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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.
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No . 472 , April 9 , 1859 . j THE LEADER . 477
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GENERAL TRADE REPORT
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Friday Evening . The current of business has been somewhat checked by the announcement of a dissolution of Parliament , but not to that extent which usually occurs on such occasions . Throughout the manufacturing districts trade lias been good , but not very brisk . It is satisfactory to have to state that the last advices from Bombay give ground for the hope that the markets of India have not been oversupplied . The temporary check to demand and the partial lowering of prices -which , occurred in India , are referable to other causes than that of a glut of English manufactures . To counterbalance this satisfactory information we have to state that the last advices from Australia indicate tv repetition of that ruinous system Avhich produced
so much bankruptcy in 1853 in Australia , and which eventually reacted with such force in this country . We refer to the practice of sending consignments of goods of all kinds on sale and speculation , without regard to the demand or \ he capacity of the pbpulation to consume them . We are informed that shippers have been told by their consignees that the depots are crammed with unsaleable goods , that buyers are only taking what they absolutely want , and are quietly waiting for that crash and that rush to sell at any sacrifice by which they profited so largely in 1853 , and by which they hope to profit again in 1859 . With this exception , we believe we may say that the export trade is in a satisfactory condition . Home trade appears to be . both sound and
progressive . Liverpooi ,. —The raw cotton market has not been very brisk , but a fair trade has been done , and prices have given way under the strength of the reports from America of the amount of the crop . The price generally is lower by about id . per pound . MjLXCiiizsTF . il . —rOrders from G-ermany have come in pretty freelyt but by no means to the extent winch would be the case were matters on the Continent , a little more pacific in aspect . From the Mediterranean few or . no orders are given out . Tins is what might
be expected . The home trade is more active , and the Indian business , which was beginning to alarm spinners , lias received ah impulse in consequence of reassuring reports from Bombay and Calcutta . Several additional orders have been given out for India , but we have not heard that manufacturers have made any concession in price—indeed our inquiries point to quite another result . It is certain that the downward tendency -which began to manifest itself lias beeu arrested , and that the markets for yarns and cloths are firm in tone .
Leeds . —Light and fancy fabrics still continue in demand . More sales are made of plain cloths ; altogether the tone of the trade may be reported as improving- ; Bkadjforj ) . — rWools and worsteds are more in demand . The finer sorts of wool have an upward tendency ; bright haired ' are in request at good prices . Wools and brokos in demand , but ho change in prices . Manufacturers are well employed for the home and American markets .
Lxxoestkk . —As the shipping season approaches , it is expected that a busy time will on sue . In the hosiery districts , though trade is not active , there is un average amount doing , taking the season into consideration .. Nottingham . —The lace trade is pretty fair , but no marked improvement has occurred . llvvuBiieviKLij . —The attendance of buyers from distant markets lias been rather limited . Prices in all deportments uro firm . A brisk demand exists for light goods , nml suporflne goods go oft better . Biumincuiam , — -The hai'dwaro trade is not very brisk , but it is sound . The iron districts in Staffordshire and Wales are fully employed on railway orders .
wcj havo reason to bohovo that the difFerenees between employers and operatives in general trades which have shown themselves within the present year , will not grow to that magnitude to wurrant alarm . There Is , in many instances , a disposition to listen to reason on both sidos , and this , wo anticipate , will prove tlio best poaco-makor .
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London-Bridge and Ci-iaiung-Cross Railway . The committee of the House of Commons have come to the decision that the preamble of this bill lias been proved ; but they require that clauses be inserted with reference to the compensation ; to be pail to St . Thomas ' s Hospital . The committee adopted the unusual course , of personally visiting and examining the London-bridge terminus , St . Thomas ' s Hospital , and the crossing of Wellingtonstreet , the interior of St . Saviour ' s Church , atid the Borough Market . . ' from Turi
Saujmxian Likes . —A letter n says : — " As far as I could judge by the view obtained from the coach road between Magenta and the Ticino , the heavy embankments in the valley of that river are all but complete , and the short unfinished section of the rail that is to connect Turin and Genoa- with Milan and Venice might be opened to circulation in a very short time . In Milan I was told that a month or six weeks would amply suffice . It is doubtless the present unsettled state of things and the possibility of war that stop progress . When those pass away , and the whole line is opened , it will be atwelvc hours' run from this capital to Venice . "
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A meeting of the company of Copper Miners in England took place on Wednesday , Sir J . 11 . Polly in the chair , when a divideud was declared at the rate of 7 > J per cent , on the preference shares and 1 per cent , on the original stock . The works wore stated to be in an efficient condition , ancl nearly all departments are fully occupied . In reply to' ' questions it was mentioned that the stocks at Cwm Avon are properly vouched and valued . The saving of 20 per cent , in the wages of the ironworkers , contemplated at the last meeting , has been effected . At the Quinquennial Meeting of the Alliance Assurance Company , a bonus of 10 s . Oil . per share was declared , making , with the half-year ' s dividend now duo , an aggregate of 1 / . 5 s . per share . The dividend for the ensuing live years will bo continued at the prosent rate of 17 s . a shoro ( or 71 . 14 s , Od . per cont . on the 11 / . paid up ) , a sufficient sum having bean reserved out of tho profits ascertained and declared to provide for it .
The Waif-yearly meeting of tho Australian Jointstock Bank was hold on tho 28 th ult . A dividend at the rate- of 10 per cent , por annum was declared . The net profits for tho hulf-yoar amounted to # 17 , 557 12 s . Od . Tho ru 3 orvod fund whs increased by the sum of £ 1 , 755 15 s . 3 d ., and now amounts to £ 8 , 209 1 la . 4 d . Thy hulf-yoavly nioetinc of tho shareholders of tho AustrnJasian Steam Navigation Company was hold on tho samo day . Tho report was considered vory satisfactory . A dividend at tho rato of 10 per cont . por annum , with a bonus of l { 5 a . por share , was declared . Ot'lio not profits for tlio half-year amounted to £ 32 , 0 ( 52 17 s . 01 . Mr . 0 . Kemp was elected a director in tlio room of Mr . T . W . Smith , resigned .
The half-yearly meeting of the shareholders in the Newcastle ( Australia ) Coal and Copper Company was held on the 31 st of January . A dividend at the rate of 10 per cent , per annum was declared . The report of the directors of the City of London . Life Assurance Society , presented at the annual meeting on Wednesday , congratulated the proprietors on a large accession of new business , " notwithstanding the immense competition to which life assurance continues subjected . " During the past year new policies have been completed representing
. £ 210 , 534 , and producing a premium income of . £ 7 , 480 , being a larger amount of new business than has been effected in any year since the establishment of the society . The accumulated funds of the society would have been very largely increased but for the recent additional purchase of the business of other companies , from which the directors anticipate satisfactory results . It is intimated that " the society being now established on a firm basis , the directors are devoting their earnest attention to economise the working expenses of the office as far as possible , without impairing its efficiency . "
The twenty-sixth quarterly general meeting of the Conservative Land Society was' held on Tuesday , Viscount Ranelagh in the chair . The report showed quarterly receipts of nearly £ 13 , 000 , making a grand total of receipts , £ 380 , 814 19 s . lOd . ; land sale , £ 219 , 976 18 s ! 6 d . The committee reported , that at no period of the society ' s existence had properties of greater magnitude and importance been brought under their notice than during the past quarter . The committee were enabled , taking into consideration the present position and prospects
of the society , to raise the rate of interest irorn J ^ ady day to the end of the financial , year at Michaelmas , 1850 , on completed shares , and shares paid a year in advance , to the rate of 5 per cent , per annum , and to fix the rate of Interest for the same period on monies invested in the deposit department , at the rate of 4 per cent , per annum . Viscount Ranelagh , in moving the adoption of the report , after commenting on its details , adverted to the importance of the society at the present political crisis . A vote of thanks was then passed to the committee for their successful management of the society ' s affairs .
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Local Jurisdiction in Bankruptcv . — The Mercantile Test says—" Considering the very great convenience which traders would have in resorting to a tribunal within an easy distance of their own residence , it seems to us that an irresistible case is made out for conferring unlimited jurisdiction in bankruptcy on the County Courts . This jurisdiction is given to those courts by Lord John Russell ' s Bill . It is not proposed to abolish the jurisdiction of the present bankruptcy courts . In some cases creditors may think that their cases will have a more satisfactory decision in those courts . But wherever the creditors are of opinion that they would best find their remedy in the County Courts , it is proposed to allow-them to do so . This was the plan tidopted in the recent Scotch Bankrupts Statute , and the result
is that the County Courts have been universally resorted " to . The real secret of the success during tho last three years of the working of the Scottish bankruptcy , has been the conferring of unlimited jurisdiction on tho County Courts . This was done so lately as 1856 , by the Act of 19 th and 20 th Victoria , chapter 79 , which , besides creating every County Court a court of bankruptcy , abolishes the distinction between bankruptcy and insolvency . The Act originated in a bill prepared by a committee of London merchants . It has remodied almost all'the evils formerly complained of in Scotland , and on the whole , as regards cheapness , dispatch , and efficiency in tlio administration of an insolvent ' s estate , it lias unquestionably placed Scotland tho foremost among commercial nations .
Tub Lkssui's' Scheme . —Recent Pans letters inform us that the statement that tho Viceroy of Egypt had peremptorily interdicted M . do Losseps from proceeding 1 with liis plnn-fox * piercing tho Isthmus ) of Suez is contradictod . It is now asaortod that although the English Consul did submit to his highness reasons for opposing tho undqrtiiking ; , tho Egyptian government declined lo entertain his objections , unloss they wen ? formally luid buforo it m writing , and that in tho meantime M . do Loesops is going on with his preparatory works without moos tat ion .
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The Bkkkisi . hy Pjsruaoiu . — On Thursday the House of Lords sat as ft cgnimitlco An' privileges on tho claim of Sir Maurice Frodoriek Fltzhardingo Borkoloy , K . C . U ., &c , to tho honour and dignity of Baron of Borkoloy Oastlo . It was a claim by tho tonuro of Borkoloy Caetlo , and of manors and horodltiuiiontfi held from his ancestors . Af'tor heaving counsel for tho potltionor , and receiving documentary ovKlonce , their lordships udjournod .
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RAILWAY INTELLIGENCE .
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UN Monday a spoolal mooting of tlio proprietors of tho Norfolk Railway was hold for tho purpose of considering nn ngreomont between tho East SulTblk Railway Company and tlio JJustorn Counties and Norfolk and Eastern Union Oompanlos for tlio use and working of tlio East Suffolk lino . A resolution was piittuod sanctioning tho agroomont .
A satisfactory report was read and adopted at the half-yearly meeting of the Dunblane , Doune , and Calender Company on the 30 th . The annual meeting of the Copiapo Extension line was held on Tuesday . The report was adopted . The directors were re-elected , and 2 , 000 ^ . was voted to them for their ' services . Mr . Hankey was appointed one of the auditors . At the half-yearly meeting of the Great Western Railway of Canada Company , held on Wednesday , the report , which was on the whole favourable was adopted ; and the dividend at the rate of 3 per cent , per nnnum being agreed to , the meeting adjourned .
The . directors of the Scinde Railway Company have made a final call of £ 5 upon the shares in the first issue of capital , and offer to the shareholders in the second issue the option of paying , in anticipation , the remaining . £ 10 per share , up to the 28 th instant . A special meeting of the proprietors of the London and South Western Company was held on Thursday to consider certain bills now before Parliament , the first of which was for authorising the company to make new works , and to raise further funds , and for other purposes . The
Chairman proposed that the consideration of the others should be postponed until the 18 th _ inst . Mr . Edgington wished to know when the ruinous competition -with the Brighton Company now going on was likely to cease . The Chairman stated that they had desired peace , and made every possible concession ; even when they found it would be impossible to keep friendly they had done everything in their power to conciliate the Brighton . The South-Westera wjvs not the first to lower the fares . The bill was then adopted , and the meeting adjourned .
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JOINT-STOCK COMPANIES
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Citation
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Leader (1850-1860), April 9, 1859, page 477, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/vm2-ncseproduct2289/page/29/
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