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Leader (1850-1860), 14th August 1858, Edition 1 of 2, Page 819, REVIEW OF THE WEEK. Mincing Lane, Friday...

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      T Than Nd Ko/438y Ar&Ttst 14,1858.] He L...

      Ko / 438 y Ar & TTST 14 , 1858 . ] THE LBADEE , q ¦ <¦ ' ^ —^^__ __ — _ . _ . ' ' * ¦ _ _ .

      Were More Hands Engaged Than Were Requir...

      were more hands engaged than were required , and recommended a stringent reduction by winch , the efficiency of the line , he considered , would be improved . After entering into a variety of subjects and suggestions , he concluded by moving two resolutions—1 , that the system of " Engaged" carriages should be abolished ; and 2 , that no carriage belonging to an express train B hou be det ached , unless the train stopped to take up passengers- He felt satisfied if his plan were carried cut 100 , 000 / . a year -would be saved to the company . Mr . Biley drew attention to a statement in the report of the Manchester and Sheffield Company relative to certain , charges for goods in connexion with the Manchester traffic . ... _ . _ . _ ¦¦ ha ^ _ _ » »« _ „ * _ i i

      Toe chairman emptically denied the truth of the cliarges in the report . Mr . Hadleigh thought the directors were not entitled io any credit for the results of the half-year ' s working , inasmuch as from the low price of railway material they ought to have been enabled to make up by economy the loss of 76 , O 00 Z . occasioned through competition . He renewed the charge so often refuted as to the London and North-Western Company having refused arbitration in the case , and added that the directors ought to have takenupon themselves the responsibility of fixing the rates . The chairman quoted the evidence before the House of Commons to show that the charge of refusing to arbitrate was unfounded , and that the company had never been asked to fix the rates , but had followed the rates of other companies .

      Mr . Bassett proposed a resolution recommending the shareholders to support the directors in their defence of the Manchester traffic . Sir . Haley urged the adoption of the resolution proposed by Mr . Bassett . Mr . Dickensbn complained that the expenditure and . capital since 1850 lad been upwards of five . millions , and he should like to know where they were going to > Stop . He objected to the sum of 260 , 000 ? . due on the rail account having been transferred to capital instead of being placed to revenue as . it arose . As to an application to theLegislature for assistance , it was laughable to expect relief , as , if granted , it would fob the members of their emoluments . If the noble marquis would give an assurance of an end being put to the system of capitalisation , he should have some hope of the company . He did not approve of the report , or place much faith in it .

      Mr . Wrigley , in a very able speech , but in no hostile spirit , laid great jblame on the management for not having effected that amount of economy which might have been effected by a company having a revenue of 1 , 500 , 0007 . a year . With such a revenue , there should be an elasticity in the company ' s resources quite equal to keep the dividend at 5 per cent . He believed the time had gone by when the traffic of any particular line could be secured in its present condition by the old policy of guarantees , subsidies , and private agreements . H e considered that traffic must be left to take its true course , competition must be allowed to have its full run , and then with the attention paid to au ordinary business , regaid being- had to the advantageous position of the

      London and North-Western Company , there could be no fear of increased profit and prosperity to the shareholders . He recommended an alteration in the constitution of the board . He contended that the system of the London and North-Western Railway had so expanded , that it was quite ridiculous to suppose it could be kept in control by any central authority . He thought there should be a separate section for London , Manchester , Liverpool , and other large emjioma of traffic . Mr . Abel , after inquiring about the Chester and Holyhead lines , referred to the system of proxies , to show how dangerous it -would be if the large interests held by contractors and others in the Chester and llolyliend lime were allowed to bear upon the question of ternis of amalgamation .

      In reply to questions , the chairman said , notwithstanding the low price of the shares of the company , there had only been a slight change in the register of holders . The chairman , in reference to accidents on the lino , Baid it was a general rule to disclturge servants who were shown by their neglect to have been the cause of it . After a abort further discussion , the chairman rose to f « ply generally , and remarked with satisfaction tlie largo attendance , and the disposition of the shareholders to discuss questions with tho directors . Complaint had been made as to the increasing capital account . It was the anxious desire of the board to keep the capital , to

      the narrowest amount . Any increase of capital they looked upon as dangerous , and they -watched it closely . It was their policy not to encourage any increase of capital . In reference to tlio recommendation of a proprietor that the > board should bo divided into sectional divisions , it would bo found on inquiry that the system "Was practically carried out in tho constitution of the present board , A proprietor also had recommended th at the capital account of the company should bo placed in different hands , so that no possiblo temptation to tamper -with revenue and capital should exist . Ho would not pronounce on tho efficacy of such a recommendation , but ho begged to assure tho hou . proprietor that

      his conviction was , that no greater care could be taken than was taken by this company to keep the capital entirely distant from revenue . He begged to say in xeDly to Mr . Puncher , that the exercise of the privilege * of engaging carriages was highly valued by a portion of the public , and was a great convenience . In a particular instance , there had been an abuse of this privilege ; but that was no reason why it should be abolished entirely . As to the practice of detaching carriages from express trams , objected to on the ground of economy , the object was to reduce the train mileage , and to accommodate the public . The report was then adopted . Mr . Bassett ' s resolution was adopted . After some discussion , Mr . Puncher withdrew his first resolution , and his second was lost by a large majority . * .

      A resolution was moved , That the Company viewed with great concern the continued increase of capital , and they desired that it should be closed at the earliest period . " The resolution was lost by 21 to 32 . The other resolutions were then carried . The ordinary votes of thanks to chairman and secretaries were unanimously carried . A special meeting was then held , for authorising the conversion of a portion of the capital into perpetual debenture stock , bearing interest at a rate not exceeding four per cent , per annum . Carried unanimously .

      Colonial And Foreign Produce Markets.

      COLONIAL AND FOREIGN PRODUCE MARKETS .

      Review Of The Week. Mincing Lane, Friday...

      REVIEW OF THE WEEK . Mincing Lane , Friday Evening . The general features of trade in connexion with these markets are still promising . In one or t \ yo of the larger articles considerable activity prevails , and in manythere is an extension of business , -whilst current values are almost without exception very fully sustained . Statistical returns continue" to evidence a large consumption , and the continental letters have this week brought some increase of orders for export . As an indication o > f the growing confidence with which the future is regarded , a disposition to venture more freely upon speculative operations may be instanced .

      Sugar . — -A considerable business has again been done at prices establishing a further advance of Is . to Is . 6 d . per cwt . The trade have bought with increased , freedom , and several important purchases have been made speculatively . Floating cargoes for ourports continue much in request . The clearances have shown a marked extension , whilst the imports have somewhat diminished , and the stock , which is reduced by 1300 tons , is now but some 5500 tons in excess of last year ' s . From places of growth accounts are still favourable . The next crop of Mauritius is estimated at 120 , 000 tons , but the surplus is expected to be required to meet the increasing demand for Australia , so that not more than an average quantity will probably arrive here .

      . West India . —The sales comprised 4595 hogsheads , including Barbadoes at 40 s . to 4 Gs . $ St . Lucia 36 s . 6 d . to 42 s . 6 d . ; Jamaica 39 s- to 43 s . Cd . ; and other descriptions 39 s . to 42 s . per cwt . Mauritius . —Including the auctions , about 90 O 0 bags have changed hands , low and good middling yellow 38 s . Gd . to 45 s . ; brown 32 s . 6 d . to 36 s . ; grey 39 s . to 44 s . Id . per cwt . Bjjngau . —7087 baga in auction , realised 45 s . Gd . to 47 s . for good and fine Gurpattah , aud 27 s . 6 d . to 80 s . Cd . for low yellow and brown Dumma date . Madras . — Grocery descriptions have met a very stormy competition , and have made the largest advance above quoted ; 7891 bags at public sale brought 47 s . to 49 s . for good and fine crystallised yellow , very low brown to good brown refining 28 s . to 85 » . fid . por owt .

      rjjNANO . —8164 bags liave sold at 32 s . for low , and 37 s . to 45 s . for good brown to good yellow . Fokeign . —2597 bags Shun brown refining , 31 s . to 32 s . ; fine and superior yellow , 44 s . 6 d . to 46 s . Gd . ; 0000 bags clayed Manilla , 38 s . to 38 s . 9 d . ; 15 O 0 barrels foreign muacovadoes , Cuba , 39 s . Cd . to 41 s . Gd . ; Porte Kico fine brown to superior grocery , 88 s . 6 d . to 48 s . 6 d ^ 7 3000 boxes llavannah , at 89 s . ; 44 s . € d . for No . 8 to Ho . 11 standard ; 1751 boxes Mexican good mid . strong yellow , 42 s . to 50 s . ; a landed cargo Pernambuco , 5 GO 0 bugs , at 80 s . ; ono -white Maroim , 320 chests , at 45 s . ; and one Porto Rico , 208 casks , at 41 s . Gd . to 42 s . ; nine floating cargoes llavannah , togothor 16 , 5 00 boxes , for the United Kingdom , 3 STos . 10 to 10 J- at 28 s ., Nos . 11 and 12 at 29 s . to 29 s , Cd ., Nos . 12 £ to 13 at 81 s . to 31 s . Cd . per cwt .

      Mjslado . —835 hogsheads partly sold at 36 s . to 88 s . Gd . for fine dry , and 29 s . to 03 s . for low to good . Ekkined .--Tho advance in raw sugars added to tho iirnmcHS in this market , and prices arc about Gd . per cwt . higher . Undried goods have sold freely , but other descriptions aro taken oft' in moderate quantity only . Brown lumps havo been currently quoted at 58 s . Cd , per cwt . Molassks . —Prices nro again rather higher , but the sales aro only 600 casks . Trinidad at 16 s , and 16 s . to 17 a ., Cuba 15 s . Gd . por cwt .

      Coffee . —The demand is inactive , and the supplies brought forward , although not large , have exceeded the demand . Prices are somewhat irregular , but current quotations without material change . 1400 casks , 1200 barrels and bags Plantation Ceylon were partly sold at 58 s . 6 d . to 61 s . , 6 d . for ordinary to fine fine ordinary , € 2 s . 6 d . and 69 s . for low middling to middling , and 73 s . 6 d . to 84 s . for good middling and fine . Good ordinary Native sold privately at 47 s . 300 bags common quality in auction were taken in at 44 s . Gd . and 47 s . A floating cargo of Rio , 2 630 bags , has been taken for the

      Continent at 44 s . 9 d ., insured free , of particular average . The clearances continue very active , and the stock , although large , contrasts less heavily with that of last year . The continental markets are firm , but quiet . The valuation of good ordinary Java iu the forthcoming sales in HoUand is fixed at 30 £ to 31 cents , and the increased rates of consumption , which , in the absence of any adequate stocks in second hands , must be mainly supplied at these sales , favours the opinion that , notwithstanding the large quantity declared , the demand will prove sufficient to prevent any material declension in value .

      Tea . —The market is firm but quiet . Common congou , 10 £ d . The present stock in the kingdom is 68 , 000 , 0001 b ., against 83 , 00 O , O 001 b- last year ; but the quantity on the way is 21 , 484 , 5791 b ., against only 7 , 263 , Glllb . last year . The China advices have had no perceptible influence on the market . Cottox . —The high prices required check operations , and the week ' s sales are only 950 bales . At Liverpool the sales are 45 , 000 bales , and the imports 44 , 500 bales . Prices are without quotable change . Wool . —The colonial sales progress with Spirit , at fully previous rates .

      Provisions . —Irish butters have sold largely , at 108 s . for Carlows and first Cork landed ; and 106 s . f . o . b . English butters are a slow sale ; Friesland have declined to 10 € s . for fine . Bacon Las sold steadily , at 68 s . to 70 s . for Waterford ; and 64 s . to 66 s . for Limerick sides . Shipping provisions are still in very limited request . Cocoa . —Guayaquil has declined 2 s . to 3 s . per cwfc ., sales of about 10 OO bags having been made at 46 s . 6 a . per cwt . ; 4799 bags in auction were withdrawn at 50 s . Kcm . — -A moderate business is passing : Cuba at Is . 8 d . ; Leeward Islands , Is . 7 d . $ Demterara , Is . lid . to 2 s . per gallon , proof .

      Kice . —Transactions continue of very limited extent , but prices are steadily supported . The deliveries are tolerably well kept up , and no further increase of stock has taken place . Privately the dealings are confined to some 8000 or 10 , 000 bags , including 100 O bags old Rangoon , at Gs . 3 d . ; and 3000 bags new at 7 s . ex . ship ; and the residue , principally damages ; 4082 bags fine white Bengal in auction , were withdraw ^ at 12 s ., with bids at 11 s . 6 d . per cwt . Two floating cargoes sold today at 7 s . 9 d . for Bassien and 8 s . 6 d . for Necranzie . Spices , —Public sales have manifested a better tone in the market generally . Mace and nutmegs are Id . to

      2 d . per lb . dearer . White pepper firm , black steady , aud ienang cloves rather dearer . Ginger is exceptionally depressed Is . per cwt- The sales liave comprised 2408 bags . Penang pepper at 3 fd . to 3 jd . for ordinary dusty , aud 3 Jd . with a lot or two , 4 d . for good ; 152 bags of Penang white , 9 d . to 9 Jd- ; 100 bags of Pimento held . 3 | d . to 3 £ d . ; 25 casks of Penang cloves , ordinary to fine , Is lid . to Is . 2 | d . ; 22 casks of mace , red , Is . 4 d . to Is . 7 d . 5 good pale , Is . lOd . to Is . lid . ; 115 casks nutmegs , bold middling to good , 2 s . 2 d . to 2 s . 88 . per lb . ; small and export , Is . 8 d . to 2 s . per lb . ; 338 barrels of Jamaica ginger , 53 s . to 75 s . ; and 600 baga of African , 23 a . to 23 s . Gd . per cwt .

      Saltpetre . —Tho market is barely so good , but the week ' s business is nearly 7000 bags , and prices have not varied above Gd . per cwt ; 10 to II per cent , sold at 39 s . to 39 s . Gd . ; 9 to 9 £ , 39 s . Cd . to 40 s . ; 8 ^ to 84- at 41 u . ; 7 J to 7 at 42 s . to 42 s . Cd ., and 5 J to 5 per cent , at 44 s . 6 d . to 45 s . Gd . per cwt ; Bombay , 49 to 23 per cent ., 33 s . to 31 s ., and fine 9 £ at 37 s . to 37 s . Gd . per cwt . lleflncd saltpetre has been advanced Is . por cwt . ; tho corrected stocks turn out 200 tons less than computed . Metals . —The general character of the market is firmer , but tho only movement of importance has beea

      in Scotch pig iron , which has advanced considerably , 56 s . having been paid fo * mixed members , immediate cash , and 67 s . quoted for usual prompts - The advances however , had tlio effect of bringing out sellers , and a reaction of Is . por ton has followed . The prieo to-day is 55 s . por ton . Last week's ahipmentr woro 12 , 736 tons agabxst 11 , 443 tons in the corresponding week last year . Some few sales have occurred in spelter at 282 . ICa ., but 23 * . 17 s . 6 d . to 247 . are the prices currently asked . Tin , copper , and lead aro without alteration .

      Jute . —2450 bales sold steadily at 15 * . 5 b . to 18 / . por ton . Hemp . —About 100 tons St . Petersburg clean hemp sold , " on account of whom it may concern , " at 28 / . to 282 . 5 s . ; but current quality and ordlnury trade is quoted 29 f . 220 bla . Manilla only partly sold at 201 . to 26 / . 10 s . for fair and spring . Dyeb . — Indigo is ratber more inquired for . The overland accounts arc , on tho wliolo , unfavourable in roforonco to tho prospects of tho growing crops . Cocltf-

  • Citation
    • Leader (1850-1860), Aug. 14, 1858, page 819, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/ldr_14081858/page/27/