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No. 490. Apo. 13, 1859-3 THE LEADEB. , 9...
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COMMERCIAL.
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found tliat the forced currency of shill...
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MONEY MARKET & STOCK EXCHANGE
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Friday Evening'. Ax expectation, fostere...
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CrENERAL TRADE REPORT-
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E'riday Evening. The corn market continu...
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BANK OF ENGLAND. An Account, pursuant to...
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TRICES OF THE PRINCIPAL STOCKS AND SHARE...
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Last This , "Week Week
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STOCKS. 3 per cent. Consols—Money )»•>$¦...
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Pnussi.v and tiih ZoM.vKitKiN.—Tho Pruss...
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Transcript
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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.
Additionally, when viewing full transcripts, extracted text may not be in the same order as the original document.
No. 490. Apo. 13, 1859-3 The Leadeb. , 9...
No . 490 . Apo . 13 , 1859-3 THE LEADEB . , 945
Commercial.
COMMERCIAL .
Found Tliat The Forced Currency Of Shill...
found tliat the forced currency of shillings at 12 d . each or at the twentieth part of a sovereign , -while each one is of the intrinsic value of only 10 d ., is causing a great influx of shillings to exchange against notes and gold , and a remedy has to be found in the reduction of the nominal value of the shilling . This foreshadows the coming of a difficulty at home , from the change which is going on in the relative value of sjold and silver .
. - *• INCEEASE OP THE CIRCULATION . FO R a long time currency discussions have been suspended , and we might have supposed that the , controversies on this subject had come to an end . Just now , however , there are symptoms of a , revival which must be welcome to all the dissentients from the Peel-Overstone settlement . The thing will not settle quietly down into perfect acquiescence in their procrustean bed . A voice from Canada comes against it . There it is
Then one of our contemporaries—in general delighted with the settlement , who , nevertheless , contmtially finds it necessary to goad the Bank of England into the performance of its duty , as if the law were insufficient ;—lias discovered that with no more gold in the Bank than last year at this time , but with rather less , the Bank has 1 , 500 , 000 ? . more notes in ' circulation . Its capability of meeting the demands on it is proportionably diminished , and our contemporary is urging it to raise the rate
of discount in time , and run no risk of increasing its responsibility . The 23 , 13 O , 567 Z . of notes and post bills now in circulation is ' greater-than at the same period in any year since 1853 , but then the bullion was somewhat greater than at present , and the believers in the validity of the scheme for making the whole circulation of the country vary with the gold in the Bank hardly know what to make of an increased circulation with no increase of bullion . As compared to last year , there is ^ a similar increase in the circulation of the Provincial
Bank paper . Last year , according to the latest returns , the circulation of the whole Empire was , in July , 2 , 294 , 0 . 131 . less than in July this year . Our contemporary assigns the increase to the discredit of bills abroad , which induced the owners to send them over here for sale , and draw against them . To us , it seems more probable that the much increased business of the country being : still accompanied by a certain degree of discredit—which makes payment by bills less easy and less acceptable than prior to the convulson of 1847---creates a necessity for an increased quantity of
wellaccredited bank-money to carry on the increased business . By the increase of its circulation , unattended by a cox-responding increase of the bullion in its vaults , the profits of the Bank will be increased . It is a . dear case , therefore , of superior and well-established credit obtaining proportionable ^ advantages . At the same time tliese changes in' circumstances nro inviting attention to the currency , which will not be settled satisfactorily till it be wholly lef t , like the growth of corn and the manufacture of cloth , to the natural laws whioh determine the production and distribution of the precious metals as well as all other commodities .
A great extension is continually going on in the buying nnd selling business of the world * According to the latest accounts , trade , which is brink in almost overy dcpnrtment . othonle , is increasingly active in China , in Odessa , in New York j nnd on the Continent of Europe . We may be quite sure , that in proportion as it becomes active , the necessity will become stronger for everywhere setting every part of it free . Ami in proportion as it i » set free its extent nnd activity will increase . It is destined , therefore ,, unless the world should get another twiat as that Milton alludes to" Some say ho bid his aneolB turn aakimoo Tbu polos Of earth ' s axis i Twloo ton dogroos and more obllquo ( hoy piiHliotl The central globo " t-If the earth continues its present course , trade is destined to increase in a double ratio , anil soon it ¦ will bo ascertained , as it nlroady begins to bo suspootod , that the puny regulations of Peel-Overstone , uud the Parliament in 1844 , will be ns inadequate to the circumstances of the times as were tlio regulations they set aside .
Money Market & Stock Exchange
MONEY MARKET & STOCK EXCHANGE
Friday Evening'. Ax Expectation, Fostere...
Friday Evening' . Ax expectation , fostered by the Times , having prevailed that the Bank would yesterday raise its minimum rate of discount to 3 per cent ., there was , on Wednesday and yesterday , a brisk demand for money . But the Bank having turned a deaf ear to the Times , and kept it ' s rate at 2 £ , those who provided themselves largely with money expecting a rise have now more than they want . Money is in consequence comparati vely easy to day . The terms , however , are generally those of the Bank , and as money is only temporarily abundant , there is no
probability of reduction of rates . Bills are discounted at 2 £ , and 2 per cent , is still given on call . In the ensuing week , however , two loans are looked for ;—the Russian loan of £ 12 , 000 , 000 on Monday , and the Indian loan of , £ 5 , 000 , 000 on Tuesday , which will have the effect of increasing the demand . Of the last mentioned our readers are already in possession of the particulars , as they have been announced in Parliament and in the public papers . The former was intended to be brought forward sonic months ago , but , on account of the war in Italy , it was then prudently kept back . Now the arrangements for issuing it are complete , and it will be brought out
on . Monday . The Russian loan is to be for 12 , 000 , 000 Z ., in a 3 per cent , stock . It will be brought out at 68 , but as i £ per cent , will be allowed as the current halfyear ' s interest , the price will really be 66 $ for the takers . The payments are distributed over a long period , the last being due , January 25 , 1860 . The French 3 per cents , being at present at 69 f . 60 c , and the credit of Russia being at least as good as that of Trance , especially in Germany , Holland , and Belgium ,, it is expected that these terms will be considered very favourable , and that the loan will be
readily placed . Not above the half of the 12 , 000 , 000 / . will come to this market . The other half of the loan will be taken in Belgium , Holland , and Germany , where there is always a good demand for Russian securities . The dividends will be payable in London , and bonds will be issued for 100 / . which is likely to bring the loan into favour with a large number of small buyers . Messrs . Thomson , Brown , and Co ., an old-established Anglo-Russian house , are tlie agents , and as they have chosen a good time for bringing the loan in the market , and the terms are advantageous , it seems very likely to be a successful operation .
The other news in the money market is almost unimportant . The exchanges continue firm . ; the price of silver , in consequenco of large arrivals , has again declined , and for the present the exit of gold is stopped . The Bank of France , according to the accounts received to-day , is full of gold , the stock having increased since last month by 2 , 500 , 000 , and now amounting to 25 , 000 , 000 sterling . At the same time the bills under discount have decreased , and the Bank is consequently very strong . Private deposits have diminished , which is the only indication in the returns of money being in demand in Franco .
The Stock Exchange was very dull to-day , and lias been dull all tho week . There was little business doing , and the tendency to-day wag downward , owing to some apprehensions for the peace of Central Italy . A Ked Republican movement was announced at Par inn , and that is always an ominous word at the Stock Exchange . Next week it is likely to bo very lively . Tho new loans will impart to it a new life , and tho tlulncss which has characterised it for several weeks will bo at an end . Consols were at 9 i ) j J to J , Other stocks were steady ; so were railway shares , with little , or nothing doing .
Creneral Trade Report-
CrENERAL TRADE REPORT-
E'Riday Evening. The Corn Market Continu...
E ' riday Evening . The corn market continuqs generally dull , which is a sign that the harvest is . good , though probably not , on the whole , equal to the harvest of 1858 . Tlio sugar innxkot , too , is dull , prices tending downwards . Cotiuo , on the contrary , finds a ready sale at full , and rather bettor , prices . Toa , also , has a tondoncy upwards , in consoquenco of the last arrivals from China bringing ii ^ tulligonco of a short supply . The othor produces havo a favourable aspect fbr tho buyer . Provisions continue cheap , and wore rath or cheaper to-day . Tlio good ivages of tho urtiziui and tho labourer will go a long way in tho markot , and , whilo wo . iudgo by comparison , there is no reason at present for tho industrious classes
making any complaint . Positively , however , their condition is susceptible of much improvement ; and they and we ought not to be content till it is made as good as possible . In all the manufacturing districts there is a steady demand for labour ; and all the great producing interests of the country are happily flourishing together . We only require more freedom and less taxation to make a more rapid progress than ever .
Bank Of England. An Account, Pursuant To...
BANK OF ENGLAND . An Account , pursuant to the Act 7 th and-8 th Victoria cap . 32 , for the week ending on . Wednesday , the 10 th day of August , 1859 : — ISSUE DEPA-KTaTEKT . Notes issued ...... £ 31 , 110 , 000 Government Debt £ 11 , 015 , 100 Other Securities .. : $ , 4 o 9 , 900 Gold Coin & Bullion 16 , 044 , 600 Silver Bullion .... -h—£ 31 , 119 , 6 ( M £ 31 , 119 , 600 BANKING DEPARTMENT . Proprietors' Capi- Government SecutaT . £ 14 , 553 , 000 rities ( including Rest 3 , 133 , 012 Dead Weiffht Public Deposits ( in- ^ Annuity ) ...... .. £ 11 , 208 , 5 , 2 eluding- Exche- Other Securities .. 18 , 574 , 508 quer , ° Savings' Notes ........ . .... » , l <» , 5 fo Banks , Coinmis- Gold and Silver sioners of Na- Com 58 / , 288 tional Debt , and . ¦ Dividend Aocounts ) 5 , 912 , 113 Other Deposits .... 14 , 075 , 929 Seven Day . and . other Bills 850 , 310 ______ £ 39 , 430 , 073 £ 39 , 430 , 973 M . MARSHALL , Chief Cashier . Dated August 11 , 1859 .
Trices Of The Principal Stocks And Share...
TRICES OF THE PRINCIPAL STOCKS AND SHARES AT THE CLOSE OF THE MARKET ;
Last This , "Week Week
Last This , "Week Week
Stocks. 3 Per Cent. Consols—Money )»•>$¦...
STOCKS . 3 per cent . Consols—Money )»•> $ ¦ 9 oj Ditto Keduced M » 5 ft Banks / ock New j ::::::::::::::: ^ & J & xchequor Bills - M 28 Canada Government 6 per cent n ^ : »» New Brunswick Government u per cent . ., .. .. New South Wales Government oper cent . .. V 9 & South Australia Government 0 per cent .. .. I 10 _ Victoria Government C per cent .... 110 * Austrian Bonds , 5 per cent ... 77 k Brazilian Bonds , 5 per cent ... - * ° * French Rentes , 3 per cent 09 . 70 Mexican Bonds , 3 per cent , .. 185 Peruvian Bonds , 4 J per cent «* t Spanish Bonds , 3 per cent « Turkish Scrip , 0 per dent 004 RAILWAYS . Bristol and Exeter »? k 99 Caledonian . • £ « 4 ° ~ ft Kastern Counties , p ° 4 *> 'i East Lancashire » 0 00 Great Northern 1 [> H JO ? Western ., 68 « 504 Lancashire and Yorkshire • ¦ • OSS « = ? London and Blackwall < H ) 05 * London , Brighton , and South Coast ... Ill * 100 * London and North -Western IM 03 ft J . ondon and South-Western IH & 03 * Midland : lwl 104 * North British 0 / J 679 North Staffordshire J-U 4 i <* Oxford , "Worcester , and Wolverhampton .. « a i « South-Kastern » i ' ** South NVales , ^ < W Bombay , Unrodaand Contrailndla H *\ 17 Calcutta and South Kaatcrn AP Mustorn Bengal * jj * Maetlndlan $£ }™ . Great Iudhrn I ' oninaula "ji ^ 2 Mndrns *}• % Soinde *> ™* Buffalo and Lake Huron /> i r > Grand Trunk of Cnuadn •}* » ' * Great Western oi' Canada .., l H ** A Antwerp and Kottordftin * rl % Uutobi Jlhonlah ,, ^ d X Kastorn of Franco » j * V Great Luxoinburc ' ! Lombnrdo-Vonotliui , ; ?"• t ., , 9 Northern of Jb ' rnnoo ;( i ^* Paris , Xyonu , and WotlJtorruiu-iin m & «> 04 rnrtfl and Urloaus *• ^ |»«» ^ ± : \ uMa : W 0 HU . n / of' iV-mco - . ' ! gift W
Pnussi.V And Tiih Zom.Vkitkin.—Tho Pruss...
Pnussi . v and tiih ZoM . vKitKiN . —Tho Prussian Government has proposed to tlio Conference of tho Zollvoroin that the iron dutioa bo abolished by degrcos , ut periods flxo « J bofurohnnd . A storm of petitions from tho Iron districts in Westphalia and , Bilosia ngainat thia project will , wo aro informed , not turn tho Government from its purpose . Thoro . Id , however , but small chance that tho Zollvorein Confurunoo , which votes by unanimity , will entertain tho proposition .
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Citation
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Leader (1850-1860), Aug. 13, 1859, page 21, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/cld_13081859/page/21/
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