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T^ 4 74. April 23,1859.1 Tfll IfEADIB. ,...
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MONEY MARKET & STOCK EXCHANGE.
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Thursday Evening. To-mokbow being a stri...
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The 12-pounder. brass artillery gun some...
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GENERAL TRADE REPORT.
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Friday Evening.. The uncertainty respect...
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.
Additionally, when viewing full transcripts, extracted text may not be in the same order as the original document.
What Determines The Value Of Gold? The P...
regulations , as we have explained , and the customs of the people make adver se chief or only money of China and India ; and already , though both have been the prey of civil war , and have not made as much progress as they mighf otherwise have made , they have supplied a market for the orecious metals , almost equal in value to the new supplies of gold . In England and some ^ other countries of Europe , there is , from politicaL restrictions , an expanding market only for gold ; in India and China , from similar restrictions , there is an expanding market only for silver , which explains both a slight change in the relative value of the two metals in Europe , and the maintenance of cold at its ftdl customary value in relation to other c ommodities , notwithstanding the large increase in
the supply- ,. ,. T i ' j We have before stated in this Journal , and now repeat that we must take into consideration the mint regulations which disturb the equal dis ^ - tribution of the precious metals required by the wants of mankind and the political restrictions which impede the production of wealth . Laws , similar in principle and in effect to our corn laws , still exist here , and in every state of Europe and
America . They are rife too in our colonies , while in Canada and India they are to be extended to secure the Government a revenue , It is , however , now so clearly demonstrated that all such laws are dreadfully injurious to the people ^ -to promote whose welfare Government exists—^ that it is impossible to believe that they will anywhere be long allowed to arrest the progress of nations . To sup ? - pose this would be to deny the influence of knowledge over conduct , the recent increase of trade
m various countries , to which we have on several occasions called the attention of our readers , and the rapid progress of England since 1842 , are indications of the magnificent prosperity , which , is sure to result from getting rid of such laws . With this prospect before us fully justified by past events , the few million pounds of gold added to the general stock by working the mines of California and Australia , if in any degree out of harmony with the progress and other productions of society , w o seem more , likeiy to fall short than exceed the growing demand ofthe-world .
T^ 4 74. April 23,1859.1 Tfll Ifeadib. ,...
T ^ 4 74 . April 23 , 1859 . 1 Tfll IfEADIB . , 539
Money Market & Stock Exchange.
MONEY MARKET & STOCK EXCHANGE .
Thursday Evening. To-Mokbow Being A Stri...
Thursday Evening . To-mokbow being a strict holiday , we bring our commercial chronicle to a close this evening . Throughout the week the money and stock markets have been uneasy and disquieted by conflicting reports . Yesterday and to-day , at the opening of business , confidence was considerable and cheerful . Consols , which had oscillated about the pivot of 95 in the week , closed at' 95 j , and ppened at the same figure to-day . They went up to 95 g , and for a time all things looked buoyant , and bargains were made in future at a higher figure . Then , however , some
parties who had been of late acting on the anticipation of a rise , began . to operate largely in the opposite direction ; and the telegraph brought intelligence from Paris of a heavy fall in all kinds of securities . Down went Consols to 95 j . "Very soon it transpired that Austria , defying public opinion , ana 1 treating with scorn the negotiations into which she had entered with the other Powers of Europe , in order to concert measures for * the preservation of peace , without lessening the honour of governments , had sent a peremptory demand , through the general
of its armies , to the King of Sardinia to disarm , or in three days war should be declared . Against this proceeding the English Government , which seetus , unfortunately , to have been bo-fooled alternately by all parties , immediately forwarded by telegraph a formal protest . To this demand the King of Sardinia , it was assumed , can return but ono answer . Of this proceeding the Emperor of the French , it was said , can form but ono opinion , and war is inevitable . Whatever may bo the designs and plans of Louis Napoleon , for him tp withdraw from supporting Sardinia , would be to submit to the dictation of Austria $ and now the French , liifchorto ao desirous of peace , seeing the arrogance of Austria , will demand w . ar . War , therefore , in Us worst form agitating popular passions , is now to he inflicted on Europe by Its pretended guardians and protectors . AU klnda of securities followed the course of consols , and the reduction in price generally Amounted .
before . the entire cessation of : business , to between $ ths and ^ ths per cent . This is not supposed , however , to be the lowest point of the reduction , but the full results of the disastrous news on the markets cannot be known till Monday . There is to be a holiday on the Stock Exchange on Saturday , by a resolution df the Committee j and thus three holidays will intervene before business there can be effectually resumed . The public , consequentlyi must wait until Monday for accurate knowled ge , and we must wait for more than a week before we can state the effect of the proceedings of the different Governments of Europe on the fortunes of those who- have lent them money , and enriched their countries by railways . ... . ., market has been in the weekbut
The money easy , to-day there was an increased demands It was . however , readily met , and no higher terms than usual were current . First-class bills were negotiated at Bank rates . This , in the face of a continual withdrawal of gold from the Bank day after day , and the sending to the Continent of ore which comes in , confirms the statement that speculation continues very inactive . Were there as active a demand for money for trade purposes as there is for war and State loans , the terms of the money market would rise considerably . It is not one of the least evils of war that it stifles productive enterprise , checks the demand of money for them , and directs industry , energy , and capital , to effect only destruction .
The evil news came too late to have any effect on the biddings for the Indian Loan , which were prepared before , and which were announced to day . The business was conducted at the India-office by the Finance Committee of the Council of India , Mr . Eliot Macnaghten presided . Messrs . Charles Mills , William Arbuthnot , and Sir Proby Cautley were present . The attendance was large , and 95 was announced to be the minimum price fixed by the Council . 443 tenders were made for an aggregate amount of about 6 , 923 , 000 ? ., being only 77 , 0007 . less than the 7 , 000 , 000 required . Of them , however , only : 310 for a total of 5 , 077 , POOJ ! . were at or about the minimum price , and consequently 1 , 923 , 000 / . remain
unsubscribed . The sum obtained is fully equal to the present requirements of the Council , and the remainder will probably not be issued for . four or five months . The highest price among the tenders was 96 ( at which but 78 , QOOZ . was taken ) , and the lowest 92 . The bulk of those which were accepted were at a fraction above 95 j and 2 , 7 O 4 , 00 OZ . was taken at that exact price . The principal portion of the offers under the minimumranged between 94 and 94 £ . It is calculated that the bonds at 95 will pay 51 . 2 s . 8 d . interest , supposing the principal to be demanded at the end of five years , and 41 . 16 s . 1 Id . if they are allowed to run to the full term of
seven years . The price quoted in the Stock-Exchange after the adjudication was J to f premium , but the adverse foreign news had not yet arrived . Had the biddings not come off till Monday , and should Austria be then at war with Sardinia , the Government would not have obtained such favourable terms . Negotiated under the guarantee of the Government , the loan may hereafter fall heavily on the People ; teaching us that the modern practice of guaranteeing certain loans and rates of profit , to some undertakings , may , in the end , be as disastrous as the old plan of pawning for present money our future industry ,
At the close of the business week all interest in the Money Market and Stock Exchange was absorbed by these war circumstances and only the Austrian ultimatum and "the Indian loan were talked about . A paragraph in the Post-office report , published in the week , has attracted attention in connection with the recent discussions in Parliament concerning the bounties , which , under a disguise , are conferred on the shipping interest . The packet service , says the report , is for the most part under the superintendence of the Admiralty , and is borne on the expenditure of that department , many of the contracts for this service having been entered into with other
objects besides those of postal communication , Indeed , as postal enterprises , few of them could be maintained , the expense , in the largo majority of cases , far exceeding the earnings . To enquirers indeed , the facts now set forth have been long known . The million a year given to sundry packet companies is not for carrying letters—that is only the pretext—but to pamper the shipping interest at the expense of other interests , and to its own grievous injury . This expenditure ought to tie added to the enormous sums wasted by the Admiralty on the pretext of providing for the national defences . The Bank returns show no ohanges which have not been anticipated .
The 12-Pounder. Brass Artillery Gun Some...
The 12-pounder . brass artillery gun some time ago presented to her Majesty by tho Emperor of tho French , has boon roniovod from tho Arsenal store at Woolwich to tho royal repository .
General Trade Report.
GENERAL TRADE REPORT .
Friday Evening.. The Uncertainty Respect...
Friday Evening . . The uncertainty respecting peace has undoubtedly checked business , but as- there appears some hopes that war will be postponed , if not entirely prevented , business has been brisker during the last few days . The manufacturing districts have , to a certain extent , been affected by the last advices from India , which represent that . merchants andshippers are very much dissatisfied with the
alterations recently made in the tariff and that they have directed remonstrances to be made to the Governor-General against the proposition to impose the higher rate of duties on goods in stock and on their way to India , which remonstrances have been disregarded . It is expected by the Indian merchants that the high scale of duties will have the effect of somewhat checking that large amount of business which has lately sprung up between Great Britain and India . The week has
been a quiet one , but it was naturally to be expected that the eve of a general election would have some effect on trade in general . Fortunately , through all these political broils , bread has continued cheap . Here , and on the Continent , the corn markets remain comparatively low , and comparatively steady . In the week there has been no disturbance . Should the scarcity of food aggravate the beginning evils of war , and exacerbate the temper of the multitude , the consequences might be fearful for all the thrones of Europe , and all the institutions which depend on them . Providence , however , kindly sends one
scourge at a time , and we may regard bad government , with its wars and troubles , as equivalent to famine and pestilence . All the other markets , as well as the corn market , have been tolerably steady . Both coffee and sugar have had rather a downward tendency—the fbrmer , probably , in aniici pation of the sales of the Netherlands Trading Company , which are announced for the 17 th prox . Only small supplies of rice are coming forward r and the price is improving . The warlike intelligence arrived to-day , caused some speculation in
saltpetre ; and offers for arrival , were made . We are informed from Arbroath , that five spin- ? ning mills are shut up in that town , and all the others ( except one" ) are on two-thirds tune , in consequence of the nigh price of flax . Such facts deserve notice , because they indicate the future direction of industry . Flax , cotton , wool , are all c omparatively scarce . The bulk of society needs ,, and , we believe , will have , better clothing ; and the rise in the price of the raw materials will necessarily make men produce greater qualities of ilax , cotton , and wool .
IiivEiippoii . — -A limited amount of transactions in cotton has occurred j prices remain almost without change , but in some recent instances a reduction of $ d . lias been submitted to . Manchester . —Buyers are content to wait until they ascertain the turn that affairs will take on the Continent . As far as regards the Indian trade , there was a disposition towards activity at the commencement of the week , but this was checked by the accounts from India , which ; are not generally regarded as of an encouraging , character . There has been little or no business done for Germany and the Mediterranean , and with regard to the Indian trade , spinners have refused to accept lower prices , which have been offered . The cloth market has been very quiet .
Leeds , — There has been a limited business only done this week . The pending election engrosses attention . The demand was principally for plain cloths and light fabrics . Stocks are low , but triulo is tolerably good , though it is generally expected that some of the millowners will have to curtail operations . Hujddejrsfield . —The markets have been attended by several buyers from London and Dublin houses , but business has been principally restricted to fancy coatings and trowaerfngs . The demand for low goods has fallen off . Fully an . average trade has been done during tho week .
. , Rochdale , —A good attendance has taken , plnco , but very little business was done . All parties , buyers and manufacturers , evident y prefer waiting for the solution of existing political difficulties . In wool , buyers only take what they want tor immediate use . The demand for combings has boon slaok , and tho price has fallen . . Halifax . — Markets dull . BinMiNauAM . —Trade not very brisk . In tho Iron districts , railway orders keep makers busy . Wo are glad to notice that sovoral threatened strikes have blown over , and . further that tho Manchontor
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Citation
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Leader (1850-1860), April 23, 1859, page 27, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/cld_23041859/page/27/
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