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Leader (1850-1860), 23rd July 1859, Edition 2 of 2, Page 19, Last This Week Week

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      No. 487. J™ O«. - Iwm.V The Leader. 871.

      No . 487 . J ™ o « . - iwm . V THE LEADER . 871 .

      Commercial. * ¦

      COMMERCIAL . * ¦

      Duties On French Wines. Mhe Opinion We E...

      DUTIES ON FRENCH WINES . mHE opinion we expressed last week on this sub - X lect has found an echo in the House of Commons . On Thursday nightMr . Bright recommended the reduction of these duties in the most emphatic terms , and both Lord John Russell and Lord Pahnerston spoke in favour of the recommendation . The latter not differing , as was ascertained m the end , from Mr . Brig ht , deprecated the making a reduction of duties on French commodities b y us a matter of bargain with the French Government . That might provoke retorts or opposition on the part of the Protectionists in Prance , and therefore the true method of making the reduction , or even of totally abolishing the duties , is to take our own course without reference to the Government of France . We should doit , because it is for our advantage . It will promote our trade , increase our wealth , and , above all , contribute to our security by increasing the friendly commercial relations between the French and English . For the people of Eng land , then , one of the strongest recommendations pfthe abolition of these duties is , that their own course on the subject is in no degree dependent on the course of any foreign Government . Whatever such a Government may be , or whatever it inay scheme , it is in their power to keep it in check or compel it to be peaceful by following out the free trade principles which bind the people pf different countries in friendly relations t > y strong material interests .

      Quantities And Prices. The Third Report ...

      QUANTITIES AND PRICES . The third report of the Commissioners of Customs states the official values for 1857 , and 1858 which represent quantities , of our imports . In 1857 the amount was 136 , 215 , 0007 ., and in 1858 , 138 , 159 , 144 / ., so that the quantities of commoditie s' imported were nearl y 2 , 000 , 000 / . in excess in 1858 . In the same year , however , the real or declared , yalue of our imports was only 163 , 796 , 000 * . against 187 , 844 , 000 * . in 1857 , a diminution of 24 , 000 , 000 / . Wo obtained more commodities , therefore , in 1858 than in

      185 7 * while we paid 24 , 000 , 000 / . less for them . This striking difference was the consequence of the inflation of wholesale prices by speculation in 1857 , and the fall of prices m 1858 . We have continually mentioned the fall of price in that year in our commercial notices , as explaining the decline in the value of our imports , in opposition to some lugubrious moaning about our trade falling off . Till now , however , we have not seen an account of the official values in the two years , as they are not pu bli s hed b y the Board of Trade , and , conseauontl y , had not positive evidence of tue great ifference .

      Monet Market & Stock Exchange.

      MONET MARKET & STOCK EXCHANGE .

      Friday Evening. The Money Market Is Not ...

      Friday Evening . The money market is not easier than it was . Money is tnken on ctilj at 2 per eont ., and the hest bills are discounted nt 2 ^ to 2 £ , but the possessors of money are not eager to lend it . The terms of thejoint-stock banks are very little below the terms of the Bank of England , which in the past week , after the payment of the dividond is unexpected . Thero ia a great demand for silver for India , and Government is said to htive negotiated the insurance of a largo sum to send thither ; ( it the same time but littlo gold is arriving from abroad , which causes gold to bo taken from the Bank of England fop export to the Continent to purchase silver . As yet , confidence abroad is not restored , which prevents tho commencement of new commercial enterprises ; otherwise , it ia supposed the demand for money would rapidly increase . . Our manufacturers have more confidence ana are preparing to extend their operations . As their demands for accommodation increases the money market Mill become

      tighter . It i ^ supposed , too , that a loan for India raised in our markets is indlsnoneaMo , and all those circumstances tend to make people believe that the present low terms of tho money market will not last long . The dealers in money , such as the joint-stoak and discount banks—which arojust now publishing tlielr halfyearly accounts , make very good returns . Their dividends vary from 0 to 10 per cent , anil they continue to bo amongst tho beet managed and most successful institutions of the day . They arc , howover , not all equally successful } and we eco with soino surprise that tho London Joint Stock Bank , and others nvow that their praotlco Is to mako advances on goods . Wo wave always understood that goods are not appropriate banking securities ; undoubtedly it is necessary for tho welfare of the bnnk which makes such advances , In order Hint It may not run any risk , from a change in tho

      markets , that they are always far within the value of the goods . Banks have been injured and even ruined by making advances on goods . In the Stock Exchange to-day things were exceedingly flat . The telegram from . Paris was not favourable . The Emperor ' s reply to the Diplomatic Corps had not satisr fied the Bourse . Our own Chancellor of the Exchequer ' s speech , too , last night ia the House of Commons did not please the sensitive men on the Stock Exchange . They look on a loan for India as certain , and the Chancellor s mysterious avowals of still greater charges yet to be made on our resources w e re read with a little alarm . Consols opened at 95 ^ vhich was § below the closing

      , priee of yesterday , and subsequently went down to 94 g , making a fall , since yesterday , off . Foreign and other stocks also declined . There are reports of disputes between the Pacha of Egypt and the Sultan , which had a pernicious effect on Egyptian and Turkish securities . JNo foreign securities , at the moment , appear much in favour . The peace , therefore , now that it is assured , is less favourable to them than was the armistice , from which it was inferred that a peace might be concluded . We subjoin the Bank returns , which are less favourable than mio-ht have been expected at this period of the quarter .

      Bank Of England. An Account, Pursuant To...

      BANK OF ENGLAND . An Account , pursuant to the Act 7 th and 8 th Victoria cap . 32 , for the week ending- on Wednesday , the 20 th day of July , 1859 : — ISSUE DEPARTMENT . Notes issued . £ 31 , 553 , 890 Government Debt £ 11 , 015 , 100 Other Securities .. 3 , 4 lo 9 , 900 Gold Coin & liullion 17 , 078 , 890 .: Silver Bullion .... £ 31 , 553 , 890 £ 31 , 553 , 890 BANKING DEPARTMENT . Proprietors' Capi- * Government Secutal ...:... £ 14 , 553 , 000 rities ( including-Rest ........ 3 , 308 , 220 I > ead _ Weight _ Public Deposits ( in- Annuity ) .,.. £ 11 , 270 , 680 eluding Exche- Other Securities .. 17 , 2 o 4 , 439 quer Savings' Notes 9 , 489 , 050 Banks , Coramis- Gold and Silver . ¦ sioners of Na- Com .. : ' 620 , 037 tional Debt , and Dividend Ac- . * counts ) -. 4 , 98 S , 572 Other Deposits .... 14 , 932 , 995 Sev «? u Day and : ¦ other Bills ... S 5 S ; 01 O ^_ £ 38 , 634 , 806 £ 38 , 634 , 806 31 . MAKSHALI , Chief Cashier . Dated July 21 , 1859 .

      Prices Of The Principal Stocks And Share...

      PRICES OF THE PRINCIPAL STOCKS AND SHARES AT THE CLOSE OF THE MA . EKET .

      Last This Week Week

      Last This Week Week

      7 Stocks. .,_ 3 Per Cent. Consols—Money ...

      STOCKS . ., _ 3 per cent . Consols—Money ....... l - » i Ditto Keduccd 9 o | 95 Ditto New 00 95 BankStock £ » | 2 a I ndia *? *¦ ' * r " a Exchequer Bills - 4 J Ai Canada , Government 0 per cent New Brunswick Government 0 per cent ; ., New South Wales Government 5 per cent , South Australia Government 0 per cent .. .. ,. Victoria Government 0 por ceut Austrian Bonds , 5 per cent •• Brazilian Bonds , 5 por cent French Rentes , 3 per cent Mexican Bonds , 3 per cont 19 i .. Peruvian Bonds , 4 J por cont .. 77 Spanish Bonds , 8 per cont . .. Turkish Scrip , 0 por cent .... 84 RAILWAYS . Bristol and Exeter 07 98 Caledonian £ 5 SJi Eastern Counties 00 OUJ East Lancashire 0 Q 05 Great Northern , ™ 0 10 * „ VV ' ostom fi 0 £ Mi Lancashire and Yorkshire 0 ?* 00 London and Blaokwnll ., 07 * 07 Londou , Brichton , and South Coast lia * J lii London audT ^ ortU-Western 90 S «/> 4 London and South-Wostorn 07 OU Midlnnd 10 ft * m North British > - o , 57 North StafTordahiro , . 3 J 4 , Jd Oxford , Worcoatcr , and , AVolvorhampton .. 34 3 . J South- Miiutorn 745 7 !) J South > Valo 8 03 Qrl Bomoay , Baroda and Central India ..... ... 17 J 17 Calcutta and South Eastern .. Eastern Bengal Sd lftu EttstlncUan J 02 * Of ) Groat rndiau Peninsula 100 00 Mudrns 05 1 ) 2 Soindo SO 80 Buffalo « nd Lnko Huron f > i M < 1 Grand Trunk of Canada , 30 31 Groat Western of Oanadn 10 M £ . Antwerp and Uottordam ,..., 44 If Dutoli KUonish 4 jJd ^ a EaBtorn of Franco S < $ Srt Groat Luxemburg- 7 0 * Lombimlo-Vonotian 11 aid Northern of Franco 374 3 ? Pariu , Lyons , and Modltorrftncftn 35 . 10 Parie ana Qrloaua r ... 0 « «? Sou thorn oi ' l > nnoo . 21 fr * , } Western and NortU-Woatom of Frauoo .. S « s «

      General Trade Beport.

      GENERAL TRADE BEPORT .

      Though The Corn Markets Through The Week...

      Though the corn markets through the week have declined , they are firm to-day . Reports from , the Continent describe the rye crop—there the most important grain—a & not turning out well now that the harvest is commenced . In our markets the supplies are moderate and prices firm . At Mark-lane to-day there was no advance in rates , but the demand was brisker . The late storms have laid the crops in many places , and though they have not done much damage , they will add to the expense of harvesting the grain * and help to keep-the . markets firm . How much depends on the harvest may be known from the Chancellor of the Exchequer ' s speech last evening . He described the failure in 1840 as making a difference of nearly £ 2 , 000 , 000 sterling between the estimates of one of his predecessors and the actual revenue : but then the corn laws were in existence , and a failure of the harvests caused a great disturbance in our trade to get food from other countries . A failure now , though much to be deplored , will not be so disastrous as then . From all the sites of our great manufactories , except that of linen , which is sufferins : from a short supply of flax , our accounts are favourable . Enterprise is extending , prices are generally tending upwards , and things look cheerful . '¦ « ¦ ¦ ,- ¦ In . Mincing-lane to-day sugar was firm , having recovered from the late decline . Tea is Id . per pound dearer . Coffee is steady , and altogether the merchants were in good , spirits at their prospects .

      Railway Intelligence.

      RAILWAY INTELLIGENCE .

      A Meeting Of The Shareholders In The Nor...

      A meeting of the shareholders in the North-Eastern Railway Comfant was held at York , on Tuesday , to obtain the approval of three-fifths of the proprietors to bills now before Parliament . The bill for amalgamating the Bedale and Leyburnand the Kosedale branch of the North Yorkshire Railways with the North-Eastern , which has passed through the Committee of the House of Commons unaltered , was approved , with , one dissentient . _ The Harrogate Branches Bill had also passed the Committee , without alteration , notwithstanding opposition . An amendment on the motion for the approval of the bill was proposed , to . the effect that such portion of the bill as referred to the interference with the quietude of Harrogate be omitted . This was negatived ; and the original motion was carried ,, with only four dissentients . . It has been determined to construct , -without delay , by the London and Brighton Railway Company a branch line from Pulborough to Arundel . This line will supply a want long felt , and will form A connecting link between the eastern portion of the country and the main line . This course was determined on at a meeting at Bognor to take into consideration the desirability of a branch to Bognor , ¦ which it is believed will also he eventually made .

      Joint Stock Companies.

      JOINT STOCK COMPANIES .

      Coaraiercial Bank Ov London.-^-On Tuesd ...

      CoaraiERCiAL Bank ov LoNDON .- ^ -On Tuesd ay the lialf-yearly general meeting of the proprietors in this concern-vvas held at the bank in Lothbury ( Mr . Mark Hunter in the chair ) , for the reception of the report , and for other business . After the usual preliminaries , the secretary read the following report and Statement of accounts : — " The directors have now to submit to the shareholders the balance sheet , showing the result of the business for the six months to the 30 th June last , from which it- will be seen that the net profit ( including ' , 401 2 s . brought forward from last account ) amounts to , £ 14 , 575 19 s . 10 d ,, after payment pf all expenses of management and making provision for bad and doubtful debts . The directors have determined to declare a dividend for the half year at the rate of 7 per cent , per annum , payable on and after 30 th inst . . Lnis dividend will absorb £ 10 , 500 , and , after deducting . £ 3 , 064 9 s . for rebate on current bills , a balance ox £ 1 , 014 10 s . XOd . will remain to bo carried over to next account . In compliance with the provisions oi tho deed of settlement , the following "i ™ ° ™ » viz ,, W illi a m ' Jacks o n , Esq ., M . P . j . Bobert Stac o y P rice 1 , Esq . ; and Thomas WmJ worth , Esq ., retire from oflflce , but ,- being ojgg e , offer themselves ae candidates for ro-olecuon "Balance sheet to June aoth , l 850 .-Dr .: Capital subscribed , . £ 1 , 500 , 000 , . capital paid up . d . 20 ' each an 15 , 000 shares , £ 300 , 000 ; tfUW flnt ° V ^ VL frank ' balance duo to the customers ^ xh o bwkt -Pfl 7 R ifii 2 s balancoof undivided prone , Jise j ^ ec ,, 1888 * l 401 ' 23 ; not profit for the half-year ending ducting all oharges and oxponfles , and >™ lcl » S \ lO j vision for bad and doubt fill < l ? J > "u' * h' in Jjl b l ° fc nvitni jm' 2 ( 17 037 is . lOil . Cr .: Cash in tne oanic and a ' tfafl at the JBankof England , Exchequer Sills India Bonds , and Government seourltles , £ 231 , 133 69 . 100 . « bills discounted , loans on stock , and othersecurities , £ 1 , 033 , 753 15 s . $ strong-rooms , fittings ind furniture ( promlMB held on lease ) , £ 3 , 000 . tS £ 1 , 207 , 037 is " , foa . Dividend at tho rate of 7 per cent , per annum , for % \ i half-year ending ¦ , i ] c t " ] 7

  • Citation
    • Leader (1850-1860), July 23, 1859, page 19, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_23071859/page/19/