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reflations , as we have explained , and ^ fche cus-S of the people make stiver the chief or only ™ onev of China and India ; and already , though both have been the prey of civil war , and have not made as much progress as they nught otherwise have made ^ they have supplied a market for the precious metals , almost equal in value to the new supplies of gold . In England and some other countries of E urope , there is , from political resirictions , an expanding market only for gold ; in India and China , from similar restrictions ^ there is an expanding market only for silver , which explains both a slight change in the relative value of the two metals in Europe , and the maintenance of sold at its full customary value in relation to other commodities , notwithstanding the large increase m
We have before stated in this Journal , and now repeat , that we must take into consideration the mtnt regulations which disturb the equal distribution of the precious metals required by the wants of mankind and the political restrictions which impede the production of wealth . Laws , similar in principle and in effect to our corn laws , still exist here , and in every state of Europe and America . They are rife too in our colonies , while in Canada and India they are to be extended to
secure the Government a revenue , It is , however , now so clearly demonstrated that all such laws are dreadfully injurious to the people- ^ to promote whose welfare Government exists—that it is impossible tobelieve that they will anywhere be long allowed to arrest the progress of nations . To suppose this would be to deny the influence of knowledge over conduct . The recent increase of trade in various countries , to which we have on several occasions called the attention of our readers ^ and
the rapid progress of England since 1842 , are indications of the magnificent prosperity , which is sure to result from getting . rid of such laws . With this prospect before us fully justified by pastevonts , the few million pounds of gold added to the general stock by working the mines of California and Australia , if in any degree out of harmony with the progress and other productions of society , would seerii more likely to fall short than exceed , the growing demand of the world .
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Thursday Evening . To-morrow being a strict holiday , we bring our commercial chronicle to a close this evening . Throughout the week the money and stock markets have been uneasy and disquieted by conflicting reports . Yesterday and to-day , at the opening of business , confidence w . as considerable and cheerful . Consols , which hnd oscillated about the pivot of 95 in the week , closed at 95 ] , and opened at the same figure to-day . They went up . to 95 g , and for a time all things looked buoyant , and bargains were made in future at a higher figure . Then , however , some
parties who had been of late acting on the anticipation of a rise , began to operate largely in the opposite direction ' , and the telegraph brought intelligence from Paris of a heavy fall in all kinds of securities . Down went Consols to 95 J . Very soon it transpired that Austria , defying public opinion , and treating vtith scorn the negotiations into which she liacTen , tered with tho other Powers of Europe , in order to concort measures for tho preservation of peace , without lessoning the honour of governments , had sent a peremptory demand , through tho general of its armies , to tho King of Sardinia to disarm , or in threo days war should be declared . Against this proceeding tljo English Government , which seems ,
unfortunately , to have boon bo-foolcd alternately by all parties , immediately forwarded by telegraph a formal protost . To this demand the King of Sardinia , it was assumed , can return but one answer Of this proceeding the Emperor of tho French , it was said , can form but one opinion , and wax is inevitable . . Whatever may bo tlio designs and plans of Louis Napoleon , for him to withdraw from supporting Sardinia , would be to submit to tho dictation of Austria » and now tho French , liitliorto bo desirous of poivco , sooing tho arrogance of Austria * will demand war . War , therefore , in Us wovat form agitating popular passions , is now to bo infliotocl on Europe by its pretonded guardians and protootors . All kinds of soouritioa followed tho course of consols , and tho reduction in price generally amounted ,
before the entire cessation of business , to between £ ths and § ths per cent . This is not supposed , however , to be the lowest point of the reduction , but the full results of the disastrous news on the markets cannot be known till Monday . There is to be a holiday on the Stock Exchange oil Saturday , by a resolution of the Committee ; and thus three holidays will intervene before business there can be effectually resumed . The public , consequentl y ^ must wait until Monday for accurate knowledge , and we must wait for more than a week , before we can state the effect of the proceedings of the different Governments of Europe on the fortunes of those who have lent them money , and enriched their countries by railways . .. ¦ ' . ... ¦ ... in the weekbut
The money market has been easy , to-day there was an increased demand * It was . however , roadily met , and no higher terms than usual were current . First-class bills were negotiated at Bank rates . This , in the face of a continual withdrawal of gold from the Bank day after day , and the sending to the Continent of ore which comes in , confirms the . statement that speculation continues very inactive . Were there as active a demand for money for trade purposes as there is for war and State loans , the terms of the money market would rise considerably . It is not one of the least evils of war that it stifles productive enterprise , checks the demand of nioney for them , and directs industry , energy , and capital , to effect only destruction .
The evil news came too late to have any effect on the biddings for the Indian Loan , which were prepared before , and which were announced to day . The business was conducted at the India-office by the Finance Committee of the Council of India , Mr . Eliot Macnaghten presided . Messrs . Charles Mills , William Arbuthnot , and Sir Proby Cautley were present . The attendance was large , and 95 was announced to be the minimujn price fixed ' " , by the Council . 443 tenders were made for an aggregate amount of about 6 , 923 , 000 Z ; , being only 77 , OOOZ . less than the 7 , 000 , 000 required . Of them , however , only 310 for a total of 5 , 077 , 000 / . were at orabout the minimum priceand consequently 1 , 923 , 0007 . remain
unsub-, scribed . The sum obtained is fully equal to the present requirements of the Council , and the remainder will probably not be issued for four or five months . The highest price among the tenders was 96 ( at which but 78 , OOOZ . was taken ) , and the lowest 92 . The bulk of those which were accepted were at a fraction above 95 , and 2 , 704 , 000 Z . was taken at thflt exact price . The principal portion of the offers under the minimum ranged between 94 and 94 £ . It is calculated that the bonds at 95 will pay 51 . 2 s . 8 d . interest , supposing the principal to be demanded at the end of five years , and 47 . 16 s . lid . if they are allowed to run to the full term of
seven years . The price quoted in the Stock-Exchange after the adjudication was J to f premium , but the adverse foreign news had not yet arrived . Had the biddings not come off till Monday , and should Austria be then at Avar with Sardinia , the Government would not have obtained such favourable terms . Negotiated under the guarantee of the Government , the loan may hereafter fall heavily on the People ; teaching us that the modern practice of guaranteeing certain loans and rates of profit , to some undertakings , may , in the end , be as disastrous as the old plan of pawning for present money our future industry .
At the close of the business week nil interest m the Money Market and Stock Exchange was absorbed by these war circumstances and only the Austrian ultimatum and tho Indian loan were talked about . A paragraph in the Post-office report , published in the week , has attracted attention in connection with the recent discussions iivParliament concerning the bounties , which , under a difiguise , are conferred on the shipping interest . The packet service , says the report , is for tho most part under the superintendence of the Admiralty , and ia borne on the expenditure of that department , many of tho contracts for this service having been entered into with other
objects besides those of postal communication . Indeed , as postal enterprises , few of them could bo maintained , the expense , in the largo majority of cases , far exceeding the earnings . To enquirers indeed , the facts now set forth have been long known . The million a year given to sundry packet companies is not for carrying letters—that is only the pretext—but to pamper the shipping interest at the expense of other interests , and to its own grievous injury . This expenditure ought to bo a / lded to tho enormous sums wasted by tliQ Admiralty on tho protoxt of providing i'ar the national defences . Tho Bank returns show no changes which have not been anticipated .
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Friday Evening . The uncertainty respecting peace has undoubtedly checked business , but as there appears some . hopes that war will be postponed , if hot entirely prer vented , business has been brisker durin g the last few days . The manufacturing districts have , to a certain extent , been afiected by the last advices from India , which represent that merchants and shippers are very rnuch dissatisfied with the alterations recently made in the tariff , and that they have directed remonstrances to be made to the
Governor-General against the proposition to impose the higher rate of duties on goods in stock and on their way to India , which remonstrances have been disregarded . It is expected by the Indian merchants that the high scale of duties will have the effect of somewhat checking that large amount of business which has lately sprung up between Great Britain and India . The week has been ' a quiet one , but it was naturally to be expected that the eve of a general election would have some effect on trade in general .
Fortunately , through all these political broils , bread has continued cheap . Here , and on the Continent , the corn markets remain comparatively low , and comparatively steady . In the week there has been no disturbance . Should'tile scarcity of food aggravate the beginning evils of war , and exacerbate the temper of the multitude , the consequences might be fearful for all the thrones of Europe , and all the institutions which depend on them . Providence , however , kindly sends one scourge at a time , and we may regard bad government , with its -wars and troubles , as equivalent to famine and pestilence . All the other markets , as well as the corn market , have been tolerably steady . Both coffee and su < rar have had rather a
downward tendency— -the fbrmer , probably , in anticipation of the sales of the Netherlands Trading- Company , whidh are announced for the 17 th prox . Only small supplies of rice are coming forward , and the price is improving . The wai-like intelligence arrived to-dav , caused some speculation in saltpetre ; and offers for arrival were made . We are informed from Arbroath , that five spinning mills are shut xip in that town , and all the
others ( except one ) are on two-thirds time , in consequence of the high price of flax . Such factsdeserve notice , because they indicate the future direction of industry . Flax , cotton , wool , are all comparatively scarce . The bulk of society needs , and , we believe , will have , better clothing ; and the rise in the price of the raw materials will necessarily make men produce greater qualities of flax , cotton , and wool .
Liverpool . —A limited amount of transactions in * cotton has occurred ; prices remain almost without change , but in some recent instances a reduction of Jd . has been submitted to . Manchester . — Buyers are content to wait until they tiscertain the turn that , affairs will take on tho Continent . As far as regards the Indian trade , there was a disposition towards activity at the commencement of tho week , but this was checked by the accounts from India , which are not generally regarded as of an encouraging character . There has been little or no business clone for Germany and the Mediterranean , and with regard to the Indian trade , spinners Have refused to accept lower pricos , which have been , offered . The cloth market has been very quiet .
liEiBDS . —There has been a limited business only done this week . The pending election engrosses attention . The demand was principally for plain cloths and light fabrics . Stocks aro low , but trade is 'tolerably good , though it is generally expoctod that ' some of the millowners will have to curtail
operations . Huddersfieivd . —The markets have boon attended by several buyers from London and Dublin housos , but business has been principally restricted to fancy coatings and trowserluga . Tho demand for ow goods has fallen ofF . Fully an average ? trado has boen <\ ono during tho week Rooiidalis . —A good attendance has taken place , but very ltttlo business was done . All parties , buyers and manufacturers , ovidontly profor waiting for tho solution of existing political difficulties . In wool , buyers only take what they want for immediate use . The demand for oombiugs luva been slack , and tho prlqo has fallen . Hauvax . — . Markets dull .
. . . .... Birmingham . — Trado not very brisk . Jin tho iron diHtriuis , railway orders koop makers busy . Wo aro glml to notloo that several threatened strlkos havo blown over , and further that tho Manchester
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^ 474 ; Afrh > 23 , I 859 v l TIE MADEI . 539
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MONEY MARKET & STOCK EXCHANGE
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TJio 12-ponndov brains artillery gun some time ago presented to her Majesty by tho Emperor ol tho French , has boon removed from tho Arsonnl storo at Woolwich , to tho royal repository .
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GENERAL TRADE REPORT .
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Citation
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Leader (1850-1860), April 23, 1859, page 539, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/vm2-ncseproduct2291/page/27/
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