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attracted to-the pursuit of the metal . In such cases it commonly happens that while a few individuals engagedinthe business make fortunes , the great mass make , little or nothing- But , most people being sanguine enough to think that they will be found in the fortunate class , the supply of bullion may be largely increased , and its value reduced , even though the majority of those engaged in its production should be really carrying on a losing employment " According to Mr . M'Culloch , therefore , the quantity of skill and labour does not determine tins value , but some gambling propensity , and that the precious metals , contrary to all other things , may be
continually supplied in vast quantities , though the majority of those engaged in sending the supply to market should find it a losing employment . We have no intention to corroboi'ate our own view by any detailed arguments , but we must say that Mr . M'Culioch ' s observation gives up the very principle on which political economy is founded . If gambling propensities determine the continued production and value of any one commodity , they may determine the continued production and value of all commodities , and all certainty will be
banished from the science . It is only a science because the wants of man permanently recurring ¦ are-of . a definite amount , and can be supplied by a definite amount of labour and skill , and because those wants will always be most readily supplied which are more urgent or of which the supply is most-profitable . By a definite amount of labour and skill all -exchanges are determined and all profit measured ; and if men will continue to labour without profit , or in a losing employment , there is an end of the rule "which , according to political . economists , determines exchanges .
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FURTHER FALL IN DISCOUNT . Again the Bank of England , following the market * lias reduced its minimum rate of discount from 34 to 3 per cent . Capital continues to flow into England , and the demand for it continues slack . The war contributes to these effects by making the securities of other Governments less safe than those of , our Government , and by interrupting old enterprises and preventing new ones . Almost everywhere commercial enterprise is checked ^—everywhere doubt chills the ardent spirit which begins new undertakings , and the savings of past years are found more than sufficient to supply the present demand for capital . As the war goes on , checking production and increasing destruction , the balance will turn the
other way , and as more exertions become necessary to supply what war wasted , capital will grow scarcer and money dearer . At present the rapidity of communication conveys the effects from a very enlarged commercial circle to the centre of the money market , and the rapid changes which take place here arc the consequences of many smaller changes elsewhere communicated hither . That the rate of discount will not . in a short time , again go as rapidly up as it did a month ago , and as it has since gone down , would be most hazardous to assert . We should think , accordingly , that any business arrangements now made for considerable periods , on the presumption that money will remain at 3 per cent ., would be unwarranted .
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SOCIAL PROSPBEITY . The steady progress of all social and private associations for the promotion of prudence , nnd the facilitating mutual advantages is one of tlio L > est signs of our tiinos . It is in vain " to attempt to separate political prosperity from social . All s-tatcs that have done so have come to ruin , or undergone violent revolutions that have been ruinous for the timo . The sources of public power must be private energy ; and there can be no real public wealth without private prosperity . The gorgeous monarchies of the Continent have been
of all classes . of her subjects . We : have been led into these reflections bv our attention being called to the annual report of one of the many assurance societies that do such incalculable service to the prudent classes . The European Assurance Society held its annual meeting lately , and in another part of our paper will be found its report . It will be seen to be in a highly prosperous condition , for while it has accumulated a large capital , and acquired a revenue of upwards of £ 110 , 000 per annum , it is not , like some other of the -larger Assurance Institutions , shiggish in its efforts to extend its interests , as during the past year the new business transacted produced a revenue which exceeds . £ 15 , 000 . Any Company increasing its business and connections so rapidly cannot fail
to achieve decided success , and prove beneficial to its policy holders . In fact , from a valuation of its assets and liabilities , as appears from the evidence given before a Committee of the House of Lords in March last , there is a surplus after . providing for all liabilities , of < £ 33 o , 708 16 s . 3 d ., and if a division of profits were now to be made , there would be a sum of no less than £ 128 , 000 to appropriate as bonus , without entrenching on the resources of future years . We may therefore congratulate all the assured in this Company , on having their interests so well protected by so much financial strength and thoroughly good management . Altogether , we may take the European as a happy sample of those innumerable commercial institutions
which while they are almost peculiar to England , are at once a proof of her strength and her freedom . No possible paternal government could ever produce such a mass of well-directed wealth as does the private and spontaneous energy of associated individuals iii our insulated and .. free-trade land .
px'oved but to bo whited sepulchres . The riches of the Spanish kings was but dust and ashes , when a nation of marauders supported the tin-one by the plunder of Mexico and Vqvu . The glory and show of Louis XIV . was but a gilded bankruptcy , awl there are existing European monarchies that rout equally unstably on tho Forooil contributions of an overtaxed people . s England rests on no such hollow basis , out is supported on a foundation of real wealth , and is sustained by the indomitable energy and iuduutry
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The money market , though lower than the rate of discount at the Banlc of England , is not so easy as it was . People doing business with the Bank expected the reduction , and now that it is made are sending-their bills to market , and consequently the demand for money has increased . In general , 2 per cent , is . given . for money on call , and the best bills are discounted at 2 £ , and from tliat to 3 per cent . A report prevails that the silk crops of France and Italy have failed , which ' will require large supplies of silk from China , and already preparations arc making for sending silver in larger quantities to that countrv , which must be obtained by buying it on -the continent with gold , and tins is expected to have an effect on our mdney market . Rentes , too , in Paris , arc declining , in relation to tlie jirice of our funds , which will induce a flow of gold to the continent , and
contribute to harden our money market . It is not expected , therefore , to decline any further , but rather to go upwards . In addition , the lqtc observations in the House of Commons concerning our finances have given rise to the opinion that a loan will be necessary , while the pro * - bability of the war being protracted in Italy makes it be supposed that money will bo much wanted to carry it on . In the Stock Exchange to-day , notwithstanding the reduction pi ' the Bank rate of discount , there was no activity . Through the week the funds hare shown a tendency upwards . To day consols opened rather flat at 93 A , but became firmer , and were afterwards done at 93 J and 04 . At the close they -were not quite so good , lomorrow they will be closed for the dividend , after which they will be quoted ex-dividend , and appear at a lower figure . Other snecies of stocks and railway shares aro
opinion of the world cannot , have chancged . Diplomacy has , in truth , incurred fresh disgrace , and military power is repeating in Italy the spa tade of useless slaughter which in the . Crimea—wearying , disgusting ^ and horrible—was hidden as soon as possible behind a patched-up peace . Probably , affairs may n . ^ -ain arrange themselves without much aid fpm diplomacy , and the destruction in Italy of the armies of two despotic Governments may be of all things the most favourable to peace , freedom , and prosperity . The Bank of England returns , which we subjoin , will show the reasons which induced the Bank to lower its rate : —r . . BANK OF ENGLAND . An Account , pursuant to the Act 7 th and iStli Victoria c : ip . 3 ' , for tho woulv on « linir 6 u ¦ Wednesday , the Stli dny of June , 1839 ;— ISSUE DEPARTMENT . Notes issued £ : Jl ' , 711 , S » i . Government Debt £ 11 , 015 , 100 Other Securities .. : j , 4 . V . V . K ) 0 0 <> ldCoin&IiiUliori . l 7 , - - 'flrt , 800 Silver Bullion £ : 5 I , 741 , Sl > ' ¦ £ 01 , 741 , 800 B . VSKISG DEPARTMENT . i ' roprietord' Caiii- Government Secutal ... £ 14 , 553 , OOfi ritios ( including-R , -st a , lf ) 0 , lu 7 Dead "Weight Public Deposits ( iu- Annuity ) . ' ... £ 11 , 281 , 370 oluiliiv Exche- Other Securities .. 10 , 040 , 913 quer , Savings'' Notes 10 , 007 , 545 Hanks , Commis- Uohl and Silver sioners of Na- Coin .. 090 , 097 tional Debt , and Dividend Accounts ) 7 , 219 , 307 Other Deposits .... . , t >* J , 7 < W Seven Day and other Bills ., 748 , 514 £ 41 , G-20 , S 3 O £ 4 i , O 29 , J > iO 31 . MARSHALL , Chief Cashier . Dated June 9 , 1 S 59 . .
all firm . In railways there lias been increased business , at better pi'ices . In some foreign stocks , too , as Turkish , the prices have improved . Ifnotwoll known that non-political causes influence the money-market , and consequently the Stock Exchange more than political causes , It might bo inferred iVom tho rise of the funds in the week , that the events in Italy nro exactly wlmfc dealers in tho ftinrls wish for . Nor would it bo surprising should men of business , whoso broad is taken out of their mouths to feed soldiers , regard with satisfaction the groat and mutual destruction of their enemies iu Italy . Alroailyloss of officers and men on both sides , followod by no parent advuntago to either belligerent , scorns precisely the condition in which poncoful mon mav liono for success in appealing to thorn to lay
down their nvms . As military glory becomes merely an artistic and hateful dabbling in blood , tho radiant glory of peaconil industry will Increase , and traders , manufacturers , nnd money dealers will speak more authoritatively to emperors , marshalls , and pjonoruls Thore is a general desire In nil tho markets ot ISuropo for tho restoration and preservation yf peace , and nothing can bo more favourable to it than disijarage inunt of military prowess . Again a time la como for mon of business to make good tliclr opinions against the mon of diplomacy and the aworcl . Not long ago those hml fullnn Into disfavour . Bociet diplomacy was unevenly divided , and military power was spoken of as inoroly wasting the'strength of nations . The tornior nddod not to Its honour and its strongth by drifting Into tiu Russian war , nor did tho lnttor gala , any lauivla l > y the manner In which It was conducted . All at onou tliu
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PRICES OP THE PRINCIPAL STOCKS , SHARES , AND COBflMGQmES AT THE CLOSE OF THE MARKET . Last This "Week Week
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. - t Pour ou Londo . v .-TIio busmoos ol tho port 1 during tho past wcok has been rath or inactive-. 1 Ho number of vessels announuod inwards at tho Custom i Houso amounted to 162 , Tlioro \ vero flyo from 1 Irolarul , and forty-ono colliers . 'Iho entries out-1 wards amountod to 120 ; and tjioso cleared to 110 5 ' besides eleven in ballust . Tho departures lor tho ' Australian colonies wore five vessels , vl / .., ono to ; Adelaide of / UO tone , ttfo to Port , Phillip of 1 , 010 tons , ono to Hytlnpy of- 751 tons , andono 'to Now Zealand of 803 tons j nuilcing a total of 3 , 721 tons .
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Commercial . ] THE LEADER , 727
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MONEY MARKET & STOCK EXCHANGE .
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, - ¦ ¦¦ - . ¦ ¦ . "I . Ml I ¦¦ !¦ ¦¦ STOCKS . , 3 per cent . Consols—Money 'J- ] i vt Ditto Reduced 'J * 9-g Ditto New 9- ' 03 ' ' Bank Stock - '••• '^ i 2 l ! > £ India Exchequer Bills •¦ ... ..- ¦••¦' Canada Government 6 per cent New Brunswick Government (> per cent .. New South "Wales Government 5 per cent . South Australia Government 0 per cent .. Victoria Government 0 per cent Austrian Bonds , 5 per cent ..... Brazilian Bonds , 5 per cent 100 French Hentes , 3 per cent . . . -. Mexican Bonds , 3 per cent . .. i .... ; ., left Peruvian Bonds , 4 J per cent • Spanish Bonds , 3 percent ..... »| Turkish Scrip , 0 per cent , Si /•• > RAILWAYS . ' Bristol and Exeter . 21 I * Caledonian '' <» Kastern Oouritics - ^ 1 54 » East Lancashire ™ ° 7 Great Northern > luO „ Western >• ' . ^ 4 gi Lancaslilrc and YorkBliiro S 'T 'W London amVJBlackwull « 5-vi | London , Briifhton , and KoutU Coast 1 H 10 ' , ft London and North-Wcstorn « - «» J London and South-Western «» . H ' . » Midland »\ ' T , \ North British ..., ¦>¦ ; ^ 'i North Stailbrdshiio U } 4 M Oxford , WorceBtor , and > V lvorhampton .. •"' - { 1 South- Eastern <» m ' , ' South Wales . (> i 0 I Bombay , Baroda and Central India ... 1 'lJ 1 « S Calcutta and South Eastern • p » ij lfliiMtvrn Bengal * - » / « Kast Indian ¦ ' ^ J Great inUlan 1 ' eninaula , l' « i l » Madras ¦ ¦ • . Scindo ; : ™ f Bufl ' alo and J ^ aktt Uiirou > i ;* J Ornnd Trunk of Canada '' ' ) f'i Great WoMtovn of Canada I'd 1 'i Antworp n » id Itottordam ' 5 ' [} . Dutch Khonlfth *} " {•/ Eastern of Franco J- ' - '«¦ Groat Luxemburg • ' ' . [} Lombardo- Venetian ,. > \ ! , 2 Northern of Franco ' ; ' •) \\ f . Paris , LyoiiB , and Modltorrjinciin •>*< •' : { l ' arls and Orleans . ^ . 1 ( , y Southorn of Franco , } . ? M ,,,. i Western and North- Western ol Franco .. - '" 4 *¦ ' > &
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Citation
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Leader (1850-1860), June 11, 1859, page 727, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/vm2-ncseproduct2298/page/19/
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