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is 900 tons . Spelter sells in small lots at s . 6 d . to 23 ? . 10 s . per ton . Copper and lead un-) ES . —Public sales of 108 , 000 East India went at animation , but at about previous quotations alian , and other imports of salted hides , obtained Sheb . —The trade at Leadenhall this week has somewhat dull , but prices in all cases steady . 3 . Streatfeild , Laurance , and Mbrtimore review as s : — " Since our circular of the 8 th ult . the leather has assumed rather a quiet appearance . _ The Is of fresh goods have by no means proved exe and as respects prime of most descriptions ,
supitill continue of a very limited character . Although ansactions have been of much less importance than of the previous month , prices generally are well ned , and our quotations remain nearly unaltered . K . The position of the markets is considered ra ble . 2000 bales of the new China silk are exl to be landed about the 11 th . The market since ina advices has been very Grm , although not active . 1 silk is still in limited request , but the deliveries tending . Public sales are fixed for the 20 th inst . resent stock of Bengal is 4343 bales sold , and bales unsfftd , total 9946 bales , against 4 . 746 bales » 7 ; of China , 13 , 903 bales sold , 3011 bales unotal 16914 bales , against 12 , 577 bales in 1857 ;
, nton , 1759 bales sold , 2960 bales unsold , total bales , against 2951 bales ; and of Chinese thrown , Dales sold , 217 bales unsold , total 1157 bales , 3 t 4176 bales in 1857—giving an aggregate stock 341 bales against 34 , 455 bales in 1858 . s . —Linseed is again lower , offering at 31 ? . 15 s . to n the spot ; and 32 ? . for monthly deliveries to ; rape sells in retail quantities at our last quotaolive offers at late rates freely , but finds few i ; Ceylon cocoa-nut is in better demand , and 37 / . ter ton paid in quantity ; Cochin is worth 381 > d isaccording to quality ; line Lagos palm brings 0 s . ; a cargo sold 39 / . 5 / ., the packages being objectionable ; fine oils are dull of sale generally ;
87 / . ; pale seal 37 / . 10 s . ; pale southern 36 / . ; il . » ' ¦ ¦ ¦ ¦ ¦ ' - ¦ ¦ ' - ¦ ALE-Fnra ^ -The screw steam whalers at the Straits Fishery have been successful ; but as yet g is positively known of the sailing vessels , in the : e of which there is no disposition to do business , rices are nominal . ¦ . tPENTiNE . —There have been no arrivals of unrebut 44 , 000 brls . are off the coast ; the value lQs . Che large stock of spirits is firmly held , and no can offered under 39 s . , low . —The price has been gradually creeping up j the week . The bulk of the quantity given off ltract has been taken away from the scale , so that insumers have been moderate buvers ; but there
jeen very few sellers , as the continued high price Petersburg affords no inducement to import , and ison i 3 now fast drawing to a close . To-day the t closes quiet on spot , firm for delivery ; spot , Jd . to 50 s . 6 d ., all the year 50 s . ; January to , 50 s . 6 d . ; March alone , 51 s . The public sales ' went off with spirit ; 1337 cks . sold ; Australian 46 s . to 50 s . 3 d . ; sheep , 42 s . to 48 s . 3 d . St . 3 burg letters to 20 th Sept . o . s . state about
0 cks . done at 159 , lfiO , and 400 cks . for next st at 161 ; Exchange 35 , 13-16 to 15-16 ; . total - estimated 128 , 000 cks ., of which it was supposed ) to 15 , 000 cks . might bo kept over ; 32 , 000 cks . mrf , and 30 , 000 cks . close nt hand . Shipment , 7 cks ., 1855 ; 86 , 182 cks ., 1856 ; 64 , 864 cks ., 67 , 431 cks ., 1858 . "Wo understand the last am states 71 , 000 cks . shipped off , 163 £ paid , 165 Town tallow , 52 s . 9 d . ; rough fat , 2 a . 9 d . ; 1 stuff , 379 .
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CITY , Friday Night . HEii week has passed without any perceptible jo in the comparative stagnation that lias for my months prevailed in the monotary world . : y flows into the * country from all quarters , and tanpes from the Continent , Amorioa , and raua , aro expected to continue for somo time regularity . Tho condition of things which , ils appears to baffle tho foresight and caleulaof tho most
experienced . No one can point ny quarter from wliioh reliof to any appreciable it is ( o be expootcd , and tho prevailing feeling i of uncertainty and unoasiness . Tho vast aeration of idlo specie , both in tho Bauk collars iu private hands , goes on ; trade progresses y , nud ( no staple . department . offers the immcprospcot of such mi expansion as is likely to b advantageously nny great portion of tho nolotion winch is regularly Hiking place . Thorb i small additional demand for money this week
M0npy Uarot A^D Qtopk" Mujnjll Maiikllil And Bloca Exchange.
but the relief has been insignificant , and is likely to prove transitory . ' The Bank Directors have continued to maintain their firm and judicious attitude , but it is doubtful whether they will be able to resist the pressure that is arraying ' against them very much longer . We shall have three or four millions Thrown into the hands of the public in a few days , from the payment of the dividends , and this amount , in addition to that already in existence , will have to seek for channels of secure investment .
The opinion , in the moneyed circles is , that next Thursday the Bank Directors will have to make a reduction in the minimum rate of discount , in order to try what effect that step will have in cheating activity among the mercantile trading and moneyed interests . We believe we are not far from the fact when we say that difference of opinion as to the expediency of this step exists among the Bank Directors themselves . The Bank Directors are a large family—it is hardly to be expected that twenty-six men who are mostly concerned in large monetary transactions should all be of the same opinion . Up to this time the prudent and steady section have contrived to resist successfully the wish of their more impatient
colleagues for a reduction , but from what we have collected , it is not improbable that they may have to give way . It must not be disguised that there is a City party—a faction , some choose to designate it —who are determined to revive speculation . This {> ar ty is formidable in influence and capital , or , at east , * "ilt the command of capital , and they are actively at work to compel the Bank to make a reduction without further delay . We know that this party is warmly opposed , but it is very questionable whether the opponents will be sufficiently firm and unanimous to resist successfully a movement they dfcprecate . , The question that naturally presents . itself is , what good will a reduction effect ? Our reply is , that such a proceeding may possibly effect good — but the greater " probability is , it will be productive of mischief . »
We have already pointed out the notorious fact that speculators are waiting to ease unwary holders of-capital by diverting it into channels of a doubtful chai ' acter . Foreign loans , foreign railways , foreign mines , are waiting the favourable moment to be launched on the money market . One of these large foreign speculations— -absorbents of British capital—is just this moment announced . The Stock Exchange are impatient at the inactivity which exists in ail tlie markets , and at the insignificant amount of bond fide business which the public transacts , and at the difficulty the majority of the members
experience to make out an income . It is tolerably certain , therefore , that in this quarter the utmost facilities will be afforded for the promotion of speculative enterprise . It is here , perhaps , that the seat of the possible mischief resides . It is by the aid of the lax and unfair system of business of the Stock Exchange that so many bubbles of home and foreign manufacture have been floated , and so much misery and ruin brought homo to outsiders from time to time . If speculation should again come into the ascendant , it will be necessary to keep a strict wntoh on the conduct and operations of the Stook Exchange . But in all such crises , we feel it
is hopeless to expect to inspire caution . Periodical speculation , apparently , is one of the conditions of our artificial system of society , and though the same result—loss to all but those who concoct and th ^ e who give currency to Unsound enterprise—is sure to occur , no ono appears disposed to tako warning by past experience , or to refrain from deluding nimself with the vain , hope that his case will prove an exception . It is remarkable that in this favourable period for raising money the railway interest obtains so little attention . Beyond question , sound railways offer tho very best security for pormaucnt investors ; but then there is so much remarkable distrust in
the public mind , that although tho annual return is much beyond that' which , the public funds afford , comparatively few persons feel confidence enough to invest . Wo aro astonished the railway interest docs not see its position with the public in the true light . If railway magnates would really adopt some common plan by which com petitions and rivalry might bo ettl'ctunlly restrained , they would do wonders . towards lifting railway shares IVpm their doprossod condition inul increasing dividends . If tho publio could onco regain oonlldeneo in railway scountios , railways would find no difficulty in reduoing thoir cuonnous debenture debts . They
M0npy Uarot A^D Qtopk" Mujnjll Maiikllil And Bloca Exchange.
would get money readily at 3 £ to 3 J per cent ., perhaps lower , aud the saving that this would effect would tell most beneficially on the dividends of shareholders . But we fear such a consummation is not to be hoped for , especially as the shareholders appear to exhibit a degree of apathy on the subject tEat ~ is-perfectly wonderful . We may here remarkthat very shortly the large amounts of specie we receive from Australia will cease for a period . At the end of the year we shall not have such regular remittances , as the " diggers " will not be able to carry on operations owing to season disabilities . This may afford some trifling relief , but it will only be of a temporary character . The financial condition of France excites attention in reflecting minds , and we may go further aud add apprehension . The immense speculation in
which France involved herself a few years ago , and the sudden expansion of trade which she displayed , the unsound condition of her money-market , the expense of the Russian war , and the outlay for home improvements , are all circumstances which tell strongly against the soundness and stability of her financial position . Scores of joint-stock schemes and bubbles have already collapsed , and some of the concocters are very properly sustaining punishment at the hands of justice—the Credit Mobilier is belie to be only kept from a crash by immense efforts , and other large companies are maintaining their credit with difficulty . Under these circumstances , and for others which we leave out of sight , we should not be astonished if France were to experience the renewed pressure of that crisis from which she partially escaped last year . .
The gigantic foreign speculation—the Lombardo"Venetian Railway—is now set afloat in the Stock Exchange , and the market has been " rigged up" to a nominal premium of 4 per cent . The concessionnaires of the great lines of railwaypurchased from the Austrian Government are the following : —The Credit Bank of Austria , the houses of Rothschild of Paris , London , and Vienna ; Messrs . Talabot , Blount , of Paris ; and S . Laing andr BI . Uzielli , of London . These parties have issued a report , drawn up so as to catch the moneyed public ; but they have ntfe
said one word about the secret profit which- they themselves are to net . " VFe have a rooted distrust of foreign concessions , because we know that the speculators who obtain them have only in view their own selfish ends , and that the result is nearly always disastrous to bondjide shareholders . Messrs . Laing and Uzielli are identified with that abortive and ruinous , speculation , the Crystal Palace ; this fact will hardly tend to give confidence to the public in the new foreign gigantic speculation . We should advise capitalists to be very cautious in touching these shares .
The French Custom-house have just published th 3 complete statistics of the trade of France in 1857 . Tho real value of the total imports of France in 1857 , including the precious metals and the transit trade , was 107 , 500 , 000 ? ., and the real value of the exports , including the same , 105 , 560 , 000 / ., making the total value of tho imports and exports together 213 , 120 , 000 ? ,,. Of this amount , representing the total external trade of France , 153 , 200 , 000 / . is the value of the united imports and exports by sen , and 59 , 920 , 000 ? . of the exchanges carried on by the land frontier . The total trade , which represented a Value of 213 , 120 , 000 ? . in 1857 , was only 93 , 600 , 000 ?* in 1847 , showing an increase of 119 ^ 520 , 000 ? ., or 128 per cent , in a period of ten years . An instalment of 15 per cent * on tho recent Turkish loan of 3 , 000 , 000 ? . falls due to-day , It is doubtful whether the remaining portion of the loan , 2 , 000 , 000 ? ., will bo taken up b \ the original allottees .
A ,- notice was posted in the Stock Exchange to the effect that the Cape Town . and Dock Railway Company bad sealed the contract from Cape Town to Wellington with Captain Gnlton , tho agent of the Colonial Government . The amount of gold ,, sent into tho Bank during tho week is reported to bo nearly throe-quarters of a million . A . large amount still remains on hand , which , will most likely find its way to the Bank . Tho v liquidators of the Great Western Bank of Scotland have been compelled to make on tho unfortunate
shareholders a second call of no loss than 100 ? . a share , payable in one sum within four weeks from this date . This makes , with tho former call of 26 ? ., a payment of 125 ? . on each 60 ? . share—in other words , a total loss of 175 ? . per share . Tho estimated deficiency remaining to bo provided for after exhaustion of tho first call , producing about 600 , 000 ? ., is not much short of 1 , 000 , 000 / ., malting 1 , 500 , 000 ? . raised and to be raised by call * , in addition to ( tie 1 , 500 , 000 ? . of capital lost—that is to say , a total logs / eo far as at present ascertained n . nd estimated , of 0 , 000 , 000 ? ., or t ^ ico tho capital . Tho loss on four Glasgow accounts alono is above 833 , Q 0 Qt . 1
The shares of the Atlantic Telegraph have boon quoted recently at-120 ? ., Wfl ' soiiio rumours have provallod that tho lino * is pprfoet and transmits sign" !* ono , way coproetlv . "Till * report , howovcr , ia not ontlroly erudltcil .
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MONEY MARKET AND STOCK EXCHANGE .
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fo . 446 , October ft -1858 . 1 THE LEADER . _______ 107 *
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Citation
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Leader (1850-1860), Oct. 9, 1858, page 1077, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2263/page/29/
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