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756 THE LEADER. [MSTo .436, July 31 iskr
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JOSEPH TRAVERS ANX> SONS' CIRCCLAB. 19, ...
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" Gazuttb " Announcements. — Tuesday nig...
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JOSEPH T^VERS: AKD SONSCIHCCtAR
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JOINT-STOCK COMPANIES.
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BANK OF ENGLAND. IBSUB DEPARTMENT. £ £ N...
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Jewish Emancipation.—A meeting of influe...
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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.
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C0l0mal And Foreign Produce Markets. Rev...
os . 8 < L to 6 s . 6 d . ; Cortes 2 s . to 5 s . Cd . : The Caraccas met no demand and were withdrawn at 8 a . to 5 s . 6 cL East Iadia is firm , at the public sale ' s prices . The crop accounts are somewhat conflicting , but on the whole unfavourable . ¦ , Safflower is more saleable at late rates . Gambler has realised 14 s . 9 d . per cwt ., and cutch 33 s . 6 d . per cwt . Camphor is lower . 100 cases sold in auction at 62 s . 6 d . to 63 s . per cwt . Hemp . —Russian steady in price , but inactive . St . Petersburg clean , 28 / . 15 s . in quantity , and 29 / . for small lots . East India dull , common to good roping Manilla sold at 24 ? . to 29 Z . Jute active , 2500 barrels sold at 16 / . to 19 / .
Cottcht i 3 firmly held , and rather stiffer prices have been paid . The sales are 2100 bales ; Surat , 5 d . to 5 * d . for very middling to fully fair ; Madras , 5 id . to 5 id . * or "Western and Northera , and 5 jd . for good fair Tinnevelly . The sales at Liverpool 38 , 000 bales ; fair Upland and Mobile , l-16 tli lower . Import , 26 , 000 bales . Wool *— -The colonial sales progress -with spirit . Good qualities bring quite late * rates , but inferior are barely supported . The general advance is now about Id . per 1 b . ¦ Metals . —Manufactured iron has been more saleable at former prices . Scotch pig iron advanced to 53 s . 6 d . to 54 s . per ton . Spelter has sold at 23 i . 17 s . 6 d ., which is lower . Copper and lead are more inquired after , but inactive ; Tin dull of sale ; Banca offered at 117 s . per cwt .: Tin plates firm .
Oils . —Fish oils are purchasable only at full prices . Sperm , 86 / . to 86 / . 15 s . ; Pale Seal , 39 £ Seed oil sells slowly : Linseed at 34 s . 6 d . ; Rape at 49 s . to 495 . 6 d . for refined , and 44 s . to 44 s . 6 d . for inferior brown ; Palm dull at 38 s . for fine ; Cocoa-nut steady , Ceylon , 36 s . to 36 s . 6 d . ; Cochin , 38 s . to 39 s . Tauuow . —The market has been steady , with a fair demand for consumption and export . The present price in St Petersburg is at least Is . Gd . per cwt . above current rates here , and importers are , therefore , not disposed to sell ;¦ for forward delivery . To-day the market closed firm , at 483 . 3 d . on the spot ; 48 s . 9 d . last three months . A telegram , from St . Petersburg gives the quotation 1584 ro . ; market firmer .
Makket Letteb . —Town tallow ; 50 s . ; fat by ditto , 2 s . 7 d- ; melted stuff , 34 s . 6 d . ; rough ditto , 20 s . ; greaves ditto , 17 s . j good dregs ditto , 7 s .
756 The Leader. [Msto .436, July 31 Iskr
756 THE LEADER . [ MSTo . 436 , July 31 iskr
Joseph Travers Anx> Sons' Circclab. 19, ...
JOSEPH TRAVERS ANX > SONS' CIRCCLAB . 19 , St . Swithin ' s-lane . Tka . —Since the delivery of the China mail this market has acquired greater solidity , and though -we cannot note any change in value , the retrograde action is arrested , and a more confident feeling prevails . Common Congou steady at 9 | d ., usual terms . Coffee . —Plantation Ceylon remains steady at our last quotation , with a fair amount of business doing ; Native Ceylon is in good request for export , and worth notice . The sate of the first cargo of Costa Rica went off briskly at good prices ; the quantity coming of this description is much below the average . Other sorts are without change . Sugar . —Raw . —A very large business has been done this week both by the trade and refiners , and though considerable quantities have been brought forward at private and public sale , the major portion has found ready buyers at an advance of 6 d . to Is . on last week ' s quotations . West India of the finest class is still dimcult to obtain , and realises relatively extreme rates . Refined market opened at the beginning of the week -with a very brisk demand , and prices advanced about Is . per cwt . ; yesterday , however , a quieter tone prevailed , and former prices w . ere barely sustained . Pieces continue to be veiy scarce , and are dear in proportion to other descriptions of sugar . Bastards are in greater request , and at better prices . Molasses , no change . Fruit . —We have no alteration to report in this market ; accounts from abroad continue of a very favourable nature . There is no doubt that the season is a very forward one as regards the Valencia and Malaga crops . Currants -will , we think , be a few days earlier than usual . Spices . —The improved demand noticed in our last still continues , and sales are readily offectod at full rates . The low price of pimento has attracted attention —exporters now buying freely at a slight advance . Jamaica and Cochin gingers have realised very full prioe * . Arrowroot is extremely firm—the lower qualities are rather dearer , there being a good demand for export as well as for home consumption . Rice . —A steady trade doing at last week ' s prices . Next week wo shall give prices of produce corrected by Messrs . Travors * Weekly Circular .
" Gazuttb " Announcements. — Tuesday Nig...
" Gazuttb " Announcements . — Tuesday night's Gazette announces the elevation of General Franks and Colonel Robert Napier to the dignity of K . C . B ., and prlnta the names of other Indian officers who are raado C . B . ' s . The elevation to a peerago of Sir John Yardo Bailer is also announced . His titlo will be Lord Churjsto n of Churston Ferrers .
Joseph T^Vers: Akd Sonscihcctar
MONET MARKET ATO STOCK EXCHANGE . City , Friday Evening . The firmness of the Bank Directors in refusing to reduce the rate of discount , and thus to smooth the way for the demon of speculation , to rage again throughout the commercial world , cannot be too highly applauded . The commerce of the country , although still suffering from the late collapse of insolvent and speculative firms , is gradually resuming healthy activity . The business that is doing , though the profit may he small , is perfectly sound , and -we may , without apprehension , look forward to the future . Our advices from the various centres of the
staple manufactures speak hopefully , but all repeat the same story , that no very important increase in business , in the shape of orders at home or from abroad has occurred , or is expected for some time to come . The foresight of the Bank Directors , in the existing emergency , is leyond praise , and their firmness in resisting the many inducements to make use of its large resources , and maintaining the rate for so long a period comparatively speaking at its present figure , is equally laudable . The Lombard-street discount houses and the Joint-Stock Banks have also shown proper discretion in granting commercial facilities , and altogether it may be asserted that a return to a more prosperous state of things is unmistakably perceptible .
The public have been making investments cautiousl j ' . Guaranteed and preference stocks and shares have been selected , and the result is that the dealers on the Stock Exchange are not overburdened with marketable securities , nor is there any immediate fear that the market price for any particular stock or share is likely to be beaten down by unsuccessful speculative operations of any magnitude . "We may here notice a circumstance which transpired on the Stock Exchange last week -which , -we think , throws some light on the loose system of business which , if not openly tolerated , was at least winked at by the Committee of the Stock Exchange . We refer to the notice issued by the . Stock Exchange Committee that
jobbers shall disclose the names of the stocks and shares in which they are concerned . The object of this is to put some kind of check on that combination among jobbers by which the investing public are considerable sufferers , and the speculative public exposed to certain loss . It is very easy for two or three or half a dozen of jobbers , who constitute what is called the market for any particular kind of stocks or shares , so to " arrange " the market among themselves as to levy black mail on the public for their own profit . Th « committee have made a slight attempt to check this irregular but established practice ; and their notice , although we do not see how it will protect the public , will no doubt afford additional security to brokers . But the whole system of business of the Stock Exchange requires revision .
The plethora of money still continues ; the rate of discount is , however , rising . First-class bills are done afc 2 * to 2 f , but higher rates are asked f < ir inferior paper . The fortnightly Bettlement went off" very well , and this , of coarse , gave a slight additional firmness to the markets . There is , however , an uneasy feeling with respect to foreign markets , and especially the French Bourse . The vast speculations and liabilities which have been assumed by foreign companies , in imitation of the English speculative mania , but without English experience in resources , are making themselves inconveniently felt , and it would
excite no wonder were some of these gigantic operations to fall through . For instance , the Credit Mobilier , set on foot to assist and foster speculative enterprise , is reported to be in serious difficulties . Indeed , the circumstance of the Bank of Frauce being entrusted with the recent placing of railway securities -without any resort to Cre'dit Mobilier is regarded as symptomatic ofsometning disastrously wrong — an opinion very much strengthened by tho constant drooping of tlie price of its shares . Should a crisis occur in that dixection , the effects will be yety lamentable , not only on French s « curities , but on the securities of other countries which have followed in the speculation wake of the Crddit Mobilior .
The exchanges generally appear to bo turning in favour of this country . The last advices from India state tbat the exchange at ltombay on London has experienced a further important movement in favour of this country , and is now touching a point at which specie remittance * from this side will be almost altogether precluded . Letters from Paris mention that tho stock of bullion in the Bank of Franco , which was stated in the last ro turn at 21 , 118 , 000 / . has increased to about 21 , 000 , 000 / . Only a few thousand pounds of the New Zealand loan Uavo been taken . Tho new Brazilian loan is quoted at a small premium .
Tho foreign share market tins boon very buoyant . The latest quotation for consols U 951 , 9 G both for money and account .
Joint-Stock Companies.
JOINT-STOCK COMPANIES .
Ihk City Bank . —Our notice last week of the half yearly proceedings at the meeting , of the City Bant proprietors was necessarily brief , but the report of th condition of the bank and the extent of business don ! during the last six months ( see our advertising columns ^ is worth an attentive perusal , and requires from us i few remarks in order to place in their proper light a few of the points most worthy of notice . It will be seen that this bank , although only in the third year of its existenceis enabled to declare
, a dividend at the rate of six and a half percent . This , too . it must . be remembered during the most trying period that a commercial undertaking like a joint-stock tank has ever had to pass through . The profits of the bank have also enabled the directors to add to the reserve fund , which now amounts to the respectable sum of 30 , 000 / . But . there is another feature worthy of remark . Joint-stock banks in general have usually spread the heavy preliminary expenses over a long period , taking portions of the aggregate sum periodically from the profits ; but the City Bank ha 3
wiped off this tax on the profits at once . It stands without encumbrance , except the expenses of the building fund , which is provided for in the usual way . Altogether , the progressive and sound condition of this bank is highly creditable to the management . The directors of the London Discount Company will recommend a dividend at the rate of five per cent per annum . A sum of up > yards of 3000 ? . will be carried forward or added to the reserve fund ; and the whole of the preliminary expenses—amounting to something like three thousand pounds—will be liquidated . ¦
Tho half-yearly meeting of the Scottish Australian Investment Company was held yesterday . The report stated that the gross profits for the half-year were 9611 / . 13 s . lOd . It was proposed to pay a dividend at the rate of 10 per cent . jeT annum , and take the remainder to the reserve fund . The directors were in negotiation for the sale of the other mines of the company , when the shareholders of this would have the preference in the allotment of shares . At the Meeting of the ^ Netherlands Land Enclosure Company yesterday , it was stated that an application had been made to the Dutch Government for assistance to enable the company to resume operations in consequence of the destruction of their crops , and the second polden of 1760 acres of land , by the storms in February last , which it was hoped-would be successful , when a meeting of shareholders would be called .
, At the annual general meeting of proprietors of the Western Bank of London , held on Thursday , the disposable balance was stated , at 5502 / . After making provision to the extent of 1192 ? . for rebate on bills not yet due , a sum of 1000 / . is left for the reduction of the preliminary expenses ; 3010 / . is to be carried to a new profit and loss account ; and 300 / - is set apart on account of depreciation of bank premises and furniture .
Bank Of England. Ibsub Department. £ £ N...
BANK OF ENGLAND . IBSUB DEPARTMENT . £ £ Notes issued ... 31 , 021 , 530 Government ; debt . 11 , 015 , 100 Other securities ... 3 , 459 , 006 Gold coin and bullion ¦ . 10 , 5 * 3 , 550 Silver bullion dG 31 , 021 , 5 E » £ 31 , 021 , 550 M . MARSHALL , Chief Cashier . Dated the 29 th day of July . , 1858 . BANKING- DEPARTMENT . £ . £ . Proprietors' capital 14 . 5 D 3 . O 0 O Government secu-Kest , 3 , 301 , 331 ritios ( including Public deposits ( in- Dead Weight Aucluding Exche- nuity ) 10 . 537 . l 7 il qucr , Commission- Other Securities . 15 , 1 tO . OSi era of National Notes 10 . . Debt , Savings' Gold and Silver Banks , and Divi- Coin 716 , 250 ( lend Accounts ) .. 3 , 040 , 413 Other deposits .... 15 , 053 , 4 ( 61 Seven Day & other Bills 804 , 874 . jtf 37 , 3 BO , 109 £ -37 , 350 , 103 51 . MARSHALL , Chief Cashier . Dated tho 20 th day of July , 1858 . _
Jewish Emancipation.—A Meeting Of Influe...
Jewish Emancipation . —A meeting of influential members of the Jewish persuasion was held at tho Lon . don Tavern on Monday to adopt measures to commemorate the triumph of Jewish emancipation . A resolution ¦ wus passed , thanking tho friends of civil and religious liberty for tho efforts which they had so long i > ut forth to liberate their Jewish fellow-countrymen . Another resolution , whioli was moved by Mr . AMerinau Salomons , and carried unanimously , declared that it was deoirablothe Jewish community should adopt somo moans of permanently commemorating the oyent ; whilo tho last resolution appointed a committoo for that purpose . —Iforniny Star . Tmc Wkstmisihtku Abmcy Seiivioks . —The Special Services oh Sunday evoninga at Westminster Abbey lwvo bceu discontinued until further notice .
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Citation
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Leader (1850-1860), July 31, 1858, page 756, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/ldr_31071858/page/28/
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