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572 THE LEADEH. [No. 475, Apbil 3O. ISkq
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M0WBT MARKET & STOCK EXCHANGE.
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failures were announced on the Stock Exc...
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BANK OF ENGLAND. . An Account, pursuant ...
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GENERAL TRADE REPORT,
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GENERAL TRADE REPORT
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RAILWAY INTELLIGENCE.
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The East Suffolk line will bo opened, as...
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Edward at Malvorn, 1ms boen sufJnJS u ti...
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.
Additionally, when viewing full transcripts, extracted text may not be in the same order as the original document.
Panic On The Stock Exchange. ^ Rise In T...
amount , froiri twenty-five to twenty-seven , is a ch > cumstance almost unknown of late years : andasniore will probably y et happen * confidence was entirely destroyed . Many fell because they could not realise the securities they held , and the readiness to make sacrifices only led to further depreciation and more disastrous results . ' . It was plainly visible in the early part of the week that the demand for money was increasing . On . Wednesday , banks and other leading establishments began to call in their loans . They could but fear a run on themselves . Numerous applications were made to the Bank of England for loans
and discounts . In the open market as much as 4 £ percent , was paid to discount good six months ' bills . At the same time , gold ^ , day after day , abstracted irom the Bank , and it was palpable that the minimum rate of discount would soon be raised by that body . On Thursday , accordingly , it was raised from 2 £ , at which it was fixed , on December 9 th , to 3 £ ; and all the inonied establishments of the city followed the same rule , and raised the terms on which they will receive money on deposit , and on which they will discount , bills * , generally 1 per cent . It is not likely that this upward movment , which added on difficultieswill
Thursday to the Stock Exchange , stop here . The price of corn is rising , and the corn markets are agitated ; the price of tallow , of saltpetre * and other things , are going rapidly up ; speculation in produce is beginning , and we can only anticipate a furtherrise in the value of nioney , attended probably by a further and certainly by a combined fall in the value of aU securities . The panic , which has already caused such a consideraV ble depression in the value of all kinds of securities , diminishing pro tareto the forttines of all those who have property invested in them , is but the Tbeginning of the permanent fall which is sure to be the consequence of war .
Already , as remarked by a contemporary , the Powers now embarking in this unholy contest are scarcely able to meet their obligations while rexnaining at peace , and war must reduce them to the disgraceful necessity of suspending payments , or making , as heretofore , some compromise with their creditors . Unfortunately this applies not only to the debts they have directly contracted , but to the enterprises of which they have guaranteed the profits . If these prosper , well and good ; if they do not , bankrupt governments cannot redeem their guarantees . It is difficult to estimate the vast depreciation which has already ational
ta ken place in this kind Of property . . ( N debts , railway , and other shares , anunint p > millions , and five per cent , on their amount is itself an immense sum . We should , however , open up too lugubrious a prospect for some of our most successful present enterprises , were we to follow the the clue this gives us to our hands , and the doubt it throws on many assets hitherto considered of undoubted value ; and we turn rather to a less eloomy aspect of affairs . Our trade is happily
sound ; all the producing interests of the country , even including the connecting and indispensable interests of the carriers of goods—such as shipowners and railways—are comparatively prosperous and improving . ' They will have difficulties to encounter and privations to bear , but they are strong and healthy . They , we may expect , will support all the difficulties they will surely have t o encounter , and will enable the country to brush aside the little impediments which losses and panics at the Stock Exchange may place in its path . ¦
572 The Leadeh. [No. 475, Apbil 3o. Iskq
572 THE LEADEH . [ No . 475 , Apbil 3 O . ISkq
M0wbt Market & Stock Exchange.
M 0 WBT MARKET & STOCK EXCHANGE .
Failures Were Announced On The Stock Exc...
failures were announced on the Stock Exchange , making in all forty-seven or forty-eight failures in three days , arid Consols again declined . After some oscillations they closed at 89 $ . The committtee of the Stock Exchange have recommended all its members who have engagements open in Consols to close them , with a view of putting an end to the excitement . That this will be successful we do not believe ; but now that so many have terminated their engagements by their inability to fulfil them , it may be hoped that many more in . the same predicament are not left . Most of the failures are for a small amount , and several of them were the consequence of the failure of one large firm , the differences of which are not less than £ 80 , 000 , and which is rather loudly condemned for the excess of
its speculations . No scene , like that of the last three dnysf is remembered on the Stock Exchange . In 1835 there were numerous failures , but the panic was then scarcely equal to the panic now . It is doubtful whether all its evil consequences are yet at an end , and people still look forward with great anxiety . . Money is , of course , in great demand . The Bank rate is lower than the general market rate , and to the Bank numerous applications for money are made . To have raised the rate of discount 1 per cent ., ns ^ it did yesterday , was considered a bold measure , but it will scarcely be sufficient even for temporary purposes . Well-informed persons expect another and a greater rise . They say that the rate of discount is likely to be 5 per cent , lic-t only in London , but all over Europe , even if it do not speedily rise above this sum ; should the war . which is happily still clothed with some doubt ,
really take place and be continued , the value of money will rise still higheK We scarcely need add that this condition of things has brought roaiiymaledictions on the heads of the European powers , which are plunging into war , and on her Majesty ' s Ministers ; , who seem to have been extremely ignorant of the intentions 01 the Emperor of France and the Emperor of Austria . But for the reliance on their peaceful disposition , which her Majesty ' s . 'Government hias encouraged , monied men might-have made a stronger demonstration in favour of peace and prevented , possibly , the commencement of war . The money potentates have been beguiled into too much confidence in Ministers , and Ministers have been beguiled into too much confidence in their own diplomacy . .... The Bank returns supply sufficient grounds to justify the resolution adopted by the Bank , to raise the rate of discount . .
Friday Evening . We have referred elsewhere to the groat panic on the Stock Exchange , which haa occurred In the week . In that notice , however , we only bring our brief history down to the close of yesterday , and here wo muet continue our narrative of tho proceedings of to-day . The stock markets opened with more appearance of stability than they closed with yesterday . Rumours , contradictory \ n some measure of those of tho day before , and leaving ; still a hope that the Austrlans hnd not crossed the Tlclno , that tho treaty botweon Russia and Fwmce was a fiction , or at least exaggerated , wore in circulation , ond Consols opened 1 per cent , better Alinn ycrtortfay , or wore 00 to 90 J . In the coui-so of the morning , however , no less than twenty-two additional
Bank Of England. . An Account, Pursuant ...
BANK OF ENGLAND . . An Account , pursuant to the Act 7 th and 8 th Y ictorni cap . 32 i for the week ending on Wednesday , thc 2 , tn < . l : iy of April , 1859 : — ISSUE DEPAKTMEJJT . , . „« 4 ,., r i « a Koica issued £ 31 ,-iJ 5 , X ? 0 Government Debt £ 1 . Mfl . lOO Other Securities .. . ! , 4 ;> y , vO ° rSoldCoin Aliullion l « i , i >« 0 , WO Silver Bullion — - £ , M , 435 ,-i ?< £ 31 , 435 , 270 BANKING DEPARTMENT . Proprietors 1 Cupi- Government Socutnl ... £ 14 , 553 , 000 rities ( including Rest 3 . . 2 W » e « ul Weigh * ¦ Public Deposits ( in Annuity ) ........ £ U ,. \ 71 , U 8 eluding Exclio- Other Securities .. 1 >*> . 5 ° 1 quer , Savings' Notes ............ « , 4 « . MMH 5 Banks , Commis- Gold imd Silver sionera of Na- Coin ...-. ObO . 0 / 2 tional Diebt , and Dividend Accounts ) ... ,. 5 , 240 , 890 Other , Deposits .... 15 , 334 , 025 Seven Day and other Bills 707 , 155 £ 39 , 053 , 330 ' . £ 30 , 053 , 330 JH . MARSHALL , Chief Cashier . Dated April 28 , 1859 .
General Trade Report,
GENERAL TRADE REPORT ,
General Trade Report
will seriously interfere with trade . Already rate , of insurance have risen almost to war risks wMIp impediments are at once thrown in the wav of trade . By Austria the exportation of corn is said to have been forbidden . In consequence of thp war the corn markets have risen in the week andarp at its close , on the average 4 s . higher than at its com mencement . In tallow and other Russian produce a very active speculation is commenced , and the prices are on the rise . Hemp is to-day dearer than it Tallow
was yesterday . , which for some days has been rising , was not quite so high to-day as yesterday . For the first time since trade be « aa to recover from the disasters of 1857 , it has received , from political circumstances , a severe check , ami traders are now less hopeful than for some time past . Sugar and coflee , though the position of the articles might otherwise warrant improvement in the price , are both dull . The war will limit the consumption abroad , and make the naiTOw stocks ample to supply the demand .
lavEurdOL . —The cotton sales have been on a limited scale . The prices / however ; were fairly maintained at the commencement of the week , but have since given way about 3-16 ths . Leeds . — -The halls have not been very well attended . Business very quiet , but the markets are tolerably firm . HuD » ERSFiEL » , BRA » roRD , EocnDAi . E . — -The , same remark applies to these markets . Business is quiet and much- affected by the election and continental hostilities .. ¦ .
Manchester . —For India and China markets , the demand has been very fair . But the general shipping trade has been very dull . The cloth market lias been very : inactive , and prices were very irregular . Altogether trade is not in as good condition as it was last week , and this is solely to be attributed to the menacing aspect of affairs on the continent . Leicester . — -The election interferes with the hosiery , but no change since last week of importance lias occurred ^ " .
Nottingham . —The lace trade remains without alteration . Business is quiet , but it is hoped that when the . holidays and the . election are over , that greater briskness will ensue . Birmingham . —Trade is quiet . The iron districts of Staffordshire and South Wales are tolerably busy , but the activity -Is chiefly confined to railway requirements . Coal Trade ;—The trade is steady . No alteration worth notice has to be reported . ; We are gratified to be able to state that the strikes in the various coal districts and among the country shoemaking operatives arc either settled or in course of settlement .
Friday Evening . The war movements on the Continent which have been without intermission , and which have now assumed a form that can hardly admit of doubt , have had a serious effect on trade . In some of the manufacturing districts operations have been suspended , in others very jmuch circumscribed . Nothing is doing an the fabrics' for the Continental markets—orders are either wholly suspended or countermanded . The India trade haa improved . The latest advices from Bombay and Calcutta speak of a restoration of confidence , and of ft revival of the active demand for manufuc * tures wluch was experienced a short time ago , and winch received a temporary check , owing to financial embarrassments . - A large business has boon done in yarns for the Indian market , but no change of consequence haa taken place in prices . Considerable consternation is caused amongst tho trading classes by the belligerent movements of Austria , and France , A war between them would at once put a stop to much traffic , and tho fooling amongst traders is , wo think , even more lugubrious than amongst tho stook-brokofs and dealers . They know tUat for ft time , at least , war
Railway Intelligence.
RAILWAY INTELLIGENCE .
The East Suffolk Line Will Bo Opened, As...
The East Suffolk line will bo opened , as fur as Wood bridge , on Monday , the 2 nd ot May . borne doubt exists as to whether the section between Ipswich and Woodbridge will be completed by tliat The Cornwall line 43 to be opened on Monday , the 2 nd of May , by Prince Albert in person . His KWJ } Highness will leave Windsor at six a . m ., by special train , and arrive about noon at the Albert Bridge , Saltash , whore he will be roceived by the doctors and the Government authorities . , On Tuesday a meeting of the shareholders in the Antwerp and Rotterdam lino was hold at thoojoo in CannoVstreet , at which resolutions , were msaca adopting the report , approving * dividend of Wper share for the year 1858 , payable 0 . 1 tl e 15 tHo May , and re-electing Mr . Lamg , the retiring 01 ' ^ iT ' the meeting of the shareholders of the 1 Groat Southern of India Kail way Company , 011 T « W » J report was read stating that the cnpiml ^ ould now be reduced to 500 , 000 ? ., in c onsequence > 0 t that mm being found sufficient for the first BMt , onotfl « 7 miles . The directors had paid 120 , 000 / . ^ into va Indian treasury on account ot the compa £ A d works for the first section would now be common . ecu and finished by the company , by " ^^ f j 1 , 000 / . per mile would bo effected . JMicro ww u little discussion , and tho report was ogrcca unanimously . ,
Edward At Malvorn, 1ms Boen Sufjnjs U Ti...
Edward at Malvorn , 1 ms boen sufJnJS ti , at to justify the assurance of his "^ . ^^ tloii . are I : SMW & 'fc « gSji ^^ j ^^^^ SS ^ then to resume the combinod fatigue of V ™ m tnry and official life .
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Citation
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Leader (1850-1860), April 30, 1859, page 28, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_30041859/page/28/
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