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C OMMEEGIAL.
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TRADR-SfilPPINO—(FIRST QUARTER.) The Boa...
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Trade in France.—-The Presae says,—Busin...
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PANIC ON THE STOCK EXCHANGE. ^ RISE IN T...
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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.
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C Ommeegial.
C OMMEEGIAL .
Tradr-Sfilppino—(First Quarter.) The Boa...
TRADR-SfilPPINO—( FIRST QUARTER . ) The Board of Trade tables for the first three months of the year give a flattering account of the national commerce . Not only is it much superior to the crippled trade of the early part of 1858 , but it is superior to the very flourishing trade ot _ 1857 . In March , the imports , which were large in the two previous months , continued , with the exception of coffee , flour , guano , unwronght copper , palm oiL clover seed , tallow , and timber , to ^ be in excess of March , 1858 , and very generally in excess of March , 1857 . Cotton , flax , hemp , untanned hidesteatimber , wool , & c , were
in-ex-, , cess March , 1857 . In the three months coffee , corn—except barley and oats—flour , guano , hides , oils thrown silk , tallow , and timber are deficient , as compared to 1858 , but the bulk of the imports are in excess . The value , also , in the two months of 1859 , for which the returns only are given ; is 13 , 507 , 553 / . and only 10 , 110 , 733 ; . in 1858 . More goods are imported and they are worth more . This is natural , because when goods are comparat ively low in value , as is the case this spring with corn and flour , the gain by importing them is less , and they are not imported . They are imported abroad
because they are more valuable here than ; with exports the reverse is the case . When their relative value is low they are exported in greater quantities , and they are consequently not so good a criterion of our commercial gains as our imports . At the same time . it is pleasant to know , as exports are a measure of the employment given to the people , arid the purchasing power of the ^ nation , that they are increasing both in quantities and value , f and are considerably in excess in the three months of 1859 over 1858 and 1857 . The total declared value of our exports in March , and in three months was as follows :- — In March ' 1857 . 185 S . 1859 . = £ 10 , 456 , 343 . ...... £ 0 , 000 , 274 . .. & 11 , 313 , 228 . In Three Months . 1857 . 1858 . 1859 . £ 28 , 827 , 493 . £ 23 , 510 , 290 . ...... £ 30 , 520 , 794 . Almost all articles exported , except machinery , partake of the increase , out it is very conspicuous in cotton , millinery , hardware , metals ( especially iron ) , silks , yoollens , & c . We are driving a quiet , prosperous , increasing trade ; and it is good to recollect now , if Europe is to be convulsed with war , that we do not owe this increase , as we were erroneously thought to owe the increase of trade , at the beginning of the century , to war , which then partially destroyed our prosperity , by destroying the prosperity of others .
somebody else , attributed the excesses of shipping to the want of a reciprocity of restrictions , and the use of foreign shipping , though so much needed in 1854-1855-1856 , to carry on our trade . The present returns , we are happy to inform the shipowners , imply , as was to be expected when things resumed their accustomed course , a turn of the tide in their favour . In the three months of the present year the British shipping entered inwards shows an increase , as against 1858 , _ of 77 , 817 tons , or 8 percent ., while the foreign shipping entered shows a decrease of 12 , 274 tons or 2 per cent . So the British shipping cleared outwards , shows an increase in the three months of 194 , 404 tons , upwards of 17 per cent ., while the foreign shipping shows an increase of only 37 , 166 tons , or less than 6 per cent .
But we have to state a marvellous increase , according tb the shipowners' mode of counting , in the foreign shipping engaged in our coasting , trade . It is far in excess of the general increase in foreign shipping in our other trade , about which the shipowners have made so much clamour . In the first tteee months of the year the foreign shipping in our coasting trade entered inwards has increased no less than 150 per cent . ; and the foreign shipping cleared outwards has increased no less than 163 per cent ., while the British shipping inwards has increased only 11 £ per cent ., and cleared outwards barely 8 per cent / Here are facts for British
shipowners to throw up their hands , and invite the national patriotism to exert itself at the hustings , and , stop this invasion of the foreigner . It will be of no avail , we fear , for less self-interested persons , like ourselve , to observe that the actual increase was , of British tonnage entered , 406 , 316 , and cleared , 256 , 653 ; while the actual increase of the foreign tonnage was respectively 7 , 823 and 9 , 118 . Nevertheless , so small is the actual amount of foreign tonnage engaged in our coasting trade ,
that these low figures represent the large percentage increase " already mentioned . They are very instructive . They may be taken _ as an index to the possible increase of our shipping in the coasting trade of foreign nations , were they to open that completely to our shipping . It would not add a few tons to the employment ; it already finds . That foreign countries , however , do not open their coasting trade to our shipowners is the source of their bitter complaints , and of their foolish demands to revive restrictions ,.
the abolition of which has tended very much to extend trade . Let us add to these evidences of increasing Sros perity that the number of paupeire , by the larch returns , continues to decrease , and was 10 per cent , less at the end of the month in England and Wales than at the end of February , If the mischief-makers abroad , then , would only keep their unhallowed and destructive hands off the sacred ark of human greatness and human happiness—sacred to all but them—society would soon be so intensely engaged in seeking welfare by peaceful industry , that political disturbances would be unknown . We presume , however , it is pre-ordained that these mischief-makers should be cost aside ; and to bring that about they must show themselves in their true colours , and become hateful to mankind .
The most satisfactory fact , however , which we find in these tables , concerns our shipping . __ Our readers are aware that our shipowners—still the most protected by legislation of all classes , and the only class , we believe , which receives a million sterling a year as a bounty—has of late , according to the usual fate of hig hly protected interests , been sufferings very much and complaining very loudly . The slightest knowledge of the facts informs us that in 1853-4 ^ -5-6 , when there was a great increase of trade , combined with a great demand for merchant shipping , as transports , & c , that the shipping interest was most flourishing . Our ships were inadequate to perform the services required of them , and ftrqigm shipping of all kinds was gladly welcomed ol trom
as . cue means carrying pn tne trade ,, wmon tho more profitable service of the State abstracted English shipping . With the cessation of the Russian war , and the return to France and England of the armies , the . war demand for , shipping ceased . The stimulus of the previous years , however ,, had given a stimulus to ship "building , which continued and increased the quantity of shipping much beyond tho quantity of goods required to be carried in tho ordinary course of triulo . When trade was interrupted by the crash of 1857 , shipping , in consequence , became profitless—not tp say ruinous—to shipowners in England , and still more in America , our great maritime mill . Then broke forth a loud wall , from all the shipowners of tho ompiro , from Montrose to Falmoutf ^ and they ,, willing , liko all men in such a position , to throw tho blame from themselves on
Trade In France.—-The Presae Says,—Busin...
Trade in France . — -The Presae says , —Business is suspended ; no one thinksof undertaking any cornmedical operation in tho midst of the anxiety occasioned by the great question of peace of war . Tho only manufactories that are actively employed are thoso wliich are connected with military equipments : all others are doing nothing , although the present month is ono in which "business is generally brisk . The retail trade labours under tho same depression , and purchases arc restricted to tho wants of daily consumption . TJioso branches of trade wliioh produce articles of luxury continue in a very depressed condition , the dead season with thorn having now lasted several months . At kyona the manufacturers , who have during the last two months been pretty well occupied on orders for abroad , arc now agajjn in a dull state , tho Paris market supplying thorn with little or nothing to do . At Rouen also business has l > ecomo slack .
Panic On The Stock Exchange. ^ Rise In T...
PANIC ON THE STOCK EXCHANGE . ^ RISE IN THE RATE OF DISCOUNT . Thosk familiar with the history of the Stock Exchange will be aware that panics there on the approach or commencement of political convulsions have continually occurred ; but they will scarcely find in that history a more-memorable panic than has taken place this week . The Stock Exchange has increased in importance year by year . Not onl y have the debts of different States been almost continually augmented , but latterly an immense amount of shares in industrial undertakings in all parts of the world has swollen the business there transacted , and the property involved in the transactions . Shares in railroads ,, joint-stock banks , shi p and dock companies ,. & c . v to a greater amount in the aggregate than even the debts of the different governments negotiated there ; and in some of them is invested the bulk of all savings , not immediately required for industrial purposes , including all the capital lying temporarily idle , of all the men of business in the country . A fall there in the price of government and other securities , on the
realisation of which bankers and other men of business continually depend to supply their immediate want of moneys is now , therefore , very different in its effects , from a fall in fancy stocks or shares of bubble companies , which involves little more than the reputation of a few need y adventurers . Such a fall has taken place this' week . There has been , and still is , a great panic on the Stock Exchange— : the first foretaste , of the extensive destruction of the fortunes of individuals now preparing by the sovereigns of the Continent for their devoted admirers .
Last week , so far as our record went , Consols closed on Thursday touching 95 , and we then stated that we should have to wait a week before we could know the further results of the belligerent movement of Austria , On Saturday , however , the holiday was broken through , and there was a further decline . On Monday , Tuesday ,, Wednesday , and Thursday , there was great agitation on the Stock Exchange , with a continual tendency downwards of all public securities * On Monday Consols were down to 93 1- On Tuesdavthey recovered ; on Wednesday , however , when aft doubt seemed to be at an end about war , and
whenalarming and , we hope , exaggerated rumours were spread of an alliance , offensive and defensive , between Russia and France , and between Denmark and Russia , as opposed to Engl and , Consols opened 2 £ per cent , lower than on Tuesday ; , and at the close , though there were oscillations , of the market , Consols were 3 £ worse than at the close of the market the day before . They were done at 91 £ on Wednesday . The panic was a & great as is remembered by any living member of the Stock Exchange . Other stocks of all kinds declined even more than Consols , The new India Loan fell to 3 discount ; Turkish Stock fell from
16 to 18 per cent . ; Russia Stocks were all severely depressed , and every kind of security declined . Six or seven stockbrokers were unable to meet their engagements , and panic was , as usual , followed by insolvency . On Thursday , the panic was renewed and extended . A further fall of 2 per cent , in Consols was marked at the opening of business . They were done in the course of the day at 88 £ # , or nearly 7 per cent , below the price of the previous Thursday , but afterwards they rallied . Several additional failures , however , having been declared , they again fell to 88 ^ . They closed better , at 89 £ ? l > ut even at this figure , the fall was upwards of 5 per cent , from last Thursday . The now Indian Loan was at 0 discount . Turkish , Russia , and other foreign stocks were all further depressed , nnd could only be quoted at nominal prices . ' Upwards of twenty additional failur . ee wero announced , and one was for a sum , largo 'for , the Stook Exchange , of lOO . OOOJ . The contending hosts in that arena had mot nnd left tho field , —n forerunner of more disastrous oampnigns—strewed with tjlio wounded , tho disabled , and tho slain . Failures to such a groat
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Citation
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Leader (1850-1860), April 30, 1859, page 27, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/cld_30041859/page/27/
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