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Friday Evening . The Stock Exchange lias been in a tumult this week , arising from the reports of war In expectation of the continuance of prosperity , and of the increase of trade and ot railway traffic the speculators in the Funds genera y had calculated on a rise . There was a large Bull account , and hence the reports of war had a sinister influence on the speculators . Independently of this circumstance the Lombardo-Venetian shares had been runup ' to a great premium , and a number of them haviii " then been thrown on the market a great to fall in all other shares
fall in them , leading a , was the consequence . Of course , under such circumstances , blame is sought to be thrown somewhere , and the perverted or exaggerated reports of what the Emperor said on the day of the levee have been much dwelt on . Whatever he might have said , and whoever might have been the person to give it a sinister inl erpretation—thoug h the demerit ot this is -ascribed to a noble lord , a member of bur own embassy at Paris—it is impossible , as long as circumstances continue as they arc , as long as nations ate oppressed and discontented , and Governments think it their interest to continue a system of misrulethat the most trivial events
, should hot cause great uneasiness . " When great property , however , is at stake , those who have the control of ¦ intelligence should not exaggerate the chances of danger . ; and we hear some blauie thrown on the press for having done so . After a week of agitation , attended by one suspension on the Stock Exchange , the market closed quieter to-day . The latest intelligence from Paris was of a less unfavourable character , and Consols , which have declined in the weekj after touching . 95 * in the course of the day , closed at 95 f . It is still feared that bankruptcies at Paris may ensue , and the alarm which ¦ lias . ¦ prevailed through the week is . by no means at an end . Those outside the Stock
Exchange , and not largely interested in shares and stocks , may rejoice that variations in them leave all the great producing interests unlouehedr We must notice that the panic has been much more violent in Paris than in London , which may serve to check the inclination there to boast of the great stability of business . Of all the countries of Europe , If ranee probably suffered least from the commercial convulsion of 1 S 57 , because , proportionately , less of her means and fewer of her people ¦ were engaged in trade than those of other countries . The reverse is the case in respect to securities . A
larger part of tiic means of franco , and a larger proportion of her people , are engaged in gambling in the funds than those of other countries , lience the disasters from the fall—and the actual fall in Paris , from the greater number of people frightened , is nvuch greater than in London . Money is very easy , the Bank rate , 2 A , being the general rate , but it is expected that " the rumours oi war , should war not actually follow , by impeding new enter }) rise , will tend to make money more abundant . So far as the reports of the Joint-Stock banks are yet published , they show , as might be expected , a reduction in tho rate of dividend us compared 1 q tho rate paid last year ; but still the small capital employed in them being conjoined with grqat confidence on the part oi tho public , yields a highor in of
vate of intorcst- ^ lS per cont . tho case the Union Bank—not to be obtained in other employments of capital . In the caso of the Joiut-Jtock Banks the confidouco of tho public and tho ski . ll of the managers arc tho sources of their success . The returns of tho Bank of France , m . ado up to last Thursday , show a dcclino of bullion , as oomparcd to tho last return , of 1 , 1 . 10 , 000 / ., and a largo advanco on railway securities . There is also a considerable incroaso in tho amount of bills discounted , and tho inorcascd advances of tho Bank aro indioativo both of increased business as of overspeculation in shares . Tho bullion in its possession still amounts to upwards of 21 , 000 , 000 / . Our own Bank roturns show a eonsidomblo decroaso of
public doposits , from tho paymont of tho dividends , an . inoroaso of private doposits , and a small inoi'oaso m bullion , Private soouritios have boon rodoomod to tho o ^ tont of 1 , 700 , 000 / . . ¦ . J-lio pi-obablo ciFcots of war on mil \ vavs- ~ CY » o of wio most vomarkttblo and most sucoc ^ ful works of any » tfo-. aro thus notiood by tho 2 / w < w . . --. « While WT ^^ jft "* « n < l Austrian , ' dovonunont Stocks ' »< wo ( loolmocl 5 per cont ., the silftroa of tho railways
in . Austria , Lombardy , and Piedmont , have sustained a fall of between 15 and 35 per cent . Indeed , in . the Lombardo-Venetian the momentary depreciation has been . ' much , heavier , and this instance affords the best exemplification of the nature of the fears on the question . The 20 / . shares of that concern , on which 6 / . is paid , stood at nearly 9 / . a few days before the opening of the new year . They have since touched 5 / ., thus showing a depreciation of nearly 50 per cent . The net profits are at present at the rate of about 12 per cent , per annum , and there are solid data to
warrant an expectation that under normal circumstances they will not merely be maintained , but exceeded . Yet the mere rumour of war has produced an effect as if half the property had at once been irretrievably swept away . Are we to assume , therefore , that a railway in any country which may be the scene of hostilities is necessarily to . be considered a ruined enterprise , and that it must be expected either to remain . shut up for years or to be exposed to wanton destruction ? If railway destruction is , under any circumstances , to be the order of the day , there can be no reliance on the
safety of such property in one country more than in another , and the world must sink to a state of unprecedented barbarism , since none but savages assail works of art and beneficence constructed at the cost of individuals for the general purposes of commerce and civilisation . But for the test furnished by prices yesterday , it could hardly have been supposed that at the present epoch such apprehensions could have , arisen . The warning given , however , by the events of the week is , that no continental railways-should be trusted until some understanding better than that which now prevails
shall have been arrived at regarding the contingencies to which they arc to be exposed . The interests involved are so novel and vast , and are likely to be so mixed up with the future advancement of all countries , that they might well have formed a branch of the discussions of the late Paris Congress . " ' . ¦ ' ¦ ¦ _ . ; Admitting the vastness of the interests at stake , we see no more reason for making stipulations to respect such property at any Congress than to make stipulations to respect farms and factories . In truth , war . is destructive to all kinds of property
and peaceful industry , and no protection can beprovided for ono kind which is not conceded to all . The proprietors of railways may make common cause with all other persons whose property and persons arc likely to be endangered by war ; and these , altogether , ' now form such an immense majority of society , in every part of Europe , that a word spoken in union by them , and echoed by the press , will speedily bind down in peace all potentates , though cacli havo 100 , 000 men—as the Times says of Louis Napoleon—at his command . What are 400 , 000 , or -1 , 000 , 000 against 100 , 000 , 000 ? If railway and other property be injured or ruined by the potentates , " the monarchs of the Stock Exchange , of the lloyal Exchange , and of Lloyd's , will not dc blameless
throughout the world , . The following curious fact is worthy of consideration by those who persist in treating bank-notes , because they arc of rather modern origin , as less useful than metallic money . From Vienna it is stated : — " The panic continues on 'Change , but the demand for silver at the Bank is not great . It may appear strange , but it is an undeniable fact , that the inhabitants of this city prefer the florin notes to silver coin of tho same value . A person of my acquaintance sent to tho Bank on Friday last for florin notes in oxebango for a note for lOOfl . Tho servant returned with 50 one-florin notes and 50 ( 1 . in silver , and told his muster that tho Bank clork hud refused to givo him tho whole sum in one-florin notes . "
Tho arrangements recently made for the " clearing" in London of cheques on country bankers are found to work very smoothly and satisfactorily . Only two or thrco of tho country banks now stand in tho position of opponents of tho now system . By thoso arrangements tho quantity of metallic coin , and of logul-tendor notes , rcquirod to qurry on businoss will bo further lesscuod in proportion to
tno business clone , and tho public will learn gradually , as tho progross , goos on , to disponso with all other ftrruVt ^ omonts for ourreuo ' y than those arising Vioin commorcQ , including tho banking systom fts ono of its offspring . As wo soo ovon in Austriaand tho oaso is similar throughout Gormany , and indood throughout sooioty- —wliowovor oash on domaud eon bo obtained for bank-notes , they aro proforrod to monoy . In other words , tho power oJf
obtaining money , in order to command the possession of other things , is all that men want ; and when they are assured of this by the same kind of confidence between one another , as is essential to all division of labour , they readily dispense with metallic moneys as a useless incumbrance .
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joint-stock companies . At the meeting of the Union Bank of Australia on Monday it was reported that great caution was still observed by the colonial storekeepers in making purchases Which would tend to restrict over trading fronr home . The directors had written off a portion of the cost of business premises , and contemplated no increase in the number of branches . A dividend was declared amounting to 10 per cent , for the half-year , aud 500 / . additional was added to the salary of the directors with a view of their increasing the salary of their chairman of commitees to the high figure of 1500 / . per annum .
At the half-yearly meeting of the Union Bank of London , a very favourable report was presented . The actual return secured from the business is equal to 22 per cent , per annual , but the dividend declared was at the rate of 10 per cent ., with a bonus of 2 £ per cent ., making a distribution at the rate of 15 per cent ., free from income tax ; leaving 22 , 540 / . to be carried forward for appropriation at the end of the financial year in July next . The profits of the bank , after the payment of all charges , and including the sum of 7495 / ., brought forward on the 30 th of June last , amount to 67 , 540 / -
At a meeting of the Port Phillip and Colonial Gold Mining Company on Wednesday , Mr . J . t > . Powles in the chair , a dividend was declared of Is . a share . There was a . long and stormy discussion , in the course of which , a proposal to wind up was put and negatived . 500 L yvas voted for the remuneration of the directors during the past year . At the meeting of the Netherlands Land Enclosure Company , on Wednesday , the directors' report was adopted , and a committee of three shareholders , viz . Messrs . Ambrose Mo 6 re , William Uartridge , and William Morgan , was appointed to confer with the directors yritb , reference to the future financial management of the company . As soon as the amended concession , -which has already been signed by the directors and by the Dutch Government , shall have received the formal sanction of the Dutch Legislature , the company will proceed at once to enclose 1000 acres of land . .
The half-yearly meeting of shareholders in the Western Bank of London is called for the 27 th instant . A meeting of the National Discount Company is called for the 2 nd of February . The Directors of the \ Australian Agricultural Company intend to recommend a distribution of 1 / . per share , free of income-tax , at the half-yearly meeting on the 1 st of February , carrying over a balance of between 8000 / . and 9000 / . to July next , when the accounts for the year will have been received . The Alliance Marine Assurance Company announce a half-yearly dividend of los . per share , and a bonus of 20 s . per share .
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MONEY MARKET AND STOCK EXCKANGrE .
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J . ; - ' . No . 460 , Ja ^ UA ^ __! _ .,. „ . _ gg __ "
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BANK OF ENGLAND , An Accomit , pursuant to tho Act 7 tU and 8 th Victoria cap . 32 , for tlio week ending oh Wednesday , tho 12 th day of January , 1859 . IBSUE DEPiBTMEST . £ I ¦ £ Notes issued 33 , 030 , 100 Government debt .. 11 , 015 , 100 Other securitios .., 3 , 459 , 900 Gold coin and bul-: lion IS , 501 , 100 , Silver bullion £ 33 . 036 , 100 ! . £ 33 , 036 , 100 DANKINO JDE ? A . nTMENX . £ .. I' £ Proprietors' capital 14 , 553 , 000 ' Government scou-Risfc 3 , 214 , 101 ritios ( including Public doposits ( in- Dead "Weight AnoludlnB Exche- nuity ) , 1 P , $ C 9 , 6 O 7 quor . Commissiou- Other Securities . 10 , 504 , 101 ors of National Notes .... 11 , 055 , 035 IJcbfc , Savings' Gold and Silver Banks , and Dlvi- Coin 031 , 250 dond Accounts ) ... 5 , 518 , 742 Other doposits .... 15 , 725 , 803 Scvou J > ay & other JJllla 838 , 535 £ 30 . 850 , 180 1 £ 30 , 850 , 180 M . MARSHALL , Ohlof Cashier . Datod tho 13 th day of January , 1800 .
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The Port of Havbb . —According to an official return just published by tho Custom-house ot Havre , tho number of vessola -which entered the port last year , olthor laden or in ballast , was CG 72 , measuring together 1 , 050 , 405 tons , and with crows of 06 , 83-1 mon . In 1867 tho numbers wore respectively 6993 , 1 , 056 , 168 , and CO , MO . Tho departures amounted to 6524 vessels , measuring 1 , 002 , 578 tons , and having 04 , 850 mou ; the numbers in 1857 Svero 7028 , 1 , 077 , 019 , and 07 , 154 . Tun Subz CANAt . —A tatter from Paris of yesterday says : —Now is the time to buy Isthmus of Sues shares , for thoso wh , o like tho security . Tho tfOfr . scares aro freely offered ftt 15 fr . C 85 f *>' discount ) , but takors aro few .
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Citation
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Leader (1850-1860), Jan. 15, 1859, page 93, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/vm2-ncseproduct2277/page/29/
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