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Leader (1850-1860), 23rd October 1858, Edition 1 of 2, Page 1140, Untitled Article

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      Untitled Article

      dertaking designed to shorten materially the communication between the £ United Kingdom and North America . . . As an Irisman myself , I view it as an enterprise of great national and commercial importance . I . shall be happy ' to render it all the assistance which can properly be expected , # nd bearing in mind that it is not the province of Government to grant subsidies except for postal services . I am not , however ^ aware of there being anything in the existing contract to interfere with any arrangements which may be found desirable for improving and developing the communication between this country and North America ; and you are yourself cognisant of the fact that tenders are in contemplation , and that your company has made one for improved postal services with some of our American colonies . I remain , dear sir , faithfully 3 'ours , Geo . A . Hamilton . Treasury , Oct . 21 , 1858 .

      Untitled Article

      CITY , Friday Evening . We ventured upon an opinion last week , that the Bank directors would very likely be unable to withstand much longer that pressure ' which an organised City party is bringing to bear upon them , and that consequently against the better judgment of the majority—for we also stated there were two parties among the Bank directors themselves—an announcement of . a reduction of the rate of interest would shortly be made . That pressure , although it is intensifying , has not yet had its expected effect ; the Bank directors held their weekly meeting on Thursday , and after a brief discussion separated without making any change .

      many cases to which it is unhesitatingly applied , as having no more substantiality than tlie visionary " Mrs . Harris . " Your heavy writers on financial matters and abstract economics ar « ever ready to silence or annihilate an opponent with this law of " supply and demand . " They remind ; one forcibly of Philosopher Square , who had one immutable formula for settling everything , " the unalterable rule of right and the eternal fitness of things . " The Bank directors ai-e told they ought to be governed by the law of " supply and demand , " conform to the market rate for money . We confess to be unable to comprehend the force or validity of this kind of reasoning . The Bank , like every other private establishment , may be presumed to know its own business best , and to adopt the bcst _ plan for conducting its business . If for any purpose the

      Bank thinks fit to name 3 per cent , or 10 per cent , as their terms of ? doing business with the publicfor that is the plain English of the case—it has a perfect ri g ht to do so . If it is wrong , it will suffer a proportionate private loss ; but whether right or wrong , we do not sec what the external public have to do with the matter . The Bank is taunted with neglecting the interests of its proprietary by its present policy . But this is hardly correct . If the Bank were to reduce the rate to . 2 per cent , tomorrow it would get no more discount business than it at prcseut has—the opposing discount houses would lower in equal ratio , and matters would remain in sfatti quo as far as the division of the discount business is concerned ; "but then / ' as a Bank director pithily remarked recently , " shouldn't we be letting the d—1 loose ?"

      The committee of the Shannon Transatlantic Station held a numerous meeting on Thursday , and a resolution was unanimously adopted to the effect that the Mayor , and Messrs . Spaight and Russell , M . P . s , should at once proceed to London to have an interview , by appointment , on Saturday , with Mr . Cunard , on the subject of the Transatlantic packet . The Bank of Bavaria has raised its rate of discount to 5 per cent ., the Bank of Prussia to 5 , the Bank of

      Leipzig to G , and the Bank of Nassau to 4 * . These movements are chiefly due to the restrictions in the discount market at Vienna , pending the return to specie payments ; but money at this period of the year is always in demand in Germany for the vintage and other purposes . It is this simultaneous rise of the rate of interest on the Continent , and small increased demand for money at home , that have operated to strengthen the determination of the Bank directors to keep the"Yate

      for the present without reduction . The Suez Canal . —M . de Lesseps has received an enthusiastic reception at Barcelona . Numerous delegations have paid him their compliments . There will be a general meeting at the Exchange , and a banquet given to M . de Lesseps by the French part of the population . Friday and Saturday M . de Lesseps will be honoured by banquets given by the trade of Catalonia and by the Consuls-General of foreign countries . The amount of gold on the way to this country is not far short of' l , 000 , 000 J . We have also advices of more gold from Russia , America , and other sources .

      We will not go over the same ground which we covered the last and preceding weeks , and reproduce the loading reasons which are ^ nderstood-to influence those Bank directors who persist in refusing to make a further reduction , and those who desire to see a reduction officially announced . We may , however , ask our readers to bear in mind what we then stated : that , although it is no part of the dutv of the Bank of England—assuming its duties to be defined and limited by its Charter , and by the Act of 1844— -to regulate the trade of the country or to fix the value of money—taking that phrase to

      represent the rate at which pecuniary accommodation is afforded to the trading ; and commercial classes—yet that it cannot be denied the Bank does exercise a wide influence over commerce and finance , and that it is by the Bank and its movements that external monetary transactions are for the most part regulated . The Bank does exercise a moral and a positive influence in various directions , and it would be the height of ignorance to assert that a determination , to lower or to increase the rate of accommodation does not have a marked effect on legitimate trade , and especially on speculation .

      At this moment the Bank directors well know that trade and- finance arc still suffering from the speculative inflation of 1857—they also know , or honestly believe , that trade is slowly recovering from the paralytical shock it sustained , and that the general prospect , although not brilliant , is far from gloomy , Added- to this , they nre keenly alive to the fact that the accumulations of capital and the mass of bullion in the Bank are attracting the cupidity of speculators . Thoy know that plans are prepared for drawing off the solid gold of this country , and replacing it with foreign paper representing every kind of speculativo project . They know also that parties are lying in wait for the favourable moment to

      resume business operations of a flatulent charaotor , so as to present the appoarance of a sound and sudden , expansion of trade , and to causo preternatural activity in the manufacturing districts and exporting interests . But thoy feel that these ways avo not the best ways of disposing of our vast accumulations , and thoy seemingl y prefer to wait until more legitimate modes of diffusing the- overplus of bullion present themselves . For nolding to this purpose they are freoly pelted with great and small missiles , and have to sustain an ondloss volley of paper pellets front skilled and unskilled lianas . Porhaps the hardest blow aimod' at' them is from' that solemn

      section of economists who rcibr orory operation to the law of < 4 supply and doninnd . " . For our own part , wo are disposed to regard this " law , " in

      Untitled Article

      JOINT-STOCK COMPANIES . The London General Omnibus Company . —The report of the Company , read at tho meeting in Paris , states that the total receipts during the past half-year were 291 , 6041 ., and the expenses 282 , 523 ^ ., showing , in tho former case , a decrease , as compared ¦ with tho corresponding period of 1857 , of 16 , 807 / ., and in tho latter an increase of £ » 615 f ., the results of tho existing opposition . From this causo tho earnings on one of the linos have diminished fully one-half , but on others tho logs

      Commercial Dock Company . —Yesterday a Special general meeting of the proprietors was held at the Dockoffices in Fenchurch-street , City , for the purpose of considering a report of the directors on the subject of the defalcations and frauds of Mr . Smithers , the late secretary , and Mr . Cox , the late accountant to the company . This report is summarised in another part of . " columns . The Chairman moved the adoption of the report , stating that he had nothing to add to it . The report , after some discussion , was adopted , and the proceedinffs closed in the usual manner .

      has not boon in nu equal ratio . It is alleged that their opponents have secured a considerable share of patronage by tho cry that the company is a u foreign monopoly , " and that recent events have contributed to embitter this sentiment of dislike . It has become a serious question whether the correspondence system should not bo abandoned . The horao stock is stated to bo in excellent condition . From tho disadvantages attending upon the position of tho company as a French undertaking , it has been determined to register under the English law of limited liability .

      Tun Bank op London and National and Provincial Finn and Life Assurance ] Society . —On Thursday a special general meeting of the proprietors was hold at the London Tavern , for tho purpose of sanctioning tho buIo of tho life assurnnoo branch of thoir business to tho Albert Life Assurance Company , of Wntorlooplace , Pall-mall . After some further discussion , a motion to that effect was put from tho chair , and aarriod unanimously . Messrs , Henry Blake , "Woodthorp , Brandon , and llonry Asto wore unanimously elected trustees to wntch tho interests of tho shareholders of tho Bank of London and National and Provincial Fivo and Life Assurance Society .

      Untitled Article

      MONEY MARKET AND STOCK EXCHANGE .

      114 i 0 THE LEADE R . [ No . 4 . 4 . 8 , October 23 , lgj > 8 .

      Untitled Article

      BANK OF ENGLAND . An Account , pursuant to tho Act 7 th and Stli Victoria cap . 32 , for the week ending oil Wednesday , the 20 th day of October , 1 S 5 S . ISSTTE DEPARTMENT . £ £ Notes issued 33 , 13 S , 710 , Government debt .. 11 , 015 , 100 ; Other securities ... S , 459 , yoO Gold coin and bul-1 c } ion ;••;;• - is , CG 3 , 7 io : Silver bullion . i . £ 33 , 133 , 710 ] ' ^ 33 , 13 S , 710 BANKING DEPARTMENT . ^ e . I £ . Proprietors' capital 14 , 553 , 000 Government secu-Itest 3 , 0 ^) 7 , 613 rities ( including Public deposits ( in- Dead Weight A . ucluding' Exche- nuity ) 10 , 809 , 467 quer , Commissioii- Other Securities . 14 , 815 , 126 crs of National _ Notes 11 , 642 , 545 Debt , Savings' Gold and Silver Banks , and Divi- Coin C 12 . S 50 dend Accounts ) .. 5 , 531 , 558 Other deposits ... . 13 , 808 , 340 Seven Day & other Bills 839 . ^ 37 , 879 , 982 I £ 37 , 879 , 982 M . MARSHALL , Chief Cashier . Dated the 21 st day of October , 1858 .

      Untitled Article

      FKOM THE LONDON GAZETTE * . Tuesday , October 19 . ' - BANKRUPTS . William " Wolf , Eaton-terrace , Rotherhithe , baker . Stephen- James Field , Railway-rplace , Fenchurchstreet , w ine and shipping agent . George Montagu Evans , late of Farnham , money scrivener . John Metcalf and John : Lilly , Birmingham , hosiers . James Williams , Mountain Ash , Glamorganshire ,, grocer . Robert and George Elliot Wright , Leeds , wharfingers . Robert Palmer and Robert Palmer , jun ., Stokesley r Yorkshire , scriveners . Char , les Lewis Wrenshall , Birkenhead , musical teacher . William Brown , Whitehaven , builder . SCOTCH SEQUESTRATIONS . Richard Jeffryes Mucicleston , Glasgow , leather merchant . George Murray Kaye , Glasgow , manufacturer . Friday , October 22 . BANKRUPTS . John Boden Radford , Sun-court , Curzou-streot , Miildlesox , butcher . David Lain g Born , Cornhill , merchant . William Wiloox , Liverpool , sailmaker . Henry Render , Manchester , oil-merchant . Fieldhouse Long and William Long , Yeadon , xorkshiro , cloth-manufacturers . Samuel Alloock , Stafford , painter . Joseph Samuel Ouston , Kingston-upon-Hull , w » no and spirit merchant . Richard Exley Twiao , Louth , Lincolnshire , grocer . Joseph Maokrill , Queou ' s Arms Tavern , Nowgntostrcct . James BisnTON and William "Wilkinson , Binning ""'" * fruiterers . , , Thomas Churchouse , Briton Ferry , Glamorgonsuire , grocer . Ambrose Scully , Bradford , ironmonger . John Muuriaian , South Shields , draper . SCOTCH SEQUESTRATIONSFrancis Dick , jun , Dundee , sacking-manufacturor . Alexander Smart , Glasgow , oftbinot-maker . Archibald G . Lano , Glasgow , merohant . Stewart Scott , Edinburgh , upholsterer . Kanit , WmxBHEAD , and Co ., Glasgow , merchants .

      Untitled Article

      Piicdnix Life Assurance . —On Thursday this company gave a dinner to Lio » t .-Col . Addisou , who wi several years has illlod tho pout , of tholr Monnfflnff w » rector , and from which lie ratirod last week . iun « speeches wore tho order of the evening , the l ^® 1 ™ "" ^ having gained tho good wishes and approval oi m" » brother directors .

  • Citation
    • Leader (1850-1860), Oct. 23, 1858, page 1140, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/vm2-ncseproduct2265/page/28/