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TJO. 499. , OCT. 15,1859^ T>BE LEABE>B. ...
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it hard to reconcile the? assertion that...
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MONEY MAEEBT & STOCK EXCHAWB.
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Friday Evening. Monet is easy. The divid...
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GENERAL TRADE REPORT -
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' Fridiixy Bvehing: Tun corn markets eee...
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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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.
In The Former Work Was Sustained By The ...
Th < 5 e" 9 as ~ a very full attendance . ^ e ^ Rig ht Hon . < £ 1 £ ^ itl ^ , l ?&^<^ 'o ? the Poof law Board , ^ s ^ r e ^ iaenti ¦ ; ¦ ' ' ' ' ; 7 ' A . '' , ''?' j . " -.::: T .. . , fcJtaoiiBt ; pf the JP ^ is Opera , who . is now happily in a state of conyaleswnce , conteinplatesr it 13 eQia ^ an artistic t « ir in Germany and England .
Tjo. 499. , Oct. 15,1859^ T>Be Leabe>B. ...
TJO . 499 . , OCT . 15 , 1859 ^ T > BE LEABE > B . 1 16 1
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It Hard To Reconcile The? Assertion That...
it hard to reconcile the ? assertion that loanable capital-is abundant * . because' coiumeifee * remains nearly stationarv . 'According to the theories of our political economists , the amount and * the activity *> £ the national industry , including trade , axe always in ^ rpportipn to , the national savings . N « i > w they tefl . us : the fact is not so . . Saving goes on more rapidly than enterprise ;; the demand For capital does no * keep .. pace with its increase . There are plenty of men ready to work } capital cannot -set tnem to work , and it fall * in value . ,
• ¦ , . : f ^ i $$ J 4 M $ ( $$ ijxeno # ? ; .. . •' .- " ' ¦' . ^ /'¦ in ^^ '' ' ^ BS 9 ^^ ' \' ^ ai ^ m a weeklytjon ^ -41- temporaryjiaqt Saturday , was devoted to explaining that capital is . now very-abundant m Bombard-street and the > . ' Bank ; because trade js slack . This , fts we hope our readers tfre aware , is our © pinion , But we are npf of those who believe that capital'is the movfagjpower of society , while our contemporary is . ; ^ itnj the doctrine that * . ' the quantity of ^ mp lpyiperit in , any society depends , on its capital / ' an & rthat " capital , sets labour in mptipn " which 4 » * ipt our creed , we find
The rate of discount is low—2 £ per cent . —because trade is slack . ^ Something more , therefore , is recjtnred to set industry in action than saving or capital , J ^ nd that something is hope or con . fidence . " , J .. " . ? . . '_ :.. ' . - . ' ¦ In ' , tlie Bfink pf France there is now about £ 524 , 000 , 000 , and letter , after letter from Paris saysthe jj ? rench merchant or trader cannot , be got to move . Trade is very slack in Paris , notwithstandingtlie abundance pfcapital . The traders there and in . France generally ave afraid , if they import additional eommbditiesithey will hot be purchased
at a remuiieratingpriceY that if they manufacture more goods they will not find a market for them ; , tha ! t if they wbtfk up all the raw material thev have o £ ' u ' and ' they will find it difficult to get more at a reasonable rate ; they have little hoDe or confidence , and so . they are not active ,. diligent and entejcprisuig . The industry they have set in motion , with the wealth it has . created and accumulated , have been directed to purposes of ruin and destruction ; the enjoyment they anticipated from their exertions has been 'snatched from their lips ; they arc afraid ; that further exertions will be no better rewarded : they don't know what the
Binperpr wul do— hpw he will employ the national resptirpe ?; they , want confidence , and enterprise Js cppsequenjtly stagnant ^ If they had confidence in . ^ hq su , c , ci ? ss of , their exertions—if they had istUQUg hopes of . future benefit—they would be scheming hoWito improve . the . agriculture , extend tb . Q railways , enlarge the shipping , increase the nia ^ uf ^ ctures , flft d augment the trade of France . %% (& ., # 0 , ncme ' pr ^ ie se tilings , . 6 r . do , them , jnprtly , b , eca , ua $ the re cent ppiirso of . 1 th , e ( jrovernment , has weakened ; th ^ iy , confidence ; in , # ie continuance of peace aud prosperity . Confidence . in the future , uathee than capital * is , the mothers and nurse of enterprise ; In . Pnris and ' London and throughout' "jfcurope this 1 is now a > plain matter of fact . i ' - W ' ehnust not expect , therefore , because capital is tittfyr ' abundant , while confidence is small , that
tfr fdte will rapidly extend : All the wiaterial ele-$$ ) $ pf prPsporfyy , ' ^ ood crpjps , a large supply of cotW ^ wpol , ; , a } i ^ b \\ K ai * unwearied popu-Wiqn ^ ncrea Bmg , in numbers and skul , ai ; e at hand , ftnd tlxo ancrcaBjiag wants of sppiety inust bo satisfied ,,, ! Tradei will , extend , buf not rapidly . Tuci inoraLolemcntsi of prosperity are wanting . The Governmenta of almost all Europe , except our owh , ai'O ' ' ¦ uneasy , and aomo of them are unsafe . A ^ pliticrtl condition 1 ms been evokeel in Italy wfc ; icn seiom' ^ Hke " afUBee , burning tip to a huge iJQiai 3 s oF ' cbmbufettble matter threntomng inn explosion . GoA ! iX x ^ j ! r > ^ hioMi )^ f iB > i < i ; jl 3 opming : in increasing qtinntUiesi l > li < i tiiiS- ^ tTiough ' orily n short tithe- 'flirio it"Wnn considered tho certain fprorunner of an iwtivd trAde- ^ nhnp ^ fapw t'estfore ^ onfidenco Wt'tfia t t ) ODtI ' cttl'fvitur " "iThe ' Vnnt'of thnt , conv-» TOflV ; a ^ ilhiri ^ Wn' ^ Tfnht of c ^ rifid ^ o Jn
keep trade quiet and keep capital ( ch ^ ap . Nobody can know with accuracy tlie relation between tUe amount of sa . vihg and the demand for capital It is / pftly to , be ascertained by the rate of . discount * but ^ if , aSv is said—and seems h'g hiy . probablessaving-has been , and is now great—if large profits have been made while little new enterprise has been begun , then capital will continue ¦ abun' - d ' ant arid the rate of discpunt will decline stilHowef . T ^ ie Bank minimum rate was 2 per cent , in 1852 , and . we see no reason to assert that it will ndt-decline to the same / figure in the present year . IJpw . t ^ ere are two caus es , a want p f confidence in political events , and ; a want of confidence in inercantile : men , to keep down the rate of discount .
Believing that generaf rules prevail m politics as well as physics , we cannot allow the oppbrtunity to escape of extending this principle , and asserting that confidence rather than capital is tlie main-spring of social industry . In Turkey there-is a want of confidence ; there is plenty of hoardings , but . there' is np enterprise , or only the enterprise wltich is started by foreigners assured of the pro- ^ tection of the Government . In England , on the contrary , there is a large market for every species of produce . The people by free speech guarantee the security of one anottier and the contihliaiice of dbmestic tranquillity ; they keep the
Governists . The wageis . of agricultural labpurers have been the * standard of wages tlmjughout the community . Higher wages « - * han they received were the reward of superior skill or a peculiar art , and were tHe exceptionr not the rule . So the capitalist tenant farmer is the tax-gatherer for the landlord . All other capitalists share his advantages and bis duties . . One rate' profit regulated in the main , according- to all modern political economists , by the profit made by cultivating the soil , and one standard for wages , prevail throughout the ; community . In different occupations the rules of both may vary , but in all occupations they tend to the standard of profit and culti the
wages obtained from vating : ground . ^ The peculiar importance , then , of the capitalist on which lie prides himself is , that lie is the ageni of all the recipients of rent , tithes , and taxes , and collects their dues from labourers . They ar « tax-gatherers for the bureaucracy ; Like all sucl agents they share largely in the spoil they gattter , and it is in this capacity— -not as joint producers oi the common subsistetice and common enjoyments —that they are cherished by tKe ! upper classes and disliked by labourers .. This is the real source oJ the quarrel between them . The time will come , though not yet , when they will be ashamed of being the instruments for extorting the fruits of toil from their natural and right owners *
mentin check ; there is almost complete confidence and a continual increase of enterprise . There is less real . saving or hoarding in England than Turkey ; less idle capital ; but there is in England a continual creation pf new . instruments and implement *—H > f machines , bridges , roads , ships , factories , docks , & c , & c , in the full confidence that they will facilitate or increase production , and add to the wealth of those who contiive , make , use , or employ them . The farmer drains his fields and sows more wheat than usual , because he hopes to grow nipre , aridhopes to sell it at a ^ bod price . He has confidence that other men will be readv to
buy it . He knows when he sells it he can buy other things which he wants , and he has . full confidence that other men wiU be making them while he is growing corn . The merchant , in like manner , imports more cotton and corn because he is confident that he will sell it to advantage . It is not capital , but hope or confidence which sets his labour in motion . This holds gpod throughout . The capitalist has confidence in himself , and he is confided in by others , and so he is enabled to set the labour of other men in motion . The principle is universal . Not cajjital , but hope or confidence , is the soul of enterprise ,
the main-spring of all social employment . Capitalists play , however , an important part in society . What makes them of importance , if capital do not set labour in motion ? This is a question of property not of production . Lawyers , aurgeons , physicians , architects , authors , are , also , all very important parts of society , but they are not capitalists . They are labourers of particular classes , and their labour to supply their own wants sets other labour in motion and rewards it . So the master carpenters , " master bricklayers , master masons , are labourers of a particular class , Mcycliants and bankers , too , with all other capital ^; . i ,
nme labourers whose work ia us necessary to the joint and combined ' production by which society is fed ns tlmt of the man who carries a hod , layd-a brick in mortftv , or planes , a piece of wppd . As contributors to cbinbined pr 6 duction , oitVpittvlists nro as Useful as any other Class of men , but they are something , more than , tliis . The impo'rtiij ^ merchants , tlie . distillers ' , ty-ewe ^ s and growers of hops , liniid over the customs and p ^ cise , duties 1 ; p the , Government , awd ^ onaqquently they ^ nnd the pei'flpns the , y oonnnfXQnJy d al ' "wrtw , or sell their commodities tP , > " * e the area ! taac-gftth . er , e # s for the-Government . Mp »« jovcr » itlt ^!> j ceioeivo pjfO iporty from the rich to uae , for whicb . they . / pay
usance , and this usance , like a tax , thoy must extract from the labourer . '• ' A farmer , fol- exomplof , receives tho lo ^ n pf a fhrm from the Iaiidpwner , pu conditipn of pHying" him nn annual rent , The farm Is not cap'ftal- 5 ¦ -ft is a nierd portidri otliinA guaranteed , in ,. tliO p 6 ss ^ ssji 9 ii / 6 f sqme j ^ ortioujar pqrspn by tlio rost pf " t ^ o fionjmu ^^ y ,, , ffl )< $ fttyW cuw only pay . tJm rgn ^ ( l ? y recp . YopngM | i ( i fvpm tup prpduco of tljQ , ljii ) wurore ! v wWPWVvtwsi enarftntecd posBcsaiou islxuts-iont ojf fcUo m < iAixti luf Uvin ^ and mnkos dependont / oii him . lit ) is thu » i cunblod-to de « l on mostadvaiitiagecm . ^ teii'ms'withitho'labouror , onatqcl i fi * omMftrirebni ^ cof ^ HojJiiiwijmiid tliiO advnWaW posseted bv him is shttred'by-Ul ^ othorcapitwl-4 / n rU fUr . n' I ' , " ) li ^ i ^ ll ^ . ' . ' , ' . "! ,. I , ' , ( j i > . . I I- ' 1
Money Maeebt & Stock Exchawb.
MONEY MAEEBT & STOCK EXCHAWB .
Friday Evening. Monet Is Easy. The Divid...
Friday Evening . Monet is easy . The dividends are now in course of payment , which helps to make it plentiful . The best bills are discounted at 2 & to 2 J . But it is . remarked that the Joint-Stock-Banks are not over done with money , and some per sons ,, therefore ,, think that the present ease in the market may any day'be terminated . The Bank of England , it is noticed , has a great amount of private securities , £ 19 , 700 , 000 , by the last return , though they , are somewhat , abated by the present return , which will be found below In general , a very easy money market is anticipated , but some foreseeing men , remembering the panic in the early part of the year , and the sudden rise then of the rate of discount , warn us that the present condition of things is hot to be relied on . For our
part we see no reason to anticipate any great increase of enterprise , any new loans , or any extra demand for money , and as it is at present very plenty ful it seems likely to . continue so . Good bills are said to be scarce . The general speculation is rathex What will men do with their money ? " In what securities will they invest it ? " Will they find any but Consols , and railways , and Indian Bonds , in which to invest ? and will riot all these go up ? . W ill they go into American or Russian securities ? That is a question which we cannot answer ; but we think that roost securities will go up . Capital is abundant ; profits are high ; saving is going on , and there are none of those gigantic enterprises now a-foot , such as railways , which a few years ago tasked nil our resources ; and people , therefore , must invest largely , it is supposed , in existing securities . the market
In consequence of the rise in money , and of some rumours from Paris of a Congress , with more favourable reports at the close of the day from the Paris Bourse , our stock market haa been firm to-day . Yesterday it was depressed , and so was the Paris Bourse . To-day Consols have been rising , and closed at 06 for money . After the usual market . 'hours , they -were done at 96 £ . AH other stocks and shares are firm . Business was-unceas ^ ingly abundant ,. and- seems likely , for some few ' days at loaflt , to continue so . - % , We hear very favourable reports of the Indo-China bankr-an establishment which aeoms likely to be serviceable to India , and probably to ita projqC fie bank returns will be fouud in the fallowing pagQ . i '
General Trade Report -
GENERAL TRADE REPORT -
' Fridiixy Bvehing: Tun Corn Markets Eee...
' Fridiixy Bvehing : Tun corn markets eeern gencrttlly hardening . ' Tlioy are firmer on theOontinent'than at hPme , aiulflnnpr ? n then . arlc « ts of the agricultural dist ricts than , m the other markets , which indicate * thrit u > ttlo \* but Serai rise te coming . Barley for malting wnthvtfos Very Venrco , and Is ¦ -per tyrtliel « 0 ' per conti 'deferer Umn wbeivt They- a * TO'aT ) bjift'tlio * rt , ric-ixioi ^ mU . nna-thb bushel of ivlie ^ t xrUoh * fr « n » ; ien- wmeWp pourtu » n ) 0 lro fliii ' n barl ' oyi '" fi-brtt •{ fiVWnuty Wfps Sp ' hoar of ^« Tly ; fros ^;^ h » cW'lirtv < y' ^ to j ^ hb SSloSor" vn « e « rtef % 1 iltili rfWdWobc ^ S ^ Ji W'iib Dr tco ; ' 'ProbttWy thenrirveal ta'i ^ ttfarnihtWi'nVqu'it ' o So ' w ' ell ^ fl ^ 'fta tvntlclAodV'wl <^ ( H ^^ 6 n ^ urtimtQb
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Citation
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Leader (1850-1860), Oct. 15, 1859, page 21, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/cld_15101859/page/21/
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