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Thursday Evening .. ' We may venture to state that there has been no movement in the money market .. TI 16 Bank rate of 2 i per cent , is maintained , and little , if any , speculative tendency is perceptible . Consols leave Off at 96 J to & sellers , and prices from France come a trifle better , notwithstanding the result of M . de Montalembert's appeal . The receipt of certain telegrams caused for a time a demand for St . Petersburg paper , and at a late hour news arrived have assumed
that the Oriental exchanges an unfavourable tendency against this country , Wl * these exceptions the exchanges remain unaltered . The Eastern telegrams arrived too late to affect the share market , -which , as respects all Indian guaranteed stocks and shares , had been firm , and wa » , to the ordinary shares and scrip , weak . East Indian stoqk , of which the market had been very bare , left off at 109 to 109 $ ; Great Northerns rule 106 to 107 ; Crystal Palace , 1 ^ to 1 $ ; London Omnibus If to If ; Bed Sea Telegraph Scrip , } to # prem . Great Ship shares are at 4- dis . to £ premium , but confidence is felt in the undertaking ; and Victor Emmanuel
Bonds are a shade flatter . Money is about the same as to demand and as to terms as last week . The current rate of discount is that of the Bank , 24 per cent . Stocks have not been animated . They were dull in the early days , but were firmer yesterday . The Bank seems to have received no bullion in the week , but the money in it continues abundant ; We learn with regret that the telegraphic communication by the submarine wire between Cagliari and Malta is interrupted . The cause is not known , but in consequence of it the next telegraphic news from India -will probabfy be delayed two or three days . _ ¦' . ¦ '¦ ¦ _• . has
The rise in the exchange on St . Petersburg ^ given rise to a rumour that the Russian loan is to be brought forward . This is not unlikely , but we have no certain information on the subject .. There is a report , too , that the party in San Domingo opposed to the Emperor Faustin has sent an agent to Europe to negotiate a loan . It is not likely to be successful . , . - ¦ ¦ The liquidators of the ¦ Western Bank have announced that on and after the 28 th of December , they will be prepared to pay off in full all depositors whose claims have been admitted , and who have not transferred them to other banks , Those who desire their money to remain will be allowed interest at the rate of 2 * per cent ., being £ per cent , above the current rate . The sum - . at the credit Of private depositors now to be paid amounted to 928 , 000 / 1
The reason , wo apprehend , is that there is no possibility of preserving in them the great principle of individual responsibility . This , however , is the law of nature . Lift ? , with all its consequences , is strictly individual . The pains and pleasures of one , however influential by sympathy over others , cannot be transferred to them , and there cannot be vicarious responsibility . Directors of companies may have a common interest with shareholders , but these must
still remain responsible for the confidence , whether it be foolish or wise , they repose in directors . Unable to get rid of responsibility , aiul every day bringing to light some' ' mismanagement of directors-, people naturally begin to doubt the validity of a system which subjects many to disasters from the misconduct of a trusted few . Before the modern legislation for constituting joint-stock companies has well come into extensive operation it has become of very doubtful repute . '
Several new schemes of submarine telegraphs are suggested beside the vast scheme for uniting England , Africa , and South America with Brazil , to which we referred last week . In most of them , however , the very shortest accessible oceanic route between the Old > Vorld and the New is rationally adopted as a basis . One of them contains apparently as a lure an intimation that a line may be carried by Bermuda to Jamaica . It is , however , clear , whateverniav now be proposed , that ultimately all the
¦ West India Islands , and generally South America , will be connected at th £ most convenient route with the rest of the world by telegraphs which pass through the United States to Florida , and thence to Cuba and the rest of the islands . Several years ago this route was suggested , both by gentlemen in England and the West India Islands , for the course of our mails , sending them by rail through the States . This route seems so reasonable that the political prejudices which prevent it from being adopted seem childish .
Now , when people begin to be tired and ashamed of the follies resulting from the antagonism between the old aristocratic Governments of Europe and the young democratic Government of the States , ^ it seems worse than childish that such an antagonism should be allowed to stand in the way of realising this scheme . Its basis is to use the shortest sea route between Europe and America for the conveyance of mails , passengers , &c , and to make available the many means of locomotion and communication now existing in the States . To go to , and come
from , Mexico and Central America to Europe , it is now common , not to say general , in spite of the bounty to mail-packet companies which divert the traffic to the route between Southampton and Greytown , to pass through the United States . As railways are there multiplied and extended , this route will be still more generally preferred , and will probably supersede all others . It will shorten the distance between many places , dispense with many long sea voyages , and unite , in one bond Europe and the whole Western World .
The Times , in its controversy with Mr . Chapman , seems to have overlooked the real accusation originally made against the house of Overend , Gurney , and Co . It could not possibly have been that it had got back warrants and kept them , in order to conceal their worthless character from the buyers of the spelter , for the fact of their proceedings was not known till long after the hou « ehad fallen very much in public ' 'estimation . The accusation was that the house continued to countenance Cole and Gordon to the public by dealing with them after Mr . Chapmau had detected the frauds ; and this nccusation Mr . Chapman ' s explanation about the spelter amply conthe honest
firms . He held out Cole to public as an man , when it was his business to have denounced a rogue . Other persons , who were taken in by Cole , were justly irritated by such a proceeding , and threw the blame of some of their losses on the countenance given by the house to detected knaves . We have reports every day of disputes between shareholders and directors of companies , of companies being wound-up , and of their quarrels with one another . It is natural , as companies have of late increased bo much , that we should hear a great deal more of them j but independently of that , companies are not now regarded , so favourably as formerly . It has long ago been found out that the zeal exhibited by the Legislature in 1826 for , the establishment of joint-stock banks , though fanned by the great political economists of the day and embodied into a law ,
has answered no good purpose . More mischief has been inflicted through the instrumentality of ono or two joint-stock banks than by all the private banks that ever existed . Those which have been tolerably successful have , in fact , departed from the principle of directorates involved in the joint-stock plan , and have wisely confided their business , under the fiction of a supervision by directors , to the hands of some one ekllfuj and honest mnnager . Of late , accordingly , the French system , which recognises the limited 'liability of many persons' in a concern exclusively managed by one , is becoming more popular amongst us than our own old plan . It cannot be denied , notwithstanding some lingering prejudices , that public companiea with boards ot directors are falling into discredit hero .
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FROM THE LONDON GAZETTE . Tuesday , December 21 . BANKRUPTCY ANNULLED . Richard Smith Bull , Newcastle-under-Lync , confectioner . Richard Henry Hamlbn , Cardiff , farmer . JOINT-STOCK COMPANIES W 1 NDING-UP ACTS . London anp Birmingham Irox and Hardware : Company . —A cull of 51 . per aim re o » the contributaries , Jan . 13 , at the Bankrupts' Court . 1 . BANKRUPTS . William Richards , Oxford-street , wire-work and blind manufacturer . Georok Pye , Ipswicb , flax drossor . Archibald Montoomisky , Great AVinchoster-Btreet , City , merchant . Robkux Mason , Brian—street , Caledonian-road , wholesale stationer . John Hatfiei < i > , Albomarle-strcet , Piccadilly , lodginghouse keeper . John Davibs , Taelibrooko-strcct , builder . William Anhell Dav , New Bridge-street , City , money scrivener . Francis Siiabon , Acre-lane , Brixton , nurseryman . Joseph IIaut , Water-lnno , Maukfrian , licensed victualler . William Smith , Runhnm , Norfolk , n » h merchant . Edward Sharp , Pinchbeck , LlnoolnHhlro , miller . John Thompson , Brough , Westmoreland , licensed victualler . , . Jambs IIvflLOP , Wellington , Somoroctflliira , draper . William Bakkk , Choanslde , cattlo-food mumifacturor .
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remain with the Western will be allowed interest » fT rate of 2 * per cent ., being J per cent , above he ^ rate . AHer these payments have been made tW ? remaining creditors of the Western will be ' th *» i Scottish banks . By the last official report of ' thelLS * tors , the sum at the credit of private depositors whto , *" now to be paid amounted to 928 , 000 / . Credit' Mobicikr . —The Council of the Credit Sr bilier Society of Paris have announced the payment * 2 ofr . per share , being 5 per cent , interest , as usual attl . f . period of the year . " Pout of Loxuov .- ^ In the general business durinetho past week there has been diminished " activity Th number of ships reported inward was 180 , those cleared outward amounting to 108 , including 14 in ballast Of those now on the berth loading outward 45 are for th Australian colonies , 2 for Vancouver ' s Wand 3 for „ , ? Francisco , and 7 for China . ' Oan
New Foreign Loans . —There seems to l « little doubt that the introduction of a Russian loan on the London Stock-Exchange is contemplated in the course of the coming year . The impression is that it will be fora considerable amount—probably 8 , 000 , 000 * . The period at which it may be looked for , however , } s uncertain . The new stock will probabl y be apportioned amongst the great markets of London , Amsterdam Berlin , Frankfort , and Paris , especially the four former and in the event of liberal terms being conceded , the credit of the Government is sufficiently good to ensure
the success of the operation . The expectation of an Austrian loan also gains strength , and in that case , too , the total is likely . to be large . Possibly there may be some rivalry between Austria and Russia to see which can obtain the first bold upon the market . Advices from St . lXotningo . state that the party headed by Santana have sent an agent to Europe to endeavour to negotiate a loan . St . Domingo is at war with Hayti , a truce effected some time back being about to expire , and the republic is said to be in no position to resist permanently the resources of the Emperor Faustin . It is torn , moreover , with civil war , and is without funds
or resources . Its paper money has become valueless , and specie has altogether left the country . Noktii Ska Telkgkaph . —The new submarine cable laid down in the North Sea , between the island of Norderney and some point on the coast of Kent , has been completed as far as Hanover . Twenty minutes only are required foe sending a despatch and receiving an answer between the latter place and London . The line will be open for the use of the public within a few days . fiKNKRAL Post-okfice . —Notice has been issued that
oh Christmas-day there will be no delivery of letters , &c , witliin the limit * of the London district post after twelve at noon . The collection of letters and newspapers from the branch offices and receiving-liousea will take place in the evening , for despatch by the foreign mails and general post , as also the collection at ten o ' clock at night , to be forwarded by the morning mails ; but no business whatever will be transacted in the money-order department of the Post-office . lish Government
Life-Boat for Calais—The Eng have presented , through the French Minister , to the town of Calais , a life-boat on the plan of those adopted by the Hoyal National Life-boat Institution , in acknowledgment of the valuable services rendered by some sailors of that place to the crew of an English vessel wrecked off that town last winter . She is said too * a beautiful boat , thirty feet long , and is rowed witu six oars single-banked . She will row fast in a seaway , right herself readily if upset ( which it is most difficult for her to be ) , and clear herself inst / mtly of any water she may shin . On cither aide of the bow m a Mw
silver plate in English ami French , coromemprauv .-. the cause of her presentation to the town of'Calais , erne is on the design of Mr . James r «» k * ^* f ' . J ^ X ¦ hipwright in her Majesty'a Dockyard , Woolwich , tod was built by the builders to tin Hoyal »» twnal . Life boat Institution , Messrs . Forrest , of Litnehoueo , London . New AfoloIfricnch Sciikmb . — ThQ conipany the irrigation , by the waters of the Rhine , of tha vwj tracts of ground from the Ardechc to Nismca »» f ^ Mortcs , is on the point of being form « K »» - ' XMorcca , is on uio point u » ucui * , % — „ .. „„„ an ( \ « «
prise is « lmitted to be one of great ImpjJgnce utility . These districts , with a naturally ftrtllei WJ »»« o magniflceut climate , nro turned » nt 0 * * £ ! furlng drought for a great part of the year . M »* £ ^ $ and agricultural labour is stopped , » nd . »^ ' l > at the principal silk-producing countries , lose" «» B natural advantages fyr want of water . J > oot * i is to bo adopted by a chartered company , yW \* * ; English- noblemaii , Lord Ward , as chairman , anu Vordluand Barrot , senator , for vicc-l ir T ; "rMntPu oklcr , PuuaaiAN IIorhks . —The attention of Count » the Minister of Agriculture In Prussia , liavijfc , f directed to the deterioration of tlw l ^ J ^ JJi by horses in that country , a committee ) has b « on'O T \ V |{ him to Inquire into the bOBt moans to »' " ^ 0 | , | ft General d (? Wllllson , the grind equerry , uno * , „ of the Govornment brooding , ntuds are to take p »
¦ Ww ^ tkun Banw ; of So oTi . ANn—Tho llquldatora have iBBUed a notiOeation that after tho 28 tli Occanibor they will pay off in full nil those depositors whoso claims have been admitted , and who luvvo not tranfurrod them to other banks . Those who doslro thoir money to
the oonferonoos of tho coinmlttoe . . gtoo jc Holiday on Mosdav .-TIio Commit oo of two % Exeliango have waived tli » t Monday next Ji ^ ) t oIoho holiday . The day will a bo b « very genera ^ as a UoUUay tbrougboMt tbo Olty ,
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MONEY MARKET ANB STOCKEXCHANGE .
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1428 THE LEADER . [ No . 457 , D ecember 24 % 1858 .
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Leader (1850-1860), Dec. 24, 1858, page 1428, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2274/page/28/
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