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THE NOR.TnVMBERL.AND AMD DURHAM DISTRICT...
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] ^ ^ ' 1 : : FROM THE LONDON GAZE T TE ...
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THE BANK OP LONDON. On Tuesday tho propr...
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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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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'Money Market And Stock Exchame. City, F...
circumstances comhine to foster speculation , but still Sis bo sign of undue exdtement—the public cont fnue JoKr-iSiided , and schemers are for the present baffled and invisible . _ The applications to the Bank during the week have been on the increase , and their general character has been such as to warrant the assertion that trade is reviving . Gold has come into the country largely ; about three quarters of a million ore reported on the way , and very soon-we shall have to record consignments of the precious metals from the new and productive channel recentlv opened up . The position of the Indian finances appears to be , under the Eight Million Loan Act , that there is still authority to raise a sum of $ ^ 579 , 000 ? . The power of issuing India Bonds may also be made available to the extent of 2 , 789 , 500 ? . These two sums make € , 368 , 500 ? ., which , exceeds by nearly 1 , 200 , 000 ? . the estimated disbursements of the Home Treasury up to the 31 st January next , in excess of the present cash balance . Amongst the assets available in aid of the Home Treasury are , in addition , 1 , 598 , 000 / . in Exchequer Bills and Bouds now in hand ; and no account has been taken of receipts from the railway companies . It follows from this statement that for six months to come there will be no question of further pecuniary resources . 1 I
The 3 j 579 , 006 / ., which forms the balance of the t Indian Four per Cent . Eight Million loan , is now sub- t xnitted for public competition . It will , therefore , suffice r to mention here that the latest period allowed for receiv- e ing tenders is noon on the 17 th inst . The debentures , c it will be remembered , have five years to run . So much x of the amount tendered is to be paid on the 23 rd inst . s as will leave 75 per cent , to be paid in three instalments T of 25 per cent ,, or 894 , 7507 . each , on the 20 th Sept ., t 18 th October , and 15 th Nov . But it will he remarked j with satisfaction that tenders will be received for as t small a sum as lOOOf ., instead of-6000 k , as upon the \ former occasion . . i The next instalment of 15 per cent , making 85 per cent , paid , falls due on the Indian Four p « r Cent . Loan on Tuesday next , the 10 th . inst ., and the final instalment on the 10 th of September . A . call of 2 / . per share is to be paid by the 7 th inst . by the contributories of the Justice Assurance Society . At a meeting of the London Life Association to-day it was resolved not to pay the sum . of 4217 ? -, in addition to 782 t already paid , on a policy of assurance for 500 GZ . on the life of the lat « John Sadleir . On the 9 th instant a call of 10 / . per share on the contributories of the London and County Assurance Company will be made . tne immense > ¦ ¦ 1 ¦ > 1 e
The Atlantic Telegraph Cable , despite difficulties encountered , has at length been successfully laid . The price of the company ' s shares , as a matter of course , experienced an immediate and great rebound . The nearest quotation was 8807 . to 920 ? . per 1000 ? . share . The previous day 350 ? . was scarcely obtainable . ' The new act referring to crossed cheques received the roval assent . Clause 1 provides that if a cheque be issued crossed with the name of a banker , the crossing shall not be altered , obliterated , or added to in any way , but shall be deemed a material part of the cheque , and the cheque shall be paid oruy to the hanker with whose name it is crossed . Clause 2 enacts that if a cheque be issued uncrossed , or crossed with the words " and Co ., " any lawful holder may add thereto the name of any banker , and such crossing shall be deemed a material part of the cheque . Clause 3 is penal , and provides that any perBon fraudulently altering the crossing on a cheque , or uttering the cheque knowing it to have been fraudulently altered , Shall be held guilty of felony . Clause 4 excepts hankers from responsibility if they in- nocently pay a cheqne from -which the crossing has been erased , provided that no signs are visible that a crossing was ever there . Considerable inconvenience is apprehended as regards cheques drawn on London bankers but crossed to country bankers . . The latter would receive the amount through their London agents , but clause 1 mokes no provision for this case , declaring that the cheque must only be paid to the banker with whose name it is crossed . The shares in the Red Sea and India Telegraph Company touched { to f prera . The applications are stated to be already very large . The scrip of the Great Southern of India Hallway Company was quoted to-day 8-16 to 6-16 prem . This company have already obtained a guarantee of 5 per cent , from the Indian Government . Messrs . Hyde , Hodge , and Co ., a highly respectable firm In the Honduras trade , have stopped payment . City , Six o'clock . The latest quotation for Consols is 961 i , both for money and account .
The Nor.Tnvmberl.And Amd Durham District...
THE NOR . TnVMBERL . AND AMD DURHAM DISTRICT Bank . —The Vice-Chancellors' Court has approved of the arrangement by wliich the Dement Iron Works pass into tho hands of some of tho shareholders of the District Bank . The particulars of the arrangement may be described as follows : —Fifty-four shareholders purchase the works , collieries , and howsoa for the workmen , for 930 , 000 ? . Tho payments will thus bo made : —175 , 000 ? ., cash ; 84 , 500 ? ., Bix months ; 96 , 500 / .,
1 ' twelve ditto ; 103 , 500 ? ., eighteen ditto ; 191 , 500 ? ., twenty-four ditto ; 41 , 000 ? ., thirty ditto ; 129 , 000 ? ., tbirty-aix ditto ; 14 , 000 ? ., forty-two ditto ; 47 , 500 / ., forty-eight ditto ; 47 , 500 ? ., sixty ditto ~ 930 , O 00 ? . Add 36 , 831 ? . Os . 6 d . already made by the same parties in respect of the 5 ? . call , prior to Mr . Coleman ' s report , making a total of 96 G , 83 l / . 0 s . Cd . Fifty-three shareholders have , consequently , been removed from the list of contributors to the Northumberland and Durham District Bank .
JOINT-STOCK BANKS AKD COMPANIES . LONDON AND COUNTY BA . NK . ] On Thursday the proprietors of this bank held their ^ half-yearly meeting . More than common interest at- ^ tached to the meeting of this bank , not only on account ' of the injurious and unfounded rumours set afloat by 1 interested parties against this among other joint-stock : banks , but because of the wiileand special field over which : its transactions extend . A joint-stock bank that has , besides its central bank in' the metropolis , a series of fifty or sixty dependent branches spread over the country , would naturally feel a financial crisis more sensibly \ than joint-stock banks which have little beyond their I metropolitan branches to defend . It might therefore be expected that the collapse which occurred in the commercial world , and which tried tlie soundest monetary establishments most severely , * jmd prostrated even solvent firms , would be felt with augmented pressure by such an institution as the London and County Bank . We have , however , the materials at hand to enable us to form a correct opinion of the actual effect of the crisis on the interests of this bank , and it 3 capability of sustaining such recurring financial shocks for the future .
4 , 1 . . | , The report laid before the proprietors may be described , without exaggeration , as highly satisfactory and assuring . The bank has not only -weathered the crisis without substantial injury , but has actually been able to strengthen its financial position most materially , giving thereby the best and most direct contradiction of any surmises that might have been ventured upon to its prejudice . The profits for the half-j'ear amount to 94 , 270 ? . ; after malting provision for bad debts , and adding the balance from last account , a gross sum of 101 , 664 ? . is obtained for the purposes of the bank . Out of this sum 24 , 000 ? . is paid in the shape of interest to depositors and customers , 43 , 000 ? . for salaries , & c , 25 , 000 ? . for 5 per cent , dividend for half-year , making a total of 10 per cent yearly , and 5000 ? . for rebate on bills not due and balance carried forward . This is a very good statement , but it by no means exhausts the favourable features brought under the notice of the proprietors . The reserve fund has been augmented by 5000 ? , and now stands at 105 , 000 ? . A large number of new accounts have heen openedabout 440—and the total number is now 22 , 550 . The customers' balances have increased by the sum of 650 , 000 ? ., out of -which amount very trifling or no interest is paid on no less a sum than 600 , 000 / . It appears that fewer applications for discount accommodation by customers , as might be expected , have been made this half-year , and this places half a million more of cash in hand , and at call , than was the case At the close of 1 the previous six months . On a review of all the cir-¦ cum stances , it would appear that the . greatest care and caution has been exercised by the executive of the banks , 1 that -while no proper commercial accommodation has ' I been withheld , no encouragement has been given to any-1 thing that bore remotely the character of speculation . ' The position of the London and County Bank is most ' satisfactory , but this character could only have been > earned by the sound judgment and supervision of the ' chief manager , Mr , M'Kewan , and the managers of the - numerous branches connected with the bank . : , 1 . , ; ) j
] ^ ^ ' 1 : : From The London Gaze T Te ...
FROM THE LONDON GAZE T TE . Tuesday ^ August 3 . BANKRUPTCY ANNULLED . — Samuel Tbocncv Bristol , provision merchant . * * » . BANKRUPTS . — Louis LicnTENSTErir , Wbod-stiwt Cheapsido , merchant—William : Ellekuy Wkaley nnrl William John- Hu . lstead , Wood-street , Clicansidp warehouseman — Sidney Hopqktnsox , Queenhithe and Albion-tcrraco , Peckham , wholesale stationer and commis sion agent—John Dukiuck Ayres , and David M'Haffie Mellis , Nottingham , and New York merchants—Jom Miller . Newcastle-undcr-Lyne , travelling draper—James Bate , Birmingham , innkeeper—Thomas Graves and Heney Wilkinson , Leamington Priors , "Warwickshire plumbers— Samvicl Stuart , "Wcdncsbury , Staffordshire ' grocer—Jamks Gii . lh am , ICxetcr , boot a nd shoe maker ' SCOTCH SEQ , UESTRA'rip \ S .-U . A . Cukwood Saleii Argylcshiro—J . CoLVirr ., Stirling , carpet manufacturer--G-. Gakdes , Broughton Ferry , grocer—J . and W . M'Kenzie Glasgow , builders—J . Stkphenson , Glasgow , oil and colour merchant—J . and . J . G «\ v , Drydon Mains , Edinburgh farmers—J . Smith , Glasgow , manufacturer . Friday , August 0 . BANKRUPTS , —Charles "Walter , Highistreet , Marylebone , pawnbroker—JoaiN Preston , Spalding , Lincolnshire , jeweller—GEonGE Cornfield Williams , Northampton , corn dealer—Geoege MELi . onand J amis Terras , Manchester , joiners—William Button , Yoxhall , Staffordshire , grocer—Charles "Walton and "William "Wamos , Gracecnurch-strect , City , ship owners — Joirir Kino Westbqp , Staining-lane ,. City , glove manufacturer—Joh » Bowers SMiTn . Rugby , Warwick , baker . SCOTCH SEqUESTRATlONS .-Jouii Mbnzies . Glasgow , gardener—William Gill , somctUrie residing at Park Villas , Richmond—Rowland Muckleston . sometime dealer , Stratford-place , London — James Naughtc-it , Dundee , brewer .
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Thb New Transatlantic Packet Station . —A . deputation of Members of Parliamen t , merchants , shipowners , and others interested in the Transatlantic trade , and also in the prosperity of the town and harbour of Gal way , waited upon the First Lord of the Treasury , at his official residence in Downing-street , on Wednesday , for the purpose of bringing under the notice of the Government the national importance of forming a secure and convenient harbour at Galway for large American steamships , and , with that view , to construct a breakwater and pier , at a cost of 152 , 000 ? . After a good deal of conversation , Lord Derby said : — ' " . I cannot , of course , give you a reply without consulting with the Chancellor of the Exchequer and ray other colleagues . It is , however , a principle of the Government to help those who help themselves , aiid I am bound to say that you have done something in that direction . I will only . now add that it is not improbable that the Government may be disposed to co-operate with the town of Gahvay to some extent ; but to what extent I cannot say until I speak to the Chancellor of the Exchequer , and until wo see how the project of a Western packet station is likely to succeed . " A Nuisance in tub Greest and St . James ' s Patiks . —Lord Palmerston , on the last morning of the session , as will be seen in another column , called attention to the annoyance caused in the Grenn l ' ark and St . James ' s Park by the constant presence of iron hurdles debarring people from -walking on tlie gras 9 . The nuisance undoubtedly is great ; biit tho House was told it would be removed in time . TUerc is another nuisanoe , however , still greater , -which we fear will not be removed within tho life of any of us . Wo allude to the perpetual whine of the bagpipes Mown before the troops of the Scots Fusilier Guards who for some mouths past have been stationed at tho Wellington Barracks in Birdcage-walk . Formerly , the regiments were changed , and tho frequenters of the two Westminster parks had a little temporary re . lief from this anguish ; now , the Scotchmen are for ever about tho precincts of the Royal palaces . We say nothing of the slight thus put on English regiments , for her Majesty has accustomed us to give way to the children of the North , and , if tho " Southrons" ever objected , they have profcably by this time got familiarised to a state of things which would have astonished them in former days ; but , at any rate , let our ears be spared . We have never yet met an Englishman who liked tlio bagpipes . It was a mistake to put those kilted musicians at the head of a regiment which , though partially Scotch , is not essentially Highland ; hut , if what is done cannot bo undone , the Fusiliers might at least be sent , with their beloved music , to garrison some town north of tho Tweed . Sir IIuoh Rosit . —Tuesday night's Gazette contains a general order whicli hna been issued by tlio Govonior-General of India , expressing his high gratification at tho recapture of tho town and fort of Gwalior ly Sit Hugh Rose , and ortloring , as a mark of his apprccintion of tho Maharajah ' s friendship , thut a Royal snhito in honour of tho event shall bcWlred at every princi pal station in India .
The Bank Op London. On Tuesday Tho Propr...
THE BANK OP LONDON . On Tuesday tho proprietors were called together to receivo the half-yearly report . Of course , the more recently established banks are those on -which attention is more particularly fixed , in conaequenco of the peculiar and trying period through which they have had to pass during the past half-year . It is very satisfactory to have to record that this bank has materially extended its connexions , that though commerce has been everywhere more than unusually inactive , yet the operations of the bank have been both sound and profitable . The sum of 21 , 631 ? . stands to tho credit of profit for the past six months , out of which sum , after providing for certain expenses , tho directors were enabled to declare a dividend of 5 ? . per cent , and to carry over a small Bum to tlie next half-year , after adding 8800 ? . to the reserve fund . Tlie chairman , in a lucid speech , pointed out the most encouraging features of tho roport . The current accounts—the most profitably part of banking business—had increased ; tho deposit account had decreased—a matter for congratulation more than otherwise under tho existing- circumstances of - 0 1 r s o , s - s 10 > r > - 1- to it a us lo lit > n of
the commercial world . The chairman called on th proprietors to bring all the accounts they could to the bank—a very proper cull , and one which , if the proprietors understand their true interests , they will not 1 ~ slow in responding to . The proceedings wound un with a cordial vote of thanks to the manager , Mr . Marshall , and other officers—a vote that appeared to have been -well merited -when the progressive and sound condition of this new hank is taken into consideration .
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Citation
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Leader (1850-1860), Aug. 7, 1858, page 28, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/cld_07081858/page/28/
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