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Leader (1850-1860), 25th June 1859, Edition 1 of 2, Page 776, Untitled Article

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      Untitled Article

      diffusion of temperature in one place are generally followed by . corresponding interruptions in another , that are in like manner unfavourable to animal and vegetable life . Without hunting for auguries we may therefore find in this dismal change a timely ¦ warning against too confident hopes of continued and enlarged prosperity . The waste of war , and the abstraction of so many men from peaceful industry as now fill the ranks of the armies and navies , the landwelir , and militia of Europe , will no doubt tend to make commodities scarce and dear . As yet no sensible

      augmentation can be noticed in the prices of the principal articles of subsistence . On the contrary , since the . middle of last month the price of wheat has continually had a downward tendency ; but the very latest news of the American markets is , that the price of wheat and flour there was getting up . This , if it continue , will rather be the effects of the seasons there than of the war here . We ought to bear this in mind , because every evil that occurs coincident with the war will be attributed to it , though the war may have no more influence in causing it than it has in causing the untimely frost in the United States . .

      Government takes great , pains to collect various kinds of statistics for the information of mankind . Many of them—like those elaborate accounts our Irish Governments collect of the pigs , the cattle , and the crops of Ireland , where a registration of these articles is thought of much more importance than improved cultivation—are of very little utility . Information , however , of atmospheric and other changes , in which we are all deeply interested , can scarcely be too minute and too correct . The frost on the Alleghanies may affect the markets of Manchester . Only by many simultaneous records of atmospheric changes at different places can we

      acquire any correct knowledge of the laws by which they are governed , and from the past predict the future . ; In this sort of knowledge Government is much interested , for all its policy has the future for its object ; and Government ; will hardly do its duty if it neglect any feasible means of collecting observations on atmospheric phenomena from every part of the world . Not to impress this duty on Government do we advert to this subject , but to warn the commercial world that the present failure of crops noticed in the States , and other probable similar failures , will exercise an unfavourable influence on ordinary trade .

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      Yesterday there was an expectation , which turned out to be unfounded , and winch we thought always unwarranted , that the Bank of England would further reduce its minimum rate of discount . It did no such thing . On the contrary , money is rather more in demand than it was , though the terms are not altered . The best bills are still discounted below the Bank rates , at 2 J , or , 2 f . At the sane time , as the end of the quarter approaches ,. the money necessarily goes into the Bank , on account of the Government , in payment of taxes , and the private dealers in money are proportionably short . Hence the demand for money in the open market , and ease in the Bank parlour . Gold continues to arrive ; nevertheless the tendency of the market is upwards , and likely to remain so till after the payment of the dividends , should it even tlien become easier .

      which then stopped have since paid all their obligations in full . \ Vith the exception of the two joint-stock banks , the Western of Scotland and the Durham , there Were very few great losses by that convulsion . Though credit was very extensive , it now turns out to . have been , on the whole , sound . The merchants , however , crammed too many transactions in a small period , and had they diffused them over a longer period there might have been no ' inability at any time to paect engagements , as there has ultimately been very little . Trade is sound , and trade morality above reproach .

      The stpek r market has been generally dull in the week , attended by variations as the political news varied . Yesterday it declined , from a statement published by the Daily News , that Prussia was about to march 30 , 000 troops to the Rhine ; nnd to-day , in consequence of a belief that tho news betokened a disposition in the Government of Prussia to interfere in the war , the market opened very heavily . Consols for tho Account were done at 01 J , but they soon afterwards recovered . There were many rumours in circulation , such as , " an early meeting of the' French legislative body Is required to vote more money and more men to carry on tho war : " Buch as , " Lhero prevails dissensions in the Cabinet , and a very great difference of opinion between our Government and that of Berlin . " Moreover , there

      was no intelligence fron * the Paris Bourse . Nevertheless , the stock mnrkot recovered , nnd at the close , Consols were quoted 92 J-J , a considerable recovery since tho morning 1 / There was ; however , very little business doing : tho markets wore dull and tho dealers dispirited . At present the market is influenced by political events , and these scorn more favourable to a , decline than a rise in the public sccurlllee . A little apprehension prevailed to-dny as to tho affulrs of Turkey , in consequence " of the little ulifortencc between Egypt . nnd the Sultan , and Turkish securities declined . Other foreign securities were unaltered . Another example ia recorded tills week of a house— -that of II « rraann , Tlllom , Son find Co ., which stopped In 1807—having how discharged all its dobts In full , with Interest . It is nn extremely honourable and agreeable feature of that groat convulsion that a great number of the houses

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      IMday Evening . Tub corn ' market hn , s tended downwards at most of tlip country markets in tho week , following , the decline In Murk-lane on Monday . To-duy there were rather shoi-fc supplies at market . There were reports from tho north of England of disease amongst tho potatoes , and tho corn market was firm . In Minolng-lane sugar waa firm , and prices may bo quoted Od . higher . Conee , too , wan firm , and mot n good demand . There have boon public eaka

      of tea m the week , and the price at them has ffonebaok wards . Throughout the manufacturing districts tra £ is comparatively steady , but not very active . There ar * however , no complaints , which is a sign of prosneritv Our own crops generally look well , and tliat circumstance keeps alive the hopes of the manufacturer , and excites his exertions . The general mind is , however , so occupied t > y the war abroad that it does not crave , as in ordinary times , after trade novelties , nor is it eager to entrairein new enterprises . . fa

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      It is proposed that the railways in the Eastern Counties district should be amalgamated as soon as possible , under the title of the Gueat Eastern Railway . The united company would embrace the ZEastern Counties , Eastern Ukiox , Norfolk jEast Ancsjlian , East Suffolk , and other companfes ' including in all about 650 miles of railway . ' The railway connecting Plymouth and Tavistocfc -was opened on Tuesday . It is 16 miles in length . The opening train , in which were the directors of the company , and of the Associatkd Great Western , Bristol and Exeter , and South Devon Companies , a select number of friends , shareholders and others , left Plymouth at 1 , 30 , and ran over the 16 miles so as to bring up within the Tavistock station in little more than 35 minutes . There was no perceptible deflection on the viaduct , and all the made ground appeared to be well consolidated .

      The adjourned special general meeting of the London and South Western proprietors was held on Thursday , for the purpose of considering a bill now before Parliament , for sanctioning the amalgamation of the Portsmouth line with the South Western Railway . After a good deal of discussion the resolution approving of the bill was then put and was carried with but four dissentients . A poll was demanded , when the solicitor proceeded to examine the amount of capital represented by the votes on cither side , and it was found that the minority represented about 10 , 000 / ., and the majority nearly 200 , 000 / . The meeting was adjourned to the 14 th July .

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      Metropolitan Railways . ^— Sir George Evans has . given notice of his intention to move , on the -tbird reading of the Charing-cross Railway Bill , " That an humble address be presented to her Majesty , praying that she . will be graciously pleased to appoint a commission to investigate and report upon the various railway projects of which the termini . are proposed to be established within or in tho immediate vicinity of the metropolis . " The Dktkoit and Saunia Railway . —This line , which is to connect the Grand Trunk of Canada system at Sarnia , with the Western railways of America at Detroit , is proceeding rapidly , and will bo completed by September next , in time to take advantage of the large traffic which is expected from the Western States in theautumn and winter of the present year .

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      Tins directors of the Provincial Bunk of Ireland announce a half-yearly dividend of 4 i > er cent ., and also an " extraordinary dividend " of 1 / . 10 s . per 100 / . share , and 12 s . per 10 / . share , payable on the 15 th of July . . , The special meeting of the shareholders oi the Western Bank of ^ London has confirmed tho resolutions for the transfer of the businoss to the London and County Bank , and for carrying , out the luiuiuiithe directors

      lion as recommended by . A very stormy and protracted discussion occurred , in uio course of which the late manager , Mr . Cluck , gino nn explanation of his conduct , n » d fltai , od tno difficulties against which the Jiunk . hnd W struggle in its early career . The estimate is still made of a largo return to tlio shareholders , to expectation of Mr . May nurd , tho . npcowntant , in this respect being fully verified . The endeavour to procure a thorough investigation Into tlie nffltirs o tho bank wos defeated , tho resolutions ol tho bonru twins supported by tho great majority , and the mow they suggested for winding up Ucintf oonsiiierou mo

      most feasible and advantageous . Tho discussion at the meeting of . tlio . MoMterranun Extension Telegraph Company resulted In » ndoption of tho report , and the passing ot resoiu * - tions in ncewluneo . with recommendations oontiuneu therein . These were to tho efll'Ul Hint tho eoi"P " j ny ant-opt the concession for laying down tlio wiw hotwoeii Malta and Sicily , as contained i » tlio terms of an ngrconient scoured by the directors ii'om nw Neapolitan Government , and tliat the Jiroclyrs ho authorised to issue 1 , 500 preference shares ot » ' " value of 10 * . each , bearing an annual interest oi " por cunt , from the let of July , aucli shares to uu otfbrod to the proprietors in tlio nmnner flinr u-oatud . TIlO SCOTTISH KQIUTAIIL 12 LlVll X < itiVll . \ XUli & »> oiktv has put forth Its Annual Jtoport , and v . e

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      BANK OF ENGLAND . An Account , pursuant to the Act 7 th and 8 th Victoria cap . 32 , for tho week ending : on Wednesday , the 22 nd day of June , 1830 : — ISSUE DEPARTMENT . Notes issued £ 31 , 898 , 30 . ' . Government Debt £ 11 , 015 , 100 Other Securities .. 3 , 459 , 900 Gold Coin ^ Bullion 17 , « 3 , 305 Silver Bullion .... - £ 31 , 898 , 30 ;") £ 31 , 898 , 305 BANKING DEPABTMENT . Proprietors' Capi- . Government Secutal £ 14 , 553 , 000 rities ( including-Rest . 3 , 171 , 066 Dead Weight Public Deposits ( in- Annuity ) £ 11 , 281 , 376 eluding Exche- Other Securities .. 18 , 3 ro , 275 quer . Savings' Notes 11 , 447 , 080 Bauks , Coinmis- Gold and Silver sioners of Ma- Coin .. 087 , 109 tional Debt , and Dividend Accounts ) ...... 9 , 304 , 619 Other Deposits .... 14 , 019 , 013 Seven Day and other Bills , . 744 , 742 £ 41 , 792 , 440 £ 41 , 792 . 440 il . MARSHALL , Chief Cashier . Dated Juae 23 , 1859 .

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      • ¦ ' . 776 THE LEADER . [ Commercial

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      MONEY MARKET & STOCK EXCHANGE .

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      PRICES OF THE PRINCIPAL STOCKS AND SHARES AT THE CLOSE OF THE MARKET .

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      Last This Week Week STOCKS . 3 percent . Consols—Money •• , Ditto Reduced 93 * 92 A Ditto New 93 § Mi Bank Stock ... India •• •• •• Exchequer Bills ¦ ~* Canada Government 6 per cent New Brunswick Government 0 per cent New South Wales Government . 5 per cent . South Australia Government 0 per cent .. Victoria Government 6 per cent .,. Austrian Bonds , 5 per cent Brazilian Bonds , 5 per cent 1 W French . Rentes , 3 per . cent ,. Mexican Bonds , 3 per cent Peruvian Bonds , 4 J per cent Spanish Bonds , 3 per cent . 42 42 Turkish Scrip , 0 per cent .. 72 RAILWAYS . Bristol and Exeter M 94 * Caledonian $ oi 79 Eastern Counties «« . 00 * Kast Lancashire *> V titf . Great Northern W >\ OHt „ Western I ' M M $ Lancashire an d Yorkehiro 9 (> J W $ London and Ulackwall 00 04 London , Briehton , and South Coast 112 1114 London and ^ Torth -Western 90 * 90 London and South-Weetcrn 9 <> J W . Alidland .., M | 9 « i North British 05 64 $ North Staffordshire 1 » A 43 d Oxford , Worcester , nnd Wolvcrhampton .. : K > 4 30 South-KHBtern 074 07 South Wales Gt' 4 01 Bombay , HaTodnand Central India ... 174 1 ~ 4 Calcutta and South Eastern Eastern Bengal 4 H Eaetlndiwi . 1 O 1 J 10 « Great Indian lVnlnsula 1 ) 8 } 98 Madrns .. V 7 f , Sclnde HO no IJufTalo and Lake Huron flj 5 Grand Trunk of Canada 30 34 * Great Western of Canada Mjf 14 f Antwerp und Rotterdam ^ 4 4 Dutch Khunleh M did lOastern of Franco ~ MA 5 il * Great Luxemburg : , , ba C > k Loinbardo-Tenttiftn ('

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      * Ex div .

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      &ENEBAL TRADE REPORT .

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      RAILWAY INTELLIGENCE .

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      JOINT-STOCK COMPANIES .

  • Citation
    • Leader (1850-1860), June 25, 1859, page 776, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/vm2-ncseproduct2300/page/20/