On this page
-
Text (5)
-
Untitled Article
-
Untitled Article
-
Untitled Article
-
Untitled Article
-
Untitled Article
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.
-
-
Transcript
-
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.
Untitled Article
TfiB following are the more notable fluctuations in the railway traffic return table of this week , as compared with that of the corresponding week of last year . The London and North-Western shows a decrease of 6963 ? . ; the North-Eastern of 15112 . ; the Lancashire and Yorkshire of 3891 . ; the East Lancashire of 321 / . The Eastern Counties , on the other hand , shows an increase of 548 / . traffic ; the Midland of 896 /; the South-Eastern of 1258 / . ; the Great Western of 1363 ? . ; the London and Southwestern of 1519 ? . ; the Great Northern of 2144 / . It is satisfactory to observe an upward tendency in the " take" of so many of the trunk lines . This is probably due , to some extent , to the horror of our countrymen at the Foreign passport regulations—as well as to the improving tone of the internal trade of the country .
The following alterations have been experienced in the prices of some of the leading stocks during the week : — Highest . lowest . London and North-Western ... 91 J 90 Midland 97 961 ; Great Western ....... 51 50 £ Lancashire and Yorkshire 95 % 94 f Great Northern 102 £ ...... 101 £ South-Western 95 .... . 94 South-Eastern 72 J ...... 7 l £ Eastern Counties ( 3 l | 60 j Caledonian .. .. 851 ...... 85
Prices leave off firm , with a decidedly upward tendency , but their elasticity is undoubtedly checked by the absence from all business circles of an immense number of capitalistsjat this time of the year , and the utter apathy and determined " know-nothingism" which pervades the large majority of the " burnt children" in the investing world . With regard to the first assigned cause , we must remark that the . business of the month of September and of the actual period of the month was never known to be otherwise affected ; and , as to the second , it is a song so often sung of late as to be familiar ad nauseam . It was possible that the plethoric state of the Bank vaults , which immure some 19 , 000 , 0001 . ( increasable within a day or two to 20 * , 000 / . ) of bullion , would have
induced the directors to . lower , their minimum rate of discount from S per cent , to a rate something in . conormity with that which rules outside . They , however , have * elected to keep without the pale of the discount market ,: and British railway investments have not even reaped the infinitesimal rise in prices , which alone could have been expected to follow reduced discounts under present circumstances . The lowering of the French rate of discount had already told by anticipation upon French securities which , since the reduction has become a matter of public notoriety , have
relapsed a shade ; but , like our domestic ones , are quotcl as " firm , " and "looking up . " Nothing material Las transpired with reference to the deliberations of the Railway Congress , from which such scanty results are anticipated that the movement attracts slight attention . The market for guaranteed securities is flat , and even Mr . Layard , upon whose predictions and predications since his Indian tour small reliance is placed , has failed to attract public fancy in any marked degree to his Ottoman Bank , or his prescriptions for our " sick friend . "
If the public take even the trouble to inquire why guaranteed securities show so little buoyancy , despite the notorious accumulation of capital in the country , and the admitted recent improvement in the home trade , they must continue to receive the old answer , viz . that the' low standard of commercial morality , adopted by concessionaires of the first , second , and third degrees , who have stood as intermediaries between foreign Governments and the English public , the innocence and indolence of gome directors , and the complicity of others in over-profitable contracting jobs , have impaired the / confidence of the classes who have
money to lose , not so much in foreign Governments as in their fellow citizens . The time is not yet come for the Indian guarantees to assume their legitimate position in our share-lists , paying , as they arc calculated to do by the soundest financiers , an overage of 4 * per cent , for money all round . But lot the public be once well convinced that Indian affairs are likely to remain under the industrious and conscientious , not to say masterly , hands of Lord Stanley , instead of drifting into those-of despotic or fain 4 ant administrators , of whom there j s a mortal apprehension ;—lot confidante prevail that the ashes of the revolt arc to be stamped put by the heel of British armiesnot fanned
, ¦ hv _ jtw . addlo .. _ and we may expect to pee the immense amount of Indian stocks now cumbering the strong - " boxes of speculative holders and temporary investor * become an article of every-day demand , an ackno . vlodgeable aaaot , and , in fact , a recognised security . Burring the access of fovor or mania , which every man may safely prophesy at hte pleasure , but of which there , five at present no promonitory symptoms , events will be npt to follow , wo tblnk , the course wo have indicated . The direotors of the Oxford , Worcester , and Wolvorliampton Hallway Company state tuut they are
proto be bad policy . It has been found on Counties , and other line * we could mention , to induce roguery in compilation of returns , and permit recklessness in the use of inferior stores , and the overworking of employes . We have . at this moment in our mind ' s eye the case of an honest man , dismissed from the employ of a leading company after a refusal to sign fallacious returns of stores in hand by which a superior officer expected to swell his claim for saving * and , consequently , his claim for commission .
the Eastern pared to receive loans on debentures in sums of not less than 100 / . We should like to see the form of the debenture bond and the precise clauses of the act or acts under which it is authorised . This company will require a little ready money to pay for the human and mechanical breakages at Round Oak , apropos of which , we can hardly avoid the suggestion that the payment of celebrated traffic managers and econoraisers by percentage on savingsha ^ proved , in mora <; ases than one ,
The Pernambucp Railway Shareholders will have , among other business at their meeting on the 8 th proximo , to appoint two new directors in pursuance of their covenant , entered into by the board with the committee of consultation . We understand that the desperate condition to which the quarrels and wants of projectors , contractors , and director * have reduced this enterprise has enlisted , somewhat too late , the active attention of several proprietors . Major-General Tremenheere , Mr . Adolphus W . Young , Major Vereker , Mr . J . J . Macdonald , and Mr . Thomas Moxon have been spoken of as candidates . The most discordant element in the concern
has been certainly got rid of in the person of the enthusiastic Mr . DeMornay , but at the same time , and in his person also , one of the best informed , most zealous , and most honest of its connexions . If proprietors and directors will insist upon really assuming the management of this company , instead of leaving it in the bauds of professional directors , and referring the laches of the latter for investigation to Stock Exchange speculators , they will , ho doubt , in time learn a few facts of importance , and .-.. improve the prospects of the undertaking . If * however , -the new candidates are but nominees of the board or the committee of investigation , so much the worse for passive shareholders .
There is still some talk of a . Chilian State loan of 1 , 400 , 0007 . or 1 , 500 , 000 / . for railway purposes . Like the Brazilians , the Chilians have seen enough of tho operation of guarantees , and their proposal to borrow the money at a fair rate of interest upon the national credit , and to expend it themselve-s for the national benefit , if possible , without being sieved through the pockets of half a dozen British or other speculators , * looks far sounder than- the promotion of guaranteed schemes , which are . hardly intelligible to suc'li as have money t 6 invest , though digestible enough by hungry gulls .
The Namur and Liege proprietors are summoned to meet on the 5 th of October in London , and on the 12 th in Brussels , to ratify a " provisional convention which has leen coma to between the Directors of the Nwnur and Liege Company and the Directors of the Great Northern of France for the construction and working by the latter company of a line from Namur to the French frontier by Dinant , such construction being obligatory under the original caftier des charges , Art . 63 . It is announced by a contemporary that the various
French railway companies intend to improve the accommodation of their first-class carriages . Surely this was hardly required ; but we can understand the advantageous luxury of the special carriages they propose , according to the same authority , to construct , composed of saloon , bedroom , and ante-room , which may be engaged at a special tariff for family use . The Strasburg Company have made the first move in the matter abroad . In this country the E istcrn Counties Company , and we dare say others , have for soma time past adopted the practice of letting family carriages .
Untitled Article
JOSEPH TRAVEUS AND SONS' WEEKLY ClttCULAK . ID , St . Swithin ' a-lane . TicA . ~ At .. ubHc Bale Assam realised 2 , 1 . toJ > advance . For China tea , previous rate * wore obwmc Privately , business has been limited , but tho mame remains firm , .. ntnul » li « CoKimis . —There has been much oompotition at P sale , and although the quantity offered lias ^ foll the whole sold at extreme nitoa . In P' « "" , " florts , fully Is . advance has been obtained *>'* ^ ? tors whilst tho lower descriptions are still low er . ' » WO || W have boon large purchasers of native U » » w '» lloW i , oltl bo ready buyora at 48 a . Cd . to 40 a . —i >«« ° , aI firm for 50 a . Other sorts aro without ft » y m « change . . •„ ,, | oo 8 to SuaAK . —Kaw : We have no altoratlo » PJ t 0 . i > otloo , ~ but .. thorQr .,, , lm , .. boon , mo r ? " ?" upiM 2 a lof warda the close of the marUOtr " ' " ^ " ^ SoTJI white Benares in tho market this « ° < ia ° " * . ma ^ iA Sta . fo oBs .-tho quality is rtne . . /''» "Jfi U »» 03 t " haa boon quiet , and prices aro unnuoruci , w ^^ ooptlou of brown lumps which are q « ° r' B « azxrszzxrs . " &zrsz * —*
Untitled Article
would pass , would also gain more facile access for its products to the Adriatic . The execution of the line would , of course , be of the easiest kind in so level n country , intersected by no large rivers except the Po SrALWNO a » 0 Holbeach Railway . —The arrang e ments for opening this line for passenger traffic will soon be completed . The railway is already opened for the carriage of goods ., . ¦ '' - . " Western Railway of Fiiance . —The Minister of Public Works has given his approbation to the plans Of the Western Railway Company for the portion of the line from Rennes to Redon , situated between Macaire and Besle . The line is to follow the valley of the Yilaine , and is 6 * miles shorter than the direction originally proposed by the height of Branfeul .
Railway Rivalry . —The Dublin Mercantile Advertiser remarks , apropos to the ruinous contest between the Midland and Great Southern and Western Railways : — . " We . are happy to observe from the report of the proceedings on Thursday at the half-yearly meeting of the Midland Great Western Railway , that there is a fair prospect of an early arrangement of the dispute between the rival lines . The great majority of the shareholders of both have resolved upon putting an end to the contention at all hazards ; and the prudence of such a resolution could not be too highly commended . The sad effects of railway competition in England afford a startling example which ought not to be lost upon the Irish . public interested . in railway property . "
Thk Rhyl and Denbigh Railway . —This line of railway , known by the name of the Vale , of Clwyd Railway , is about to be examined by the Government inspector , ami in a few days hence it will be opened from the flourishing bathing-place of Rhyl , on the Chester and Holyhead Railway , to the old town of Denbigh . It is in contemplation to extend the line from Denbigh to Ruthin , still more southward , and thence' to the picturesque district of Llangollen , and the Chester and Shrewsbury section of the Great Western Railway , at Llangollen-road station . Proposed Railway Link . —A project is announced for the continuation . to . Bury St . Edmunds of a proposed line between Ilford and Dunmow , to place Bury . St . Edmunds in more direct communication with the
metropolis , than either the two existing lines of railway to that town afford . A further extension is suggested from '' Bury-St . ' Edmunds-to Norwich , in order to give the latter place al-so three Hues of railway-to the metropolis . It is not stated whether the promoters intend to share in the splendid dividends of the Eastern Counties Railway , or merely to secure costs . Thk Northkkn Benoal Railway . Company ( Limited ) have received an offer to construct the earthworks-of their line from Maldah to the foot of _ the hills at Darjeeling-, for . 2000 & per mile . This does not , however ] include Eurppean superintendence . The embankment will be carried above inundation level . The bridges , it is expected , will be constructed with equal economy . The main connecting line of the East
Indian Railway from Calcutta will , it is expected , be extended to Rajmahal by the end of next year . As there is abundance of labour on the spot at cheap rates , one year ' s work will make a large part of this important route available from Calcutta to Darjeeling . Galway and America . — The Galway Vindicator announces the arrival there of several directors of the Midland Great Western Railway , with a view of laying down a line of railway from their terminus to the dock . They were accompanied by Mr . tioylan , engineer to tno coninauv , who-commenced laying out the line , and we have reason to know that it will be proceeded with aa soon aa possible . When completed it will form a chain of the breakwater , of the construction of which , oy i" 8 aid of a Government grant , the company are sanguine .
Captain ITuish ' s Successor . —Mr . Cawkwell , traffic manager of the Lancashire and Yorkshire Railway , has accepted the post of general manager on the London and North Western , resigned by Captain Huish . About six months ago , Mr . Cawkwe , ll was offered a similar position on the Midland line , but was induced to remain where lie was by the liberality of his own board . It is said the Lancashire and Yorkshire directors have offered him 16 " 00 / . a year rather than lose his services . Rumour fixes the salary on the London and North Western at 2 Q 00 / . a . year , with a per-rcontago on tho increase of tr afilo .
New Italian Railway . —Negotiations are pending between M . MirO 3 and tlio Austrian Government for tho connexion of tho Lomuardo-Vonotiau and Pb-Central railways , by moans of a lino from Forrara to Rovigo and Padua . This would greatly Increase the Lombimlo-Vonotiantraffi ^ side , tttid tliencQ to tho Pledinoiitoao uml French railways , and to Gusaarsa on the other side , which will soon be brought into direct communication with Vicuna and the whole of Germauy . This connecting link would also greatly improve tho agricultural and mercantile prospect of Forrwru and Bologna—districts richly productive of maize and hemp , which are largely aonaumod at Trieste and Pola , the maritime emporiums of Austria . Tito fertile province of Polcslne , through which tlie lino
Untitled Article
RAILWAY INTELLIGENCE .
Untitled Article
1012 TH E LE AD E B . [ No . 444 , September 255 1853 .
-
-
Citation
-
Leader (1850-1860), Sept. 25, 1858, page 1012, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/vm2-ncseproduct2261/page/28/
-