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Leader (1850-1860), 25th June 1859, Edition 2 of 2, Page 20, MONEY MARKET & STOCK EXCHANGE.

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      _ . Y . . . _ ,. A June" Frost. Tt Is Sc...

      diffusion of temperature in one place are generally followed by corresponding interruptions in another , that are in like manner unfavourable to ' animal and vegetable life . Without' hunting for auguries we may therefore find in this dismal change a timely warning against too confident hopes of continued and enlarged prosperity . The waste of -war , and the abstraction of so many men from peaceful industry as now fill the ranks of the armies and navies , the landwehr , and

      militia of Europe , will no doubt tend to make commodities scarce , and dear . As yet no sensible augmentation can be noticed in the prices of the principal articles of subsistence . On the contrary , since the middle of last month the price of wheat has continually had a downward tendency ; but the very latest news of the American markets is , that the price of wheat and flour there was getting up . This , if it continue , will rather be the effects of the seasons there than of the war here . We ought to bear this in mind , because every evil that occurs coincident with the war will be attributed

      to it , though the war may have no more influence in causing it than it has in causing the untimely frost in the United States . Government takes great pains to collect various kinds of statistics for the information of mankind . Many of them—like those elaborate accounts our Irish Governments collect of the pigs , the cattle , and the crops of Ireland , where a registration of these articles is thought of much more importance than improved cultivation—are of very little utility . Information , however , of atmospheric and other changes , in which we are all deeply interested , can scarcely be too minute and too correct . The frost on the Alleghanies may affect the markets of

      Manchester . Only by many simultaneous records of atmospheric changes at different places can we acquire any correct knowledge of the laws by which they are governed , and from the past predict the future . In this sort of knowledge Government is much interested , for all its policy has the future for its object ; and Government will hardly do its duty if i ^ neglect any feasible means of collecting observations on atmospheric phenomena from every part of the world . Not to impress this duty on Government do we advert to this subject , but to warn the commercial world that the present failure of crops noticed in the States , and other probable similar failures , will exercise an unfavourable influence on ordinary tracte .

      776 The Leader. [Commercral

      776 THE LEADER . [ CoMMERcrAL

      Money Market & Stock Exchange.

      MONEY MARKET & STOCK EXCHANGE .

      Yesterday There Was An Expectation, Whic...

      Yesterday there was an expectation , which turned out to be unfounded , and which we thought always unwarranted , that the Bank of England would further reduce its minimum rate of discount . It did no such thing . On the contrary , money is rather more in demand than it was , though the terms are not altered . The best bills arc still discounted below the Bank rates , at 2 J , or , 2 $ . At tlie same time , as the end of the , quarter approaches , the money necessarily goes into the Bank , on account of the Government , in payment of taxes , and the private dealers in money are proportionally short . Hence the demand for money in the open market , and ease in the Bank parlour . Gold continues to arrive ; nevertheless the tendency of the market is upwards , and likely to remain so till after the payment of the dividends , should it even then become easier .

      The stock ' market has been generally dull in the week , attended by variations as the political news varied . Yesterday It declined , from a statement published by the Daily News , that Prussia was about to march 30 , 000 trpopo to the Xtliine j and to-day , in consequence of a belief that the nowa betokened a disposition in the Government of Prussia to interfere in the war ' , the market opened very heavily . Consols for the Account were done at 91 i , but they soon afterwards recovered . There were many rumours in circulation , such ns , " an early meeting of the French legislative body Is required to vote more money and more men to carry on the war : " such as , " Lhero prevails dissensions in the Cabinet , ana a very great difference of opinion between our Government and that of Berlin . " Moreover , there

      which then stopped have since paid all their obligations in full . With the exception of the two joint-stock banks , the Western of Scotland and the Durham , there were very few great losses by that convulsion . Though credit was very extensive , it now turns out to have been , on the whole , sound . The merchants , however , crammed too manv transactions in a small period , and had they diffused them over a longer period there might have been no inability at any time to meet engagements , as there has ultimately been very little . Trade is sound , and trade morality above reproach .

      was no Intelligence from the Paris Bourse . Nevertheless , the stock market recovered , and at the close , Consols were quoted G ^ -J , a considerable recovery since the morning . There was , however , very little business doing : the markets were dull and the dealers dispirited . At present the market is influenced by political events , and these seem more favourable to a decline than arise in the public securities . A little apprehension prevailed to-day aa to tho affairs of Turkey , in consequence of the little uHFurenco between § gypt and the Sultan , and Turkish securities declined , tner foreign securities wore unaltered . Another example Is recorded tlila week of n house—that of Hermann , Tlllom , Son and Co ., which stopped , In 1857 ~ lia-vinK how dteohnrffed all Its debts In full , with interest . It is an extremely honourable and agreeable feature of that great convulsion that n great number of the houses

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

      BANK OF ENGLAND . An Account , pursuant to the Act 7 th and 8 th Victoriu cap . 32 , for the weekending on Wednesday , the 22 ud day of June , 1859 . — ISSUE DEPARTMENT . Notes issued £ 31 , 898 , 30 ; : Government Debt £ 11 , 015 , 100 Other Securities .. 3 , 459 , 900 Gold Coin & Bullion 17 , 423 , 305 Silver Bullion £ 31 , 898 , 3 Of : £ 31 , 898 , 305 BANKING DEPARTMENT . Proprietors' Capi- Government Secutal . £ 14 , 553 , 000 rities ( including Rest . ; .... ' 3 , 171 , 066 Dead Weight PuUic Deposits ( in- Annuity ) ... £ 11 , 281 , 376 eluding- TExehe- Other Securities .. 18 , 370 , 275 quer , Savings' Notes 11 , 447 , 680 Banks , Coramis- Gold and Silver sioners of" Ka- Coin 087 , 109 tional Debt , and . Dividend Ac- . . counts ) ...... 9 , 304 , 619 Other Deposits .... 14 , 019 , 013 Seven . Day and . other Bills ...... 744 , 742 ' £ 41 , 792 , 44 ( 1 £ 41 , 792 , 440 M . MARSHALL , Chief Cashier . Dated June 23 . ISfiO .

      Prices Of The Principal Stocks And Share...

      PRICES OF THE PRINCIPAL STOCKS AND SHARES AT THE CLOSE OF THE MARKET .

      Last This Week Week Stocks. 3 Per Cent. ...

      Last This Week Week STOCKS . 3 per cent . Consols—Money • , • Ditto Reduced V & h 92 A Ditto New 93 § 92 j Bank Stock India , <¦> . •• Exchequer Bills * ** Canada Government 6 per cent . . New Brunswick Government 0 per cent . .. New South Wales Government 5 per cent . South . Australia Government 0 per cent .. Victorla Govcrnment 6 per cent Austrian Bonds , 5 per cent ... , Brazilian Bonds , 5 per cent 10 O French ICentos , 3 per cent Mexican Bonds , 3 per cent .. Peruvian Bonds , 4 £ per cent Spanish Bonds , 3 per cent 42 42 Turkish Scrip , 6 per cent 7 ~ RAILWAYS . Bristol and Exeter 03 944 Caledonian 8 <>* ?» Eaatern Counties &* ' 604 East Lancashire ., : ... 80 89 Great Northern 1 W > 1 OK * „ Western . V > $ G 4 » Lancashire and Yorkshire W * UOtf London and Blackwall ...,.. ( 10 04 London , Brighton , ahd South , Coast 112 1114 London and JNorth-Western ..., W > i W London and South-Western M > 4 00 * Midland < W § l »«| North British GO Gl $ North Staffordshire 13 ft 4 jjd Oxford . Worcester , and Wolvcrhampton ., 30 A 30 $ KoutU-liastern , 071 07 SoutUWnlos , OOJj 01 Bombay , Barodaand Central India ., f . 1 ?< J 174 Calcutta and South Eastern Eastern Bengal 4 fig ICnetlnidlnn , 1 MJ loo Great Indian Penmuula 1 WJ VS tladrfls .. 074 Sohido , ,:... * Q « o Buffalo » nd Lnko Huron „ .... „» 51 ¦ fi Grand Trunk of Canada BO 3 + 4 Grout Western of Canada 11 j $ 14 $ Antwerp and Rotterdam ., 4 4 Dutoti llhonlBh ( id Old Eastern of Franco al £ ** * Groat Luxemburg- fig GA Lombardo-Venetian ('> a 0 » Northern of Franco U 7 8 < U I ' aris , Lyons , and Mediterranean 3 ! JA 3 ! M Paris nnd Orloana 50 4 « Southern of Franco 1 \ ih l (» 4 WcBtorn and North-Western of Franoo .. « 0 j ' Mh

      * Ex Div.

      * Ex div .

      General Trade Report.

      GENERAL TRADE REPORT .

      Friday Evening. This Oorn, Market Has Te...

      Friday Evening . This oorn , market has tended downwards at most of tho . country markets in tho week , following the doollno in Mark-lane on Monday . To-duy there were rnthor short supplies at innrkot . There were reports ihrai tlio north of England of disease amongst the potatoes , nnd the corn ninrkot was firm . In Mlnclng-lano sugar was firm , nnd prices mny bo quoted Od . Higher . Cottbo , too , was firm , and mot a good demand . There have been public sales

      of tea in the week , and the price at them has gone back wards . Throughout the manufacturing districts Si i s comparatively steady , but not very active . SjSJ however , no complaints , which is a sign of prosper !^ Our own crops generally , look welh arid mat circumstance keeps alive the hopes of the manufacturer , and excites hf « exertions . The general mind is , however , so occupied by the war abroad that it does not crave , as in brdinar * times , after trade novelties , nor is it eager to eneaS new enterprises . b ° in

      Railway Intelligence.

      RAILWAY INTELLIGENCE .

      It Is Proposed That The Railways In The ...

      It is proposed that the railways in the Eastern Counties district should be amalgamated as soon as possible , under the title of the Great Evsteun Railway . The united company would embrace the Eastern Counties , Eastern Union , Norfolk East Anglian , East Suffolk , and other companies ' including in all about 650 miles of railway . ' . The railway connecting Plymouth and Tavistock was opened on Tuesday . It is 16 miles in length The opening train , in which Were the directors of the company , and of th e Associated Great Western , Bristol and Exeter , and South Devon Companies , a select number of friends , shareholders and others , left Plymouth at 1 . 30 , and ran over the 16 miles so" as to bring up within the Tavistock station in little more than 35 minutes . There was no perceptible deflection on the viaduct , and all the made ground appeared to be well consolidated . The adjourned special general meeting of the London and South Western proprietors was held on Thursday , for the purpose of considering a bill now before Parliament , for sanctioning the amalgamation of the Portsmouth line with the South Western Railway . After a good deal of discussion the resolution approving of the bill was then put and was carried with but four dissentients . . A poll was demanded , when the solicitor proceeded to examine the amount of capital represented by the votes on either side , and it was found that the minority represented about 16 , 000 / ., and the majority nearly 200 , 000 / . The meeting was adjourned to the 14 th July .

      Metropolitan- Raix.Wats.'—Sir George Eva...

      Metropolitan- Raix . wats . '—Sir George Evans has given notice of his intention to move , on the third reading of the Charing-cross liailway Bill , " That an humble address be presented to her Majesty , praying that she will be graciously pleased to appoint a commission to investigate and report upon the various railway projects of which the termini are proposed- to be established within or in the immediate vicinity of the metropolis . " The Detroit xsu Sa ' rnia Railway . —This lino , which is to connect the Grand Trunk of Canada system at Sarnia , with the Western railways of America at Detroit , is proceeding ra-pidly ,. and will be completed by September next , in time to take advantage of the large traffic which is expected from the Western States in theautumu and winter of the present year .

      Jblnt-Stock Companies.

      JblNT-STOCK COMPANIES .

      The Directors Of The Provincial Bank Of ...

      The directors of the Provincial Bank of Ireland announce a half-yearly dividend of 4 per cent ., and also an ••' extraordinary dividend " of 1 / . 10 s . per 100 / . share , and 12 s . per 10 / . share , payable on the 15 th of July . Tho special meeting of the shareholders ot tue Western Hank of IJondon has confi rmc-il the resolutions for the transfer of the business to the London and County Bank , and for carrying out ) tlio liquidation , as recommended by the directors . A very stormy and protracted discussion occurred , in tlw course of which the late manager , Mr . Clack , gave an explanation of his conduct , « nd stated tlio difficulties aguinst which the hank . had hiul to struggle in its early career . Tlio estimato is Btiii made of a largo return to the shareholder * , tlio expectation of Mr . Maynnrd , the accountant , in tins respect being fully verified . Tho endeavour to procure a thorough investigation into tlio nffliirs ot tno bank wns deftarod , the resolutions of tho oonr boingsupportedhy tho great majority , « n « l f" 01 ™™ they suggested for winding v » l > holng considered i » ° most feasible and advantageous . # The discussion at the meeting of tho Moditcwnnoiin Extension Telegraph Company resulted in tu « adoption of tho report , and tho passing ot reamutiona iu nccord « nce , with recommendations continue " therein . These yere to tho effect Hint tlio oomP ^ accept tho concession for laying clown tlio inw between Malta and Sicily , as contained in tho terms of an agroqmont eocurod by tho directors ' « 'oin , "" Neapolitan Government , and that tho ulroown bo aiuhoriflcd to issue 1 , 000 profcrouco aharos ot w >« value of 10 / . oaoli , bearing an annual intoroat ° i n por cent , from tUo 1 st of July , suoU sharos to o « offered to tho proprietors In tho nionnov sugyo » too . Tho Scottish J 2 q , uita » i , h Javk A » mnt . vNcuo nooikxy has put forth its Annual Itonort , »» "

  • Citation
    • Leader (1850-1860), June 25, 1859, page 20, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_25061859/page/20/