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No. 505. Nov. 26. 1859.1 ¦ THE LEADER 13...
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1 — COMMERCIAL.
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inunity of good. They may be justified, ...
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I " t 3 ? r t L '. I any kind of credit-...
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MONEY MARKET & STOCK EXCHANGE. Friday Ev...
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PRICES OF THE PRINCIPAL STOCKS AND SHARE...
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Last This Week Week ^VOOTCS 3 per cent. ...
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GENERAL TRADE BEPORTTradh continues, in ...
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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.
Additionally, when viewing full transcripts, extracted text may not be in the same order as the original document.
No. 505. Nov. 26. 1859.1 ¦ The Leader 13...
No . 505 . Nov . 26 . 1859 . 1 ¦ THE LEADER 13 P »
1 — Commercial.
1 — COMMERCIAL .
Inunity Of Good. They May Be Justified, ...
inunity of good . They may be justified , therefore , in holding up their heads , and in informing lawyers and politicians very plainly that they will not per ^ inifc their interests to be sacrificed to the theories of the latter or the selfishness of the former . At the same tinie they must not call on the iest of the community to bear the burden of any want of discretion on tlieir parts . For any unavoidable misfortunes which first reach them the community , on the principle of assurances , may be expected to take its share ; but it cannot be . expected to establish and pay courts to collect bad debts for them Tvhich should never have heen contracted ^ A
' ^ . > BANKRUPTCY . npHE deputation which -waited on Lord Palmer--L ston informs us that commercial men do not mean to rest contented with the present condition of the bankruptcy law . Tliey are right . They ought not to suffer their property to be appropriated by the lawyers on pretence of doing justice . Circumstances are continually arising which demonstrate their increasing importance in the social scale . At this moment the preservation of the peace of Europe depends more on them than ^ the diplomatists . They are continually extending and cementing the friendly relations between differ rent and distant nations , and establishing a
cornbankruptcy code and a bankruptcy court to seeure creditors from loss , is a temptation to indiscretion and an encouragement of fraud . All the expenses of bankruptcy , and of collecting and distributing the bankrupts' property , pro rata , amongst his creditors , should fall on the property . The great difficulty is to find men with sufficient skill to manage the estate to the best advantage , and such consummate impartiality as to deal fairly with all the creditors . A merchant or dealer - — generally a creditoris capable of collecting the property , and making the best use of it , but he cannot be relied on to make a fair distribution . He will be
partial to himself or his friends . A lawyer necessarily wants the mercantile skill to manage the property . Were the matter left pretty much * to the course of trade , without any regulation by law and in the hands of the parties chiefly interested , we fancy that a class of men , something like accountants or provisional assignees , would naturally come into existence , who would unite both skill and impartiality , and wlio , subject to public control , and especially the control of all the parties connected with the bankrupt property , would be best adapted to discharge these
complicated duties . We are quite sure that no court merely of law and lawyers -will ever satisfy the mercantile classes ; and equally certain that no mere merchant , dealer or creditor will ever satisfy conflicting creditors . We hope that Sir It . Bethell , to whoso care the matter is committed , will give this principle his consideration , and direct his exertions towards facilitating the mercantile classes in forming amongst themselves a separate profession , which , somewhat analogous to accountants , shall make it their business to collect and distribute , sanctioned by the authority of law , the estates of bankrupts .
I " T 3 ? R T L '. I Any Kind Of Credit-...
I t 3 r t L ' . I any kind of credit-notes they find convenient . That " banks , openly and freely competing with each other , without any legal restriction whatever , " would naturally supply such a credit currency—which would , as naturally , with free con 4-petition , always be of eq ^ ual value to the money it pronns 3 d ' to pay , because for that it could always be exchanged—is very clearly demonstrated by Mr . Wilson , both by theory and experience . But Mr . " Wilson , after demonstrating this , goes no further than the barren demonstration . " We have considered it needful , " he says , " thus to express our conviction of the unfounded character of the alarm which exists with reference
¦ , to free trade , as applied to banking , even by those who advocate the principle as applicable to all other branches of trade . With the present views entertained by the public in England , however , and the general state of our banking bvisiness , we would not advocate the introduction of this system , however unobjectionable it may be in principle . " There is the mind of the welL-informed politician laid open . He sees the right , but he will by no means insist on its being done . _ He defers to the " present views , " which he writes down as erroneous . He , therefore , in fact—and this is a general description of all politicians who have given themfrom circumstances
selves the trouble , or been , any , forced to investigate principles—patronises error . He and they are far worse than the ignorant mob they ofteil revile , for these are honest and sincere , and believe in the truth and goodness and efficiency of the principles they stand up for ; but the expounding politicians know principles to be wrong , and yet , in practice , with all their might , with ° all then- power , daily exercised . in office , they give effect to the , wrong . We are content generally to permit politicians to pursUe this objectionable and immoral course . It is a part of their lives—; t is the soul . of their art ; but when we find it avowed in a book , we must suspect that the
whole of its contents may be wanting in honesty and sincerity , and put it aside , fearing lest we may be deceived into the wrong , rather than encouraged to persevere in the right . Like Mr . Wilson , we arc thoroughly satisfied that the principle of free- trade is as applicable .. to banking as every other business—that this principle , if politicians would permit its operation , would be sure to give every community and every locality secure credit currency ; but , unlike him , we cannot put this conviction aside , and lend our power and our presence to support an opposite principle . All men may do wrong unknowingly , but all honest men decline to do wrong knowingly . '
"PLAN E 0 R A SECURE PAPER CTJRRENGY . 'MMR . WlkSON . ) Tins is tho title of the lust of a series of papers which appeared in the Economist , on tho subject of tho currency , in 1847 , and are now published in a book with the name of . Right Hon . James Wilson . Tho volume wiU be found very useful to inquirers into the abstruse subjects of capital , currency , and banking , but it does not fall within the scope of this part of our journal to critioiso in csntenso any class of publication . We must say , however , that wo fully share Mr . Wilson ' s views as to tho best species of paper curronoy , though , we dissent from Ma opinion that a " plan" ia necessary to establish a secure paper currency . Many plans liavo given us inseoure and fraudulent paper curxenoiefl—paper currencies which are said to bo Actual pay men tf i , and arc only promises to pay ; l > ut no plan is needed to allow bankers to carry on their business—like any other tradesmen—in their own way , and supply All their customers , if they ohoo ^ io to aooopt thorn , with
Money Market & Stock Exchange. Friday Ev...
MONEY MARKET & STOCK EXCHANGE . Friday Evening . The Money Market is very quiet There is no alteration in the terms , and no activity in business . Money is in good demand , l » ut the supply is equally good . Uncertainty continues in the political world , and enterprise continues slnck . Jn the Stock-Exchange the market in the week has had a tendency upwards , but it wns very slight . To-day Consols were done at 96 j } , but large sales were made for money , and before the close of the market they declined to 06 } sellers . No political rumours aflected the market ; they went rather in favour of confidence , but the large sales of one house had more
influence than politics . From Fans repor Bourse was favourable , bringing the Throe per Cents , at 7 Of . 25 c , an advance of-14 per cent . The railways aU . look well . The traffic returns are favourable , and great hopes are entertained that thay must improve . One of the features of the week , indeed , is a large extension of railway work . Numerous bills are announced for the formation of now lines and the extension of old ones . The time is favourable ; iron is cheap ; labour is comparatively plentiful } the rate of interest is low ; capital is seeking means of profit ; trade is flourishing ! and other circumstances—if the projectors and directors bo only prudent and careful—are favourable to their
vestment is an infatuation . " The pamphlet will , no doubt , receive the attention of the members of the Equitable ; and is even , worthy of extensive circu-.. * ' BANK OF ENGLAND . An Account , pursuant to the Act 7 th and 8 th Victoria cap . 32 , for the week ending- on Wednesday , the 23 rd day of November , 1859 : — ISSUE nEPARTHENT . Notes issued £ 30 , 805 , 080 Government Debt £ 11 , 015 , 100 aun . » i »» utu ... » Other Securities .. 3 , 459 , 900 Gold Coin & BulliOn 18 , 330 , 080 Silver Bullion .... £ 30 , S 05 , OSC £ 30 , 8 Q 5 , 08 C BANKING DEPARTMENT . Proprietors ' Capi- Government Secut-ii £ 14 553 . 000 rities ( including Rest ::::::::::::: 3 ; i 85 ; 572 r > ead K w ^ t Public Deposits ( in- Annuity ) ... . . -.. . £ 10 . 925 , 15 , eluding Kxche- Other Securities .. W . , 6 Q j quer , - Savings' N T otes ......... . ... » , 64 O , . Banks , Commis- G old and bilver sioners of i \ a- Com Go 5 , o 8- > tional Debt , and Dividend Accounts ) 8 , 002 , 071 Other Deposits .... 15 , 60 ^ , 550 Seven Day and other Bills 815 , 776 £ 40 , 279 , 369 . . ' £ 40 . 279 , 368 SI . MARSHALL , Chief Cashier . Dated November 24 , 1859 .
success . A curious illustration of the probable effects of war is to bo found in a " hotter to the members of the Equitable Society , " just published by C . and E . Lay ton , Fleot » street , referring to the bonuses distributed by this company . C . J . Bunyori , Esq . tho author , complains of the reduction in the bonus , and points , out this—\ t is partly the consequence of a comparatively low price of the funds . The company has £ 3 , 000 , 000 in Cpnsols , ana a fall of 20 per cont . in them would bo aufllciont to swallow up the whole of its surplus . In consequence of tho present warlike preparations , ho says , "to retain such an In *
Prices Of The Principal Stocks And Share...
PRICES OF THE PRINCIPAL STOCKS AND SHARES AT THE CLOSE OF THE MARKET .
Last This Week Week ^Vootcs 3 Per Cent. ...
Last This Week Week ^ VOOTCS 3 per cent . Consols—Money • • • 0 $ ?* i ' Ditto Reduced J » Ditto New - 05 94 J BankStock • •• - f ~< India % r •• ExchequerBills • " ? £ _ Canada Government 6 per cent 11 * 11 |* New Brunswick Government 0 per cent . .. ll > 4 1 ^ 4 New South "Wales Government 5 per cent . 102 102 South Australia Government 6 per cent ., 113 W Victoria Government 6 per cent 107 iu » Austrian Bonds , 5 per cent , ••¦ Brazilian Bonds , 5 per cent . 101 * 1 O ~ = J French Kentes , 3 per cent ¦ «» » 5 Mexican Bonds , 3 per cent ¦ i-t Peruvian Bonds , 4 £ per cent .. Spanish Bonds , 3 per cent ., « jj Turkish Scrip , 0 per cent 7 t > $ RAILWAYS . Bristol and Exeter .., 101 101 Caledonian ...... «* ^* Eastern Counties - o 0 °° Kast Lancashire •• •• , Great Northern 1 < "J l fA „ Western «¦ $ « : >* Lancashire an d Yorkshire on * J 7 London and Blackwftll • • ¦ ¦ • . « $ oo London , Brighton , and South Coast 113 113 * London audT ^ orth- Western Jo $ Ooi London and South-Western U 5- OT Midland lo j $ ™ 5 North British **« ™ $ North Staffordshire •••• I : ** x ' \ f . Oxford , Worcester , and Wolverhampton .. to ¦»* South-Eastorn i / v . ' ° South Wales 71 7 J Bombay , Bnrodaand Centralludia 00 00 Calcutta and South Kastem pnJ P"J EhBtern Bengal ;| 3 o j | KastIndian Iffi 3 ° |* Groat Indian Peninsula »« " » Madras ;;• ^ L * X Buffalo ' and Lnic ' p iiurbn J >* ** Grand Trunk of Canada • • • ¦ i \ ° . * L Great Western 0 i Oftnndii * -l ™ * Antwerp and Rotterdam ' - | | . J | d Dutoh Khonlbh .... ; " Ul > M Eastern of Franco ""![? " » Groat Luxcmburff , y / % „ Lombardo-Yonetiaii , \ ljj JflF Northern of Franco f ;¦ ' , \ i J . PoplB . " yona . iiiul Modltorranqnn - ff ft 1 ' n . vla and OrloauH ^; so , % S ?^&* ffiZ W < X ™ ' or' France :: m * 4
General Trade Beporttradh Continues, In ...
GENERAL TRADE BEPORTTradh continues , in tho main , steady k ™ 1 ^ " ^ Tho changes to report oro unimportant , lo-chy , in Mark-lane , the com-mftrkot was steady , with ft SnSorioy to firmness rather than otliorwiso . Tho rUe iS tho price of wheat , which took placo last week , sufflced to encourage tho farmers to become dillgont in thrashing and . sending a largo nuantity of wfioat to market . In cbnseauenco , the rlso in price which wohftvo noticed for two weeks was not ¦ contlnu < ri , and at Wolvorhampton , Newark , am other plaoeB , tho price fell . With firmer markots in tho United S ates wit ' h flour dearer in Spain and wheat dearer In pXnce than in England , and markets rlbIiw in ftlmost all tho places of eupply , wo must still hold ; ta o r warning-in splto of the large stooka of grum s " id to bo in England-that the price of com will for some time havo an upward tendency .
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Citation
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Leader (1850-1860), Nov. 26, 1859, page 19, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_26111859/page/19/
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