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Leader (1850-1860), 30th October 1858, Edition 1 of 2, Page 1172, Untitled Article

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      Untitled Article

      GITY , Friday Evening . TVn-VTEVEii difference of opinion may prevail as to the effect' on speculation- of the Bank- ' directors maintaining the rate of interest at three percent . in defiance of incessant and not very legitimate pressure from without , there can be none with respect to its action upon trade . The whole commercial body , traders , manufacturers , and merchants , are indirectly experiencing the benefit of the resolution evinced by the Bank .

      It is true that no vigorous expansion of commerce in any particular direction has manifested itself , but it is equally true that commerce , for some time past , has been steadily advancing , and that , though vre arc doing a . restricted trade , it is an increasing and a sound trade . This is an advantage of which the community at large may be supposed to reap the principal benefit , with , however , some be the in

      bonding privileges in the other ports of India similar to those 1 enjoyed at Calcutta . His Lordship gave assurances that the matter shall be carefully looked into . The property of the Eastern Steam Company is to bo merged in the "Groat Ship Company ( Limited ) , " the shareholders in the former receiving for eve-iy 20 / . no ^ v held 21 . 10 s . in the capital of the latter . In this proposal the shareholders have already' signified an almost general acquiescence : The 330 , 000 / ., at which tiie capital of the new company is fixed , is estimated to be sufficient for all purposes , inclusive of the allotment to ¦ which the Eastern Steam shareholders are entitled in right to their existing shares . The directors of the new undertaking are Messrs . Win . John Beale , K . J . 11 . Campbell , M . I \ , Wm . -Darjjan , Herbert Ingram , M . P ., Wm . Jackson , M . P ., and the Hon . F . II . F . Berkeley , M . P .

      Money can be had freely on the Stock Exchange at one and one a quarter per cent , for short time . Silver is being sent to the E : i 5 t again ; but in small amounts . Large amounts of gold are on their way here from Australia , Kussi . i , and New York . The estate of Messrs . Gotch and Co ., Kettering , bankers , is said to be sufficient to pay 20 s . in the pound .

      exceptions , as will always case any phase that commerce may present . On the other hand , there is little doubt that the monetary stagnation that continues is injurious to active enterprise . In accomplishing good—that of restraining undue speculation—it creates an evil—that of almost annihilating the trade in money and the exercise of money in new enterprises and legitimate undertakings .

      The result of the Bank , discussion on Thursday seems to us to be justified by circumstances of a commercial chai-acter which have presented themselves recently . There have been several small channels opened by which our superfluous gold has found Vent . The Exchanges are acting on our bullion , and , though , large arrivals are expected , there is every prospect that the accumulation of bullion which has been going on will be arrested .

      The return to specie payments by Austria has had its influence on the market for bullion . 'We do not see that our own trade requirements will absorb any considerable quantity of our unemployed surplus ; for some time to eonve , but we do see that the numerous foreign undertakings , railways especially , in which we are involved will draw , from this country very large sums periodically to pay calls with .

      While -we are on the subject of foreign entei * pi * ise , we may just glance at the unfair lueaus by which the public mind is attempted to be prejudiced against the sufficiency of the security of the Turkish Loans . There arc two parties at work on this question—one , the most active , doing all it can and putting every engine in motion , a portion of the press of course included , to run down the security , to shake confidence in the stability of the Turkish Empire , and to cast doubt on the soundness of its financial condition ; the other , interested in floating the Loans , and anxious of course to induce capitalists to como forward and take up the stock

      at a good price . Now , without giving a peremptory decision one way or other , we may go so far as to say that we think the statements prejudicial to Turkish -bona fides , and the solvency of Turkish finances have been purposely exaggerated . We do not think that holders of this stock need be under any alarm on tho subject cither of guaranteed interest or principal . The "William Lemon Olivor who figures in the Guildhall police report of Thursday is not a member of the Stock Exchange ; ^ vo do not know ¦ what authority ho had for calling himself a stockbroker—we presume this is a mistake The investing public should be made awavo that thero is a very great difference between an " outsider "—a

      person calling himself a stook and share dealer , or agent—and a regular membor of the Stock Exchange . In the first ease , the public havo no security " \ vhatevcv against positive dishonesty in ordinary dealings , and frauds like that disclosod at Guildhall ; in the other case , tho Slock Exchange member is bound by tho rules of tho houso , and although these rules do not in all cases prevent irregularities , thoy have this general qlTooD , that any admitted broker being convicted of improper conduct iu his . business transactions with tho publio is certain to bo expelled tho house , and thus to have his suhsistouoo taken froin him , unless lie enn pick up a living among tho outsiders .

      On Thursday a deputation of tho principal salt producora in Clioulilro nncl Worcestershire waited on Lord Stanley , Introduced by Mr . Uramloy Mooro , M . P ., to represent the Injury tho trado euBtaiua from tlio absence of

      Untitled Article

      JOINT-STOCK COMPANIES . At the general meeting of the Royal Mail Steam Company , the principal topics discussed were the loss on the Australian contract , and the relative merits of the screw and paddle-wheel vessels . The chairman said their fleet was in an efficient condition , and their affairs in a promising position . The report was adopted , with a vote of thanks to the direction . At the half-yearly general meeting of the Globe Insurance Company , the usual half-yearly dividend , at the rate of 5 per cent- per annum , -vvas declared , free of income-tax . Mr . Alexander M'Kenzie , a director of the Oriental Bank , and Mr . George Saintsbury , Secretary of the London Provident Institution , -were elected auditors . It is now arranged that the Eastern Steam Company ' s meeting , to authorise the proposed liquidation and sale of the vessel , to ' ths . new 1 company , entitled the " Great Ship Company ( Limited ) , " is to take place on the 2 nd proximo . The greater number of the shareholders are in favour of the arrangement , and consequently no obstacle is likely to-interpose , to the accomplishment of the schejiie . The ordinary general meeting of the Foreign Vineyard Association was held on Thursday . The reports stated that the accounts from all the wine districts announced a great abundance and an extraordinary qualit }' . A resolution that a dividend of 10 per cent , be declared was agreed to .

      Untitled Article

      BANK OF ENGLAND . An Account , pursuant to the Act 7 th and Sth Victoria , cap . 32 , for tho wook ending on Wednesday , the 27 th dny of October , 1803 . ISSUE DEPAM . ME 5 I . £ | £ Notes issued S 2 , 9 t > 5 , 7 C 0 Government debt .. 11 , 015 , 100 Other securities ... 3 , i 50 , ilOO Gold coin and bullion IS , 510 , 700 I Silver bullion £ S 2 , t > S 5 , 7 i 30 1 . £ . «/ JS 5 , 700 BANKING DEP . VBTMENT . A . £ ¦ Proprietors' capital 14 , 55 : 1 . 000 Government socu-Itest ti . lGo . uoi ) ritios ( including Public deposits ( In- Dead " \\ oiffht \ iu cludiiiB Kxclic- nutty ) 10 , fl 00 , 4 ( V 7 nuor . CoinmisHlon- Other Securities . l < l . 7 M : M 37 ors of National Notes 11 , 700 , 1 ) 1 ) 0 Debt , Savings' Gold and Silver DaukH , arid Divi- Coin 021 , 710 elendAccounts ) .. 0 , 130 , 2 fl 5 Other deposits 13 , 331 , 01 ) 2 Seven Pay & other Bills 65 S , 0 ( il 4537 . 070 , 220 jC . 'J 7 , 07 R , 220 M . MARSHALL , Chiof Cashier . Dntod tho 28 th day of October , 1953 .

      Untitled Article

      THE COLLIERS' STRIKE . Win regrot to loam that tho Colliers' strike in Yorkshire has assumed a now and not a bettor phaso , as will bo seen by tho following lotter : — Leeds , October 28 t / i , 1858 , To ( to Editor * of tha Loader . Gkntlkmicn , — Your oxcollont article on tho coaltrndo strikes gave groat satisfaction from its Bound and truly public tendency ; and I havo to inform you that a very strenuous attempt has boon mndo to procure onforohco of tho dispute to a fair court of arbitration , Ino mon made n proposal by their delegates to do so , and this was placed before tho masters , by a requisition rooominondlng It , signed by tho Vloar ( tha ttov . Dr . Hock ) , tho loading bankers , magistrates , manufacturers , and merchants of Leeds ; and to-day n mooting of tho rimator colliers has rejeotod the Idea of arbitration m toto r treating tho requisition as an infringement of tho

      rights of capital to legislate for itself . Upon , the rejection of arbitration , the men , by deputation , proposed to submit to a reduction of five per cent ., and to give up all else in dispute except their right to union for selfdefence ; and this also was rejected , without interview . The men were informed without authority that if before the masters broke up , they would agree to a reduction of ten per cent ., and sign not to support a strike they would be permitted to work 5 if not , the masters would neither treat with , nor meet them again . And so tile thing is to be fought Out by the ruin of either one side or the other The men seem unanimous in standing out against treatment they declare so unjust and unfeeling , and they now appeal to the public for support . In the mean time , about 3200 people are thrown

      out of work , and other works are stopped in consequence . All the pits are either standing or merely playing with a few top men or stray hands . The trade is finding other channels of supply , and it is probable that the Newcastle or Durham beds will furnish West Yorkshire with the fuel masters will not choose to let the men procure for themselves . At present we do not see an end of this strike ; tho men declare they will starve out till Christmas , and many are preparing to find other means of employment . It is thought the union of the masters will now be broken up , and that they will individually treat with the men on the best terms they can severally agree upon ; if so , perhaps yet a bettor result may follow than at present seems likely . Most respectfully ,

      Untitled Article

      FliOM THE LONDON GAZETTE . Tuesday , October 2 G . BANKRUPTCIES ANNULLED . " William Shaw , Liverpool , ironmonger . Mahv and George Govtland , Liverpool , chronometermakers . BANKRUPTS . Envv-AKD IIuux Bunting , Wells , draper . William Gun Mahon , Upper Berkeley-street , West , Connaught-square , bill-broker . Thomas Kemp , Loose , Kent , maltster . ' Euwin Collins ,. Old Kent-road , market gardener . Jon ' s Boxell , llephzibah-terrace , Grange- ! road , Dalston , commission agent . Geokgh Holdks and Gkougk Hol : > en , jun ., Birmingham , poncil-case manufacturers . William Mills . Taimvorth , watchmaker . Joshua Hill * Fairiield , near Liverpool , joiner aud builder . Lvdia M'Lellas , Llandiidno ,. licensed victualler . SCOTCH SEQUESTRATIONS . William Cullen Wiiitisheap , Glasgow , merchant . Alexander Bukns , Airdrie , grocer . James Houn :, Kihnalcolm , farmer . Jamks IIolmb , jun ., Kilmalcolm , farmer . John IJi-ACICik , Edinburgh , tea merchant . Nicil CAMi-iiiiLL Duff , Edinburgh , provision merchant . "William Fkasisk , Houston , Renfrewshire , innkeeper . Friday , October 22 . BANKRUPTS . Edwin Collins , Old Kent-road , Surrey , market-gardener . Thb Wilts and Gloucester Agricultural Distillery Company ( Limiticd ) . James Goulding , Carlisle , grocer . Joseph ILvunden , Ivy-lane , City , eating-house keeper . Roueut G . Saundeus , Camion-street , City , merchant . Richard IIrnciiley , Derby , ironfoundor . Matthias Smith , Halifax , carpet merchant . CiiAKLica Walter Houw , Stovenage , IlerlforUsuiie , music seller . William Chilton Humphreys , Winchester , coal meichant . Elsdon Pbingle , Soutliport , shipowner . Abraham Gociv 8 EI > ge , Oxford-markot , Marylouone , Josejph ° Randall Guuney , Chalfont St . Giles , Buckinghamshire , farmer . William Canfelw Kent , Blechlngluy , Surrey , innkeeper . Edwin Wakdkn , Birmingham , builder . John Couucok , Lower Uebblngton , Cheshire , grocer . Bohisrt Henderson , Nowuastlo-unou-T ynu , caumeimakor . SCOTCH SEQUESTRATIONS . Jah . Ttvvv and John Vwp , Blackford , Perthshire , A . Dunn and Son , Milnathort , Kinross-shiro , to " 1101 * Hbndkkson Brothers , Glasgow , general oxciu » " » Kdwu ? 'iSoMAS , Cwmmawr , Caormorthoiwhiro , fnnnor . Joseph Guttkrijoom , Cullon , hotel-keeper . . Robert Dunoan , Oambuslang , grain merchant . David Martin , Glasgow , Wright . John Morris , weigher at theHarbour of , D « dog . W . and J . JBouthwioic , M * iin Point , JuUiiouifc , " , JoAOiim ' llAYWAnD ftcooQWLi . il , l » ooM « , go nttoman .

      Untitled Article

      MONEY MARKET AND STOCK EXCHANGE .

      Untitled Article

      1172 THE LEADER . [ No . 419 , October 30 , lggg .

  • Citation
    • Leader (1850-1860), Oct. 30, 1858, page 1172, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2266/page/28/