On this page
-
Text (9)
-
Ho. 507- Dec. 10, 1859.J THE LEADER. 135...
-
the influence of an easy money market an...
-
GENERAL TRADE REPORT-
-
Friday Evening.—AH our market reports co...
-
^TOINT STOCK COMPANIES.
-
JOINT STOCK COMPANIES
-
RAILWAY INTELLIGENCE.
-
The London and North-Western Railway tra...
-
Tub Iron Trade.—Tlioro has been little b...
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.
Ho. 507- Dec. 10, 1859.J The Leader. 135...
Ho . 507- Dec . 10 , 1859 . J THE LEADER . 1353
The Influence Of An Easy Money Market An...
the influence of an easy money market and quiet politics this week , and risen rapidly and considerably . Every kind of security is better , and the gentlemen of the Stock Exchange look more cheerfully on things than they have done since the great Russian hoax , which ended'in so much bankruptcy , in the early ' part of the year . East India Stock , Turkish loans , nnd Foreign railway shares have all felt the favourable influence , and have become more valuable . At the close of the market to-day some heaviness was experienced , the natural beginning , probably , of a reaction , the consequence of tlie consideralde rise . Consols were done at 95 f ex . dividend , equivalent to 97 $ with the dividends . The Three per Cent . Rentes come from Paris 70 f . 50 c , also ex . dividend , which shows a continued rise . Falling in with this course the returns of the Bank of France for the month show a considerable increase of bullion and of treasury deposits / and a decrease of bills discounted . The Bank of England continues its course without much alteration , and below we subjoin tlie returns . We are glad to see the subsidies given for packet services again occupying public attention . Since the practice was originated , in 1834 , or thereabouts , it has been a fruitful source of favouritism and extravagance . Now , the sum expended in this unnecessary manner amounts to-nearly a million , or nearly equivalent to the revenue obtained from paper , and is becoming quite a scandal to the Administration . For the public , the errors and extra-Tagance of individuals are of trifling ' i nterest , though they excite much curiosity , but the errors and extravagance of the Government are gross injuries to the people . BANK OF ENGLAND . An Account , pursuant to the Act 7 th and Sth Victoria cap . 32 , for the week ending : on Wednesday , the 7 th day Of December , li > 0 t > : — ISSUE DEPARTMENT . Notes issued .... .. £ 30 , 743 , 815 Government Debt £ 11 , 015 , 100 Other Securities .. 3 , 45 « , « 00 Gold Coin & Bullion lf > ,. i 08 , Slo . Silver Bullion .... £ 30 , 743 , 81 ; - . £ 30 , 743 , 815 BANKING DEPARTMENT . l ' roprietors' Capi- Government Sccutal ...... £ 14 , 553 , 000 rities ( including-Kest 3 , 139 , 380 Dead Weight Public Deposits ( in- Annuity ) £ 10 . , lo 7 eluding Kxohe- Other Securities .. 19 , 350 , 811 quer , . Savings' Notes U . , 410 Bunks j-Co inmis- Gold and Silver sioners of Xa- Coin 008 , 000 t ion ill Debt , and Dividend Accounts ) . 8 , ( 503 , 215 Other Deposits .... 13 , 444 , 301 Seven Day and other Bills 792 , 422 £ 40 , 537 . 378 £ 40 . 537 . M . MARSHALL . Chief Cashier . Dated December 8 . 1859 .
General Trade Report-
GENERAL TRADE REPORT-
Friday Evening.—Ah Our Market Reports Co...
Friday Evening . —AH our market reports continue favourable . In all the great seats of our manufacturing industry the people are well employed and tolerably well paid . In Mark-lane to-day the corn market was firm . The Mincing-lnne markets are all tolerably steady . Tea is dull ; sugar is more active . Some little speculation is beginning in this article . Everywhere , as far as we can learn , the producers of cotton , wool , sugar , coffee , tobacco , & c , & c , are striving eagerly to produce more of their several commodities for our use , as we are striving to produce for theirs . The crop of cotton in the United States is said to bo very large . The cultivation of wool is extending in South Africa and Soutli America , as well as in ' Australia ; and , so far as production and exchange goes , everything promises well , if only the several Governments of the world will allow the industrious classes to pursue their work uninterrux > tedly . ^
^Toint Stock Companies.
^ TOINT STOCK COMPANIES .
Joint Stock Companies
. £ 34 , 431 4 s ., the Consulting Actuary reports that ' . £ 9 , 560 8 s . 4 d . are available for division amongst the shareholders and policy-holders . The remaindernamely , . £ 24 , 870 15 s . 8 d ., the Consulting Actuary advises should be held in reserve . The proportion thereof to be appropriated to the shareholders * according to the terms of the deed of settlement , amounts to £ 2 , 729 19 s ., being 5 per cent , upon the gross amount of premiums received during the five years . In the Fire Department , the total assets amount to £ 46 , 097 18 s . lid . ; and the total liabilities amount to £ 41 , 383 16 s . 2 d ., leaving a balance in favour of the Company of . £ 4 , 714 2 s . 9 d . Of this sum it is proposed to reserve £ 2 , 444 Is . 9 d . for unexpired
risks , & c , the remaining portion—namely , £ 2 , 270 Is . is available for distribution amongst the shareholders , in accordance with the provisions of the deed of settlement . Thereis , therefore , a sum of £ 2 , 729 19 s . from the life business , and a sum of £ 2 , 270 Is . from the fire business , making a total of £ 5 , 000 , to be appropriated to the shareholders by way of bonus . The Directors have fully considered the Consulting Actuary ' s report and valuation , and they , concur in his recommendation that such sum of £ 5 , 000 be paid to the shareholders in equal proportions during the next five years , commencing with the present halfyear , which , with the current annual interest of 4 per cent , on the paid-up capital , will raise the
divijunctipn , near TafFs Well , of the Taff Vale and Rhymney Railways , only 6 & miles from the port of Cardiff , and consequently offering advantages in the small cost of carriage to the shipping port , -which must materially conduce to the success of the enterprise . The Patent Derrick Company ( Limited ) propose to issue 3 , 500 bonds of £ 5 each , or £ 17 , 500 , being the balance of the original £ 60 , 000 , the capital of the undertaking . The funds are required to relieve the large floating derrick from the hands of creditors , and to prepare it for those marine salvage operations of almost daily occurrence . Many of the present shareholders have subscribed for these bonds to the extent of 20 per cent , upon the amounts of the £ 50 shares respectively held by them . As an inducement to secure the co-operation of the public it is proposed that the bonds shall bear interest , payable out of the first earnings of the derricks , at the rate of 10 per cent , per annum from the 1 st of January 1860 , and will be redeemable at par in two years , orisonvertible within that period , at the option of the holders , into the ordinary £ 50 shares ( limited ) of the company . If the derricks had been in operation during November , when the wrecks recorded exceeded 300 in number , the result in a pecuniary point of view would , there is reason to believe , have been satisfactory . A numerous body of friends of Mr . Clark , the manager of the late Western Bank of London , including the governor , deputy-governor , and other directors of that institution , have presented to that gentleman a magnificent silver inkstand , writing table , and a purse , together with an appropriate address engrossed on vellum , expressive of their esteem and confidence , and the . ir high sense of the ability , integrity , and courtesy with which , he has discharged his duties on all occasions .
Send to 6 per cent , per annum for the succeeding five years , irrespective of any profits to be realised during that period . The remaining portion of the available surplus in the life' department will be appropriated to those policy - holders who are entitled to participate in the profits of the Company , either as a reversionary bonus , or in reduction of their' premiums , or in cash , as they may elect ; a notice of the amount allotted on each of such policies will , in due course , be sent to the policy-holders . The total number of life policies in force on the 30 th of September last , exclusive of annuity policies ., was 1 , 008 , insuring
the sum of £ 502 , 223 . The income of the Company from all sources ( exclusive of duty and of the sums received for annuity policies ) for the year ending the 30 th September last , amounted to £ 24 , 220 . The Directors congratulate the shareholders on the highly prosperous and progressive state of the Company ' s affairs , as shown by the balance-sheet and Consulting Actuary ' s report and valuation , and , as those documents speak for themselves , the Directors refrain from saying more than that they believe the results achieved during the five years of the Company ' s existence are most satisfactory and promising , and such as few companies of the like standing have exhibited . "
At the general meeting of proprietors of the Bank op British North America , the operations during the six months were described as favourable . The directors' report also refers to the opening for business , in May last , of the branch at Victoria , Vancouver ' s Island . The proposed dividend for the half-year was at the rate of 6 per cent , per annum , and was agreed to . The directors of the Western * Africa Malachite Copper Mining Company have issued a report showing the progress of the undertaking . n'il
speaking favourably of its future prospects . Uue great drawback has been the ill effects of the climate upon the constitution of the Europeans sent out to develope the property , a largo number of the skilled labourers having died . The few remaining are becoming inured to the locality , and with proper attention to lodgings , clothing , & c , appear likely to remain in the employment of tho company . The existence and production of malachite in considerable quantities has been placed beyond doubt , and the last advices from the mines are the most favourable that have been received .
A meeting has been held at tho London Tavern , for tho purpose of placing the Poly teohnic Institution up 6 n a firm basis , a basis of £ 20 , 000 capital , in 200 shares of £ 10 each . A meeting took place of the shareholders interested in Bkrnaro ' s Patent Boot and Shoe Making ) Company , and the discussion was of tho most personal and recriminatory character . At the close of the proceedings a committee of six was apgointod to inveatigato fully tho management , which is alleged to have been of the most disastrous character .
Tub Law Union Fire and Liim Insurance Company has held its fifth annual mooting , and Beema , by its report , to deserve tho support it receives . Indeed , any well-conduoted office cannot fail to succeed , for tho very rapid incroaso of the population , and of building , would alone secure fb custom nnd support . The Law Union has declared a bonus of £ 5 , 000 , which will raise their dividend to six per cent , a prudunt mode of applying the surplus . But the following extract from the report will boat show the state and prospects of the Company : —" The Consulting Actuary ' s valuation of tho assets and liabilities ) shows , Hint , in tlio Life Department , the total assotri amount to £ 218 , 1 ) 11 ) Is . j and the liabilities ( including the present value of suma insured , ami all outstanding claims , & p ., ) amount to £ 184 , 487 17 s . 9 d ., leaving a surplus of £ 34 , 431 4 a . j of this sum of
The directors of tho Gkkat Ship Company , finding themselves unable to make their statement to tho shareholders on tho 15 th inat , havo detormined to postpone the meeting for a month . Meanwhile , the proprietors will be somewhat atartlod to learn that , with a view to provide moans for meeting tho c . mpiiny '» pressing liabilities , the board havo urranged to raise monoy upon tho security of tho vossol- —i " othon words , to mortgage hor . Tho ]> i \ i 8 pectin 9 has boon issuo . l of tho Caudiiw and Cabhi'Him / t Ikon Company , with a capital of £ 100 , WOO . Tho undertaking ia fonnoil for tho manufacture of pig iron , and for this purpose it is n ' ronosod to crvoi throo blast funmcos close to tno
Railway Intelligence.
RAILWAY INTELLIGENCE .
The London And North-Western Railway Tra...
The London and North-Western Railway traffic return shows this week an increase of £ 9 , 150 ; the Great Northern an increase of . £ 2 , 919 ; the Great Western an increase of jE 2 , 004 ; and the London and South-Western an increase of j £ 685 . - As a result of a lengthened conference held between the deputations from the boards of the South-Eastern and London , Chatham , and Dover Railway Companies , certain proposals , tending to an amicable arrangement of the points in dispute , were to go before the latter company ' s board yesterday . It is feared , however , that the immediate prospects of the negotiation are not brilliant . It is said that the views of the London , Chatham , and Dover Company point merely to an alliance , whilst the South-Eastern wish for a complete fusion of the rival undertaking into their own .
On the 24 th of November the great Victoria Tubular Bridge , the most stupendous work of the kind in the world , and the connecting link between two important sections of the Grand Trunk Railway of Canada , was opened . The first train consisted of an engine and single car , containing about fifty persons . The time occupied in passing was about 12 J minutes . Among the gentlemen in the car were the Hon . Mr . Cartier , Premier ; Mr . A . M . Ross , chief engineer of the bridge ; Mr . J 31 ackwell , managing director , and several directors of the Grand Trunk finishedbut
road . Two of the tubes are not quite , the bridge is expected to be fully completed and thrown open to traffic about the 15 th inst . This will be exceedingly opportune for the trade of Canada , which ia expected to derive a renewed impulse , as the water navigation has ceased . The traffic over the line is steadily increasing . The receipts for the week preceding tlie opening to Detroit , which took place on the 21 st wit ., amounted to GO , 5 GOdols ., being 10 000 above the receipts of the corresponding period of last year . The prospects of through Western freight are very good .
Tub Iron Trade.—Tlioro Has Been Little B...
Tub Iron Trade . —Tlioro has been little business transacted during the week in tlio Wolverhampton iron trade , and at some of the nulls and forges orders arc short ; but the leading mooibers of the trade still ndhore to the list prlcos . Wo do not protend to give quotations at which other persona make salos , for depending as those do upon circumstances and necessities , they afford little indication » a to the state of the trado . Pig iron may bo sold , Init cannot bo produced to realise a profit , bolow tho present prices of tlio trade . It is gratifying to know that the appliances of iron nro dally bolng oxtended to fresh objects , which fact occasionally gives a considerable impulse to our homo trade . At tho sumo tlmo , it must be admitted tluvt this vast iron-producing district is in a grout measure dopondout upon tho demand from abroad , nnd wo must not lose sight of the fact that tho States nnd our continental neighbours now possess groat fnollitios for tho inanufaoturo of tho same article , and
-
-
Citation
-
Leader (1850-1860), Dec. 10, 1859, page 21, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/cld_10121859/page/21/
-