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T re hands engaged than were requiredand...
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COLONIAL AW FOREIGN" PRODUCE MARKETS. RE...
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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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Iionjdon And North-Western Railway Compa...
^ e more , recommended a stringent reduction by which the efficiency o th « l » ne > k 0 considered , -would be improved . After entering into a variety of subjects and suggestions , he concluded by moving two resolutions—1 , that the system of " Engaged" carriages should be abolished ; and , 2 , that no carriage belonging to an express train should be detached , unless the train , stopped to take up passengers . He felt satisfied If his plan were carried <> ut 100 , 000 / . a year would be saved to the company . Mr . Biley drew attention to a statement in the report of the Manchester and Sheffield Company relative to certain charges for goods in connexion with the Manchester traffic . The chairman emphatically denied the truth of the charges in the report .
Mr , Hadleigh thought the directors were not entitled to any credit for the results of the half-year ' s working , inasmuch as from the low price of railway material they ought to have been enabled to make up by economy the loss of 76 , 000 / . occasioned through competition . He renewed the charge so often refuted as to the London and North ,-Western Company having refused arbitration in the case , and added that the directors ought to have taken upon themselves the responsibility of fixing the rates . The chairman quoted the evidence before the House of Commons to show that the charge of refusing to arbitrate was unfounded , and that the company had never been asked to fix the rates , but lad followed the rates of other companies .
Mr . Bassett proposed a resolution recommending the shareholders to support the directors in their defence of the Manchester traffic . Mr . Haley urged the adoption of the resolution proposed by Mr . Bassett . Mr . Dickenson complained that the expenditure and capital since 1850 had been upwards of five millions , and he should like to know where they were going to Stop . He objected to the sum of 26 O , O 00 J . due on the rail account having been transferred to capital instead of being placed to revenue as it arose . As to an application to the Legislature for assistance , it was laughable to expect relief , as , if granted , it would rob the members of their emoluments . If the noble marquis would give an assurance of an end being put to the system of capitalisation , he should have some hope of the company . He did not approve of the report , or place much faith in it . .
Mr . Wrigley , in a very able speech , but in no hostile spirit , laid , great - blame on the management for not having effected that amount of economy which might have been effected by a . company having a revenue of 1 , 500 , 0007 . a year . " With such a revenue , there should be an elasticity in the company ' s resources quite equal to keep the dividend at 5 per cent . He believed the time had gone by when the traffic of any particular line could be secured in its present condition by the old policy of guarantees , subsidies , and private agreements . He considered that traffic must be left to take its true course , competition must be allowed to have its full run , and then with the attention paid to an ordinary business , regard being had to the advantageous position of the
London and North-Western Company , there could be no fear of increased profit and prosperity to th « shareholders . He recommended an alteration in the constitution of the board . He contended that the system of the London and North-Western Railway had so expanded that it was quito ridiculous to suppose it coiild be kept in control by any central authority . He thought there should be a separate section for London , Manchester , Liverpool , and other large emporia of traffic . ¦ Mr . Abel , after inquiring about the Chester and Holyhead lines , referred to the system of proxies , to show how dangerous it would be if the largo interests held by contractors and others in the Chester andllolyhead lino were allowed to bear upon the question of terms of amalgamation .
In reply to questions , the chairman said , notwithstanding the low price of the shares of the company , there had only been a slight change in the register of holders . The chairman , in reference to accidents on the line , Baiditwas a general rulo to discharge servants who wero shown by their neglect to have beon the cause of it . After a short further discussion , the chairman rose to reply generally , and remarked with satisfaction the large attendance , and the disposition of the shareholders to discuss questions with the diroctors . Complaint had been made as to the increasing capital account . It was the anxious desire of the board to keep the capital to
the narrowest amount . Any increaso of capital they looked upon as dangerous , and they watched it closely . It was their policy not to encourage any increaso « f capital . In reference to the recommendation of a proprietor that the board should bo divided into sectional divisions , it would bo found on inquiry that the system "Was practically carried out in the constitution of tho present board . A proprietor also had recommended th at the capital account of tho company should bo placed in different hands , bo that no possible temptation to tamper with revenuo and capital should exist . Ho would not pronounce on tho efficacy of such a recommendation , but ho begged to assure tho hou . proprietor that
was , that no greater care could be taken than was taken by this company to keep the capital entirely distant from revenue . He begged to say in reply to Mr . Puncher , that the exercise of the privilege of engaging carriages was highly valued by a portion of the public , and was a great convenience . In a particular instance , there had been an abuse of this privilege ; but that was no reason why it should be abolished entirely . As to the practice of detaching carriages from express trains , objected to on the ground of economy , the object was to reduce the train mileage , and to accommodate the public . The report was then adopted . Mr . Bassett ' s resolution was adopted . After some discussion , Mr . Puncher withdrew his first resolution , and his second was losfc by a large majority .
A resolution was moved , " That the Company viewed with great concern the continued increase of capital , and they desired that it should be closed at the earliest period . " The resolution was lost by 21 to 32 . The other resolutions were then carried . The ordinary votes of thanks to chairman and secretaries were unanimously carried . A special meeting was then held , for authorising the conversion of a portion of the capital into perpetual debenture stock , bearing interest at a rate not exceeding four per cent , per annum . Carried unanimously .
T Re Hands Engaged Than Were Requiredand...
T re hands engaged than were requiredand his conviction No . 438 , Au & ust 14 / 1858 . ] HE 1 EADER . c 1 Q ^^^ mmj ^^ Z ^ Zi " ' . - - - ____ ¦ ^ ^ pj . « 7
Colonial Aw Foreign" Produce Markets. Re...
COLONIAL AW FOREIGN" PRODUCE MARKETS . REVIEW OF THE WEEK . Mincing lane , Friday Evening . The general features of trade in connexion with these markets are still promising . In one or two . of the larger articles considerable activity prevails , and in ' many there is an extension of business , whilst current values arc almost without exception very fully sustained . Statistical returns continue to evidence a large consumption , and the continental letters have this week brought some increase of orders for export . As an indication of the growing confidence with which the future is regarded , a disposition to venture more freely upon speculative operations may be instanced .
Sugar . —A considerable business has again been done at prices establishing a further advance of Is . to Is . Gd . per cwt . The trade have bought with increased freedom , and several important purchases have been made speculatively . ^ Floating cargoes for outports continue much in request . The clearances have shown a marked extension , whilst the imports have somewhat diminished , and the stock , which is reduced by 1300 tons , is now but some 5500 tons in excess of last year ' s . From places of growth accounts are still favourable . The next crop of Mauritius is estimated at 120 , 000 tons , but the surplus is expected to be required to meet the increasing demand for Australia , so that not more than an average quantity will probably arrive here .
West India . —The sales comprised 4595 hogsheads , including Barbadoes at 40 s . to 46 s . ; St . Lucia 36 s . 6 d . to 42 s . Gd . ; Jamaica 39 s . to 43 s . Gd . ; and other descriptions 39 s . to 4 . 2 s . per cwt . Mauritius . — Including the auctions , about 9000 bags have changed hands , low and good middling yellow 38 s . Cd . to 45 s . ; brown 32 s . Gd . to 36 s . ; grey 39 s . to 44 s . Id . per cwt . Bengal . —7087 bags in auction , realised 45 s . Gd . to 47 s . for good and fine Gurpattnh , and 27 s . Cd . to 3 Gs . Cd . for low yellow and brown Durama date . Madras . — Grocery descriptions have met a very stormy competition , and have made the largest advance above quoted ; 7891 bags at public sale brought 47 s . to 49 s . for good and fine crystallised yellow , very low brown to good brown refining 28 s . to 35 s . 6 < 1 . per cwt .
Penano . —3164 bags have sold at 32 s . for low , and 37 s . to 45 s . for good brown to good yellow . JtomuoH . —2597 bags Siain brown refining , 31 s . to 32 s . ; fine and superior yellow , 44 s . 6 d . to 46 s . Gd . ; 6000 bags clayed Manilla , 38 s . to 38 s . 9 d . ; 1500 barrels foreign muscovadoos , Cuba , 39 s . 6 d . to 41 s . 6 d . ; Porto Rico fine brown to superior grocery , 88 s . 6 d . to 48 s . 6 d . ; 3000 boxes Havannab , at 39 s . ; 44 s . 6 d . for No . 8 to No . 11 standard ; 1751 boxes Mexican good mid . strong yellow , 42 s . to 60 s . ; a landed cargo Pernambuco , 5600 bags , at 36 s . ; ono white Mnroim , 820 chests , at -153 . ; and one Porto Rico , 2 C 8 casks , at 41 s . Cd . to 42 s . ; nine floating cargoes Havannab , together 1 ( 5 , 6 " 00 boxes , for tho United Kingdom , Nos . 10 to 10 £ at 28 s ., ! Nos . 11 and 12 at 29 s . to 29 s . Cd ., Nos . 12 fc to 13 at # Is . to 3 Ls . Gd . per cwt .
Miclado , —835 hogsheads partly sold at 3 Ca . to 38 s . Cd . for fino dry , and 29 a . to 08 a . for low to good . Hemmed . — -Tho advance in raw sugars added to the firmness in this market , and prices are about Cd . per cwt . higher . Undried goods have » old freely , but other descriptions ure taken off in moderate quantitj r only . Brown lumps have bcon currently qiiotcd at 53 s . 6 d . per cwt . Molasses . —Prices aro again rather higher , but the sules are only GOO casks . Trinidad at IGa . and 16 s . to 17 s ., Cuba 16 a . Gd . per cwt .
Coffee . —The demand is inactive , and the supplies , brought forward , although not large , have exceeded tlie demand . Prices are somewhat irregular , but current quotations without material change . 1400 casks , 1200 barrels and bags Plantation Ceylon were partly sold at 58 s . 6 d . to 61 s . fid . for ordinary to fine fine ordinary , 62 s . 6 d . and 69 s . for low middling to middling , and 73 s . 6 d . to 84 s . for good middling and fine . Good ordinary Native sold privately at 47 s . 300 bags common quality in auction were taken in at 44 s . Cd . and 47 s . A . floating cargo of Rio , 2630 bags , has been taken for tie Continent at
44 s . 9 d ., insured free , of particular average . The clearances continue very active , and the stock , although large , contrasts less heavily with that of last year . The continental markets are firm , but quiet . The valuation of good ordinary Java in the forthcoming sales in Holland is fixed at 3 O £ to 31 cents , and the increased rates of consumption , which , iu the absence of any adequate stocks in second hands , must be mainly supplied at these sales , favours the opinion that , notwithstanding th « large quantity declared , the demand will' prove sufficient to prevent any material declension in valup .
Tea . —The market is firm but quiet . Common congou , 10 £ d . The present stock in the kingdom is 68 , OO 0 , 000 Ib . against 83 , 000 , 0001 b . last year ; but the quantity on the way is 21 , 484 , 5791 b ., against only 7 , 263 , 6111 b . last year . Tlie China advices have had no perceptible influence on . the market . Cotton . —The high prices required check operations , and the "week ' s sales are only 950 bales . At Liverpool the sales are 45 , 000 bales , and the imports 44 , 500 bales . Prices axe without quotable change . Wool . —The colonial sales progress with spirit , at fully previous rates .
Provisions . —Irish butters have sold largely , at 108 s . for Carlows and first Cork landed ; and 106 s . f . o . b . English butters aTe a slow sale ; Friesland ha . ve declined to 100 s . for . fine . Bacon has sold steadily , at 68 s . to 70 s . for Waterford ; and 64 s . to 66 s . fox Limerick sides . Shipping provisions are still im very limited request . Cocoa .. —Guayaquil has declined 2 s . to 3 s . per cvi ; ., sales of about 1000 bags having been made at 46 s . 6 d . per cwt . ; 4799 1 bags in auction were withdrawn at 50 s . Rum . —A moderate business is passing-: Cuba at Is . 8 d . ; Leeward Islands , Is . 7 d . ; Demerara , Is . lid . to 2 s . per gallon , proof .
Rice . —Transactions continue of very limited extent , but prices are steadily supported . The deliveries are tolerably- well kept up , and no further increase of stock has taken place . Privately the dealings are confined to some 8000 or 10 , 000 bags , including 1000 bags old Kangoon , at Gs . 3 d . ; and 300 O bags new at 7 s . ex . ship ; and the residue , principally damages ; 4082 bags fine white Bengal in auction , were withdrawn at 12 s ., with bids at 11 s . 6 i , per cwt . Two floating cargoes sold today at 7 s . 3 d . for Bassien and 8 s . 6 d . for Necranzie . Spices . —Public sales have manifested a . better tone iu the market generally . Mace and nutmegs are Id . to
2 d . per lb . dearer . White pepper iirm , black steady , and Penang cloves rather dearer . Ginger is exceptionally depressed Is . per cwt . The sales hav « comprised 2408 bags . Penang pepper at 3 | d . to 3 gd . for ordinary dusty , and 3 i < l . with a lot or two , 4 d . for good ; 152 bags of Penang-white , 9 d . to 9 $ d . ; 100 bags of Pimento held 3 § d . to 3 | fd . ; 25 casks of Penang cloves , ordinary to fine , Is 1 Jd . to Is . 2 | d . ; 22 casks of mace , red , Is . 4 d . tols . 7 d . ; good pale , Is . lOd . to la . lid . ; 115 casks nutmegs , bold middling to good , 2 s . 2 d . to 2 s . 8 d . per lb . 5 small and export , Is . 8 d . to 2 s . per lb . ; 338 barrels of Jamaica ginger , 53 s . to 75 s . ; and 600 l > aga of African , 23 s . to 23 s . 6 < J . per cwt .
Saltpetre . —The market is barely so good , but the week ' s business is nearly 7000 bags , and j > riccs havonot varied above Gd . per cwt ; 10 to 11 por cent , sold at 39 s . to 39 s . Gd . ; 0 to 9 $ , 30 s . Gd . to 40 s . ; 8 £ to 8 £ at 4 la . ; 7 £ to 7 at 42 s . to 42 a . Gd ., and 5 | to C per cent , at 44 s . Cd . to 45 s . Cd . per cwt ; Bombay , 49 to 23 per cent ., 33 s . to 34 s ., and fino 9 £ at 37 s . to 37 a . Gd . per cwt . Refined saltpetre has been advanced Is . por cwt . ; the corrected stocks turn out 200 tons less than computed . Metals , —The general character of tho market is firmer , but the only movement of importance has been
in Scotch pig- iron , which Las advanced considerably , 56 a . having been paid for mixed members , immediato cash , and 57 s . quoted for usual prompts . The advances however , had the effect of bringing out sellers , and a reaction of Is . per ton has followed . The price to-day is 55 s . per ton . Last week's shipraentr were 12 , 786 tons against 11 , 443 tons in the corresponding week last year . Some few sales havo occurred in spelter at 23 / . 15 b ., but 28 ? . 17 s . Gd . to . 24 / . aro the prices currently asked . Tin , copper , and load ore without alteration .
Jute . —2-150 bales sold steadily At 15 / . 5 s . to 18 ! . pet ton . IlKirr . —About 100 tons St . Petersburg clean hemp sold , " on account of whom it may concern , " at 28 / . to 28 ? . 5 a , ; but current quality and ordinary trade ia quoted 29 ? . 220 bis . Manilla only partly sold at 20 / . to 26 / . 10 s . for fuir and spring . Dyes . —Indigo ia rather raoro inquirod for . Tho overland accounts are , on tho whole , unfavourable in reference to tho prospects of the growing cropa . Coohi-
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Citation
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Leader (1850-1860), Aug. 14, 1858, page 27, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_14081858/page/27/
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