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Leader (1850-1860), 13th November 1858, Edition 2 of 2, Page 25

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      Ireland's Opportunity. The Gal Wav Line....

      of a demonstration at New York ; the former will Serit a statue at Quebec , Toronto , or Halifax , with a warm remembrance m the hearts of the . Insn people . For the undertaking of one is patriotic and national , and the career of the other a cosmopolitan success Mr . Gunnrd is a Yankee Jftteiftiajrjg naid out of the British pocket ; lie has done the Ciness of the United States so veil , that they were enabled to dispense with their own ocean postman . The emigrants that should have peopled our own possessions and strengthened British America have been turned out oa the wharves and quays of Boston and New York . _ „ .. ^ , ,,... ^ of the Gal line to

      The best proof of the value way Ireland may be derived from such an account as is published in the Times of the 12 th instant , respecting the Prince Albert , her passengers , and her cargo : — " Two hundred and fifty passengers and three hundred and forty-eight cases and hogsheads of manufactured goods , of a valuable description , the larger portion being Irish linens and other productions of native manufacture "—these are facts that speak for themselves . On the other hand , we have reason to believe that the Gal way Company willsecure the transmission of the continental mails by their steamers . One thing we earnestly hope to see achieved , and that without official delay and jobbery , which is , the construction of a breakwater at Gal way . This should be done est in

      immediately , if the Government be earn their expressed good wishes . The floating breakwater of Captain Sleigh , similar to or identical with that used by Sir Morton Peto in the construction of his sea-walls , appears to us to be precisely capable of meeting the exigency . Its cheapness and rapidity of construction , as well as the favourable judgment of the most scientific men of the day , recommend it most strongly for trial . We firmly believe that within three months Galway roadstead could be

      rendered as secure si harbour as Plymouth Sound , at the cost of a few thousands of pounds . A stone breakwater will necessitate the expenditure of millions of money , and occupy a series of years in its construction . The thing is wanted now . In half a dozen years , nay , in one year , we shall laugh at the hesitation and " fiddle-faddle" of Commissions and Boards of Inquiry , which too frequently resemble coroners' inquests upon inventions strangled with red tape .

      No. 451, November 1^, 1858.] ^

      No . 451 , November 1 ^ , 1858 . ] ^

      T E A B iece dearthan last HE Ta PJE ^ . 1233

      General Trade Report. London, Friday Eve...

      GENERAL TRADE REPORT . London , Friday Evening . The quantities of corn brought to market in the week have been quite as large as usual , but the holders have not pressed sales , and the market has been rather firm than otherwise . For consumption the sales continue large , though the markets are not brisk . At present the average price of wheat , 42 s . per quarter , is somewhat lower than at the beginning of harvest . In the first week of August it was 44 s . 5 d ., and since then it has been very steady , with a gentle but general tendency downwards . In the first "week of November this year it was lower than in the corresponding week of anj '

      year since 1852 . Then the average of the first week in November was 3 Ss . 9 d ., and between that time and November , 1857 , inclusive , the average price in that week was 67 s . 1 Id ., or 75 per cent ; , higher than in November , 1852 . This year the average price in the first week of November was 53 per cent , below the average price of the previous five years in the same week , It appears , however , that tho quantity of wheat and flour imported in tho first nine months of the present year exceed tho quantities imported in the first nine months of last year by 1 , 284 , 877 qrs . and 1 , 923 , 334 cwts . —a sure proof that prices are low abroad as well as at home , and that tho harvest of 1857 was abundant . Such

      facts entitle us to hope for a continuance of a price of food so favourable to all the interests of society . The present price will encourage enterprise , and if war—of which we happily see no signs , and the Prime Minister has assured us there arc none—be avoided , we may look forward to a period of groat prosperity . Owing to the protracted east winds , the arrivals of ships from tho woBtward has beon delayed , and the markets for colonial produce have not been overburdened with cargoes offering , or undue masses of goods put up to auction . Thero is no tendency to a rise in price from a deficiency , or apprehension of deficiency * Consumption continues large , but it has not yet taken that start which may be expected when enterprise rovivea .

      A complaint is justly made on behalf © f the currant growers iu tho Ionian Islands that the duty on them is continued at 15 s . per cwt ., wheu tho duty on raielna has been lowered to 10 s . It is said that tho duty on tho former v / aa not lowered wUon H was ioworod uu tho latter because tho crop of tho former was very deficient , and , therefore , tho rcmlsJion of

      duty would not have lowered the price to the consumers but would have only enriched the dealers . We do not ourselves recollect that such a temporary reason was assigned for this permanent unfairness . If it were , it is a specimen of minute pettifogging fiscal legislation , which is much more worthy of an envious fellow-trader than an enlightened statesman . Governments , to deal fairly , must cast aside all such petty cares and considerations .

      A. Comparatively Quiet Week Has Passed I...

      A . comparatively quiet week has passed in the manufacturing districts . The slight tendency towards a decline in prices displayed at Liverpool and Manchester last week has been checked , but has not altogether disappeared , as the accounts from the United States of the cotton crop are more favourable than have been represented , and this seems to have had a flattening effect on transactions . In the iron districts there is more activity . The reduction of 10 s . made at the last quarterly meeting has certainly had the effect of giving briskness to trade , and as there are fair supplies of home and foreign orders on hand we may look for a steady business for some time to come . Nottingham , Leicester , Coventry ,

      Macclesfield , Bradford , and other centres of manufacturing activity have not shown any peculiar feature this week , but there is to be seen a formal appearance of steady business , though there may be certainly exceptional cases . In the coal districts of the North a good deal of bustle prevails . The strikes are , for the most part , concluded , and coal is being raised in considerable quantities . About Dudley , however , a spirit of dissatisfaction is showing itself and strikes are in progress , but it is believed the miners are not acting spontaneously , but are induced to assume an hostile aspect towards their employers through the instrumentality of agents and agitators who are going about stirring up ill-blood , and doing useless mischief with perfect impunity to

      themselves . As far as the foreign trade is concerned , our latest advices inform us that our manufactures are in no particular demand , the markets for the most part being supplied with a . fair amount of goods . The Brazilian markets are firm , itrinod <*« = well sustained and EneiisK maiiutactures in steady demand , letters from India state that business at Calcutta lias very materially declined , owing to the unsettled state of the North West Provinces and the protracted character of the war . Bombay has , however , greatly beneiited by the outbreak , at the expense , however , of Calcutta . Bombay is now the principal entrepot for English manufactures , and it will be well for exporters to take note of the fact . From Australia , information has arrived that the markets are glutted , and that the best'thing for the Australian trade

      would be a cessation , for a specific time , of exports from this country altogether . When we recollect the mischief and ruin there , and bankruptcy here , occasioned by the immense masses of heterogeneous goods poured into Australia in 1851 , 1852 , and 1853 , and the collapse that occurred , we can hardly find suitable terms in which to express our astonishment at the infatuation of shippers continuing to pour goods into a country that has already too large a stock on hand , and that can only sell the new arrivals and the old stocks by forcing sales at a ruinous sacrifice . We hope that the " expansion" of trade with Australia , which occurred so suddenly a few years ago—greatly fostered by the system of business of the Great Western Bank of Scotland , Liverpool Borough Bank , and other banks which offered unlimited discounts to the manufacturers of

      accommodation paper—has by this time subsided into its legitimate limits , and that the complaint of over exportation from this country which reaches us from Australia is not due to the fact that a remnant of the vicious and rotten system of business which it was hoped the recent crisis had exploded for ever is still in active operation . With reference to the recent commercial treaty with Japan we do not hear that any particular preparations are being made by our merchants to avail themselves of tho advantages apparently offered by this new and wealthy market . We believe , however , that tho cause is to be attributed to the fact that merchants and exporters are prudently desirous of

      informing themselves accurately of the quality and description of goods best suited to the Japan markets before embarking in the new trade . We have heard that several companies are in course of formation for tho purpose ot introducing European scientific improvements to Japan . The advantages of gas , railways , water , banks , are supposed to be those that the Japanese will be most likely to desire to acquire , and to offer the best field for English enterprise to advonture upon ; But we shall be surprised if wo do not find that Brother Jonathan has been in the field before us and taken the gold off the anticipated gingerbread .

      Manoukbtbr , Novembeu 10 , —In cloths there has been a quiet market , except for qualities suitable for India and China . In tlioso ( principally 40-inch shirtings ) n very fair business has been done , and

      they are quoted l $ d . per p er on Tuesday . In longcloths and T- cloths there is n < change since Saturday . Rates are steady . In yarns only a moderate trade at last week ' s rates . Yarns suited to the Blackburn market are reported to be Jd . per lb . dearer than last Tuesday , The principal business has been for India and China . . The Germans are also making greater inquiries , and spinnings for most of the continental markets are steadier . For the Mediterranean there was a little more activity than of late , but the sales are not of considerable amount . The home trade in yarns is generally rather dull .

      Liverpool Cotton-market , November 10 . — There was a large attendance of the trade in the cotton-market , but , as . holders were demanding higher rates , business has been in a great measure checked , and the sales do not exceed 8000 bales—2000 on speculation and for export . Prices the turn against the buyers- Since last week the demand has altogether been pretty fair . Total sales about 30 , 000 since Friday . HuDDERSFiELD . —There have been few buyers present , and things have worn a quiet aspect . The fewtransactions that have been effected are principally sorting up ; all are disposed not to increase their stocks at present .

      Leeds Cloth Market . —Only a limited attendance of merchants and manufacturers in the cloth halls has occurred , owing principally to the absence of many of them in town , attending to the wool sales . In the manufacturing districts the operatives are in full work , and there are as many orders in the producing valleys as will occupy the trade for some weeks to come . Stocks are low .

      Bailway Intelligence. Very Little Change...

      BAILWAY INTELLIGENCE . Very little change has occurred in the prices of the leading lines . Some disposition towards lower rates was evinced at the early part of the week , but on Wednesday a rally : tonlr place , and ~ prices went up . Indeed , if it were not for the jobbing 1 in shares , there would be hardly auy transactions to record , and few or no fluctuations , for the changes that are reported are certainly not due to bond fide purchases on the part of investors . The Indian , lines are dull , and veiy little disposition exists to regard with favour new foreign projects . Several foreign railway schemes are in course of concoction , but we doubt whether any one would at this moment meet any very favourable reception from capitalists .

      A special general meeting of the shareholders in the Portsmouth Railway Company was held on Tuesday for the purpose of considering the heads of agreement between the Portsmouth Company and the London and South-Western Railway Company , for a lease in perpetuity of the undertaking of the former company to the latter , and for authorising the interim working by the latter company of the railway of the former . A resolution affirming the arrangement was agreed to , and the directors were authorised to adopt the necessary steps for the proper working of the interim traffic .

      The traffic of the London and North * Western Railway continues to recover . The decrease shown in the return published this week , compared with that for the corresponding week of last year , is 2748 J . The Great Northern return presents an increase of 826 / . ; the Great Western an increase of 440 ? . ; and the London and South Western an increase of 995 J . The Canadian advices refer to an improvement in trade , which is affecting favourably the truffle of the leading railways .

      The Pernambuco Railway Company invite tenders for loans on debenture bonds at 5 per cent , per annum . They also notify that they axe prepared to receive from shareholders money in anticipation of calls , not exceeding 15 / . per share , inclusive of the amount already paid up . The interest thereon will be at the rate of 6 per cent , per annum . The contractors on tho Birkenhead , Lancashire , and Cheshire Junction line have held a meeting in Livorpool , and adopted a strong protest against the proposed increase of tho passenger contract fares from 25 a . per mile per annum to 80 s . A civil engineer has gone out in the Cnpo of Good Hope mail packet Athens , to superintend the formation of a railway at tho Capo , eighty miles long , into tho interior .

      Tho East Somerset llae was opened for traffic on Tuesday . It is nine and ft half miles in length , and constructed on the broad gaugo . It is intonded to extend tho lino to the city of Wolla as soon as possible . At tho mooting of tho Mersoy Docks nnd Harbour Board on Thursday , Mr . 0 . Turner in tho chair , tho Dooka and Quays Management Committeo roportod , in reply to an application from Mr , Lamont for dock accommodation for tho wnwr-carryiiig trade of tho St . Helen ' s and Garaton Railway Company , that temporary

  • Citation
    • Leader (1850-1860), Nov. 13, 1858, page 25, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_13111858/page/25/