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1012 THE LEADER. ___CNo JL 4^> Jettembeb...
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RAILWAY INTELLIGENCE. Thk following are ...
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Captain Huish's Sucoessojr. ' —Mr, Cawkw...
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JOSEPH TRAVERS AND SONS' WEEKLY CIRCULAR...
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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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1012 The Leader. ___Cno Jl 4^> Jettembeb...
1012 THE LEADER . ___ CNo 4 ^> Jettembeb 25 , issg .
Railway Intelligence. Thk Following Are ...
RAILWAY INTELLIGENCE . Thk following are the more notable fluctuations in the railway traffic return table Of this week , as compared With that of the corresponding week of last year . The London and North-Western shows a decrease of 69 S 3 &; the North-Eastern of 1511 J . the Lancashire and Yorkshire of 389 * . ; the East Lancashire of 321 / . The Eastern Counties , on the other haud , shows an increase of 54 . 8 L traffic ; the Midland of 896 ? . ; the South-Eastern of 1258 / . ; the Great Western of 1363 J . ; the London and Southwestern of 1519 ? , ; the Great Northern of 2144 ? . It is satisfactory to observe an upward tendency in the " take" of so many of the trunk lines . This is probably due , to some extent , to the horror of our countrymen at the Foreign passport regulations : —as well as to the improving tone of the internal trade of the country .
The following alterations have been experienced in the prices of some of the leading stocks during the week : — Highest . lowest . London and North-Western ... 91 & 90 Midland 97 ...... 96 £ Great Western . .... ; 51 ...... 50 £ Lancashire and Yorkshire 95 ^ 94 a Great Northern 102 £ ...... 1 . 01 * South-Western . * ,..., ; 95 94 South-Eastern 72 * 7 l £ Eastern Counties .. 6 l | 60 g Caledonian .. 85 ? 85
Prices leave off firm , with a decidedly upward tendency , bat their elasticity is undoubtedly checked . by the absence from all business circles of an immense number of capitalistsjat this time of the year , and the utter apathy and determined " know-npthiugisrh" which pervades the large majority of the " burnt children" in the Investing world . With regard to the first assigned cause , we must remark that the business of the month of September and of the actual period of the month was never known to be otherwise affected ; and , as to the second , it is a song so often sung of late as to be familiar ad nauseam . It was possible that the plethoric state of the Bank vaults , which immure some 19 , 000 , 000 / . ( increasable within a day or two to 20 , 000 , 000 / . ) of bullion , would have induced the directors to lower their minimum rate of
discount from 3 per cent , to a rate something in conormity with that which rules outside . ¦ . ' ¦ % hey , however , t jasfc ^[ ggtedto _ keep without . ft . C pale of the discount market ! and British raftw * iy investments have not even reaped the" infibitesimal rise in prices , which alone could have been expected to follow reduced discounts under present circumstances . The lowering ^ of the Frerfch rate of discount had already told by anticipation upon French securities which , since the reduction has * become a matter of public notoriety ,-have domestic quoted
relapsed a shade ; but , like our ones , are as ?' firm , " and " looking up . " Nothmg material ha , transpired with reference to the deliberations of the Railwav Congress , from . which such scanty results are aSSied thTthe movement attracts slight attention . The market for guaranteed securities is flat , and even Mr ! Layard , upon whose predictions and predications since nfa Indian tour small reliance is placed , has failed to attract public fancy in any marked degree to his Ottoman Bank , or his prescriptions for our « sick
If the public take even the trouble to inquire why guaranteed securities show so little buoyancy , despite the notorious accumulation of capital in the country , and the admitted recent improvement in the home trad , e , they must continue to receive the old answer , viz . that the low standard of commercial morality , adopted by conc essionaire s of the first , second , and third degrees , ¦ who have stood as intermediaries between foreign Government s and the English public , the innocence and indolence of some directors , and the complicity of others in over-profitable contracting jobs , have
im paired the confidence of the classes who have money to lose , not so much in foreign Governments aa in their fellow citizens . The time is not yet come for the Indian guarantees to assume their legitimate position in our share-lists , paying , as they are' calculated to do by the soundest financiers , an average of 44 per cent , for money all round . But let the public be once well convinced that Indian affairs are likely to remain under the industrious and conscientious , not to say masterly , hands of Lord Stanley , instead of drifting into those of despotic or fairtdant administrators , of whom there ia a mortal apprehension;—let confidence prevail that the ashes of the revolt are
to be stamped out by the heel of British armies , nyt fanned by twaddle , and wo may eafpeot to see the immense amount of Indian stocks now cumbering the strongboxes of speculative holders and tompprury investor * become an article of every-day domand , am ackno . vledgeable assot , and , in fact , a recognised security . Barring the access of fever or mania , which every man may safely prophesy at his pleasure , but of which , there are at present no premonitory , symptoms , events will bo apt to follow , wo think , the courso wo havo Indicated ,, The dlreoforff of the Oxford , Worcester , and Wolvorhampton Railway Company state tlmt they ai'o pro *
pared to receive loans on debentures in sums of not less than 100 / . > Ve ^ should like to see the form of the debenture bond and the precise clauses of the act or acts under which it is authorised . This company will require a little ready money to pay for the human and mechanical breakages at Round Oak , apropos of which , we can hardly avoid the suggestion that the payment Of celebrated traffic managers and economisers by percentage on savings has proved , in more cases than one ,
to be bad policy . It has been found on the Eastern Counties , and other lines we could mention , to induce roguery in compilation of returns , and permit recklessness in the use of inferior stores , and the overworking of employes . We have at this moment in our mind's eye the case of an honest man , dismissed from the employ of a leading company ' after a refusal to sign fallacious returns of stores in hand by which a superior officer expected to swell his claim for saving , and , consequently , his claim for commission .
The Pernambuco Railway Shareholders will have , among other business at their meeting on the 8 th proximo , to appoint two new directors in pursuance of their covenant , entered into by the board with the committee of consultation . We understand that the desperate condition to which the quarrels and wants of projectors , contractors , and directors have reduced this enterprise has enlisted , somewhat too late , the active attention of several proprietors . Major-General Tremenheere , Mr . Adolphus W . Young , Major Vereker , Mr . J . J . Maedonald , and Mr . Thomas MoXon have been spoken of as candidates . The most discordant element in the concern
has been certainly got rid of in the person of the enthusiastic Mr . De Mornay , but at the same time , and in his person also , one of the best informed , most zealous , and most honest of its connexions . If proprietors and directors will insist upon really assuming the management of this company , instead of leaving it in the hands of professional directors , and referring the laches off the latter far investigation to Stock Exchange speculators , they will , no doubt , in time learn a few facts , of importance , and improve the prospects of the undertaking . If , however , the new candidates are but nominees of the board or the committee of investigation , so much the worse for passive shareholders .
There is still some talk of . a Cllilian State loan of 1 , 400 , 000 / . or 1 , 500 , 000 / . for railway purposes . Like the Brazilians , the Chilians have seen enough . of the operation of guarantees , and their proposal to borrow the money at a fair rate of interest upon the national credit , and to expend it themselves for the national benefit , if possible , without being sieved through the pockets of half a dozen British or other speculators , looks far sounder than the promotion of guaranteed schemes , which are hardly intelligible to sucii as have money to invest , though digestible enough by hungry gulls .
The Namur and Liege proprietors are summoned to meet on the 5 th of Octobar in London , and on the 12 th in Brussels , t 6 ratify a " provisional convention which has been corns to bstvveeu the Directors of the Namur and Liege Company and the Directors of the Great Northern of France for the construction and working by the latter company of a line from Namur to the French frontier by Dinant , such construction being obligatory under the original cahier des charges . Art . 63 . It is announced by a contemporary that the various
French railway companies intend to improve the accommodation of their first-class carriages . Surely this was h ardly required ; but we can understand the advantageous luxury of the special carriages they propose , ac ,-cording to the same authority , to construct , composed of saloon , bedroom , and ante-room , which may be engaged at a special tariff for family use . The Straaburg Company have made the first move in the matter abroad , latins country the Eistern Counties Company , and we dare say others , have for some timo past adopted the practice of lotting family carriages .
Captain Huish's Sucoessojr. ' —Mr, Cawkw...
Captain Huish ' s Sucoessojr . ' —Mr , Cawkwell , traffic manager of the Lancashire and Yorkshire Railway , has accepted the post of general manager on the London and North Western , resigned by Captain Huish . About Bix months ago , Mr . Cawkwell was offered a similar position on the Midland line , but was induced to remain where he was by the liberality of his own board . It is said the Lancashire and Yorkshire directors have offered him 1000 / . a year rather than lose his services . Rumour fixes the salary on the London and North Western at 2000 / . a year , with a pcr-centago on tho increase of t raffle .
New Italian Railway . — Negotiations are ponding between M . MI 163 and the Austrian Government for tho connexion of tho Lombardo-Venetian and Pio-Contral railways , by means of a lino from Forrara to Rovigo and Padua . This would greatly increase tho Lombardw-Vonetian traffic on tlio lino from Padua to Milan on ona aide ,, and thonoo to tlio Plodinontoao and French railways , and to Oassarsiv on tho other sido , which will soon bo brought into direct communication with Vicuna and thq whole of Gormauy . Thla connecting link would also greatly Improve the , agricultural and moroantllo prosiieotfl of Furrura and Bologna-r-UUtrlots . richly productive of maize , and Uomp , wulon are largely contmmod at Tdento and Pola , the maritime emporiums of Austria . Tho fertile province , of Poleslne , through which tli « line
would pass , would also gain more facile acce =. » f « products to the Adriatic . The execuSon of tlS , £ would , of course , be of the easiest kind in so feve r - country , intersected by no large rivers except The I > o * Spauuno and Holbeach Railway —The arr ments for opening this line for passenger traffic wiK ™ be completed . The railway is alread y opened for the carriages of goods . e . WifflTKitx Railway op Fkance . —The Ministflr of Public Works has given his approbation to the nlans Z the Western Railway Company for the portion oT the hue frotti Renncs to Redon , situated between Macaire and Besle . The line is to follow the valley of t \ l Vilaine , and is 6 j miles shorter than the direction originally , proposed by the height of Branfeul .
Raiiavax Rivalry . —The Dublin Mercantile Advertiser remarks * apropos to the ruinous contest between the Midland and Great Southern and Western Railways : — " -We arc happy to observe from the report of the proceedings on Thursday at the half-yearly meeting of the Midland Great Western ' Railway , that there is a fair prospect of an early arrangement of the dispute between the rival lines . The great majority of the shareholders of both have resolved upon putting an end to the contention at all hazards ; and the prudence of such a resolution could not be too highly commended . The sad effects of railway competition in Kngland afford a startling example which ought not to be lost upon the Irish public interested in railway property . " The Run . and Desbioic Railway . —This line of railway , known by the name of the Vale of Clwyd Railway , is about to be examined by the Government
inspector , and . in a few days" hence it will be opened from the flourishing bathing-place of Kliyl , on the Chester and Holyhead Railway , to the old town of Denbigh . It is in contemplation to extend the line from Denbigh to Ruthin , still more southward , and thence to the picturesque district of Llangollen , and the Chester aiid Shrewsbury section of the Great Western Railway , at Llangoileu-road station . Proposed Railway Line . —A projectis announced for the continuation to Bury St . Edmunds of a proposed line between Ilford and Dun mow , to place Bury St . Edmunds in more direct communication with the metropolis than either the two existing lines of railway to that town afford . A further " extension is suggested
-from Bury St . Edmunds to Norwich , in order to give the latter place al ^ o three lines of railway to the metropolis . It is not stated whether the promoters intend to share in the splendid dividends of the Eastern Counties Rail wavy or merely to secure costs . The . NontHEit y Bengal Railway Compaq * ( Limited ) have , received an offer to construct the earthworks of their line from Maldali 10 the foot of the hilJs at Darjeeling , for 2000 / . per mile . This does not , however ! include European superintendence . The embankment will be . carried above inundation level . The bridges , it is expected , will be constructed with equal economy . The main connecting lino of the East Indian Railway from Calcutta will , it is expected , be extended to Rajmahal by the end of next year . As there is abundance of labour on the spot at cheap rates , one year's work will make a large part o ( tins important route available from Calcutta to Darjeeling .
Galway and Amisbioa . —The Galioag Vindicator announces the arrival there of several directors of the Midland Great Western Railway , with a view © Maying down a Hue of railway from their terminus to the uock . They were accompanied by Mr . Boylan , engineer to tho companv , who commenced laying out the line , and we have reason to know that it will be proceeded > yuh « soon as possible . When completed it will form a eham of tho breakwater , of the construction of which , 1 by tho aid of a Government grant , the company ar 0 sau guine .
Joseph Travers And Sons' Weekly Circular...
JOSEPH TRAVERS AND SONS' WEEKLY CIRCULAR . 19 , St . Swithin ' s-lane . TiMu-At public 8 ale Assam roaltaod 2 d . » *^^ advance . For China tea , previous rates were ohuun Privately , business haa been limited , but tho um remains linn . n , ; . ! nn at nublio Govprk . — There haa been much comuotiUon » M \ jovvKK . —mere nun uvu « ¦<•«» " -- ¦¦¦» .... inrgei has 0
sale , and although the quantity oflbru > , ^ " ' oylon tho whole sold at extreme rates . In p . ailQ . T , orv aorts , fully Xa . advance has boon obtained lor y / M whilst tho lower descriptions aro still ileiijor . d » wouId have boon large purchasers of nativo ^ i »« » „ ho j ( 1 bo ready buyers at 48 a . Od . to *»« ; --btt ; n y m « u , rial firm for 60 s . Othor eorta aro without any cll ) llni ff ' wn ..,, » ion in prioos to Sugau . —Raw : We have no oltonitio I t < Jm notice , but there has beon more nn » " » ., of wards tho close of the murkot . nio 111 r Q ftt white Bonaroo In tho market this ""'^" j ^ d market 51 h . to 63 u . —tho quulity is »»• .. * , WUU tl » o oX " hajs boon nulot , and prlooa arc unaitor . u , ^ loiyori qQl ' ittou of brown lumps wUloh aro ( jii » Bua . £ Srj ? ' 5 zr & t , k a . "iiW •*** •" Sam-d . M— . Alrgo bu » l ,, « ' . « - <^ °
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Citation
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Leader (1850-1860), Sept. 25, 1858, page 28, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/cld_25091858/page/28/
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