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Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
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moliur , the lialf-ounce might be . so called—or quarter-ounces , or any other name it pleases ; and fi" it avoid complications , sucli a gold coinage would soon supersede , in India , a large proportion of ihe silver now used there . At any rate , any system , whether courrilicatecl or simple , which merely permitted gold to be used as money throughout India , and proclaimed the use to be Zee-al , as it obviously is just and convenient , would avoid the scandalous waste of annually bringing some 15 , 000 , 000 * . of gold from all parts ofJJie world—including 10 , 000 , 000 * . or 12 , 000 , 000 * . from Austral ia ^ in order to bu y silver in Europe , and send 15 , 000 , 000 * . of silver annually to India and China . We presume that the cost of supplying India with coinage bv this roundabout method is ,
at the very least , five per cent , more than it need be , without reckoning the greater cost of keeping a silver coinage in circulation tEan a gold coinage ; and five per cent , on 15 , 000 , 000 * . is 750 , 000 * . a year , which sum is annually wasted by the present plan of making only silver a legal tender in India The great object of all inventions and improvements ^—the great end of all scientific discoveriesis to li g hten labour and enable society to obtain subsistence , comforts , and luxuries , or live and flourish , at the least possible cost ; and here . we find a Government regulation annually destroying
the fruits of labour equivalent to 750 , 000 * . Such a result is a sad mockery of earnest toil : to have its produce cast at this rate into the sea , by those who are highly paid nd highl y honoured , only because they are supposed to spare the sweat , and labour , and anguish of their fellow men , must lead to disappointment and anger .
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Friday Evening . Capital , it seems , like murder , " will out at last , " and just now there are lively symptoms , in the City , of its long-expected eruption . For though the French preparations for war , eternal military promenades of the Austrians , and the continuous gasconade of Cavour , do raise the hopes of sailors and soldiers , and frightfully increase the travelling expenses of the diplomatic departments , and the consumption of red tape , snuff , and sherry , a great deal of English money is finding its way into trade under the protection of the limited liability system .
" Things are flat and dull in the City , we say very often , little heeding the great undertakings matured every week , of which one never hears a word , so they bo successful—after the preliminary flourish in the advertising column 3 of the press . Mines are , just now , attracting much attention ; and before long , we fancy , nearly every man of means in the country will be found trying the fascinations of mineral adventure . Then may the premium fbver set in ;—fortune for those who are early in the swim —cold shivers and collapse for the tardy , who wait , and Avait too long , and , when they should retreat , invest .
There is a good demand for money ,, but no pressure . The term 3 are unaltered . The Bank rate continues to bo tho rulo of the market . Much interest is excited by the Itusaiitn loan , tho conditions of which havo been definitively announced , though the day is not yet fixed for placing it on tho market . A cluuUb is expressed whether the war , should war occur , will not interfere to fix a limit to tho amount negotiated aotually' considerably below the amount announced . With this exception , tho loan is very favourably contemplated . It does not seem likely tiiut tho war which threatens the rest of Europe should scriounly involve Russia in its vortex .
Engnjjod , ns tho government of that country is , in domestic improvements , and boing entirely boyond the sphere of contontiou , ifc remains entirely within tho discretion of its-rulers how far they shall embark in it . Tho storm , thoreforo , should it broalc , might leave tho fortunos of l ^ ussia unaffected , and its NccuvitioB , already favourably rognrded , might booomo superior tothosoof moat other Europoan statos . This is tho light in which tho subjoct seoms to bo looked at on tho Continent , where tho loan is eagerly sought after . By some persons it is supposed that the Emperor of , llussia , by his influence over Austria and Prussia , holds the immediate dostinios of Europo in his hands ; and if his power bo so
The funds , which have been dull all the week , owing to the continued apprehension of war , and theuncertanties of the-dissolution , receded again today on the opening . Yesterday Consols closed at 95 , to-day they were at 94 J , sellers , but before the close of the market they recovered , and the very latest quotations were 95 l-1 . 6 th , and 9 SJ There is still much uneasiness as to the war . Some persons claiming to be well informed say war is resolved on , and there is certainly a great -want of confidence in the good intentions and the wisdom of the rulers of the Continent . The Stock Exchange was principally employed to-day in the settlement of the account , which was satisfactory . Otherwise very little business was done . In the exchange money is plentiful .
great , his desire now to negotiate a . loan should be taken as an indication of his wish to preserve the peace Europe , and obstacles should not unnecessarily be placed in his way . The Indian loan will not , it is supposed , much , effect the money market . A large part of it will go to make payments at home , and be merely a transfer of accounts from one banker , or one side of a ledger to another . There is no doubt that the money will be obtained on easy terras . Lord Stanley is deservedly praised for having so readily listened to the remonstrances made as to the day of the negotiation and the terms of payment , though his advisers , who should have known all the minutise of the city , were not held blameless for allowing the publication of an advertisement which had afterwards to be amended .
The weekly returns of the Bank of France are not unfavourable , though there is a decrease in the amount of bullion on hand—thirteen million francs , or an increase of advances to the extent of nearly twelve millions . / - Trade in France would seem to have gained in activity the last month . Our own . Bank returns will now show the effects of the commencement of . payment of the dividends .
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BANK OF EXGLAXC . y An Account , pursuant to the Act Jth and Sth Victoria cap . 32 , for the week ending- on Wednesday , the 13 th day Of April , 1859 : — ISSUE DEPARTMENT . Notes issued ......: £ 3 t ' , 307 , 090 Government Debt £ 11 , 015 , 100 Other Securities .. 3 , 459 , 900 Gold Coin &Bullion 17 , U ^ 2 , 090 ¦ . silver Bullion .. ... £ 32 , 307 , 000 ' £ 32 , 31 ) 7 , 090 BANKING DEPAKTMEXT . Proprietors' Cn . pi- Government Secutal £ l 4 . fl ; - i 3 , GO 0 ri . ties ( Including ' K » -sf .. y . 133 , 07 ^ Dead Weight l ' uWic Deposits ( fu A ! iiii ! lty ) ... _ ...., £ lU 71 IlIb cludin" - Kxcho- Other Securities .. 10 , 0 . 38 , 410 riUur , Savings' Sat . }} .. 10 , 031 , 010 Blinks , C ' onmila- * U-oM and Silver . _ ,,,, Biouers of Xa- Coin 0 / 4 , 44-1 tional Debt , and Dividend Accpunts ) f » , 020 , 03 D Othei'lDepoditH .... lf > , 081 , KM Seven l > ny and Other mils S 1 ' . ) , 22 S ^_ i 3 i \ 014 , 07 ii £ 30 , 514 , 972 M . ^ rARSIIALL , Chief Cashier . Dated April 11 . 1 S 50 .
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. Friday Evening . Every market is comparatively steady and comparatively satisfactory . There is no speculation and no despondency . Business is very regular , and of a fair amount . There are no boastings , but : there are few or no complaints . The trade tables , we believe , when they are published , will show a continual and quiet increase in almost every branch of business .. There is no disputing the fact that the manufacturing districts have been affected during the week just as the
rumours in favour of peace or war were uppermost . The trade of the country is sound and expanding , but it is checked by tlie uncertainty that exists as to the ultimate result of--the- ' Congress , which i 3 now understood to be definitively agreed upon . Could manufacturers be secure of peace , they would be inclined to enter into further contracts , which shippers would be too ready to give out , and which they only hold back , especially shippers for the German and Central of Europe markets , because nothing about the future can be predicated with any certainty .
Liver poor .. —The cotton market has been rather dull . Sales have been limited , and a tendency to a slight decline has exhibited itself , though there is nothing from America to warrant the belief that the supplies win be more abundant . than-the'demand' can absorb . The wool market has been tolerably active , and some demand for Scotch wool has been felt . . ¦ Manchester . —The latest advices from India are somewhat more . assuring than the previous ones . The markets there are well but not over supplied , and the temporary check which occurred in the deliveries liasrevivedThe addi
disappeared , and the demand has . - tional duties on imports which the Indian Government has announced , it is expected will not have any disadvantageous action on commerce here or in India . As soon as the effects of the mutiny disappear , and the finances of the country are placed ou a sounder and more simple footing , it is generally believed- ' -that a very large expansion of commerce , both as far as imports and exports are concerned , will occur . For yarns the demand has been restricted , and a reduction of about Jd . lias occurred . Orders from Germany and India have been offered , but riot placed , owing- to spinners declining ta . accept lower terms .
Leeds . — An average attendance of buyers at this season lias occurred in the Cloth Hall , but no large amount of business was transacted . Plain goods have been in demand . Light fabrics not so much in request , but prices are firm . HuDDiiBSF ' iiiijD . —A quiet business has lweri done ; the buyers were most ' from London and Dublin houses . The fancy coating trade very good . . Black doeskins heavy , and light summer goods ( find a ready market at fair prices , tfnles of wool have been limited , but stocks on hand are only of average amount . . . to be
Bradford- —Prices have been and continue very firm . Higher prices for wool and worsted are asked than spinners think it prudent at present to give . For fancy goods there is a steady demand . Nottingham . —Trade in lace is quiet ; Ics 3 is doing than last week , and business in plain goods i . s brisker than in other sorts . In hosiery there is a good business doing ,. and the same may be said of the glove trade Leicisstjgk . —The prospects of a good seasonable trade ava very encouraging . For cotton goods a good demand lias prevailed . Tho trade in the country districts for hosiery h much the same ; an average amount of business ia being done . Wools arc firm , and the superior sorts fetch high prices . BnoiiNGjiAJi . —Tradc pretty fair , but not brisk . The iron districts continued busy , principally with railway orders . Coal Trade . —Thin trade is neither dull nor brisk ; a fair average trade is doing .
"NVji . li respect to the " strikes . " we have to notice that a ' ? turn-out , " was contemplated at Slpokport , or wither , that the Spinners' Union gave notice that tho solf-acting mindors should Uonnuid an advance of wages on Thursday . At Pndflinm some slight disturbance * occurred , but-wore suppressed by the polico . In other diatrlctti , where strikes prevailed , we bolluvo a bottur fooling now exists between operatives and employers . The Iiiox Trade . — The Ironmasters' quarterly mooting wn » hold ut Birmingham on Thursday . Tho result , fit' t 1 uj mooting was to oonilrni tho Impressions that tl « o Trade ut Iurga was in a hurt ! thy condition , but tlmf If vuiid fm > lmiKiv f . lmnfci'll ]< v till ) Ihlllllll ( lifIll . 'llUy .
It wus statod that tho operatives wcru toloriib / y . wou employed , and thnt okIovb wi . tcj on hand aufllciunt to clear oir" old stocks and keep tliu i ' iiIIIh and furnaces going for Homo Wcohs . Tho Aiuorlenii l . mdn in Jinm-ovlug , but uvuut Injury la said to bo lnlUutod on JJrKI /* J * cojn » inrcn by tho " inferior cjuallihw of Iron rocmifly « xporUid . Tliu ) irluu of pig . iron wns iiiiiliirnlu « il , but m some hi » tuncurt 52 a . lid . Icmh \ mv ton nub wiw wjcuptod . The iittoiidanno of Imr . lwiiro iimniiliiotiinirrt w ; iu limited , but tho twuly wus undurstood to l ) u in u sound condition . An ndvunco of 4 h . )>< n > ewt . on Iron wan d « ohiriid . lho price for rulint . il , 1137 s . Oil . ; oomnion blocks , Vila . Od . pov ton # . I ' l-ldoy Atumnon . Mahic Link . — Tho tone of the market wiw flriu ; pricou unultfi-uil . Tiio supply ofliome-grown grain Ihnltail , and Iniporls of foreign yniln , wheat , wmall ; Burloy « nd onls ialv .
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MONET MARKET & STOCK EXCHANGE
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^ Ncvjgg , April 16 / l ^ S ^^^ LE AD ^ B . 505
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Mbditku'Ranean TELEGitAnis .- ' -A convention has been concluded by tho Austrian Government relating to the connexion of TViesto and Greece by telegraph . Tho telegi'aph line between Trieste and Alexandria is to pass through Greece . Indian Speculations . — "I mentioned three months since , " says a correspondent of tho Times , ' ? that the Indian Gonernl Stonm Nnvigatibn Company was ' about to declare a dividend of upwards of 100 per cont . Its accounts have now boon mado up , and the dividend declared is SOOrs . per share for th , o half-year , or 100 por cont . per nun am . . And yet English capitalists buy millions of Austrian boaUs at six . I would bog any of your readers who dis-¦ trust Indian speculutiong to read the following list of tho dividends of this company . They are all for the half-year , and tho par price of shares is £ 100 : — 31 st JJocombur , 1850 , X 7 por share per half-yoar } 31 st Juno , 1857 , £ 8 ; 31 st December , 1857 , £ 22 ; and one share in 5 worth , £ 30 -, 31 sc Juno , 1858 , £ 17 10 s . $ 3 lst Decoiubor , 1808 , £ 00 ; and onp share in 5 worth £ 30— £ 154 10 s . In other words , t ) io company has divided CO por cont . per annum . for throe years . It may bo enid this iirofit is temporary , but that is only partially true . The company will not again make 100 por cent ., but they will mako 00 , and any number of companies would make 25 . Thore is no limit to tho demand , and can bo none while , tjioro is £ 10 , 000 , 000 worth of produce to come down tho river , and £ 8 , 000 , 000 worth to go up , besides the Europeans connoctod with two armies and four Prosidoncies , each containing kingdoms . "
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GENERAL TRADE REPORT .
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Citation
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Leader (1850-1860), April 16, 1859, page 505, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2290/page/25/
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