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Leader (1850-1860), 11th September 1858, Edition 1 of 2, Page 949, Untitled Article

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      Untitled Article

      CITY " , Friday Evening . The surface of the wide ocean of commerce has not been agitated even by a ripple during this . week , if we except the announcement of a failure or two which , however , have been anticipated for some time past . We noticed a few weeks ago that the only speculative movement then visible was in the direction of the Honduras trade ; that embarrassments were known to exist in that direction , but that hopes were entertained of certain houses tiding over the crisis with assistance . But as this speculative trading turns out to have been wider than anticipated , and more disastrous in its results , the consequence is that several firms have succumbed , and one or two more are expected to follow . The few applications to the Bank during the week have been of the same character and class as those which have ruled since the commercial collapse . Indeed we may say that the applications are exceedingly scanty , because accommodation can be obtained in other directions on lower

      ciliation between the directors and Messrs . Croskey and Co ., on terms-which are described as satisfactory , and which -will relieve the company from the pecuniary pressure lately experienced . The directors will doubtless at once apprise the shareholders toy circular of this change in their affairs . Meanwhile , we believe , we may affirm that Messrs . Croskey and Co . have agreed to band over to the company 30 , 000 / . ; that the form "in which the accounts are to be taken has been settled , with a proviso that any disputes which ma " y arise shall be submitted to arbitration ; and that two directors will retire , and be replaced by two others , one to be nominated by Messrs . Croskev- and Co . and the other by the board .

      The Eastern Counties Railway traffic return shows tins week an increase of 12231 . ; the Lancashire and Yorkshire a decrease of 99 7 £ ; the East Lancashire a decrease of 478 / , ; the Manchester , Sheffield , and Lincolnshire a decrease of 1161 / . ; tlve North . Eastern a decrease of 2216 / . ( compared with the " ¦ ¦ actual" receipts for the corresponding week of last year ) . ; the Midland an increase of 1371 / . ; and the South Eastern an increase of 257 / . The stoppage is announced of Messrs . John Plowes and Co ., a highly respectable and very old established house in the Rio trade . The firm have a house at Rio , and , if report be true , their embarrassments have originated on that side . Their liabilities will probably prove considerable . The liquidation of the affairs of Messrs . A . Montgomery and Co ., with liabilities estimated at 60 , 000 / . or 70 , 000 / ., will prove unfavourable .

      The agitation for the abrogation of the Elbe dues on shipping and goods daily increases , and if Hanover , Denmark , and Mecklenburg persist in their opposition to the removal of that impost , it has been determined that steps shall be taken to bring the question fully before the great Powers of Europe , that means may be adopted by them to enforce the observance of the resolutions adopted by the Congress of "Vienna as to the free navigation of the rivers of Europe , which those German States have ever since contrived successfully to evade . ¦ • The shares of the Red Sea and India Telegraph Company were quoted to-day 9-16 to i prem ., and those of the Indian and Australian Telegraph Company 3-16 to 5-16 prem . The shares of the Cape Town Railway and Dock Company were quoted par to I prem .

      It is understood that no remittance from this country on account of the Turkish Loan will be required until the plan for the redemption of the depreciated currency shall have been fully matured at Constantinople . Even then the operation of the measure will be gradual , and it seems possible , therefore , that the entire affair may not at any time exercise ^ any very decided influence on our money-market . Consols , Money 00 ; Ditto Account , 97 s

      terms . The most noticeable feature in the money market is the New Turkish Loan , and the unfair , not to say dishonest , combination which , favoured by the sj'stera of business of the Stock Exchange , was entered into against it . We have already stated that the Stock Exchange quotation generally is no criterion of the soundness or intrinsic value' either of stock or share . The rules of business of the Stock Exchange appear to be so framed as to operate to the disadvantage of the DUblic , and to the exclusive benefit of the dealer ; and although the jargon of " supply and demand" regulating prices is put forward when any attempt is made to get at the principle whieh governs-. prices , in the market as it

      is termed , it is tolerably clear that the dominant influence in regulating prices is to be found in the dealings between jobbers and agents . It is time that something was done to alter a system so pernicious to public morals , and so scandalous as respects the interests of the public . In this age of free trade , how does it happen that a close monopoly—like that of the Stock Exchange —is permitted to exist ? On all sides we hear the Stock Exchange condemned—on all sides we hear the members of that close body stigmatised in no measured terms . Surely the moneyed public , who are so deeply

      interested in the question , have a right to demand that a radical change shall be made in this direction , and that a combination of individuals shall not be allowed to exist in this city whose main object seems to be , for their own profit , to encourage speculation , fraud , and commercial cozening . The variations which have been visible in the quotations of the New Turkish Loan , are charged upon an understanding between Hebrew and Greek firms to beat down the price , so as to keep the public out , and to swamp the project . But the plan appears to have missed its purpose , if we may judge from the . advance of the price of the scrip within the last few days .

      On the question of foreign loans , and how far they operate injuriously or profitably on the interests of this country , we shall have something to say shortly . ' In the mean time , we strongly advise parties who have cash to spare to be cautious how they are induced to invest in new projects which have the foreign element for their basis , whether in tho form of loans or shares in industrial undertakings . Tho Bank of France returns are very satisfactory ; the most important feature , however , is the steady increase of bullion , which now amounts to 2 fljf millions sterling . Speculation on the Bourse , however , appears to be reviving , as tho increased advances on railway shares , public securities , &c ., seem to indicate .

      The appointment of a settling day for Turkish scrip is deferred , in consequence , « s alleged , of tho necessity that exists for signing the contract in Paris . This circumstance excites some remarks and doubts , as the loan is purely an English transaction . To-day tho scrip is ready for delivery . A telegram' from Constantinople states that tho exchange on London , which lately foil from 17 G to lio " pinatros , has recovered to 149 piastres . This movoment is attributed to tho neco .-eity of purchasing bills for immediate remit tance , whilst thoro is a general indisposition to draw ponding tho expected operations in connexion with tho now loan .

      Another Auction of tho foreign redeemable debt of Spain is to take place at Madrid on the 29 th inat . Tho sum act apart fov tho purpose is 1 ) 75 , 000 realps . Tondors will bo received in London until tho 20 th . Tho Passive Bonds are tints boing stendily absorbed . Iha Manchester Quardian mentions tho stoppago of Messrs . Pordoo , Hoomans . andCp > . _ cariijBJiJinAnMftt « ifc . tu .. e .. ro ^ KUUle ^^^^ 80 , 000 / . to 100 , 000 / ., part of which , howovor , aro stated obosocurod . Ihoaseets are understood to bo largo , but consist principally of Uatlo orootiona , plant , nnd machinery , ..

      Wo understand that the committee appointed by the Blinreljoldora of tho European and American Steam ouipplng Company have succeeded In effecting a rocon-

      Untitled Article

      JOSEPH TRAVE 11 S AND SONS' WEEKLY CIRCtriiAR . 19 , St . Swithin ' s-lane . Tka . —The market is quiet , without any material change iu value . Common Congou firm at 10 £ d . Coffee . —The quantity offered at public sale has been large , the whole selling freely at an advance of from ( id , to Is . Plantation Ceylon is actively inquired for by exporters , and Colory sorts are only obtainable at an advance . Of native Ceylon large parcels have changed hands since our last , and , 50 s . 6 d . has been paid for very little better than good ordinary . The remaining portion of the Costa Rica crop haa been brought to sale , aud , good prices were realised . The -whole of this description is now in second hands . Mocha , and other sorts , aro without change . Sugar . —Raw sugar opened this week with heaviness , and , in some instances , at public sale a slight decline was submitted to . In the private contract market , however , good to fine kinds commanded full rates ; and the general tone of tho market towards tho cloie was certainly more firm . Grainy bag sugar is in limited supply , and tho small quantity brought' forvyard has realised extreme prices . Refined ' shared in tho inactivity of the raw market until tho close of the week , but it now boars a firmer appearance , and , in some instances , higher prices have been obtained . Pieces , from 42 s . to 45 s ., and are still very scarce and dear . In bastards thoro is a fair assortment . Our quotations for molasses remain unchanged .

      Spicks . —There has been an improved demand during the past week ; prices remain firm , and without alteration . In petre ho change . Rice . —Nothing has been done in this article , and prices are unaltered .

      Fruit . —¦ Since writing our last , thero have boon no further arrivals of Valencias in this port , and but ono Htenmer to Liverpool . Tho demand is moderate , and our quotations aro Is . lower than last week . Iu reply to tlio constant and numerous orders we receive for < lno currants , wo may observe that a cargo of tho now crop is expected hourly ; and , from the entire abaonce of qny ¦ kind—or "gaod *^ ola " frTIIt 7 "ins ' v < iry in ' ucii ricbuea . we have roceivod a selection of now muscatels , quality very good ; uldo of new imperials , in bottles , wooden boxes , and funcy cartons . Our friends will observe tho prices of imperials aro very much loss than those of last year . We also oxpoot , iu a fuw days , tigs and sultanas . Our advices from Smyrna do not spook hlglily of tho quality of tho early arrivals of llgs , tho proportion of small fruit being very largo .

      Untitled Article

      CORN EXCHANGE . Messrs . Ruston and Son state that the supply of Wheat was fair , and Spring Corn was more plentifully offered ; . Wheat met a moderate sale at last Week's prices ; foreign , experienced a slack demand . Fine Barley brought fully as much , money , but grinding sorts were not dearer . Oats limited in demand at prices in favour of the buyer . Beans and Peas steady . Seeds were offered more plentifully , and quotations of Canary Seed declined 5 s . to 6 s . per . qr . ; White Mustard Seed was taken off" in moderate quantities at steady rates .

      Untitled Article

      BANK OF ENGLAND . An Account , pursuant to the Act 7 th and 8 th Victoria , cap . 32 , for the week ending on Wednesday , the 8 th . day of September , 1 S 58 . ISSUE BEPAEIMEST . £ I ¦ £ Notes issued 31 , 772 , 2 S 0 ! Government debt .. ll , Ol 5 , ir . o j Other securities ... 3 , 459 , V ) Ui > j Gold coin and bullion 17 , 297 , 2 ? 0 ., Silver bullion JE 31 , 772 , 2 S 0 ! ^ 31 , 772 , 2-30 BANKING DEPARTMENT . ' . £ . [¦ ' £ - Proprietors' capital 14 , 553 * 000 Government secu-Itest -. ' . 3 , 692 , 610 rities ( including Public deposits ( in-. Dead Weight Au-• eluding Exche- nuity ) , / .. .. 10 , 955 , 2 C 9 quer . Commissioii- Other Securities . 15 , 362 ^ 692 ers of- National Notes . ......... 11 , 758 , 7 : 20 Debt , Savings' j Gold and Silver iJanks , and Divi- Coin 742 , 185 dend Accounts ) .. 7 . 535 , 733 1 Other deposits ... . 12 , 267 , 040 i Seven Day & other Bills - 770 , 477 f - . . J £ 3 S , 818 , SG 6 I £ 38 , 818 , 865 M . MARSHALL , Chief Cashier . Dated the 9 th day of September , 1858 .

      Untitled Article

      FKO . M THE LOXDOS GAZETTE . Tuesday , September 7 . BANKRUPTS . Samuel . SrDDEN , Millbank-streef , Westminster , contractor for public works . ''• . • __ ' William Jackson , Worcester and Great Malvern , fish- ~ monger . James Brown , Alcester , Warwickshire , seed merchant . John Watson Hedley , South Shields , plumber . SCOTCH SEQUESTRATIONS . David Syme and Robert Middlemas , Glasgow , fruiterers . William Mattland , Aberdeen , merchant tailor . Andrew Allan , Glasgow } cabinet maker . Friday , September 10 . BANKRUPTCY ANNULLED . Alexander Alcock Nevtns , Liverpool , merchant . BANKRUPTS . Joiix Collinson , South Molton-lane , Brooks-street , Oxford-street , builder . Thomas Moore , South Shore , Blackpool , Lancashire , innkeeper . James Hi / ndv , Birmingham , timber merchant . George SValker Gray , Nottingham , builder . James Fletcher Harper , Dudley , Worcestershire , ironmonger . Henry Spknceb and Hknry Bakton Clay , Birmingham , shoe mercers . George Norton Coulson , Lincoln , butcher . James Shkard , Huddersfield , corn-factor . George Humberstone Mitciijelmore , Fitzroy-torraeo , Southampton-road , Haverstock-hill , builder nnd licensed victualler . William Griffin , Fleet-street , manufacturing stationer . SCOTCH BANKRUPTS . Ronald M'Dougall , Glasgow , leather-factor . ' William Forbes , Kingsburgh , Islo of Skye , and now of Glasgow . Aucxander Hay , Ovorgato , Dundee , grocer . " James Stkel , Glasgow , hosier .

      Untitled Article

      MONEY MARKET AND STOCiv EXCHANGE .

      Untitled Article

      No . 442 , September 11 , 1858 . ] THE LEADER , 949

      Untitled Article

      Tm » Wastm ov Woollen MiLL 3 .--yho ffwro / Kd { % m W >'~ deW » lJQfl ~ aprocess—nOw in operation at tlio Kingholm Woollen Mills , near Dumfries—by which tho hitherto refuse water of tho washing-houses is converted into valuable commercial inatoriul , By moans of mechanical appliances and chemical , notion , tho roftisc , formerly turned , into tho rivor JNIth , to tho injury of tlio salmon , is made to produce stearine , which forms tlio . l > u » is of composite candles , as well as a calco manure that sells at 40 s . per ton *

  • Citation
    • Leader (1850-1860), Sept. 11, 1858, page 949, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/vm2-ncseproduct2259/page/29/