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CITY , Fhiday Night . The Bank Directors made no alteration in the minimum rate of discount on Thursday , and in deciding'to" retain the rate at its present figure . we think they acted prudently and wisely . There has been some attempt to bring a pressure to bear on the Directors to compel them to make a reduction ; this attempt has shown itself principally in certain organs of public opinion , but the Bank Directors have very properly refused to be influenced by wishes or complaints of an extraneous character . The Bank
Directors appear to act upon their own judgment of what they conceive to be most fitting for the general interest of the trading public , and for the advantage of their proprietary . People are generally apt to fall into error respecting the power and the duties of the Bank ! It is no part of the duty of the Bank to regulate the rate of interest for money , and certainly it has not the power , even if such a regulation came within its line of duty . The Bank is just like ordinary banking firms . It must , like them , employ its deposits in a safe and profitable manner , otherwise it could pay little or no dividend to its proprietary . The Bank certainly does announce the
rate at which it will discount bills , but then that rate is not binding on other discount houses , it is only in the nature of a guide . It is true that when the Bank raises the rate it may be said to lead , for certainly the moneyed interest raises the rate immediately all over the kingdom . When it lowers the rate , it may rather be said to follow—that is , it sees that in order to obtain a share at all of the discount business it must conform to ordinary commercial laws—it must discount as cheaply as other houses , or otherwise be left without business . Such may be said to be the position of the Bank at this moment . The vast and continuous influx of money , the rapid accumulation
occurs . This demand continues until the end of the year , and money in our market is in more request , and , of course , in less abundance . These circumstances induce us to believe tliat unless other matters , which cannot at present fairly be anticipated , make their appearance , the Bank will adhere to its present minimum , of 3 per cent . The commercial reports from nearly all parts of the country continue to speak of the revival of trade and of its entire freedom from that rash speculative disposition which had so large a share in precipitating the late collapse . Orders for winter goods were given rather late
out in the woollen districts of Yorkshire , but when they were given they proved exceedingly large , and there has since been great activity in those districts . And now , long before the winter demand has been satisfied , spring goods have come into requisition—that is , the manufacturers have already begun making the fabrics usually in consumption during the early period of the year , and that , too , nearly wholly in-fulfilment of contracts . In the cotton districts of Lancashire the factories , both spinning and weaving , with their accessories of dye works , print works , and bleaching works , are in full and increasing activity , although the Manchester market , both for yarn and goods , has this week received a slight check , owing to the I determination of large buyers not to pay the advanced prices now required . The buyers have to some extent proved successful ; but there is still great firmness among both spinners and manufacturers ; and as they are making mostly for immediate consumption and ' there is no accumuit will ui
Iation Of stocks , uepenu upon me . course the cotton markets at Liverpool and in the United States which sulcie hereafter to make concessions . Meanwhile , there is quite demand enough to employ all'the mills in Lancashire , and the accounts from India and China are still favourable to shipments to those markets . In Birmingham , and throughout the iron and hardware districts , there is a continuation of the improving tendency lately noticed , and it is weekly receiving further development as the means of other parts of the country improve . The foreign trade of those districts is decidedly increasing , although the demand for all classes of British goods from the southern states of" America lias been , greatly checked by the prevalence of yellow fever , The silk trade is good ; so arc those in earthenware , leather , flax , and other articles of large home and foreign consumption . It nifty be doubted whether , if money were cheaper , commerce would be stimulated into greater activity by that circumstance . Many persons doubt it , some fear it , grounding their apprehensions upon the inexpediency of tempting men by low prices to take that which they do not really want . At all events , we cannot foresee any very active commercial demand for money until the close f thfi vfirwhen Gncraorenieiitslust made
o . > .. numerous . ot tne year , wnen numerous engagements , jusc maue and making , may possibly create it . That the mercantile classes do not greatly need money in the shape of discounts is proved , in a great measure , by the satisfactory way in which the revenue has been paid ; yet that their operations have increased cannot be questioned , if we notice tho increase in customs and excise receipts , and read them by the returns of the Board of Trade during tho past two months . AMU 1 AWJO *
The trade of Franco is at present in n state of transition . Tho last accounts from tho manufacturing districts are that the manufacturers nra making preparations for tho winter season , which they expect wilt bo more profitable than tho summer trade . Tho Paris shopkeepers still complain of the falling off of their receipts in consequence of tho few foreigners , and particularly English , who have visited Puris this summer . Considerable anxiety prevails both in Paris and throughout the country as to the intentions of tho Government with respect to tho decree permitting tho importation of foreign corn , which was to expire on tho SOtli inst ., and which , if not renewed , will cnuso tho revival of tho obsolete sliding-scale . Tho City of London Life Assurance Company have purchased on equitable terms the entire business of tlio Achilles Assurance Company .
Tho Russian Navigation Company will bo authorised to establish a station in Algeria , and to have a depot of coal there . The company is not bound by its statutes to confine its services to tho ports in tho Black Soa . Tho commercial telegrams from India and China today show that there has been a further dooliiio of about 2 por cent , in tho rate of exchange at Hong-Kong as well as at Shanghai , thus further diminishing all prospect of silver being sonfc from ISuropo . The exports of tea to date are stated at 1 , 020 , 0001 b ., and of silk 8484 bales , including 2000 by tho present stoamor . In tho Indian exchanges there has boon no inatoriul variation , but the Bank of Bengal h , avo , mado another reduction of 1 per ceiit . in thoir rate of , dl » Qount , tho . oh , nrg , o being now 7 por cent .
Messrs . Herman Sillom , Son , and Co ., merchants , who euspondod in November , have nnnotincod a further dividend of Is , Qcl . in the pound , muklny a total of 15 s .
of bullion in the Bankj and in the hands of monetary houses , combined with the low rate of interest and the paucity of sound channels of investment , create an unusual amount of competition for the discpunting business . Of course * as the outside houses bid lowest , as far as the rate of discount is concerned , they naturally secure -the main portion of the business . The Bank- ^ -which is also a discount establishnient—must follow the market , and if nothing is left for it but to reduce the rato of interest in order to compete successfully with the discount houses , it must do so . But then we may feel tolerably well assured that the Bank will take no such step , except at the last moment .
No one knows better than the Bank the consequences likely to follow a further reduction in the present low rate of interest . Let the nominal standard come down to 2 per cent . —as some persons are predicting—and then we shall have a chance of seeing speculation let loose again in its wildest and most ruinous forms . It stands to reason that persons who have money on deposit in joint-stock banks , although they may put up repiningly with 2 per cent ., will spurn at 1 per cent ., immediately withdraw their hoards , and look about for channels of investment -which hold out the lure of 8 or 10 per cent , yearly . It is this moment that the getters-up of speculations ,
the concocters of joint-stock bubbles , the . contractors for rotten foreign loans , the fathers of fraudulent subterfuges of all kinds are waiting for . The moment the public shows a disposition to support speculative schemes , we shall have at least one hundred of all sorts , which are now in readiness , -launched on the market . The evil will not rest here . Tho trade of the country , which has undergone , and is undergoing , a severe purgation and purification , which has gradually recovered from the annihilation of confidence nine months ago , -which is believed to be steadily
advancing , and which is declared to be of the soundest character , will receive a sudden inflation : the manufacture of accommodation-bills will spring again into active existence ; matters will go on swimmingly for a few years ; we shall have the Economist pointing week after week with exultation to the beneficial "^ effect of its own exposition and practical exemplification of free-trade doctrines ; a crisis will come , and the pneumatic commercial structure will suddenly collapse , and sound and rotten firms equally will , as heretofore , be involved in one mass of indiscriminate ruin .
The Bank Directors doubtless have been guided by some such considerations in keeping the interest at its present rale and in refusing to make a reduction for such a lengthened period . How long the Bank will he able to maintain the same firmness it is impossible to predict , but our opinion is that no reduction will be tnatlo for some time to come . It is unquestionable that a greater demand for monoy has sprung up this week . "Wo can partly account for tula from tho fact that about October tho demand for more gold in Irolund aud Scotland periodically
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Vintage Prospects in Fhaxce . — 'The vintage is a matter of great interest at the present moment to the French public as well as to foreign merchants . It is now in full " operation , and a tolerably good idea may bo formed of the produce . All the information which lias reached Paris from various quarters of France is highly satisfactory , particularly as regards Burgundy , the Cher , the Orlcaiiais , and the - neighbourhood of Nantes . Opinions are divided with respect to the wines in the south , which are chiefly used for distillation . Gold from Russia * . —A sum of 80 , 000 half-imperials , or about G-1 , 000 / ., has arrived from liiissm per the steamer Grimsby . A like amount is expected immediately , to be followed by further remittances . Tlio privilege of transmitting specie is still confined to the Russian court banker and his London agents . Other
mercantile firms who may be desirous of exporting gold find almost insuperable obstaclos interposed by the authorities . The balance of trade between liussi . i and Western Europe being thus unredressed , the exchange on London remains at a depreciation of some six or seven por cent , from the pur value . In other words tins would be the ratio of profit on tho transmission of $ M to this side were official impediments removed . Revival op Business in X v . w York . —In nlmost Ml branches of trado the influence of more prosperous times is evident in the increased activity everywhere
observable . The anticipations of n good fall senson are general . With tho opportunities of clearing oil and renewing the stocks of merchandise which the forced sales occasioned by the panic afforded , and the revival o \ confidence among the mercantile classes which now nwj »« fairly counted upon , there can be no doubt that a u rfe amount of remunerative business will bo done w season . The steamboats anil rail arc bringing tUousanw of persons , whoso expenditure contributes largo y tow sustentation of our domestic trade . In an 0 ll 0 fn ° * nirrhf . oiir nnnnliition will bo lurnhl at its USlUll COmpi
ment , and then it is hoped the working , clnisw jw » entar upon that full and uninterrupted coursevot onimoj ment which is necessary to carry them *» " >? " * p y ) ,. \ tlon and suffering through tho wintor . —w Times . . rnnMt of OOMMKItCB OP NKW OliUBANB—TI . 0 " ^ llS ^ tO tho commerce of New Orleans uliows thnt tno iifeb *> value exported is far in oxcosa of any F ™ " ; L , The crops all promise well , and the ninrk « to lor b cotton , and tobacco are of a promising natuie , m in a good yield , but in good remuneration » ° » duco . —New York Economist' . ? „!„«¦ ¦ to get Tub Potato Oicora . —Farmers nro begun nfc ij _ up tho later kinds of potatoes , and tho im » u « , b fnnfnm , tlw . mnnnnf . nP tho bad boilltf VOI'V I » " *» , # — i
'""" v i ""¦* •••»*»«••• » - - ji-.. ij tun ink" "" comparison with former years . In «>»« o »« " » ! "J lolog of tho disease , nro hardly perconllblo , "' f '"" , . var , clear and perfect a * In tlio oldem tlmo ; » " ** » ' scnt avo isolated on *!* , but It l « corUin that , "l » " '"' , » en ,, t tlmo , tho potato i « luea Injure ! H « an it b * owi ( hJft tho 8 nmo period hIiioo tlio dostructivo rnvngw inwolooiw ) npnenrnnco . — flleiMng hnm I our ,
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MOKEr MARKET AND -STOCK . ¦ -, EXCHANGE . -
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1 / V / m THE LEADER . [ No . 445 , October 2 , 1858 . lUtk ^ fc ^ . ¦ . . '' „ ., -- ¦ ' ' ¦—¦ = ^ ""' '" "'~ '" ' ' . ""''• ""¦ : ' ~ - ¦ - ¦¦ - ¦¦ ¦ : ¦
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FROM THE LONDON -GAZETTE . Tuesday , September 28 . BANKRUPTS . Wilmam Smith , Greyhound-yard , Smithfield , gas-meter manufacturer . ier William L . vwson , Ilowland-streer , Fitzroy-sqnare surgeon . ' Ckaklks Garton ' , Bristol , brewer . Thomas Goi > skll Bilks , Bath , linendraper . KrcxiAKD ITenuy Hajii . kn , Cardiff , tanner . SCOTCH SEQUESTRATIONS . W . Allardyck , Aberdeen , merchant . J . Low , Sen ., Clatt , Aberdeenshire , farmer . H . Lawkic , Edinburgh , clothier . . Friday , October 1 . BANKRUPTCY ANNULLED . Hknry Markixfield Aduey , Henri lit ta-street , Coventgarden , bookseller .
BANKRUPTS . William ' Don'casteh , Wandsworth , builder . Hknuy Fkearson' Clarke , Nottingham , lace-manufacturer . Samuel Sewell Wii ^ on ' , Burton-street , Eaton-square , builder . Ggokgk Dawsox , Grant ham , Lincolnshire , gunmaker . Thomas Ellis , Tymawr , Glamorganshire , brick-maker . John Elwortiiy , Crediton , Devonshire , dealer in coal . Georgis Moylk , William IIinter , ani > Alkxaxder IIunticr , Nottingham , glove manufacturers . John Edwards , Bath , linendraper . William Darijy , Harrogate . travelling comedian . KiciiAim Juices , Liversedge Iron Work , Yorkshire , ironmaster SCOTCH -BANKRUPTS . Gillies and Maciuieuson , CJlasgow , leather merchants . DouGALu Blaik , Glasgow , grocer and provision merchant . Thomas M'Ckeatii , Bellesleyhill , Ayrshire , farmer .
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Citation
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Leader (1850-1860), Oct. 2, 1858, page 1044, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2262/page/28/
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