large amount still remains on hand , which , will most likely find its way to the Bank , The liquidators of tho Great Western Bank of Scotland have been compelled to make on tho unfortunate shareholders a second call of no less than 100 / . a share , payable in one sum within four weeks from this date . This inakoa , with the former call of 25 / ., a payment of 125 / , on each 50 / . share—in other words , a total loss of 170 / . per share . Tho estimated deficiency remaining to bo provided for after exhaustion of tho first call , producing about 500 , 000 / ., is not much short of 1 , 000 , 000 / ., mnking 1 , 500 , 000 / . raised and to bo raised bv call * , iu addition to tho 1 , 500 , 000 / . of capital lost—that ia to say , a total loas / so far ' as at present ascertained nnd estimated , of 3 , 000 , 000 / ., or twice the o « pUal . Tljo loaa on four Glasgow accounts alone is above 883 , 0001 . 1 Tho elmres of tho Atlantic Tolograph have boon quoted recently at-120 / ., ns somo rumours have prevailed that tho line ia porfoot nnd trnnsmlts signnls ono way correctly . This report , however , Id not entirely erudite d .
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Citation
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Leader (1850-1860), Oct. 9, 1858, page 29, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_09101858/page/29/
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