On this page
-
Text (8)
-
820 THE LEADER. [No. 438, Attotsti a mw
-
JOSEPH TKAVEHS AND SONS' WEEKLY CIRCULAR...
-
The Indian Council.—We are at liberty to...
-
MONEY" MARKET AND STOCK EXCHANGE.-
-
CITY", Fiuday Evening. The result of the...
-
A prospectus has been issued of tho Malt...
-
BANK OF ENGLAND. An Account, pursuant to...
-
LEGISLATION".—CHEQUES AND COMPANIES. The...
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.
-
-
Transcript
-
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.
Review Of The Week. Mincing Lane, Friday...
neal is about 1 ( 1 . per 1 b . dearer . Turmeric firm ; of 750 ton 3 Lima wood offered , some 200 tons sold , at 151 . 15 s . to 17 * . for third to first pile . Ijidia-Kcbber . —Sales for cash made at 6 f for good East India . Hides . —Public sales of 121 , 157 East India went with spirit at £ to £ for the advance < Jh the middling descriptions , of which the assortment chiefly consisted . Since January the imports have been 1 , 349 , 995 hides , against 1 , 571 , 458 last year , and the sales 1 , 475 , 475 hides , against 1 , 419 , 000 . Present stock 710 , 000 against 280 , 000 in 1857 . Turpentine . —Arrival of 2000 "barrels , and a part disposed of at 9 s . 3 d . ; American spirits of turpentine are arriving freely , and offering- at 38 s . per cwt .
Oils . —Sperm advanced to $ 71 . to 89 / . 5 s . at public sales of 106 tuns ; but 100 tuns southern -whale sold at the reduced price of 35 ? . 15 s . to 37 ? . per tun . Large supplies of palm were withdrawn at current quotations , there being no bidders . Olive is more in demand at 43 ? . for Mogadore , and 45 £ to 45 / . 19 . ? . for Gallipoli . Linseed is flat at 34 s ., and rape at ISs . to 4 i ) s . for pale , and 44 s . to 45 s . for brown . Tukpkxtixes . —2000 barrels rough have come in this week nnd partly sold at 9 s . 3 d . With large arrivals , American spirits of turpentine are offered at 38 s . per cwt .
TalxoW . —After a large week ' s business at rathei enhanced prices , the market closes rather flatly . Y . C . on the spot , 48 s . 9 d . to 49 s . ; last three months , 49-s . 3 d , The arrivals this week are only 281 cks ., and the de . liveries 1771 eks . Market le ' tter ; town tallow , 50 s . ; rough fat , 2 s « 7 d .: melted stuff , 3 ls < 6 d .
820 The Leader. [No. 438, Attotsti A Mw
820 THE LEADER . [ No . 438 , Attotsti a mw
Joseph Tkavehs And Sons' Weekly Circular...
JOSEPH TKAVEHS AND SONS' WEEKLY CIRCULAR 19 , St . Swithin ' s-lane . Tea . —The market is exceedingly buoyantj and purchases cannot be made on such , favourable terms . Common Congou has been sold at 10 | d ., and the improvement in black-leaf kinds is fully Id . per lb . > £ offze . —Pending the Dutch . Trading Company ' s s . afe of Java , advertised fox the 1 st of September , transactions lave been limited—but prices are firm . Sugar .- —Raw sngar opened with , considerable excitement , a general advance of Is . Is . 6 d . was soon established , and a very extensive business was done both by the refiner and the trade , whilst large purchases were also made on speculation . Towards the end of the week , however , a quieter tone has prevailed , prices have been well maintained , and the market closes at Is . advance .
Refined opened at the beginning of the week with a very brisk demand , and has advanced fully Is . per cwt . As this advance , however , arose more from a speculative feeling than from any real demand , and the retail trade not proving ready purchasers , the animation subsided yesterday , leaving a dull market , and little doing . We quote crushed , pieces , and bastards at Is . higher . Molasses have advanced Gd . Fncrr of all kinds is still in very slight demand . The reports of the coming crops remain favourable , and our supplies will no doubt be very early . The price for Valencias is still unfixed , although an attempt has been made to open it at 4 dollars , which , with steam freightj would hardly allow of a lower opening
price here than 45 s . ; but this rate , it would appear , i 3 not satisfactory to many of the growers , and it is most likely that the first cargoes will be shipped at an open price . However this may be , we are confirmed in our opinion that , at whatever rate the Fruit may open , ¦ wo shall soon 8 ee a falling market here . Currants : — The Patras and Vostizza portion of the coming crop arc reported to be of fine quality , though less in quantity than last year . Other growths l > ut ordinary . Advices from Malaga show a general absence of competition , and we hope , therefore , for lower prices in Muscatel Fruit , whicli , we are informed , will prove good , though from long continuance' of dry weather the grapes are reduced in size . The Fig crop promises to be a very plentiful
one . Spices . —We have to notice an improved demand in this market , and for some articles an advance has been obtained . Nutmegs were actively competed for at a public sale , the small sorts selling freely for export at fully 2 d . perlb . advance . Common cloves , from the large quantity on hand , are dull of sale , but as the Benson for consumption advances , we think full stocks may be held to advantage ; fine Fenang are scarce and dearer . The crop of Caraway seeds this year is reported to be fully an average one , with a large quantity of old seeds still remaining : -we advise purchases for immediate wants only . Ricb—The demand for cleaned has been small , but without materially affecting prices . We alter our quotation of finest Carolina to 42 a .
The Indian Council.—We Are At Liberty To...
The Indian Council . —We are at liberty to state that Sir John Lawrence , who is now on his paasago he me , lias been ottered nnd has accepted a place ia tho new Indian Council . It ia stated that Sir Henry R & wliuson and Mr . Willoughby . will alao bo among tho members nominated by her l \ Iftjesty , s Government . Times .
Money" Market And Stock Exchange.-
MONEY" MARKET AND STOCK EXCHANGE .-
City", Fiuday Evening. The Result Of The...
CITY " , Fiuday Evening . The result of the past week is , on the whole , very satisfactory . It La true we sae uo rapid development of home trade , no sudden inflation of exports , no simultaneous demand for discounts , or commercial accommodation ; but we see tho signs of steady , healthy progress , of legitimate tra . le , and we rest eontsnt with the prospect of the future . The mode of arriving at something that shall approximate closely to the truth with respect to the condition of cammerca—taking commerce in its enlarged sense to mean foreign ttuda , import and export , homa manufactures , an : l the . labour market—is by ascertaining ; the general features which eacih of tho commercial , divisions present . First , we find that , though the shipping trade is not -without complaints , there is an increasing amount of tonnage employed , and a tendency , if anything , to improved freights . The returns of the Board of Trade also show no indication of groat falling off anywhere . Next we look to our manufacturing districts , and though we miss the preternatural activity of 1856-7 , ve have satisfactory proof that a steady amount of business is doing , and that the manufacturer is patiently waiting for * increased order * . both for the libme . trade and for exportation . "We then look at the shopkeeper , ami here we must say there appears to be well-founded complaints , though certainly no well-founded cause of alarm . There is , comparatively speaking , less trade of a profitable character doing : now than has bsen the case for some years past- But a glance at the causes of this dulness will show that they are of a temporary character , nnd that thej" - are gradually disappearing . The financial and mercantile collapse at-the end of last year , theliigh rate of money , and the consequent sacrifices and losses of that class from whicli the tradesman derives his largest profits and his largest orders , sufficiently account for the deficiency of profitable retail business in several directions , and satisfactorily prove that as the prevailing causes die out of themselves a positive revival of trade must take place . Then , if we look at the labour market ^ we shall see that a fair amount of employment is found or the majority of the working classe ? . The- good harvest lias had its share in setting the labouring population , to work , and the benefit of comparative abundance , coupled witli low prices , will have its influence in various beneficial ways . With respect to the money market we find money almost a drug . Any amount may be liad on the Stock Exchange at nominal rates , say l £ or 2 per cent ., of course in the shape of short advances on stock or firstclass securities . But the Stock Exchange rate must not be taken as any sound indication of the current value of money ; we must look to the Bank of England and to Lombard-street if we want reliable information on that head . At the Bank , the applications have been such as to justify the belief that accommodation -was only required for the purposes of legitimate commerce , and that a steady advance to a better and a sounder condition of things than has prevailed during the last nine months is being made . It is hopeless to expect that speculation can ever bo extinguished entirely in such enterprising and wealthy communities as are to be found in the main centres of commerce—London , Liverpool , Manchester , and Glasgow . There will always be speculation , or something approaching to its character , for the peculiarities of commerce are such that only a very fine line can be drawn between positive speculation and many transactions of a purely business character . Nor can wo hope to find that experience of the ruinous consequences of over-speculation , however recent , will be sufficient to check the mania when once it is sot afloat . Even the severe lessons of the Ia 9 t year have been unable to extinguish the spirit of speculation in some trades . We know that indications have shown themselves of thia spirit in more than one direction ; we -will instance the jjfl . de in mahogany . But we have reason to believe that , Wfaraa this spirit can be discouraged , it will be discouraged by the precautions adopted by tho Bank of England , and , we firmly beliove , acted upon , also , by the discount houses and joint-stock batiks . Fluctuations in tub Stooic and Siiahe Markets durino rxiis Month ok July- , 1858 . ~ Prico - ""~ oil 1 st Highest Lowest Present July . Prlco . Price . 1 ' iico . Consols 05 J 0 Ct oVj 00 i Exchequer- \ , » hills , Juno I 18 s - P >» - 20 s . pm . 10 s . pm .
A Prospectus Has Been Issued Of Tho Malt...
A prospectus has been issued of tho Malta and Alexandria Telegraph Company , with a capital of 800 , 000 ? ., m 67 . aharos , to complete the Mediterranean portion of the lino to India . A cable ia proposed from Malta to Candia , whence linos will divorgo respectively to Constantinople and Alexandria . Tho subscription-Hat of tho North Rhino Copper Wining Company , & c , will bo cloned on Wednesday
next , as it is understood nearly all the sham .. —> subsoribed for . ¦* e 8 harea « e alread y The Funds opened dull to-day , but afterw » ^ * firm . Consols , 96 f to 96 j . "wwards became
Bank Of England. An Account, Pursuant To...
BANK OF ENGLAND . An Account , pursuant to the Act 7 th *; , * o « SWSfiEr *"""« - V & SJ . S 28 % ISSUE D EPAETMBKT ' £ Notes issued 31 , 010 , 240 Government debt unf Other securi ties \ l 5 llM Gold coin andI but ^' silver bunion" !";;; i ^ fw ¦ £ 31 , 010 , 240 „ ¦— BANKING DEPARTMENT . * * « W , 2 «> Proprietors' capital 14 . 658 . 000 j Government seen . ** Kbiic deposiis n ;; - W 011 BSS ^ S & pA eluding * Excho-. uuitv ) SltAu ; , „ 2 r SraffiSi NSS ? r ^ -: S ; g £ &*& " $ & > JJta ^ 'W *?*« dendAccounts ) .. 4 , fifif ! , 7 i > 3 ^ 03 . 010 Other deposits 13 , 902 , 'JG 4 !¦ Seven Day & other | Bills 771 , 171 ! ^ 37 , 309 , 939 ' £ S 7 Sm ^
Legislation".—Cheques And Companies. The...
LEGISLATION " . —CHEQUES AND COMPANIES . The public has been informed that the " general banking-legislation" of the ^ ast session , consists of an act imposing a penny stamp on cheques , an act to amend the law relating- to crossed cheques , and an act for enabling joint-stock , banks , to avail themselves of limited liability . What the general tailoring legislation , shoemaking legislation , farming legislation , or cotton-spinning legislation of the session comprises , the public has not been informed . In truth , legislation troubles itself . very little with these or other businesses , and the public is left very much in the dark as to the reasons why it devotes so much attention to banking . It arises
probably from the notion that bankers deal exclusively in money , that -everything whicli c oncerns money is a part of the prerogative of the Crown , which , having undertaken to Tegulate the coinage , is bound to look especially after those who deal in money . If this were at any time a valid reason , it scarcely applies now , when bankers have no more to do with the Queen ' s coin than any other class of men , and carry on their business with Bank of England notes , bills , and all kinds of mercantile and other securities . In theory , all kind of special or class legislation , all laws for particular persons and businesses , is very much condemned , and there is nothing ia the particular laws of 1858 , concerning banking , which make them an exception to the theory .
The act passed early in the session for charging with a stamp duty of one penny all draughts or orders for money payable on demand , drawn on " any person acting as a banker , " is obviously a partial and . special law limited to the cla 33 "who keep accounts with bankers , and falling very heavily on the little masters who pay a large niynber of persons small sums weekly or monthly by cheques , and very lightly on the great merchants and others who never draw a cheque for less than 50 / ., and whose principal dealings arc with cheques of 1000 / . and upwards . The smiallness of the charge on each cheque made persons careless about it , and no remonstrances were ma < lo against it ; nevertheless , we can only characterise it as an act of partial taxation .
and a departure from the wise plan of making every member of the community contribute equally and fairly to the expenses of tho State . The penny tax on receipts and drafts yields upwards of 300 , 000 / . a year , That portion of it whicli fulls on receipts approximates to a general tax , that portion of it whicli applies to drafts , and now the additional tax of cheques , fall exclusively on bankers and their customer * . That no complaints" are made cannot exonerate from Maine tho statesmanship which has recourse to such partial , petty taxation , and imposes a vast deal of trouble on tho taxpayers to gather a few thousand pounds for tho K * - chequer . It reminds us of tho paltry expedients to gelmoney in the time of Charles I . nnd II ., which made the kingship look very like land piracy .
Tho act to amend the law relating to crossing cheques has been justly characterised by a competent authority as auo ther illustration of the mode in which leg iaiatln is hastily attempted on commercial subjects . " A practice originating in tho clearing-house hat ' , grown up amongst bnnkors of not paying a crossed cheque unless presented through a banker . Tho cheque- was sometimes crossed to a particular banker and was thus made his Pr 0 " perty . It nsks advice to secure tho payment of the cheque to tho proper portion , and grow like tho cheque itaolf from the business of tho banker . In levying stamp
-
-
Citation
-
Leader (1850-1860), Aug. 14, 1858, page 820, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/ldr_14081858/page/28/
-