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to guide their steps "by it ; and informing them that to make their paper money a safe substitute for the precious nietnlSj they must allow its quantity to be regulated exclusively by their vahxe and the public demands for it . The accumulation of gold in the several banks , which we began by stating ^ is the consequence of the entei-prise of Europe being impeded by the action of the Governments , and will be lessened as enterprise is extended . It is temporary .
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GENERAL TRADE REPORT . London , Friday Evening . Business continues so equable and quiet , that we can add nothing to our market reports which follow . The trade of the week has been good , but very much checked by the state of uncertainty which Still prevails everywhere as to the chances of peace or war on the Continent . Of coursej while this uncertainty continues , it would be
unwise , on the part of manufacturers , to supply themselves with stock in the expectation of Continental orders , which may never arrive ; and it can hardly be expected that merchants will give out orders for goods for the Continental markets , when there is a probability of the present peaceful condition of things being rudely put an end to . With" these remarks , we may say that the general trade is as good as can be expected , and would be much better if all parties could rely on peaceful times . \
IiivERPpot . —The market for cotton has been comparatively quiet . The sales have not been large , but fall prices have been maintained . The latest advices from ¦ . New York , per Africa , report that there was a falling-off in supply , and that prices were rather higher . . Manchester . — A slight reaction has taken place in the hopeful and active condition of the trade for the India markets . The advices from Calcutta and Bombay are regarded as unfavourable , and the result is that the market : for yarns and shirtings for India is lower and not sp brisk . We have steadily warned manufacturers against taking it for granted that the recent activity and the large demand for
India would continue always . We have pointed out the danger of glutting the markets , and the certainty when the supply was provided for , that lower prices must be expected . The turn has apparently come , but it will not be felt inconveniently , because the majority of the manufacturers are still working upon previous : contracts , and will keep working upon them for some time to come . Those manufacturers who have run out their contracts have in some instances made new engagements at somewhat lower prices . India shirtings are about 3 d . per piece lower . The other kinds of cloth do not show any
variation ; . a steady demand still- continues , and prices , if anything , are higher rather than lower . This advance is owing to the continued rise in the raw material . Messrs . Slagg ' s circular reports : — *• There is little or no tjhange to notice in the market to-day . We continue to have a steady demand for long-cloths , &c ., at the prices of last week , occasionally with , a slight advance . India goods are still comparatively neglected , but owing the absence of stocks , and the continued upward tendency of the cotton market , there is but little giving way in prices . " . ' . ¦ ¦'
WooL .- ^ -The colonial wool sales have terminated . The quantity was about 35 , 000 bales , of which nearly one-half was Cape wool . The best sorts of Australian wool- — the new cljp—fetched higher prices—as much as 2 d . to 3 d . per lb . more . But the inferior sorts were , in some instances , id , to ljd . lower . It was remarked that -the wool came here ih rather better condition ; bujb there is still great room for improvement in cleaning and scouring . LiBbds . ?— The markets have not been very active , all parties being determined to exercise caution . Merchants will not give out export orders , and dealers only buy what they want for immediate use . Mixtures and light fabrics continue to be ih demand . For the finer qualities there has been no remarkable inquiry .
Bradford . —Sales of wool were on a limited scale . Nails and shorts dull of sale and low in price . In worsted yarns tho demand is steady . I / bioestbr . — 'The hosiery trade is quiet , except in the Book and glove branches . The trade is , however , quite an average trade for the time of year , The , wool market is dull ; yarns are rather lower . Nothngham , —A Ibetter appoaranco is visible in tho laco trade , but though , raoro business is doing the demand is not an averaffo one . Plain descriptions meet ready sal « , Silk goods are not in request . Tho hosiery trade here and in the country aiBtrictB keeps up its activity ,
Birmingham . — hardware trade , though not brisk , is well employed . South Staffordshire and Wales . — The iron districts are tolerabl y well employed in orders for rails and railway materials for the Continent and the Colonies . . «'¦ ¦ , ¦ i \ The strikes are not over . Some , benevolent individuals are busying themselves in the endeavour to find out some way by which these strikes can be avoided for the future . In this direction we fear that legislation will prove a failure .
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Friday Evening . In the course of the week the funds have been generally depressed , though our Railways , from the increase of traffic , have kept well up . Foreign securities , in the week , particularly trench railways , have been depressed , owing to the continual alarm which prevails as to the future condition of France . The markets opened heavy to day , and at a slight decline from the closing price of yesterday . Consols were at 95 | , but towards the close o business , in consequence of more favourable intelligence frona Paris they recovered ^ as did the markets generally , and Consols closed at 95 ^ g . It arrival at Paris
was stated that on Lord Cowley ' s he had had an interview with the Emperor which , on the Paris Bourse , had been considered satisfactory , and the French Threes , as reported by telegraph , rose to 68 * It is very sad to have to state , day after day , and week after week , that business continues disturbed , and to find all the disturbance attributed to one man . If the Emperor of the French had some friend to inform hiln how much public opinion in England has changed with regardto him—r ^ howmany persons now actually wish him out of the way who npt long ago regarded his life as the security of Europe- ^ -he Would be alarmed at his own condition , and would
bethink him how he could recover the good opinion ' of sober and reflecting men of busihess , not only in England , but in every part of Europe . It is tewible to live hated by mankind . Money is in good demand , and no bills-are discounted under the Bank rate , 2 £ per cent . The discoixnt houses have raised theh ' terms for money on call , or at short fixed periods , to If and 2 per cent . Money is scarcer than it was , and people are apprehensive
that they may want it . This creates a demand for it . Accordingly , the Bank of England is getting bills to discount , and the returns , will show an increase of private securities . At this period of the quarter it is , indeed , almost always called on for advances ; and probably the pressure for money will diminish , if it do not cease , after the dividends are paid next month , should political affairs not then assume a more unfavourable aspect .
There are ; . however , several occasions for employing money , which tend to increase the demand , and in the course of the week—to mention one— -the East Indian Railway Company , has come into the market fox a loan of £ 1 , 000 , 000 on debentures , haying / we years to run , bearing 4 J per cent , interest . Tho proposal was favourably received , and a very short titnc after the books wore opened the whole was subscribed for , and the books were shut . The debentures commanded a premium of 15 to 2 per cent , and someof the holders of the stock of the CompanyjWho expected to have the debentures in preference , to other persons thought tlai the books
were closed too soon , and that some unfair play had taken place , It is unfortunate tliat any such suspicion should attach to this proceeding , for the public is now so watchful that a belief of some trickery being intended may"foo fatal to the success of thecompany , should it want to borrow in future Quo of the projects in the market deserving some attention , is that for the purohaso of a working of cojlterics , near Chesterfield , which promises well . Bis polled the Whittington Freehold Estate and Colliery Company , has a good , businesslike
directory , and has the advantage of tending to improve our own country , and give us additional , supplies of fuel . On several occasions lately we have pointed out that a general desire prevailed . in Europe fbr peaoc 5 tho consequence of the exertions now everywhere making to extend trade and promote material wellbeing . Wo havopoiritecl out that tho success and , progress of the different nations of Europe insured , the continuance of peace , if political adventurers of all kinds would be less active and troublesome . Oh Thursday the Times in a useful loader described at considerable length tho condition and prospects
of France , and asserted that " except a small band o adventurers , the whole French nation is resolutely bent on peace . " In France , it said , " are the elements of a prosperity beyond calculation and to a supremacy in the arts of peace the French people may aspire if they can conipel their rulers to give up the ban-en and inglorioxis part to which they have so ^ long devoted their country . " But they have done tins in one instance . They have checked theh' despotic ruler , and they are indebted for
their power to do this , to having imitated our habits of industry . In consequence , " theft- progress within the last fifteen years has been immense . French exports have increased at a greater rate than the English , and France is able to bear a taxation wliich would have crushed her in the days ofM . Guizot ' s Ministry . " She is powerful as ¦ Well as peaceful , and the improvement is due to her successful industry . It is much to be wished that the Times would inspire its foreign correspondents with the spirit of the Thursday ' s leader .
At the half-yearly general Court of the Bank of England , held on Thursday , Mr . Sheffield Neave , th « Governor , presiding , the profits during the past six months were stated at 610 , 9 . 56 j ., and a dividend of 4 per cent ., withoiit deduction of income-tax , was declared . Tins . ' ¦ dividend of 8 per cent , per annum contrasts , rather Unfavourably with the dividends paid by the joint-stock banks and with the profits of private bankers . But then the Bank of England has a reserve of 3 ^ ^ 824 ? ., is the bank of the Government , has the regulation of the currency as apart of its duties , and is a dignified member of the State rather than of Commerce .
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MONEY MARKET & STOCK EXCHANGE
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BANK OF ENGLAND . 4 in Account , pursuant to the Act 7 th and 8 th Victoria , cap . 32 , for the week ending- on Wednesday , the Kith , day oflirarch , 1859 :- ^ - ISSUE DEPARTMENT . Notes issued ...... £ 33 , 080 , 030 Government Debt £ 11 , 015 , 100 Other Securities .. : { , 4 ;> 9 , 900 Gold Coin ^ Bullion 1 <) ,-J ( I 5 , 95 O ¦ ¦ " . -Silver Bullion ' ——£ : « , 080 , fl 5 ( £ 33 , 080 , 930 . BANKING DEPARTMENT . Proprietors' Capi- Government Socut ) il £ 14 , 553 , 00 ( 1 rit iea ( iivcliidiuff Rest .. ..... ' 3 , 052 , 470 ' Dead Weight Public Deposits ( in " Annuity ) ,. ' ...... £ 10 , Cfl 0 , H 7 eluding- Exchc- Other Securities .. 10 , 703 , < il-2 qiier . Saving's' Koto * 13 , 34 i ) , CU 0 Bauks , Comniis- Gold and Silver sioncrs of Na- Coin . 710 , 78 ' : tionnl Debit , and Dividend Accounts ) . ......... S , S ; "H , 497 Other Deposits .... 13 , 041 , 205 Seven Day and otaer Bills ...... 7 f > 4 , fl < . > b £ ll , 4 ( W , < r . U \ £ 4 M ( i ( U' 3 t 5 M . MARSHALL , Chief Cashier . Dated March 17 . 1859 . FROM THE LONDON GAZETTE . Ttiesday , March 1 / 5 . BANKRUPTS . David Chinery , Ampton-juace , Gray ' s inn road . African merchant . James Levingeston , Liverpool , merchant and cotton dealer . , Thomas Walkeh , York , boot and shoo maker . John Cleasby , Ecek's , Lancashire , inkceper and Victualler . . . Alfred March ant , Maidstone , clotliiev and draper . Reginald Woodcock , Weymauth , Dorsctohiro , ivon-. $ AMUElKuTTNER and ROBERT CLU BI ^ EY WHITE , Kingston-upon-Hull , ship owners and commission agents . Peter Foran , Birmingham , grocer . ,. . . John Cracknell , Enfleld , Middlesex , hconscd victualler . A Friday , March 18- _ , na . ¦ RMjih JHENRTf Leibjus , Bush-lane , qannon-stieet , City , merchant . John Wilson , Rothovliitho , auctioneer , , Thomas Gurnby ana John Jacobs , Wftlwortli-ioftu , Join ^ W ^ iiX Rowe Kuet . Plymouth , \ yatcU mnker . Geouqe Harmston Edwards , toboccpnjBt , Lincwn . Thomas Hei-i-iweli-, Hlpperholme , YorHsUivo , inn-Thomas ' RuoHEs ^ Tyddyn-du , Carnarvonshire , cattle WiiIoam James Taylor , North Shields , chemist and WixSam ' Howlett , H orwicli , tmildor m > d oont'W'J ™ ' JOKN HUTOHINSON Asi'INWALL , ArgyU-StlOO t , IlfoHARD Beppord Allen , Wnltlitunfltow , insurnnco broker and underwriter . „ , Watthew Bambrxdge , King ' s Lynn , bulWor . Jomn James Warrisqn , M ? Wsto « e , huir dre » John Murray , New-rood , Bother-hUlie , « on ™ P , Vion Thomas Paul Vounoman , Nottlne )» fti " , commission ChKc / es Smith , Bulwei , NottlnsliaroBlUro , m } U « r .
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Citation
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Leader (1850-1860), March 19, 1859, page 378, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2286/page/26/
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