On this page
- Departments (1)
-
Text (13)
-
Untitled Article
-
Untitled Article
-
Untitled Article
-
Untitled Article
-
Untitled Article
-
COMMERCIAL
-
Untitled Article
-
Untitled Article
-
Untitled Article
-
Untitled Article
-
Untitled Article
-
Untitled Article
-
Untitled Article
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.
-
-
Transcript
-
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.
Additionally, when viewing full transcripts, extracted text may not be in the same order as the original document.
Untitled Article
. m . . . - ' DUTIES ON FRENCH WINES . mHE opinion we expressed last week on this , sub-J . iect has found an echo in the House of Commons . On Thursday night Mr . Bright recommended the reduction of these duties in the most emphatic terms , and both Lord John Russell and Lord Pahnerston spoke in favour of the recommendation . The latter not differing , as was ascertained m tbe end , from Mr . Bright , deprecated the making a reduction of duties on French commodities by us a matter , of bargain with the French Government . That might provoke retorts or opposition on the part of the Protectionists in France , and therefore the true method of making the reduction , or eveii of totally abolishing the duties , is to take our own
course without reference to the Government of France . We should do it , because it is for our advantage . It will promote our trade , increase our wealth , and , above all , contribute to our security by increasing the friendly commercial relations between the French and English . For the people of England , then , one of the strongest recommendations of the abolition of these dutiesIs , that their own course on the subject is in no degree dependent on the course of any foreign Government . Whatever such a Government may be , or whatever it may scheme , it is in their power to keep it in check or compel it to be peaceful by following ^ out the free trade principles which bind the people of different countries In . friendly relations by strong material interests .
Untitled Article
QUANTITIES AND PRICES . The third report of the Commissioners of Customs states the official values for 1857 , and 1858 which represent quantities , of bur imports . In " 1857 the amount was 136 , 215 , 000 / ., and in 1858 , 138 , 159 , 144 / ., so that , the quantities of commodities imported were nearly 2 , O 00 , OQ 0 / . in excess in 1858 . In the same year , however , the real or declared value of our imports was only 163 , 796 , 0002 . against 187 , 844 , 000 ? . in 1857 , a diminution of 24 , 000 , 000 / . _ We obtained more commodities , therefore , in 1858 than in
1857 , while we paid 24 , 000 , 000 / . less for them . This striking difference was the consequence of the inflation of wholesale prices by speculation in 1857 , a » d the fall of prices in 1858 . We have continually mentioned the fall of price in that year in our commercial notices , as explaining the decline in tiLe valu < 3 of Our imports , in opposition to some lugubrious moaning- about our trade falling off . Till now , however , we have not seen an account of the official values in the two years , as they are not published by the Board of Trade , and , consequently , had not positive evidence of the great difference .
Untitled Article
Friday Evening . The money markot is not easier than it was . Money is token on ' cnll at 2 per eent ., and the best bills arc discounted at 24- to 2 A , but the possessors of money ni'e not eager to lend it . The terms of the joint-stock bnnks aTe very little bolow tlio terms of the Bank of England , which in tUe past week , after the payment of the dividend is unexpected . There is a great demand for silver for India , and Government is said to have negotiated tho insurance of a largo sum to send thither ; at the same time but little gold is arriving from abroad , which causes gold to Do taken from the Bank of England for export to tho Continent to purchase silver . As yet ; , confidence abroad is not restored ; which prevents thg commencement of new commercial enterprises ; otherwise , it is supposed the demand for money would rapidly increase . Our manufacturers have more confidence and are preparing to extend thoir . operations . As their demands for
accommodation lncreaaea tho money market will become tighter . It is supposed , too , that n loan for India raised in our markets is Indispensable , and all those circumstances tend to make pooplo believo that the present low terms of tho money market will not last long . Tho dealers in money , such as the Joint-stock and discount bnnks—which nrojust now publishing their linlfyearly accounts , make very good returns . Their dividends vary from 6 to 15 por cent , and they contlnuo to be amongst tho best managed and most successful institutions of the day . They are , however , not all oquall y successful j and we boo with some surprfso that tho XonUon Joint Stoqk Bank , nrad others avow that their practice is to nialco advances on goods . Wo i v ? . n'Wftys understood that goods uro not appropriate banking 1 aqcuritlea ; undoubtedly it la necessary for tho welfare of the bnnk which makes such advances , In order that It may not run any risk , from a change la tho
markets , that they are always far within the value of the goods . Banks have been injured and even ruined by making advances on goods . In the Stock Exchange to-day things were exceedingly flat . The telegram from Paris was not favourable . The Emperor ' s reply to the Diplomatic Corps had not satisfied the Bourse . Our own Chancellor of the Exchequer ' s speech , too , last night in the House of Commons did not please the sensitive men on the Stock Exchange . They look on a loan for India as certain , and the Chancellor ' s mysterious avowals of still greater charges yet to be made on our resources were read with a little alarm . Consols opened at 95 which was | below the closing
, price of yesterday , and subsequently went down to 94 J , making a fall , since yesterday , of # . Foreign and other stocks also declined . There are reports ot disputes between , the Pacha of Egypt and the Sultan , which had a pernicious effect on Egyptian and Turkish securities . No foreign securities , at the moment , appear mueh in favour . The peace , therefore , now that it is assured , is less favourable to them than was the armistice j from , which it was inferred that a peace migM be concluded . We subjoin the Bank returns , which are less favourable than might have been , expected at this period of the quarter .
Untitled Article
It has been determined to construct , -without delay , by the London and Brighton Railway Company a branch line from Pulborough to Arundel , This line will supply a want long felt , and will form a connecting link between the eastern portion of the country and the main line . This course was determined on at a meeting at Bognor to take into consideration the desirability of a branch to Bognor , which it is believed will also be eventually made . _
A meeting of the shareholders in the North-Eastern Railway Company was held at York , on Tuesday , to obtain the approval of three-fifths of the proprietors to bills now before Parliament . The bill for amalgamating the Bedale and Leyburn and the Rosedale branch of the North Yorkshire Railways with the North-Eastern , which has passed through the Committee of the House of Commons unaltered , was approved , with one dissentient . The Harrogate Branches Bill had also passed the Committee , without alteration , notwithstanding opposirtion . An amendment on the motion for the approval of the Mil was proposed , to the effect that such portion of the bill as referred to the interference with the quietude of Harrogate be omitted . This was negatived ; and the original motion was carried , with only four disseutieSnts . .
Untitled Article
Commercial Bank qf London . — On Tuesday the half-yearly general meeting of the proprietors in . this concern was held at the Txmk in Lottabury ( Mr . Mark Hunter in the chair ) , for the reception of the report , and for other business . After the usual preliminaries , the secretary rend the following report and statement of accounts : — " The directors have now to submi t to the shareholders the balance sheet , showing the result of the business for the six months to the 30 th June last , from which it will be seen that the not profit ( including £ 1 , 401 . 2 s . brought forward from Isvst account ) amounts to £ 14 , 575 of
19 s . 10 d ., after , payment of all expenses management and making provision for bad and doubtful debts . The directors have determined to declare a dividend for tho half year at the rate of 7 por cent . por annum , payable on and after 30 th inst . This dividend will absorb . £ 10 , 500 , and , after deducting £ 3 . 06 * 9 s . for rebate on current bills , a balance ot £ 1 , 014 , 10 s . lOd . will remain to bo . carried over to next account . In compliance with the provisions ot tho deed of settlement , the following dire ? ors , viz ., William Jackson , Esq .., M . P , j . . ^ J Stacey Price , Esq . ; and Thomas Wink « rortli , Esq .., retire from office j but , being ^ Mo , offer themselves as candidates for re-election . " Balance shoot to J »» no 30 th , 185 O .-Pr . i Capatal an ^ Xoi ^ ducting ^ clTrgcJ « " ? -iTOS H ? 1 ? S 17 . ' ? oS " Sd atwE ttttfco Bonkof England Exchequer Bills India Uondfl , nnd Government securities , J 2231 laa Os . lod . t bills discounted , loans on stock , and othoVflQcurltJos , . 41 , 033 , 753 10 s .: fltrong-rooms , flttJmra and furniture ( premises hold on louse ) , . 43 , 000 . Total , 41 , 207 , 1 ) 37 Is . lOd . Dividend at tho ratp of 7 porcontf . per ( uinum , for th half-year ending ¦
Commercial
COMMERCIAL
Untitled Article
No . 48 ft . Jow 28 ,. . 1859 : V- THE LEA DEB . 8 7 1
Untitled Article
MONEY MARKET & STOCK EXCHANGE .
Untitled Article
BANK OF ENGLAND . An Account , pursuant tothe Act 7 th and 8 th Victoria cap . 32 , for the week ending- on Wednesday , the 20 th day of July , 1 S 59 : — ' ISSUE DEPARTMENT . Notes issued . £ 31 , 553 , 890 Government Debt £ 11 , 015 , 100 Other Securities .. 3 , 4 o 9 , 900 Gold Coin &Bullion 17 , 078 , 890 Silver Bullion .... £ 31 , 553 , S 90 £ 31 , 553 , 890 BANKING DEPAHTMEIJT . 1 ' i-oprietors' Capi- Government Seeutal ...... .. £ 14 , 553 , 000 rities ( including Rest ,-...- ..... 3 , 308 , 220 Pead Weight Public Deposits ( in- Annuity ) ....... - £ 11 . , 680 eluding Exche-: Other . Securities .. 17 , 2 o 4 , 439 quer , Savings' Notes ........ . .... 9 , 489 , 0 o 0 Banks , Coinmis- Gold and bilvcr _ . sioners of jN T a- Com .. ... 620 , 03 / tional Debt , aud Dividend Ae- . counts ) . 4 , 982 , 572 Other Deposits .... 14 , 932 , 995 Seven Day and other Bills ...... S 5 S , O 10 . £ 38 , 634 , 800 _ ' £ . 3 S , 634 , S 0 G M . MARSHALL , Chief Cashier . * Dated July 21 , 1859 . . PRICES OF THE PRINCIPAL STOCKS AND SHARES AT THE CLOSE OT THE MARKET . Last This Week Week STOCKS . . 3 per cent . Consols—Money . Wfr Ditto Reduced , 95 J 95 n . « g ^ K . r ..:::::::::::::::: g & India * •• 2 . ^ 2 : 3 Exchequer . Bills ~ *¦< Canada Government 6 per cent New Brunswick Government 0 per cent New South VValcB Government 5 per cont . South Australia Government Cper ceut .. .. .. Victoria Government 0 por ceut Austrian Bonds , 5 por cent Brazilian Bonds , fi per cent French Rentes , 3 per ceut .. Mexican Bonds ,. ' * per cent 101 r . Peruvian Bonda . 4 J por cout 77 Spanish Bonds , ft per cont 'XVurkish Scrip , O per cent 84 RAILWAYS . BriBtol and Exeter 07 08 Caledouiau ° » ° 3 f Eastern Counties 00 60 * East Lanoashlro ^ 00 95 Gront Northern 1 < W 104 „ Wostorn £ ty 004 Lancftshlru and Yorkshire 974 0 « London and Dlaokwal ; ........ 07 j 07 London , Brighton , and South Coast llU . 11 . 1 London and North- Western ., yi } 5 W > h London and South-Western , 1 > 7 W Midland " >«* 104 Northnrltiah , AH 67 . North Staffordulitro 3 id 3 Jd Oxford . Worcostor , and WolverJiampton ,. M 3 H South-Mjvstern 7- \ i 73 J South Wales 03 0-4 Bombay , Barotla and Central India ....... 17 & 17 Calcutta and South JQaetorn ¦• .. Eastern Bougftl 8 « H <* Iflnat Indian 10 S * 00 Groat Indian Peninsula ' . J 00 00 Madras <» 5 » 3 Solndo , 80 - 40 Buffalo and LiilcoJIuron « i Md Grand Trunk of Canada < lo « r * Groat Western of Canada . 10 Ifii Antwerp and Hottordam .. , 4 & -13 Dutch Khonlfjh 44 d Sid Maotorn of Fiwneo &S 80 . Groat Luxomlurpr 7 Of * Ziombnrdo-Venetian 11 8 Sd Northern of Franco 374 3 ? 1 ' arlH , Lyons , imd Moditorranoaa SS « j » Paris and Orloana $ 5 M Southern of Franoo » 1 * «} Woatorn and NortU-Woetorn of Prauoo 3 « »«
Untitled Article
JOINT STOCK COMPANIES .
Untitled Article
RAILWAY INTELLIGENCE .
Untitled Article
Though the corn : markets through the week have declined , they are firm to-day . Eeports from the Continent describe the rye crop—there the most important grain—as not turning out well now that the harvest is commenced . In our markets the supplies are moderate and prices firm . At Mark-lane to-day there was do advance in rates , but the demand was brisker . The late storms have laid the crops in many places , and thoug h , they have not done much damage , they will add to the expense of harvesting the grain , and help to keep the markets firm . How much depends on the harvest may be known from the Chancellor of the Exchequer ' s speech last evening . He described the failure in 1840 as making a difference of nearly £ 2 , 000 , 000 sterling between the estimates of one of his predecessors and tlic actual revenue : but then the corn laws were in existence , and a failure of the harvests caused a great disturbance in our trade to get food from other countries . A failure now , thoug-h much to be deplored , will not be so disastrous as then . From all the sites of our great manufactories , except that of linen , which is suffering from a short supply of flax , our accounts are favourable . Enterprise is extending , prices are generally tending upwards , and things look cheerful . In Mincing-lane to-day sugar was firm , having recovered from the late decline . Tea is Id . per pound dearer . Coffee is steady , and altogether the merchants were in good spirits at their prospects .
Untitled Article
GENERAL TRADE REPORT- ,
-
-
Citation
-
Leader (1850-1860), July 23, 1859, page 871, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/vm2-ncseproduct2304/page/19/
-