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¦ ' ¦ * ¦ . . 1173 THE LEADER. [No. 449,...
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MONEY MARKET AND STOCK EXCHANGE. CITY, F...
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JOINT-STOCK COMPANIES. At the general me...
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BANK OF ENGLAND. An Account, pursuant to...
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THE COLLIERS' STRIKE. Was regret to loam...
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FliOM THE LONDON GAZETTE. Ttiesdug, Octo...
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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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¦ ' ¦ * ¦ . . 1173 The Leader. [No. 449,...
¦ ' ¦ * ¦ . . 1173 THE LEADER . [ No . 449 , October 30 , 1858 .
Money Market And Stock Exchange. City, F...
MONEY MARKET AND STOCK EXCHANGE . CITY , Friday Eveninq . Whatever difference of- •• opinion may . prevail , as to the effect on speculation of the Bank directors maintaining the rate of interest at three per cent , in defiance of incessant and not very legitimate pressure from without , there can be none with respect to its action upon trade . The whole commercial body , traders , manufacturers , and merchants , are indirectly experiencing the benefit of the resolution ' evinced by the Bank . It is true that no vigorous expansion of commerce in any particular direction lias manifested
itself , but it is equally true that commerce , for some time past , has been steadily advancing , and that , though we are doing a restricted trade , it is an increasing and a sound trade . This is an advantage of which the community at large may be supposed to reap the principal benefit ,. with , however , some exceptions , as will always bo the case in any phase that commerce may present . On the other hand , there is little doubt that the monetary stagnation that continues is injurious to active enterprise . In accomplishing good—that of restraining undue speculation—it creates an evil—that of almost annihilating the trade in money and the exercise of money in new enterprises aiid legitimate undertakings . _ _ ' ¦
. , The result of the Bank discussion on Thursday seems to us to be justified by circumstances of a commercial character which have presented themselves recently . There have been several small channels opened by which our superfluous gold has found vent . The Exchanges are acting on our bullion , and , though large arrivals are expected , there is every prospect that the accumulation of bullion which has been going on will be arrested . The return to specie payments by Austria has had its influence on the market for Wlion , TVe do not see that our own trade requirements
will absorb any considerable quantity of our unemployed surplus for some time to come , but we do see that the numerous foreign undertakings , railways especially , in which we are involved will draw from this country very large suras periodically to pay calls with . While we are on the subject of foreign enterprise , we may just glance at tho unfair means by which the public mind is attempted to be prejudiced against the sufficiency of the security of the Turkish Loans . There are two parties at work on this question—one , the most active , doing all it qan and putting every engine in motion , a portion to down the
of the press of course included , run security , to shako confidence in tho stability of the Turkish Empire , and to cast doubt on the soundness of its financial condition ; the other , interested in floating the Loans , and anxious of course to induce capitalists to come forward and take up the stock at a good price . Now , without giving a peremptory decision one way or other , we may go so far as to say that we think the statements p rejudicial to Turkish bonajides , and tho solvency of Turkish finances have been purposely exaggerated . We do not think that holders of this stock need bo under any alarm on the subject either of guaranteed interest or principal .
Tho William Lemon Oliver who figures in the Guildhall police report of Thursday is not a member of the Stook Exchange j we do not know ¦ what authority he had for calling himself a stockbroker—we presume this is a mistake . Tho in--vesting public should be made z \ waro that there is a very great difference between an " outsider "—a person calling himself a stook and share dealer , or agent—and ft regular member of the Stook Exchange . In the first oase , tljo public have no security whatever against positive dishonesty in
ordinary dealings , and frauds like that disclosed at Guildhall ; in the other case , tho Stock Exchange member is bound by tho rules of tho houso , and although , these rules do not in all oases prevent irregularilios , they have this genoral efleofc , that any admitted broker . being convicted of improper conduot in his business transactions with the publio is certain to be expelled tho house , and thus * to have his subsistonoo taken from lain , unless ho ban pick up a living among tho outsiders .
On Thursday a deputation of tlio principal salt producers in Cheshire nnct Worceetorehlro waited on Lord Stanley , introduood by Mr . Bramley Moore , M . P ., to represent tho injury the tmdo sustains from tho absence of
bonding privileges in the other ports of India similar to those enjoyed at Calcutta . His Lordship gaye assurances that the matter shall be carefully looked into . The property of the Eastern Steam Company is to bo merged in the " Graat Ship Company ( Limited ) , " the shareholders in the forme * receiving for * every 20 / . now held 21 103 . in .. . the capital of the latter . In this proposal the shareholders have already signified an almost general acquiescence . The 330 , 000 / ., at which the capital of the new company is fixed , is estimated to be sufficient for all purposes , inclusive of the allotment to which the Eastern Steam shareholders are entitled in right to their existing shares . The directors of the new undertaking are Messrs . Wra . John Beale , R . J . K . Campbell , M . P ., Wm . Darijan , Herbert Ingram , M . P ., Wm . Jackson , M . P ., and the Hon . F . H . F . Berkeley , M . P . Money can be had freely on the Stock Exchange at one and one a quarter per cent , for short time .
Silver is being sent to the East again ; but in small amounts . Large amounts of gold are on their way here fr om Australia , Russia , and New York . The estate of Messrs . Gotch and Co ., Kettering , bankers , is said to be sufficient to pay 20 s . in the pound .
Joint-Stock Companies. At The General Me...
JOINT-STOCK COMPANIES . At the general meeting of the Royal Mail Steam Companv , the principal topics discussed were the loss on the Australian contract , and the relative merits of the screw and paddle-wheel vessels . The chairman said their fleet was in an efficient condition , and their affairs in a promising position . The report was adopted ,, with a vote of thanks to the direction . At the half-yearly general meeting of the Globe Insurance Company , the usual half-yearly dividend , at the rate of 5 per cent , per annum , -was declared , free of I income-tax . Mr . Alexander M'Kenzie , a director of the Oriental Bank , and Mr . George Saintsbury , Secretary of the London Provident Institution , were elected auditors . ' It is now arranged that the Eastern Steam Company's meeting , to authorise the proposed liquidation and sale of the vessel to the new company , entitled the " Great Ship Company ( Limited ) , " is to take place on the 2 nd proximo . The greater number of the shareholders are in favour of the arrangement , and consequently no obstacle is likely to interpose to the accomplishment of the scheme . ' The ordinary general meeting of the Foreign Vineyard Association was held on Thursday . The reports stated that the accounts from all the wine districts announced a great abundance and an extraordinary quality . A resolution that a dividend of 10 per ceut . be declared ¦ was agreed to .
Bank Of England. An Account, Pursuant To...
BANK OF ENGLAND . An Account , pursuant to tho Act 7 th and Sth Victoria , cap . 32 , for tlio week ending on Wednesday , the 27 th day of October , 1808 . ISSUE PEPAK 11 IE 5 T . £ £ Notes issued ... 32 , 0 S 5 , 760 Government debt .. 11 , 015 . 100 Other securities ... 3 , 450 , 000 Gold coin and bullion 18 , 510 , 700 Silver bullion — - jeu-2 . 9 S 5 . 7 OO . £ 32 , 0 S 5 , 70 O BANKING DEPARTMENT . £ . £ . Proprietors ' capital ll , 5 j 3 , 00 f > Government socu-Rost 3 , 100 , 000 ritios ( including Publio deposits ( in- Dead Weight Aucludhu ? Exohc- unity ) 10 , 800 . 4 ( 17 quor . CommisHion- Other Securities . 11 , 783 , 137 ors of National Notes ll , 700 , 0 U 0 Debt , Savings' Gold and Silver Banks , and Divi- Coin 021 , 710 doud Accounts ) .. 0 , 130 , 2 ( 15 Other deposits . .. 13 , 331 , 002 Sovon Day & other Bills 858 , 001 £ 37 , 070 , 220 £ 37 , 075 , 220 31 . MARSHALL , Chief Cashier . Dntod tho 98 th day of October , 1858 .
The Colliers' Strike. Was Regret To Loam...
THE COLLIERS' STRIKE . Was regret to loam that tho Colliers' strike in Yorkshire has nsBumod a now and nob a better phnso , as will be Been by the following letter :- — Leeds , October 28 t / t , 1858 . To tho Editors of tho Leader . 1 Gentlismkn , —Your exoollont article on tho coaltrnde strikes gave great satisfaction from its sound and truly public tendency ; and I have to inform you that a vory strenuous attempt has boon made to procure » reference of tho dispute to a fnir court of arbitration , Tho mon made a proposal by their delegates to do bO , ' and this was placed oofovo tho masters , by a requisition recommending i & , signed by tho Vloiir ( tho Kov . Dr . ( look ) , tho loading bnrikors , magistrates , manufacturers , and merchants of Leeds ; and to-day a meeting of tlio master coMora has rejected tho idea of arbitration in toto . treating tho requisition as an infringement of tho
rights of capital to legislate for itself . Upon the rejection of arbitration , the men , by deputation , proposed to submit to a reduction of five per cent ., and to give un all else in dispute except their right to union for selfdefence ; and this also was rejected , without interview " " The men were informed without authorit y that if before the masters broke tip , they would agree to a reduction of ten per cent ., and sign not to support a strike they would be permitted to work ; if not , the masters would neither treat with , nor meet them again . And < = <> the thing is to be fought out by the ruin of either one side or the other The men seem unanimous in standing out against treatment they declare so unjust and
unfeeling , and they now appeal to the public for support . In the mean time , about 3200 people are thrown out of work , and other works are stopped in consequence . All the pits are either standing or merely playing with a few top . men or stray hands . The trade is finding other channels of supply , audit is probable that the Newcastle or Durham beds will furnish " \ Ve . « t Yorkshire with the fuel masters will not choose to let the men procure for themselves . At present we do not see an end of this strike ; the men declare they will starve out till Christmas , and many are preparing to find other means of employment . It is thought the union of the masters will now be broken up , and that thev will individual ! v treat with the men on the best
terms they can severally agree upon ; if so , perhaps yet a better result may follow than at present seems likely . Most respectfully ,
Fliom The London Gazette. Ttiesdug, Octo...
FliOM THE LONDON GAZETTE . Ttiesdug , October 26 . BANKRUPTCIES ANNULLED . William Shaw , Liverpool , ironmonger . - Mary and Geokge Gowlasd , Liverpool , chronometermakers . ¦ BANKRUPTS . Edward Hunn Hunting , Wells , draper . William Gun Maiios , Upper Berkeley-street , West , Connaughk-square , bill-broker . Thomas Ki-: mi > , Loose , Kent , maltster . Edwin Collins , Old Kent-road ,-market gardener . John Boxell , llephzibah-te ' rrace , Grange-road , Dalstoiij ¦
commission age ; George Holukn * and GicoufiK Holdkx , jun ., Birmingham , pencil-case manufacturers . William Mills , Tamworth , watchmaker . Joshua Hill , Fail-field ; near Liverpool , joiner and builder . Lyoia M'Lisllan , Llandudno , licensed-victualler .
SCOTCH SEQUESTRATIONS . William Cullen Whitkhead , Glasgow , merchant . Alexander Burns , Airdrie , grocer . James Holme , Kilmalcolm , farmer . James IIolmic , jun ., Kilmalcolm , farmer . John Blackik , Edinburgh , tea merchant . Neil Campiucll Duff , Edinburgh , provision merchant William Fraser , Houston , Renfrewshire , innkeeper .
Friday , October 22 . BANKRUPTS . Edwin Collins , Old Kent-road , Surrey , market- b'nrdener . This Wilts and Gloucester Agricultural Distillery Company ( Limited ) . James Gouldjncj , Carlisle , grocer . Joseph IIarnden , Ivy-lano , City , eating-house keeper . ltouuRT G . Saunijisrs , Cannon-street , City , merchant . Richard Hknoiilk y , Derby , ironfoundor . Matthias Smith , Hulifax , carpet merchant . Charles Walter IIobu , Stcvenogc , Ilertfordslnre , music seller . . William Chilton Humphreys , Winchester , coal
merchant . Elbdon Pringle , Southport , shipowner . AniiAiiAM Cooicsedqe , Oxford-market , Murylfibono , JoSEpi ^ iuNDALL GURNEY , Chulfoilt St . Gilt'S , UucUinghum & hirc , farmer . . William Canfisld Kent , Blochinglcy , fcm rrcy , wu keeper . Edwin Waroicn , Birmingham , builder . John Colueok , Lower Bqbbington , Cheshire , S «*< £ _ Bobkut Henderson , No wcaatlo-upon-ly » Q > cftlllu maker .
SCOTCH SEQUESTRATIONS . , Jas . Duff and John Duff , Blackford , Porthsliue , farmers . , , - „„ ,,.,, A . Dunn and Son , Milnathort , Kinross-shiro , »««" : ' Hbnwkk & on Brotuisbs , Glasgow , general oxcur * Ed " vin Thomas , Cwmnmwr , Caormarthonshlre , fii rmor . JosBWi Guxtisuidow , Cullen , hotol : ° liprt ,, ? Robkiw Duhcan , Cambuslantf , grain merchant . David Martin , , Glusgow , wrlglit- Dundee John Morris , weigUor at the ¦ ««*•» ' Jf gj ^ S - W . nnd J . Bohthwicic , Main l ' oint , Ldiauurgn , JoIouoThavwaup Sxocoukmo " , Peebles , s ont > om «« .
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Citation
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Leader (1850-1860), Oct. 30, 1858, page 28, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_30101858/page/28/
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