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Commercial.] TH ^ g LEADER. 727
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attracted to the pursuit of the metal In...
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„ ¦ _ FURTHER PALL IN DISCOUNT. Again th...
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SOfiTATj PBOSPKRITY x CJUUIAJj rUMBJrXMX...
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gf all classes of her subjects. We have ...
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MONEY MARKET & STOCK EXCHANGE. m , ... —...
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opinion of the world cannot have chanc-e...
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PHICES OF THE PRINCIPAL CTni»i/c euiDCC ...
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Tr.vi.ox—The buslnoss of the port t&s£s£...
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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Transcript
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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.
Commercial.] Th ^ G Leader. 727
Commercial . ] TH _g LEADER . 727
Attracted To The Pursuit Of The Metal In...
attracted to the pursuit of the metal In such cases it commonly happens that while a few individuals engaged in the business make fortunes , the great mass make little or nothingBut most people being sanguine enough to think that they will be found in the fortunate class , tlie supply of bullion may be largely increased , and its value reduced , even though the majority of those engaged in its production should be really carrying on a _losin" _Employment . " _ _^ / T According to Mr . M'Culloch , therefore , the quan- tity of skill and labour does not determine this value , but some gambling propensit y _^ and that the precious metals , contrary to all other things , may be continually supplied in vast quantities , though the majority . of those engaged in sending the supply to market should find it a losing employment . We have no intention to corroborate , our own view by any detailed arguments , but we must say that Mr . M'Culloch ' s observation gives up the very prin- ciple on which political economy is founded . If _g-ambling "propensities determine the continued production and value of any one commodity , they may determine th . e continued production and . value of all commodities , and all certainty will be ban- islied from the , science . It is only a science be- cause the wants of man permanently recurring are of a definite amount , and can be supplied by a definite amount of labour and skill , and because those wants will always be most readily . supplied' which are more urgent or of which the supply is most profitable . By a definite amount of labour and skill all exchanges are determined and all profit measured ; and if _nxeri will continue to labour without profit , or in a losing employment , there is an end of the rale-which , according to political economists , determines exchanges . '
„ ¦ _ Further Pall In Discount. Again Th...
_„ ¦ __ FURTHER PALL IN DISCOUNT . Again the Bank of England , following the market , has reduced its .. minimum rate of discount from 3 k to 3 per cent . Capital continues to flow into England , and the demand for it continues slack . mi 1 -l j _ ¦¦ . _j _ i «• _i _i _i The war contributes to these effectsby making -tlie securities of other Governments less safe than those of our _Govei'iinient , and by interrupting old enterprises and preventing new ones . Almost everywhere commercial enterprise is checked— evervwhere doubt _cbilk tho ardent snirit which everywneit . uouui cnuis _tnc araent spnit wincn begins new undertakings , and the savings of past _yeai-s are found more than sufficient to supply tlie present demand for capital . As the war goes on , checking production and in- P . ,. ' _,, , ° , l .,, , _., creasing destruction , the balance will turn the other way , and as more exertions become ne- cessary to supply what war wasted , capital will grow scarcer and money dearer . At present the _vninMi ' tv r , f cmnmimiMtiflii mnvpvs _tho _^^ r _> _tq _lapidity ot _commumcatjon conveys the _eiteets from aveiy enlarged commercial circle to the centre of the money market , and the rapid changes which take place here are the consequences of many smaller changes elsewhere communicated hither . Thnt thn vnto of _iVmonnnt will ' not in a _sbovr timo ihatthe inte of discount will not . m a shoit time , again go as rapidly up as it did a month ago , and as it has since gone down , % vould be most hazardous to assert . We _sliould think , accord- ingly , that any business arrangements now made for _coTisiderable _periods on the presumption that money will remain at 3 per cent ., would be _unwar- ranted .
Sofitatj Pbospkrity X Cjuuiajj Rumbjrxmx...
_SOfiTATj _PBOSPKRITY x _CJUUIAJj _rUMBJrXMXlX . This steady progress , of all social and pnvnto associations for the promotion of prudence , and the facilitatinpr mutual advantages is . one of the best siens of oui _« times . It is in vain to attempt to _sopSrato political prosperity from social . . All States that have done so have come to nun , or undergone 1 violent revolutions that nave been vuinous lor _tlio time . The _soairco of public power mu 8 t bo private energy ; and there can be no real public wealth without private prosperity . Ihe _gorgqous monarchies of _tlio Continent have been proved but to bo white < l sepulchres . The riches of tlno Spanish kings was _btit dust S _^^*? _ii _^ V fi = * 5 Mexico and Peru . Tho _gloiy and , show ot Louis XIV . was but a giluod bankruptcy , and _thei'e are existing European monarchies that rest equally unstably on tho forced contributions of an . _overtaxed _» 70 onlo o \ ercaxea paopxo . England rests on no _flucli hollow basis , but _js supported on a foundation of real wealth , and is sustained by tho indomitable energy and industry '¦ M- ' ... ¦ ¦
Gf All Classes Of Her Subjects. We Have ...
gf all classes of her subjects . We have been led into these reflections by our attention beincr calle ( j to the annual report of one of the manv assurance societies that do such incalculable service to tll _ nmt Aon * . - 0 lQOaon ' t _» i , _« _w _b ~ rvice to _™ ie P ruaem ; classes . ± ne _European Assurance ? ocietv UeU 1 lts annual meeting lately , and in another part of our paper will be found its report . It will be seen to be in a highly pros- perou _* _conation , for while it has _accumulated a large capital , and acquired a revenue of upwards of . £ 110 , 000 per annum , it is not , like some other of the larger Assurance Institutions , sluggish in its efforts to extend its interests , as during the past year the new business transacted produced a revenue which exceeds . £ 15 , 000 . Any Company increasing its business and connections so rapidly cannot , fail to achieve decided success , and prove beneficial to its policy holders . In fact , from a valuation of ¦ its assets and liabilities , as appears from the evidence given before a Committee of the House of Lords in March last , there is a surplus , after providing forall liabilities , of _^ £ 335 , 708 16 s . 3 d ., and if a division of profits were now to be made , there would be a sum of no" less than £ 128 , 000 to appropriate as bonus , without en-. trenching on the resources of future years . We may therefore congratulate all the assured in this Company on Laving their interests so well pro- tccted by so much financial strength and thoroughly good management .. Altogether , we may take the European as a happy sample of those innumerable commercial institutions which while they are almost peculiar to England , are at once a proof of her strength and her freedom . No possible paternal government could ever produce such a mass of well-directed wealth as docs the private and spontaneous energy of associated indi- vitluals in our insulated and free-trade land . ¦
Money Market & Stock Exchange. M , ... —...
MONEY MARKET & STOCK EXCHANGE . m , ... — , , , . , ¦¦ ... Tir _^^ on t ? y _^ _SfoV i ? f _l _^^ nfVi _^ t _?!^ ' count at the Hank or _Jbingland , is not so easy as it was . People doing business with the Bank expected the re- duction , and now that it is made are sending their bills to market , and consequently the demand for money has increased . In geneml / 2 percent , is given for money , on c « ll , andthe bes t bills ar e di _scounte d at . _S * , _^^ that to 3 per cent A report prevm s that ; the silk cropS of France and Italy have failed , which will require large supplies of silk from China , " and already preparations are making for sending silver in larger quantities to that country , which must be obtained by buying-it on-the _T'rT _. _Tnt _^ _tkV _UUFSiin Parf _/^ _euect on our money market . Rentes , too , in l _J ans , are declininfr , in relation to the price of our funds , which will induce a flow of gold to the continent , and contri- bute to harden our money market . It is not expected , therefore , to decline any further , but rather to go up- wards . In addition , the late observations in the House CommonB concern ing our finn nces have given rise to the opinion that a loan _^ vill be necessary , while the pro- bability of the war being protracted in Italy makes it be supposed that money will be much wanted to carry it on . In the Stock Exchange to-day , notwithstanding the reduction of the Bank rate of discount , there was no ac- Through the week the funds , have shown a ten- dpncy upwnrd |? . To day consols . opened rather flat at 93 $ , but , became firmer , and were afterwards done at 03 J and 04 . At the close they were not quite so good . Tor morrow they will be closed for the dividend , after which _^ _U o _& _' ! _SL _^ _Jffi _^ _Ji _^ ai _| firm . In rni | wny 8 tliere has been increased business , at botter prices . In some foreign stocks , too , as Turkish , the prices have improved . If not well known that non-politioal causes influonco _thomonoy-innrkot _, nnd consequently tlie Stock Exchange J _^ tIm * po ] j tioni causes , it might be inferml from tiio riso of tlie funds in tlio week , that the _ovunta in Italy are exactly what dealors in the funds wish for . Nor would it bo surprising should men of _buHiness , whoso brand is _SL _^^^ _onGmieft in Italy . Already loss of _offlooro and men on _t , otln sides , followed by no great advantage 1 , 0 eithor bnl- ligerent , scorns precisely the condition in Avliich _jioaceful _^^ _XJ _^ _jSSl £ _ffJffS _& _iSit _^ _^ aSic _2 _/^^ of pcnCofunndustry will _incronso , and traders , mnnu- fact , _urers , nnd money dealers will apeak more mi- thorltatlvoly to _umpurors , _marahalls , and _sonorals . _EHS £ _^ _ErHTSB , nentofmiUtnry prowess . ' _Affain a time is comu for mon of _bueinosa to make good their opinions _agnlnut tho mon of _diplomncy and tho sword . Not long _nfjo those Jind fWlon Info disfavour . Soorot diplomacy was unovony divided , and military nowoj-was _enoken ot os uioroly wasting tho strontrt » of nat _ons . T / 10 formoi- mltluil not Jo ft 8 , ta \ onouv a * A lt ? Mlwlgth by drifting into tlm R _,, | an war , nor did tho latter gain any lauVola by tjio manner In which It wns conducted . All at _onoo tlia , ¦ ¦
Opinion Of The World Cannot Have Chanc-E...
opinion of the world cannot have _chanc-ed . Diplomacy has , in truth , incurred fresh disgrace , and mUitary power is repeating in Italy the spe tacle of useless _slaug-hter _which in the Crimea-wearying disgusting , and horrible—was hidden as soon as possible behind , a patched-up peace . Probably , affairs may again arrange themselves without . much aid from ' diplomacy , and the destruction in Italy of the armies of ' two _despotic Governments may be of all things the most favourable to _^ _& a _& _England _Sns . which we subjoin , will show the reasons which induced the Bank to lower its rate : — . HANK OF ENGLAND . ca _£ V _^ _Tho * week " ndin _* " u ' _wednDsd-Iv The _stifdw of . _iune , _isvj : — " . '¦''' ¦ issue _depabtment . Notcs * ssu « l £ : n , 7 U , 8 o _» i ai > _vernnient-r ) obt £ 11 , 015 , 100 rjoid _^ coin _' & _iiijiHon . _iTV-ioiyjoo surer Bullion — £ : ji , 741 , s ' . > £ ; _ji , 74 i , S 90 baskisodepautment Proprietors' Cnpi- ' " ¦ ' Goyonmient Sceu-R _*« i £ 1 3 ' _iort _' _iw De _^ d ( iU _m ' i _" _uf PublicTJep ' _oVirs _' _oYi- ' " ' " _Annuitj- ) ... Vf . ! . £ U , 58 i , 37 G eluding- Kxcho- other securities .. _iu , 04 d , 912 _?^ r kSi _coiSs- _uoid _* " and "" Wiiv _' _.-V UI < CO 7 _- . _sioncri of N . i- Coin . \ ... 000 , _' . ) 07 ¥ _y" * l _. _^ _l 1 _** ' ac _^ counts )! 1 . . 7 , 2-10 , 397 Other Deposits .... 15 , 012 , 702 other _Bufs .. ?! 1 .. 748 , 514 - —; - ————£ 41 > <> m _^ » iarsiiall , _ciiieft- " sh 1 !! _rt { 0 Dated June 0 , 1 S 59 . —
Phices Of The Principal Ctni»I/C Euidcc ...
PHICES OF THE PRINCIPAL _CTni » i / c _euiDCC ftMn _PnMRfiiiniTlEC STOCRSj SHAKEO _f ANU _GUnfllviuUl I _ito - at thk CLOSE OF thk MAKickt . . — — i _. nst This _•' . _... _Weo ! c Week ' ~~ stocks ~~ 3 per cent . _CohboIs _^ Money _¦«& . « H ,, l i » _,- « -tn rt <> _rijijWi ; 02 _« 2 £ Bitto _» o _* .... ' . " .: "' _.- . '" _•« oS * Bank Stock ~ 3 l £ 219 _| India ¦ ,. l _^^ Go _^ _rnmonienerc _^ 't ''' — ¦ "" . ' . _¦^^^ cT _^ rS _^ _A _^^ nir .: . . " . N _SputJ . Wales Government 5 per cent . .. .. south Australia . Government « per cent .. Victoria Government 0 per cent .. .. Austrian Bonds , 5 per cent ... _^^^ _Vj _PfeSt _* :: ; :::::::::: ; :: ! . ' . ' . M _^ _ican 1 _bSSS . 3 _^« p cent i 8 | Peruvian Honda , 4 * per cent _spalSish ' _iiondB , 3 per cent U Turkish Scrip , 0 per cent 8 i 70 RAILWAYS . Bristol and Mxetcr » l 02 Caledouiun . , ' f 7 » Mastopn _countipa & _H _& H _J' _^ L _^ _thern " W 100 urc _' lc \ _vJstern . ¦ . ¦ . ' . ' . " . ' . ¦ . " . " . " . " . " . " . ' _! , ' . ' . ' . ' _! . ' . ' . ' . ' . " rM ' r >* _Lancashire and Yorkshire H 7 | 88 London jm _. lJ _«» 0 _^ wBn . _^ ........... fh m London , _Ui' Shton ,, ami bouth Const liu iw » Lon <* ° " _» n ' ?™ ftw _« tem si * _sS ( i ° _^ ° n n d luld bouth " W 0 Btcrn _»?} wl North Kritis _' li " . 'I ! . ' . " ! . ' . ' ... " . " _Vij r > : & North Staffordshire l _. _^' _-x 4 fla Oxford . Worcester , and _Woivoplinmptoii .. _<> Ji _^^? ::: _= _::::--- _» t 01 ,, ombay _jiarodamuTc _^ it rnl India ... i « _J _io _* Ciiouttn mid South _Jiastern •• pur _KnHti-rn _TJongul { « id Mas t J 11 _«* n » • - - - • • • • _:,, J _^* « ro » t inUlmi 1 _' fiUusulo l »» i 0 _« _^ " 8 ' "" ¦ ' . ' . if >* ' i $ _,, Vulo ' im * < i _juiko liiirou ' ... . ' . ' . » 4 H ( inuid Trunk of Ounai ) u Ml ; _' { _ff UrVsut _WuHturn of Canada m _"i _fflflr _^ h } _« _ti _gj * g » rJ _^ _iftnio"Til " .:: " .:. ;" _i" : _! " - _'•• »"}• _(^ rott t _Laixoinbiii-u- ' . ' . '' "i Lombnrdo- _Vonutiuii Jj fja _Wt _^^^^ i _^^ n ¦ ¦•¦ _- _- ¦¦¦ 4 . jg _^ SiS , S ™ orte ?« . o . " :. _' . " :. ' : A A _vPJKh . _uicl _Northl-SV ' _oHU-rn of Kr « noo .. a < M _aoj . _~_—— , — , — —
Tr.Vi.Ox—The Buslnoss Of The Port T&S£S£...
Tr . vi . ox—The _buslnoss of the port _t & _s £ _s _£ ssi 5 ± _JfajJs & HonSo amounted to l . _oa . Tlicro wore flvo from Ireland , and 1 ' orty-ono _colliors . ' 1 no untnus outwixriu nmounted to 120 ; und tlioso cloarod to 110 ; _besiUos oluven in _bullaat . The departures lor tho Austrilllnn colonies wore flrc _vt-sselH , viz ., one to i ,, i ,, '' V run tons two to Port _I'hillln of 1 . 019 / ' , ' t 0 S -S 0 751 I _ftnl 2 to _Sw I to »« , no to b ) _U cy 0 _w _vans , anu 'jw « _J _inland ot b ( J 5 tona , making a _Vutui ot 4 , 7 Ji tona . / _t % I I / ¦ ' . ' ¦¦ ' ' *" 1 _*; ' '' _'^ ' ¦ i
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Citation
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Leader (1850-1860), June 11, 1859, page 19, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/sldr_11061859/page/19/
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