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Leader (1850-1860), 6th November 1858, Edition 1 of 2, Page 1204, Untitled Article

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      Untitled Article

      Wooi * . The colonial sales of 50 , 000 bales have commenced with a large attendance of home buyers , and an active demand at an advance of 2 d . on Australian , 2 d . to 2 $ d ~ on Port Phillip , and Id . to l £ d . on Cape , as compared with : the previous series . . . Spices . —Black pepper is fully Id . per Ib . cheaper , but the whole of 3500 bgs . sold readily at * the decline . Fair Singapore , 33 d , to 4 cl . ; half heavy Malabar , 4 d . ; 223 bgs . white brought 8 gd . to 8 fd . for Penang , and 8 fd . to Sid . for Singapore . Nutmegs sold steadily at Is . 5 d . to 2 s . 9 d . for small to good bold Bengal . Ginger , at 15 s . 6 d . to 16 s ., was cheaper ; Cassia Lignea is firm ; Pimento unaltered .

      Metals . —Banca tin has sold in moderate quantity at 122 / . ; Straits 120 ? . to 121 / . ; Spelter , after obtaining 22 / . 15 s . for small lots , has been sold at 221 . 10 s . per ton . Copper is in steady request , at late rates . Lead ¦ without quotable change . Scotch pig-iron , 53 s . 9 d . sellers , and very little doi ng . S tock at Glasgow , 135 , 000 tons , against which warrants are out for 129 , 800 tons . The deliveries of tin in Holland during October were 20 , 000 slabs against 10 , 000 in the corresponding month last year , and the stock on the first inst . 111 , 192 slabs , against 142 , 097 last year . The present stock in London is 960 tons . Cutch . — 286 bgs . sold at 32 s . to 32 s . 6 d . Cochijjeai . is more freely offered , and Id . for the cheaper . In lac dye very little doing .

      Shellac . —Considerable supplies have been brought forward , and have met a steady sale at late rates for all but garnet sorts , which declined 2 s . per cwr . D . C . orange held at 80 s . ; button sold at 80 s . to 84 s . ; garnet , 69 s . to 71 s . ; native orange , 70 s . to 71 s . 6 d . ; livery , 65 s . 6 d . to 68 s . ; good native orange , 78 s . 6 d . to 80 s . 6 d . per cwt . . Gums .- ^—A fair extent of business has been done at steady prices ; Kowrie has sold more readily at 16 s . to 16 s . 6 d . cwt . India-jjcbbkr . — At sale to-day Para brought Is . 8 d . to Is . 9 d . for good tube and sheet ; and fine East India 9 d . to 9 | d ., one lot 9 | d . per 1 b . Cotton . —The week ' s business at Liverpool is 47 , 000 bales * fair qualities id . per lb . lower . The iitirports 20 , 132 bales . The transactions in ; the London market have been-beneath report .

      Hidks . —At public sale 199 , 059 East India ( including tanned and buffalo ) were offered , and 85 , 000 were sola . The quantity offered being much in excess of the requirements of the trader , a large proportion were conse- ? quently "withdrawn . The demand was chiefly confined to clean , cured , and brine descriptions , which realised fully previous rates ; other sorts being dull and neglected : Buffalo hides were unsaleable . Oii-s . — linseed has further declined to 28 s . 6 d . on the spot , and 29 s . for future monthly deliveries . Rape oil difficult to sell , but for immediate delivery are not lower . For future delivery 40 s . accepted for brown .

      Olive oils have met more inquiry , in consequence of advices from producing countries to the effect that the present crop had sustained serious injury from the " worm , " and that prices free on board were equal to present value here on the spot . Our quotations are , therefore , rather higher , say , Mogadore , 42 / . ; the market cleared of Malaga at 44 / . ; Corfu selling at 44 / . ; and Gallipoli at 45 / . 10 s . Cocoa-nut sella steadily , at 40 / . to 41 / . for Cochin , and 37 / . 10 s . to 38 / . for Ceylon . Palm scarce , and fine worth 40 / . 10 s . to 41 / . Fish oils sell slowly . Sperm 85 / . to 86 / . ; southern 35 / . Several hundred tuns cod sold at 30 / . on the spot and to arrive .

      Tallow . — -On Tuesday our market became greatly excited by accounts from St . Petersburg of cold weather with six degrees of frost , and prices ran up to 50 s . Gel . to 51 s . on the spot , and for Jan .-March ; speculative sales for all the year were made at 49 s . to double ; however , the price has since receded a little , as each day ' s telegram stated " mild weather ; " the shipment to this day was 110 , 000 casks , of which probably 15 ) 000 caska arc still in craft , and about 16 , 000 casks were left on the wharf ; the price was 157 ro . ; freight , 30 s . by steam , with plenty of

      room ; so that the present is quite a weather market , A . great deal of business has been done during the week both for spot and delivery , and the consumers have taken up nearly the whole of the deliveries made on contract . We close quiet at 49 s . 6 d . to 49 s . 9 d . spot ; 49 s . 8 d . to 49 s . 6 d . all the year ; 60 s . Jan .-March . The public salts yesterday were of little moment . St . Petersburg letters to 15 th ( 27 th ) ult . state shipment 40 , 683 eke . 1855 , 104 , 621 cks . 185 C , 93 , 860 cks . 1057 , 98 , 983 cits . 1858 . Town tallow , 53 s . 6 a . ; rough fat , 2 s . 9 Ad . melted stuff , 37 s .

      "Whams-fins ;—Two cargoes Davis Straits have sold at 560 / . f . o . b . at out ports , with undersized at hwlf-price . Turpehtinm . —No arrivals of crude . American and raw spirit , 41 s . to 41 b . 6 d . ; English , 40 s , 6 d . per cwt .

      Untitled Article

      JOINT-STOCK COMPANIES . Tub half-yearly meeting of the Western Gas Company was held on Thursday , at the offices , Argyll-street ; Mr . W . Russell , M . P ., in the chair . From the report it appeared that , after deducting the dividend ad the rt \ t , e of 5 per cent , per annum paid for the first half-year , a balance remained of 5129 / ., out of which the directors recommended a further dividend at the rate of 5 per cent , per annum , leaving a surplus of 848 / . for the next account . The report was unanimously adopted , and the dividend agreed to . An important meeting of the Eastern Steam Navigation Company has been held . The company was dissolved , and liquidators were appointed . It was also resolved that , in the event of the great ship company being formed , the liquidators should be authorised to receive the whole or part of the purchase money for the Great Eastern in shares .

      Untitled Article

      1204 * THE LEADER . [ No . 450 , November 6 , 1858 .

      Untitled Article

      The Railway Market this week presents no feature of importance . "Within the last few days there lias been a tendency to lower prices . The first meeting oPthe Railway Companies' Association was held on Thursday , at the Railway Clearing-house , Euston-square ; Mr . II . S . Thompson in the chair . Thirty-one directors , representing eighteen railway companies , were present . On the motion of the chairman , Mr . Thompson , of the North-Eastern , it was resolved that reporters should be admitted to all subsequent meetings . The report of the committee is to the following effect :- ^ Tlie principal reason for the formation of the association was the

      unsatisfactory position of all railway property . For its improvement the committee look to union and mutual eo-operation amongst the companies . This anticipated improvement is by no means limited to the question of dividend , but applies to the judicious development sind amelioration of the railway system quite as much as to the increase of net receipts . The committee adopt as their motto " Railway Improvement , " not alone on the returns of railway capital , but likewise in the internal arrangements of the companies , upon which the safety and convenience of the public so much depends . The return upon 300 , 000 , 000 / . of capital can never be otherwise than an important consideration , even when treating of the

      interests of a nation , and the employment of million after million iu the construction of unnecessary lines must have a marked influence on the supply of floating capital , which is at once the measure of our power of sustaining great national efforts and the means of effecting great national improvements . No improvement can be effected until the public mind is disabused of the fallacies which at present prevent railway companies from obtaining fair play . One of the first cares of the association , therefore , will probably , be to bring prominently before the public the principal facts connected with the present position of the railways of the United Kingdom . The report

      then proceeds to refer to the anomalies and expense attendant upon railway legislation , arbitration between the companies , and internal improvement . In conclusion , the committee announce their opinion that the Railway Companies' Association be taken up with the firm resolve to be deterred by no difficulties , and to persevere until their object be accomplished , that object being railway improvement by all and for all . Appended to the report is a list of rules for the government of the association . . On the motion of Mr . Watkin it was resolved that each Company connected with the association should have a vote , and that that vote should be given by a director in person , not by proxy .

      The half-yearly meeting of the Leven Company was held at Leven ( Fifeshire ) , on Friday . The report was unanimously adopted . The half-yearly meeting of the East of Fife Company was also held at Leven on the same day . The report was adopted , and a dividend of 2 £ per cent , declared . At the meeting of the Mersey Docks and Harbour Boards on Wednesday two communications were presented , one from the Birkenhead , Lancashire , and Cheshire Junction Railway Company , and another

      from the Great Western Railway Company , on . the subject of the proposed extension of dock works on the Liverpool side of the Mersey , which the directors of each of these companies fear will involve a sacri flee of the agreements entered into between them and the Mersey Docks and Harbour Board for the completion of the Birkenhead Docks and the general development of the railway interests on the Cheshire side of the Mersey . The consideration , of the report and plans was postponed for a week .

      Untitled Article

      Tun Submarine Cable between England and Holland . —A telegram was received on Tuesday , with the intelligence that the William Cory steamer had succeeded in laying down two-thirds of the new electric sab , to tbetween AldborpugU and the coast of Holland , * n"d was expeoteel to complete the rest before the oloso sf the dny . The steamer was in sight from the light * liouso on tho Dutch coast tvhon the telegram waa loapatchod .

      Untitled Article

      KAILWAY INTELLIGENCE ,

      Untitled Article

      Tub Shipping Intbihsst . —Mr . T . Holman , of Topeham , is at present in London , on the part of the Western clubs , engaged in arranging a plan ojf operation with the Shipowners' Society of London , in view of the approaching conference . —Shipping Gweette ,

      Untitled Article

      CITY , Friday Evening . The prudence ami foresight evinced by the Bank directors in steadily refusing to reduce the rate of interest for the convenience eff a certain class of City speculators , whose voice is heard growling unheeded in the columns of the Times , is the theme of general praise . We know , from personal assurance

      that many persons of judgment and influence in the City , who were at first inclined to think that the Bank directors acted on erroneous views , have ad mitted their mistake frankly , and now place themselves in the enlarging ranks of the Bank sapporters . The Bank directors correctl y anticipated that an increased demand for money would take place , and that gold , which has been accumulating for some time past , must have an efflux in the natural action of commerce .

      We find accordingly that money is in more demand , that gold is required to purchase silver with to send out to the East , that the exchanges are adverse , that money is wanted to pay foreJW calls , and for continental operations , particularly the return to specie payments of Austria , draw gold away , and that the result of these combined circumstances is to find vents for our stock of bullion , and to afford a prospect of the monetary demand increasing . Had the Bank directors given way to the ignoraut and interested clamour raised against

      them , and reduced the rate , there is no doubt they would have been obliged to retrace their steps and to raise the rate again . The consequences of such fluctuation may easily be conceived . As far as our inquiries extend , we are in a condition to report that the condition of commerce generally is improving . A sound trade is doing in most quarters , but there ai - e some manufactures which do not as yet exhibit" any decided recovery fro ni the paralysis they sustained at the beginning of the year . One word with reference to the charge brought against the Bank of England , that it refuses to do business at the " market" rate of interest . We should

      be glad to have some further insight into what is called the " market" rate . The Bank establishes its " market" rate , ithasa perfect right to do so . The outside discount houses establish theirs , they have an equal right to do so . But why should the lower rate be considered the " market" rate any more than the higher . Thediscounthouses beatdownthe Bank rate , whatever that rate may be . We can hardly understand why the Bank should be requested to submit

      to this kind of dictation , or that it should be called upon to do anything move than to manage its owa business in its own way according to the best of its foresight and judgment . Money is still dear in Germany , principally on account of the putting out of circulation of tho 21 and 12 kreutzer pieces , which being no longer a legal tender in the greater part of Germany , are carried in large amounts ; o the mints at Frankfort and Bavaria to be molted .

      Advices from Vienna mention that tho Finance Minister has announced his intention to allow nil holders of Austrian Stocks , bearing less than 5 per cent , interest , to convert them into 5 per cents ., according to their proportions—that is to say , 200 ? . of 2 £ percent . forlOW . of 5 por cent ,, and so on . . . Exact details of tho proceedings at Constantinople with regard to the appropriation of tho instalments ot the recent Turkish loan are expected in tho course ot o week . Meanwhile all tho advices state tho funds « ro placed with tho Ottoman Bank , according to the striw terms of the contract . Tho friends of Turkey at the same time point to the fact that there is no ovidoiico to that country having over undertaken , a solemn obligation in the face of Europe which it has not faithfully

      fulfilled , . Tho advices from Brazil mention tho failure ot Messrs . Plowes , Son , and Co ., merchants of Kio < W Janeiro , The corresponding houso of ft similar name in London stopped in September , and tho suspension of the firm on the other side hnd beon also arranged . Tho amount of tho insurance at Lloyd ' s on tho Huaaon steamer just burnt is only 21 , Q 00 J ., tho amount of a policy on , the hull and machinery , valued at 55 , 0006 The gold on its way to this country is estimated flt about a million and a half ; the silver going out to t » o East is About a quarter of n million , A good deal or gold has loft tho Bank ; vaults this week , anil It w w «» said that the rosorvo of tho Bonk of JVaaoo «« 8 diminished by upwards of one million . <

      Untitled Article

      MONEY MARKET AND STOCK EXCHANGE .

  • Citation
    • Leader (1850-1860), Nov. 6, 1858, page 1204, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/vm2-ncseproduct2267/page/28/