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*i Iff h. 473. April 16, 1859. ] T fit E...
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MONEY MARKET & STOCK EXCHANGE.
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^^^ v TyrA^-rr-pm a. TTVPTTA-WftT mUJNiljI IVLaKJlilil & .blUUO. JiiA.l*XU±iXU\Ei
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¦ » - J3AXK OF EXGLAND. An Account, purs...
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Mkditerhanisax .Teleokaiuis.—A conventio...
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GENERAL TRADE REPORT.
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Friday Evening, Every market is comparat...
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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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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Australia, India, And Gold. The Subject ...
mohur , the half-ounce miglit be so called—or nuarfcer-ounces , or any other name it pleases v and if it avoid complications , such a gold coinage would soon supersede , in India , a large proportion of the silver now used there . At any rate , any svstcm , ' whether complicated or simple , which merely permitted gold to-be used as riioney throughout India , and proclaimed the ^ use to be le < ral , as it obviously is just and convenient , would avoid the scandalous waste of annually bringing some 15 , 000 , 000 * . of gold from air parts of the world—including 10 , 000 , OOOZ . or 12 , 000 , 000 * . from Australia--in order to buy silver in Europe , and
send 15 , 000 , 000 * . of silver annually to India and China . We presume that the cost of supplying India with coinage by this roundabout method is , at the very least , five per cent , more than it need be , without reckoning the greater cost of keeping a silver coinage in circulation than a gold coinage ; and five per cent , on 15 , 000 , 000 * . is 750 , 000 * . a year , which sum is annually wasted by the present plan of making only silver a legal tender _ m India The oreat object of all inventions and improveend of all scientific discoveries
ments—the great — is to lighten labour and enable society to obtain subsistence , comforts , arid luxuries , or live and flourish , at the least possible cost ; and here we find a Government regulation annually destroying the fruits of labour equivalent to 750 , 000 * . Such a result is a sad mockery of earnest toil : to have its produce cast at this rate into the sea , by those who are highly paid nd highly hono ured , only because they are supposed to spare the sweat , and labour , and anguish of . . their fellow men , must lead to disappointment and anger .
*I Iff H. 473. April 16, 1859. ] T Fit E...
* i Iff h . 473 . April 16 , 1859 . ] T fit E LEADED . 505
Money Market & Stock Exchange.
MONEY MARKET & STOCK EXCHANGE .
^^^ V Tyra^-Rr-Pm A. Ttvptta-Wftt Mujnilji Ivlakjlilil & .Bluuo. Jiia.L*Xu±Ixu\Ei
great , Ms desire now to negotiate a loan should be taken as an indication of his wish to preserve the peace of Europe , and obstacles should not unnecessarily be placed in his way : The Indian loan will not , it is supposed , much effect the money market . A large part of it will goto make payments at home , and be merely a transfer of accounts from one banker , or one side of a ledger to another . There is no doubt that the money will be obtained on easy terms . Lord Stanley is deservedly praised for having so readily listened to the remonstrances made as to the day of the negotiation arid the terms of payment , though his advisers , who should have known all the minutiae of the city , were not held blameless for allowing the publication of an advertisement which had afterwards to be amended . ¦
The funds , which have been dull all the week , owing to the continued apprehension of war , and theuncertanties of the-dissolution , receded again tor day on the opening . Yesterday Consols closed at 95 , to-day they were at 94 f , sellers ' , but before the close " of the market they recovered , and the very latest quotations were 95 1-lGth , and 9 S £ There is still much uneasiness as to the war . Some persons claiming to be well informed say war is resolved on , and there is certainly a great want of confidence in the good intentions and the wisdom of the rulers of the Continent . The Stock Exchange was principally employed to-day in the settlement of the account , which was satisfactory . Otherwise very little business was done . In the exchange money is plentiful . The weekly returns of the Bank of France are not unfavourable , though , there is a decrease in the amount of bullion on hand—thirteen million francs , or an increase of advances to the extent of nearly twelve millions . Trade in France would seem to have gained in activity the last month . Our own Bank returns will now show the effects of the commencement of payment of the dividends .
Friday Evening . Capital , it seems , like murder , " will out at last , " and just now there are lively symptoms , in the City , of its long-expected eruption . For though the French preparations for Avar , the eternal military promenades of the Austrians , and the continuous gasconade of Cavour , do raise the hopes of sailors and soldiers , and frightfully increase the travelling expenses of the diplomatic departments , and the coasumption of red tape , snuff ,, and sherry , a great deal of English money is finding its way into trade under the protection of the limited liability system . '
' . Things are flat and dull in the City , " we say very often , little heeding the great undertakings matured every week , of which one never hears a word , so thoy be successful—after the preliminary flourish in the advertising columns of the press . Mines are , just now , attracting much attention ; and beforo long , we fancy , nearly every man of means in the country will bo found trying the fascinations of mineral adventure . Then may the premium fever set in ;—fortune for those ¦ who arc early in the swim —cold shivers and collapse for the tardy , who wait , and wait too long , and , when , they should retreat , invest .
There is a good demand for money , but no prossure . The terms are unaltered . The Bank rate continues to be tho rule of the market . JJuch interest is excited by the Russian loan , the conditions of which havo boon definitively announced , though the day is not yet fixed for placing it On tho market . A doubt is expressed whether tho war , should war ocour , will not interfere to fix a limit to tho amount negotiated actually considerably bolow tho amount announced . With this exception , tho loim ia very favourably contemplated . It does not scorn likoly that tho war which threatens the rest of Europe should seriously involve Russia in its vortox .
Engng'ud , as tho government of that'Country is , in domestic improvement , and boing entirely beyond tho sphere oi ' contention , it remains entirely within tho discretion of its rulci's how far they shall ciwiwU in it . Tlio storm , -i , lioroforo , should it break , might ; loavo tho fortunes of lludsia unaffected , and its Hiicui'ltics , already favourably regarded , might bocoiuo superior to those-of most other Kuropoun statos . This Js tho light in which tljo subject scorns to bo lookocl at on tho Continent , whoro tho loan is ongwly sought after . By some persons it is supposod that th e Emporor of Russia , by his influence over Austria and Pmssja , holds tho immodiato destinies of Europe in his hands j and if his power bo so
¦ » - J3axk Of Exgland. An Account, Purs...
¦ » - J 3 AXK OF EXGLAND . An Account , pursuant to the Act 7 th and 8 th Victoria cap . 32 , for the v / ook ending- on Wednesday , the 13 th day of ApriJ , 1 SC 9 : — . . ' ISSUE DEPAKTMEXT , Notes issued j £ 32 , 30 r , 00 ( Government Debt £ 11 , 015 , 100 Othor Securities .. 3 , 459 , 'JOO Gold Coin & Bullion ir , y :- ' 2 , ( J 90 dilvcr Bullion .... S : l- > , 307 , 000 i £ 3 'J , 3 ' . > 7 , oyO BANKING DEPARTMENT . Proprietors" Cnni- Government Sceutnl £ H , 5 . V 1 , 000 rities ( incUuliugr Ri-sr 3 . . 0 K I ) ead Weifflit Public IXpoKittf ( in Annuity ) ...-. £ 11 ,,.. 1 , 11 b cludiny Kxcho- Otlx .-r fcSeeuritujs .. 10 , f » 3 b , * 10 qucr . Savings' . N ' oti-s 10 , 5 ^ 1 , 010 JiiuikH , Comniis- O ' old and Silver sioiK-i-ri of Xn- Coin G . 1 , 111 ilonnl Di-bt , and Dividend Accounts ) . 5 , 0-2 rt ,-030 Others Deposits .... i :., i )^ l , S 33 Sevi-n l > ay and othor Hill * . Mli . WS . * 3 « . i , fll-M » 7-J £ 30 , 514 , 07 ^ 3 t . HAKS 1 IALL , Chief Cashier . Dated Auril H . lSflO . '
Mkditerhanisax .Teleokaiuis.—A Conventio...
Mkditerhanisax . Teleokaiuis . —A convention has been concluded by the Austrian Government relating to tlie connexion of Trieste and Greece by telegraph . The telogmph lino between Trioste and Alexandria is to pass through Greece . Indian Speculations . — " I , mentioned throe months since , " says n . correspondent of the Times , " that the Indian General Steam Navigation Company was about to declare a dividend of upwards of 100 per cent . Its accounts have now been mndo \ ip , and tho . dividend declared is 800 rs . per share for tho half-year , or 100 ppr cent , per annum . And yet English capitalists buy millions of Austrian bonds at six . I would bog any of your readers who distrust Indian speculations to read tho following list of tho dividends of Una company . Thoy nro all for tlio half-year , and tho par price of shares is ifilOO : — 31 st Doconihur , 1850 , £ 7 per share per half-yoar ; Ulst Juno , 1857 , . i'M ; 31 / 3 t December , 1857 , £ -22 ; and onu sharo in 0 worth £ 20 } 31 st Juno , 1858 , £ 17 10 s . ; 3 Lsb Decombor , 1858 , ,. £ 50 ( and one share ia 5 worth ^ 30—XI 51 10 s . In othe r words , tho company has divided 50 per cent , per annum for throo yours . It may bo said this profit is temporary , but that is only partially true . Tho companywill not again make 100 por cent ., but thoy will make CO , nnd any number of companies would make SO . There , is no limit to tlio demand , nnd cant bo nono while thoro is £ 10 , 000 , 000 worth of procluoo to come clown tlio river , nnd . £ 8 , 000 , 000 worth to go up , bosidos tho Europeans connoctocl with two urinlos and four Presidencies , each containing kingdoms . "
General Trade Report.
GENERAL TRADE REPORT .
Friday Evening, Every Market Is Comparat...
Friday Evening , Every market is comparatively steady and comparatively satisfactory . There is no speculation and no despondency . Business is very regular , and of a fair amount . There are no boastings , but there are few or no complaints . The trade tables , we believe , when they are published , will show a continual and quiet increase in almost every branch of business . There is no disputing the fact that the manufacturing districts have been affected during the week just as the rumours in favour of peace or war were uppermost . The trade of the country is sound and expanding ^ but it is checked by the uncertainty that exists as to the ultimate result of the Congress , which is-now understood to be definitively agreed upon . Could manufacturers be secure of peace , they would be inclined to enter into further contracts , which shippers , would be too ready to give out , and which they only hold back , especially shippers for the German arid Central of Europe markets , because nothing about the future can be predicated with any . certainty . Liverpool . —The cotton . market has been rather dull . Sale 3 have been limited , and a . tendency to a sliffht decline has exhibited itself , though there is nothing from America to warrant the belief that the supplies will be more abundant than the demand can absorb . The wool market has been tolerably active , and some demand for Scotch wool has been felt . Manchester . —The latest advices from India are somewhat more assuring than the previous oues . The markets there arc well but not over supplied , and the temporary check which occurred in the deliveries has
disappeared , and the demand has revived . The additional duties on imports which the Indian Government has announced , it is expected will not have any disadvantageous . action on commerce here or in India . As soon as the effects of the mutiny disappear , and the finances of . the country are placed on a sounder arid more simple footings it is generally believed that a very large expansion of commerce , both as far as imports ana exports are concerned , will occur . For yarns the demand lias been restricted , and a reduction of about £ d . has occurred . Orders from Germany and India have been offered , but not placed , owing to spinners declining to accept lower terms . .
Leeds . — An average attendance or buyers at this season has occurred in the Cloth Hall , but no large amount of business was transacted . Plain goods have been in demand . Light -fabrics not so much in request , but prices are firm . HtrDDERSFiELD . —A quiet business has been done ; the buyers were most from London and , Dublin houses . The fancy coating trade , very good . Black doeskins heavy , ami light summer goods find a ready market at fair prices . Sales of wool liave been limited , but stocks on ham ! are only of average amount .
Bradford . —Prices have been and continue to be very firm . Higher prices for wool and worsted are asked than spinners think it prudent at present to give . For fancy goods there is a steady demand . Nottingham . —Trade in lace is quiet ; Ies 3 is doiug than last week , and business in plain goods is brisker than in other sorts . In hosiery there is a good business doing , and the same may be said of the glove trado . LuicJSrsTJSR . —The prospects of a good seasonabletrnde nre very encouraging . For cotton goods a good demand has prevailed . The tx > ade in the country districts lor hosiery is much the same ; an average amount of business is heiiiff done . Wools are firm , and the superior sorts fetch lugh pi v ices . fairbut not brisk
Bikmincjii . vm . —Trade pretty , . The iron districts continued busy , principally with railway orders . . CoAii Trade . —This trade is neither dull nor brisk j a fair average trade is doing . With respect to the " strikes , " we have to notice thnt a " turn-out" was contemplated nt Scockport , or rather , that the Spinners' Union gave notice that tho self-acting minders should demand on advance of wages on Thursday . At Pndihani some slight disturbances occurred , but were suppressed jjy the police . In othor districts , where strikes prevailed , wo beliuvo n hotter feeling now oxlsrs between operatives and oniployern . Tub Ino . v Thapis . ¦—The Ironmasters' quarterly mooting wns held at . Birmingham on Thursday . Tho
result of tho mooting wns to confirm tho Impressions that the Trade tit largo was in a healthy condition , but that it was furiously cheeked l . y tho Ituliun d / mculty . It wru istutotl that tho operatives worn folornbly . well omployi'il , and ' that ordurn were on hnnil sufilciont to clear olY old stocks and lieop I ho wills nnd furnaces ffohur for aowe wc-uUfl . Tim Aiinirloan tnulo la Improving , but gmit injury is oiilU to l » o Inflicted on lirUte " comnu'voo by the" infurloiMjualliU' * of h-on roodiiNy oxportecl . Thu price of phj iron wiw iiinlntalned , but In soniu liiatanbud 2 s . ( Id . Ji 1 * |>« r l" » «»« ' wns noeentail . Tho ntfonilunco of liunlwiii-o lummlncliuvrtf w . ih Ihnltod , but tho trado wna umiordtgod to liu In a sounil condition . An advance of 4 s , nor cwt . on Iron was declared ike l ) rleo for ruflnwl , l « 37 s . Oil . ; common blocks , 127 s . Od . ) or ton . ,, ,, . » . 1 Friday Afternoon . Mark Lanis . — TJw . tonft of tho market was flnn ; prices uimltwotl . Tlio supply of homo - grown grain hulted , and Imports of lbrulgn grain , whoat , amall i JJurloy ami outs mir .
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Citation
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Leader (1850-1860), April 16, 1859, page 25, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_16041859/page/25/
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