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852 __;_____5 g3 LJS? A:PBB , .[No. 439,...
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JOINT-STOCK COMPANIES. Thk; English, Sco...
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JOSEPH TRAVERS AND SONS' WEEKLY CIKCULAK...
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MONEY MARKET AND STOCK EXCHANGE.
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„ . ' CITY, Friday EvEvmr-Tiie result of...
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CORN MARKET. (MESSRS. WESTOW AND SON'S R...
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MINING INTELLIGENCE. Wia have little to ...
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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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Railway Intelligence Suuuvx-Uwuu
Jamaica were mostly sold at 22 . 17 s . to 41 . Us . [ for common to good middling , and 5 ? . Is . to 7 / . for good to fine . Common kinds of black pepper are in request , but them are few sellers at current rates ; home trade sorts are dull of sale . Good and fine cloves have realised full prices , but ordinary qualities are about id . cheaper : 2200 bags Zanzebar were nearly all disposed of : good bold brought 8 id . to 3 id . ; a few lots very fine picked , 3 £ d . to 3 id , ; ordinary to middling , 2 ^ d . to 3 d . per II ) . 27 cs . nutmegs , part sold , at Is . 9 d . t <> 2 s . 3 d . for small to bold middling brown ; and 10 cs- mace at Is . 4 « J . to Is . 9 d . per lb .
Sa . ltpetbe . —The reduction of stock to 3800 tons caused a firmer tone in the early part of the week , but the aggregate business has not been large . For arrival 41 s . to 41 s . 6 d . has been paid . On the spot , 9 per cent , sold at 40 s . 6 < L ; 6 per cent ., 42 s . 6 d . cash , and 43 s . 6 d . prompt ; and 5 | at 44 s . Cochixelax *—Prices have an upward tendency . 375 bags have been submitted to public sale , and a fair proportion sold , prices , in some instances , showing an advance of Id . to 2 d . per lb . Honduras silvers , 3 s . 6 d . to 4 s . Id . ; black , 3 s . lOd . to 5 s . 3 d . ; Mexican black , 3 s . lOd . to 4 s . Indigo . —The unfavourable crop accounts by the last mail have given rise to an increased demand , and business to some extent has been done at full 3 d . to 4 d . advance on the last -quarterly sale .
G-amberi . —1662 baps in auction were all sold at 15 s . to 15 s-6 d , ; and 640 bags Pegue Cutch , slightly out of condition , sold at 32 s . 6 d . to 33 s . percwt . Metals . —The general features of the market are not materially altered . Scotch pig iron is steadily quoted , 55 s . 6 d . to 56 s . ; and the shipments continue satisfactory . Manufactured iron is rather more saleable ; and rails quoted 6 to 5 , f . o . b . in Wales . In copper and lead but little passing . Tin has recently sold to some extent , at 114 ? . for Straits , and 116 ? . for Banca . Spelter may be quoted at 23 ? . 15 s . to 24 ? . per ton , with , a limited , demand . Turpe 2 Tmne . —Spirits have declined to 37 s . 6 d . for American , and 36 s . 6 d . to 37 s . for English ; no arrivals nor sales of rough turpentine .
XiysEED . — -Arrivals are light and but little doing . Bombay , 60 s . 6 d . to 61 s . ; Calcutta , 57 s . to 59 s . ; transactions in the latter have been reported at 58 s . delivered , and 57 s . cost , freight , and insurance . Jute . —3993 bales sold with fair spirit at . Ss . ' to 10 s . per ton advance ; medium to fine , 161 . 10 s . to 20 ? . per ton . ¦ ¦ / : . ' ¦ - ' . ' . "' . ' ¦ ¦' ¦ ¦ - . ¦¦ . ¦ . ¦ ¦ . ¦ Hemp . —The markets are quiet ; some small parcels of Manilla offered in auction were bought in at 26 / . for fair -roping . Cotton " .- —The continued heavy supplies at Liverpool ha-ve led to a decline of id ; per lb . on Bowed , and l-16 th on Mobile—the week ' s sales comprising 37 , 000 bales . The London market is comparatively firm , but inanimate , and the sales are only 7 O 0 bales Surat at 5 id . to 5 W . for mid . to good fair .
"Wool .. —The sales are concluding with spirit ; prices cannot be quoted higher , hut are very fully sustained . Spirits .- —An increased business has been concluded in rum , at former prices : Demerara , Is . lid . to 2 s . 2 d . Jamaica . 3 s . 8 d . to 4 s . 8 d . ; fine mark , 5 s . 3 d . ; Levaid ; Island , Is . 7 d . to Is . 7 jd . Oils . —Linseed is dull of sale at 33 s . 6 d . to 33 s . 3 d . on the spot , and 34 s to 34 s . 6 d . for credit . Pale rape scarce , and firm at 48 s . to 49 s . ; but brown plentiful , and offering at 42 s . fid . to 43 s . for English , and 43 s . 6 ( 1 . to 44 s . foreign ; . Sperm oil in auction to-day sold at 88 ? . 5 s . to 90 / . 5 s ., the former price having been previously paid in private contract . Pale southern oil lias declined to 37 ? . Palm and cocoa-nut oil engage very little attention . Fine Lagos offered at 37 s . Gd . to 38 s . per cwt .
Tamxtw . —Tlie deliveries are good but not equal to those of last week , and during the last day or two rather heavy arrivals have taken place . The market is in consequence flat , and closes 48 s . 9 d . on the spot , 48 s . 3 d . last three months , and 49 s . 3 d . spring . South American , at public sale , was held at 60 s . ; Archangel sold 47 s . 6 d . to 47 s . 9 d . No change occurred in the official market letter . Provisions . — -Tho fluctuations in prices have been unimportant , and the transactions limited in every department .
852 __;_____5 G3 Ljs? A:Pbb , .[No. 439,...
852 __;_____ 5 g 3 LJS ? : PBB , . [ No . 439 , Augtist » i , , Q
Joint-Stock Companies. Thk; English, Sco...
JOINT-STOCK COMPANIES . Thk ; English , Scottish , and Australian Chartered Bank held their meeting on Wednesday , at -which the dividend declared was at the rate of 4 per cent , per annum free of income-tax , and the report und the accounts were adopted . It was explained that the decrease in profit has arisen through the stagnation of business in London , the absence of channels for the employment of capital and the diminution in shipments to > th « colonies . Tho allowance of interest on current accounts has also absorbed profits . Tho regular sphere of operations lias nevertheless hcen enlarged , and the connexion liaving considerably increased , profit in oth er respects 1 ms augmented . The posiiion of tho Bank iq Australia has been -well supported , and notwithstanding excessive competition , it will , it is fully believed , well waiutqin its ground . With regurd to tho 6000 / .
loss and bad debts , about half arises from the debts incurred during the previous two years , and the other half from the realisation of a security held for on old debt . No sacrifice would have occurred had the bank been enabled to retain it by purchase , but the deed refuses to recognise such a position . Outstanding obligations to the extent of 11 , 000 ? . exist , but the whole of these are expected to be paid . Little definite information could be elicited on this head , but it appeared to be surmised tliat they were connected with claims upon two large steam companies . The discussion was of a discursive and protracted character . The management
of the bank was questioned by some of the shareholders , especially contrasting its progress and position with that of the other Australian banks . Another point mooted was the propriety of allowing interest on current accounts , while the investment of 60 , 000 ! . in building was also considered a doubtful proceeding . The omission of the bank from the arrangement made by the Government of Victoria for the issue of the Railway Loan was viewed as discouraging , and was considered ' to indicate that the local authorities possessed no important impression of its position . The chairman explained that there , was-no reason to believe that the Government had
any want of confidence in them , but their bank , as well as the Oriental Bank , was excluded from the operation probably through some undue influence . The outlay in the purchase of land and erecting buildings was considered judicious , because a great deal depended upon situation to command business . The management was regular and prudent , but still it must be remembered that they had to compete with old-established and very successful banks . After some further discussion the meeting separated , but not before a . recommendation was made to take measures for opening a registry of shareholders in Australia .
Ihe European and American Steam Company held their meeting on Tuesday afternoon , Mr . K . W . Crawford , M . P ., in the chair . It appears that some difficulties have arisen With regard to the final settlement of the accounts of Messrs . Croskey and Co . It has also been found impossible to renew the debentures as they mature , and bonds to the amount of 20 , 000 ? . have been dishonoured , An application to the Bankruptcy Court having been made by some of the holders , it was with the view of preventing a compulsory winding-up , involving the sale of property at a ruinous sacrifice , that the present meeting was called . After considei-iible discussion it was resolved to appoint a committee of consultation . The total debts of the company were stated to be 151 , 900 ? ., of which 81 , 900 ? . is in debentures , and 70 , 000 ? . in advances on the ships .
A meeting was held on Tuesday of the shareholders in the Alliance ( France aud England ) Bank . The report presented states that the business has fallen off one half since the commencement of last year . The decline is attributed to the late crisis , and the coiise < juent stagnation of trade . The profits of June 30 amount to upwards of 25 , 000 ? ., or equal to a dividend to 2 ? . 10 s . per share , but it was agreed to postpone tlie consideration of a dividend until the next meeting in September . The manager remarked that it was proposed by the board to pay off at par those shareholders who might desire to retire . This is probably contingent upon the wish of the majority to persevere with tlie undertaking , the position of which is prejudiced by the refusal of tho Stock Exchange to admit the shares to the privilege of official quotation .
Joseph Travers And Sons' Weekly Cikculak...
JOSEPH TRAVERS AND SONS' WEEKLY CIKCULAK . 19 , St . Swithin's-lane . Tea . —The information by the China Mail tended to strengthen the market , which remains firm , with a good amount of business doing . Coffee . —Plantation Ceylon is in fair demand , and prices arc fully maintained : native Ceylon firm at our quotation . Costa liica ; the greater portion of this crop has been brought to sale , the liner descriptions realising fair rates ; but the medium and lower kinds were sold very cheap , and are worth attention . Other sorts are without change . ScJGAit , Raw . — "We have to report a very flat market : the reaction consequent upon the speculative purchases of last week has had its natural effect upon prices , which , for all but the finer classes of "West India , may he quoted 6 d . easier . Refined . —The retail trndecontinues to show a want of confidence in present rates , and has purchased very sparingly ; the market has been inanimate , and we quote stoved goods Gd . lower . Crushed , Pieces , und Bastards are from 6 d . to Is . loss than last week . Molasses remain unchanged . Fruit . —We trust our former odvico , that purchases of new Yalencias should bo made only on a limited scale , will bo acted upon by tho trade ; if ho , wo believe tlie effect upon this sonson ' s prices will bo vory marked .
Si'icks . —Cassia at public auction met with less dolnnnd , and , to effect sales , lower priced were accepted . Largo parcels of Jamaica and Cochin ginger have been disposed of at steady prices . Pimento is in good request , and is readily saleable at improved rates . Several parcols of Bermuda arrowroot of tho new crop hnvo been placed on tho market , for tho finest qualities of which holders demand cxtremo rates : # St . Vincent , owing to largo arrivalb , is dull . Petro very firm .
Rice . —The demand for low qualities pnnn « . ~~ Cleaned , dl , st eadily . HttlffKlS "** ™ . ELSE """ for Wvn " - - ° " * £$£ ? £ :
Money Market And Stock Exchange.
MONEY MARKET AND STOCK EXCHANGE .
„ . ' City, Friday Evevmr-Tiie Result Of...
„ . ' CITY , Friday EvEvmr-Tiie result of this week ' s observation of tho 5 Market has confirmed the opinion a ^ adV * "t that the trade of the country , in aU it ^ Iff branches , is slowly but surely progress ^ L * , f sound and healthy standard . ^ The ^ pSi ^ t ?^ Bank for accommodation « onf . rir . 1 his view- TtJ be that the stringent supervision whlbh the Bank kZ * over the securities presented at the discount department 111 order to discountenance illegitimate trading , ha , a SK ^ SPr ^ S " ! « !? ' ^ towards ^ lation which the vast amount of
unern ^ d caE the continuous accessions to the gold in the countrv W remittances from abroad , ami the low rate of monev would naturally have the effect of creating ; but unll « we attribute the present quietude to the cause *< j have in dicated ,. it will be difficult to account for the comparative abstinence and .. excitement which nrevail . an . 6 ng capitalists and in the mercantile world . There is a little " spurt " ' in mines , and the concoctcrs of foreign schemes now and then attempt to float them , but success is the rire exception ; the moneyed public will not bite , however tenrnt ingly the bait may be dressed up .
One circumstance has somewhat surprised us , namelv that we do not witness a repetition of the rush of exports towards New Columbia Svliieh occurred when the gold discoveries in Australia became a credited fact . Tor a year or two everybody who could scrape a few pounds together sent consignments—some of the most incongruous character—to Australia . The first ventures mostly went off at a profit , and . the fortunate few realised fabulous prices . This only stimulated exporters ; they increased their exports tenfold . Ships hardly fit to make tri the
a p across Channel In fair weather vere chartered and freighted to Australia , a six or eight months voyage . The mania continued until reaction occurred , and then remonstrance , outcry , failure , bankruptcy , and fraud of every conceivable kind was perpetrated on the sauve qui pent principle . The history of the speculative trade to Australia , if it could he fully given , would op « n up a . dark chapter in our commercial history . How nmcli of the crisis and collapse of 1857 was due to this sudden mania , attributed by the Economist to " a healthy expansion of
commerce under the natural action of free trade , " we will not say ; but certainly we hardly need to fear any return of that crisis from the overtrading at present visible in the direction of the new commercial outlet . There have been very large amounts of gold received during the week from Au stralia—more than half a million— a considerable portion of which has gone to augment the bullion in the ISnnk . We shall have a word to say on the subject of the accumulation of gold in the vaults of the Banks of England and of France , perhaps , next week , as this is a matter in which considerable misconception prevails in quarters that ought to be better informed .
The Indian Loan was tendered for finally on Tuesday , 3 , 180 , 000 ? . was accepted at 97 , or above . Indeed , some of the tenders were as high as 99 per cent . The transaction was so well managed as not to affect the market in any appreciable degree . The Consols market has been firm throughout ¦ with ( in upward tendency . Next week n-c should not be surprised if a further advance was secured . The light and heavy sliare markets have been good . An advance has occurred in most of the shares of the leading lines . The projects , especially where guaranteed , were in demand . Indian lines in request . Cape Tonii shares going at a higher premium , and lied Sea Telegraphs eagerly bought ujp .
In Joint-Stock Banks and miscellaneous shares a firm business was done . Ottomans went up , and Turkish G per cents , went down . Canada Land Sh ares experienced an advance of 2 ? ., Grand Trunks lower , and the some may be said of Peninsular and Oriental . Consols , both money and account , closed at 9 Cj to 8 .
Corn Market. (Messrs. Westow And Son's R...
CORN MARKET . ( MESSRS . WESTOW AND SON'S REPORT . ) Tub snpply of wheat fresh up this morning immoderate , tho greater proportion of which was new . The millers were slow Imyers of wheat to-day at tlie prices of last Monday , and very little business took place in foreign . —New barley found a limited trade from tho irregular prices asked . —Oats fully as dear . — Beans and peas are scarce , and bring fully last week rates . —In flour no clinnge to-day . — 'New inustnrrtseed was in short supply , and brought full quotations . Other descriptions of sce < l dull of sale .
Mining Intelligence. Wia Have Little To ...
MINING INTELLIGENCE . Wia have little to record relative ; to tho raining rowKcr We hope next week to have our arrangeniciitH eompMi * for a fuller Htatemcnt of tho real business done in > niu 8 ; of nu established character .
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Citation
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Leader (1850-1860), Aug. 21, 1858, page 852, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/ldr_21081858/page/28/
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