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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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"' Commercial.
"' commercial .
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INCREASE OF THE CIRCULATION . FOR a long time currency discussions Lave been suspended , and we might have supposed that the controversies on this subject had come to an end Just now , however , there are symptoms of a revival which must be welcome to all the dissentients from the Peel-Overstone settlement . The thing will hot settle quietly down into perfect acquiescence in their procrustean bed . A voice from Canada comes against it . There it . is
found that the forced currency of shillings at 12 d . each , or at the twentieth part of a sovereign , while each one is of the intrinsic value of only 10 d ., is causing a great influx of shillings to exchange against notes and gold , and a remedy has to be found in the reduction of the nominal value of the shilling . This foreshadows the coming of a difficulty at home , from the change which is going on in the relative value of gold and silver .
Then one of our contemporaries—in general delighted -with the settlement , who , nevertheless , continually finds it necessary to goad the Bank of England into the performance of its duty , as if the law ' were insufficient—has discovered that with no more gold in the Bank than last year at this time , but with rather less , the Bank has l , 5 OO , O 0 OZ . more notes in circulation . Tts capability of meeting the demands on it is proportionally diminished , and our contemporary is urging it to raise the rate
of discount in time , arid run no risk of increasing its responsibility . The 23 , 130 ^ 567 ^ . of notes and post bills now in circulation is greater than at the same period in any year since 1853 , but then , the bullion was somewhat greater than at present , and the- believers in the validity of the scheme for making the whole circulation of the country vary ¦ with the gold in the Bank hardly know what to make of an increased circulation with no increase of bullion . As compared to last year , there is a similar increase in the circulation of the Provincial
Bank paper . Last year , according tn the latest returns , the circulation of the whole . Empire was , in July , 2 , 294 , 013 / . less than in July this year . Our contemporary assigns the increase to the discredit of bills abroad ,, which induced the owners to send them over here for sale , and draw against them . To us , it seems more probable that the much increased business of the country being still accompanied by a certain degree of discredit—which makes payment by bills less easy and less acceptable than prior to the convulson of 1847—creates a necessity for an increased quantity of wellaccredited bank-money to carry on the increased
business . By the increase of its circulation , unattended by a corresponding increase of the bullion in its vaults , the profits of th . e Bank ¦ will bo increased . It is a clear case , therefore , of superior and well-established credit obtaining proportionable advantages . At the same time theso changes in circumstances arc inviting attention to the currency , which will not be settled satisfactorily till it be wholly , lef t , like the growth of corn and the manufacture of cloth , to the natural laws which determine the production and distribution of the precious metals as well as all other commodities .
A gront extension is continually going on in the buying and selling business of the world . According to the latest accounts , trade , which is brisk in almost every department nt home , is increasingly aotivo in China , in Odessa , in New York , and on the Continent of Europe . Wo may be quite sure , that in proportion as it becomes active , the necessity will become stronger for everywhere setting every pnvt of it froo . And in proportion as it is eot free its extent and activity will increase . It is destined , therefore , unless the world should get another twist as that Milton alludes to" Homo say ho bid his angrolH turn HBkonoo Tim polos of ourth'a tixlH ; TwJcu ton degrees and more obllquo Ihoy puwlied The central globo "—
If the earth continues its present course , tmdu ia destined to increase in a double ratio , and soon it will bo ascertained , us it already begins to bo suspected , thnt the puny regulations of Pool-Over-Btono , and the Parliament in 1844 , will bo as inadequate to the circumstances of the times na were the regulations they sot aside .
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JYiday Evening . The corn market continues generally dull , which Is a 8 ign that the harvest is' good , though probably not , on the whole , equal to tho harvest of 1858 . The sugar market , too , is dull , prices tending downwards . Ooftbo , on the contrary , ilnds a ready salo at full , und rather bottor , prices . Ton , also , has a tendency upwards , in consequence of tho last arrivals from China bringing intelligence of a short supply . The other produces have a favourable aspect for the buyer . Provisions continue choai ) , and wore ratlior cheaper to-day . Tho good wages of tho urtizun and tho lnbovror will go a long way in tho market , and , whilo wo judge by comparison , thoro la no rcaaon at present for the Industrious cl « eaes
making any complaint . Positively , however , their condition is susceptiMe of much improvement ; and they and we ought not to be content till it is made as good as possible . In all the manufacturing districts there is a steady demand for labour ; and all the great producing interests of the country are happily flourishing together . We only require more freedom and less taxation to make a more rapid progress than ever . ^ -.- . _ . ^ ¦• 1 *»—» __ . •»• 1 - _ .. " .-
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GENERAL TBADE EEPOBT-
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Priday Evening . An expectation , fostered by the Times , having prevailed that the Bank would yesterday raise its minimum rate of discount to . 3 per cent ., there was , on Wednesday and yesterday , a brisk demand for money . But the Bank having turned a deaf ear to the Times , and kept its rate at _ £ , those who provided themselves largely with money expecting a rise have now more than they want . Money is in consequence comparati vely easy to day . The terms , however , are generally those of the Bank , and as money is only temporarily abundant , there is no
probability of reduction of rates . Bills are discounted at 2 £ , and 2 per cent , is still given on call . In the ensuing week , however , two loans are looked for ;—the Russian loan of . £ 12 , 000 , 000 on Monday , and the Indian loan of £ 5 , 000 , 000 on Tuesday , which will have the effect of increasing the demand . Of the last mentioned our readers are already in possession of the particulars , as they have been announced in Parliament and in the public papers . The former was intended to be brought forward some months ago , but , on account of the war in Italy , it was then prudently kept back . Now the arrangements for issuing it are complete , and it will be brought out
on Monday . The Russian loan is to be for 12 , 000 , 0002 ., in a 3 per cent , stock . It will be brought out at 68 , but as 1 ^ p er cent , will be allowed as the current halfyear ' s interest , the price will really be 66 £ for the takers . The payments are distributed over a long period , the last being due , January 25 , 1860 . The French 3 per cents , being at present at 69 f . 60 c , and the credit of ' -Russia being at least as good as that of France , especially in Germany , Holland , and Belgium , it is expected that these terms will be considered very favourable , and that the loan will be
readily placed . Not . above the half of the 12 , 000 , 000 / . will come to this markets The other half of the loan will be taken in Belgium , Holland , and Germany , where there is always a good demand for Russian securities- The dividends will be payable in London , and bonds will be issued for 100 / ¦ which is likely to bring the loan into favour with a large number of small buyers . Messrs . Thomson , Brown , and Co ., an old-established Anglo-Russian house , are the agents , and as they have chosen a good time for bringing the loan in the market , and the terms are advantageous , it seems very likely to be a successful operation .
The other news in the money market is almost unimportant . The exchanges continue firm ; the price of silver , in consequence of large arrivals , has again declined , and for the present the exit of gold is stopped . The Bank of Franco , according to the accounts received to-day , is full of gold , the stock having increased since last month by 2 , 500 , 000 , and now amounting to 25 , 000 , 000 sterling . At the same time the "bills under discount have decreased , and the Bank is consequently very strong . Private deposits have diminished , which is tho only indication in the
returns pf money being in demand in Franco . The Stock Exchange was vcr 3 ' dull to-day , and has been dull all the week . There was little business doing , and the tendency to-day was downward , owing to spmo apprehensions for tho peace of Central Italy . A Red Republican movement was announced nt Parma , and that is always an ominous word at tho fctock Exchange . Next week it is likely to be very lively . The now loans will impart to it a new life , and the dulness which has characterised it for several weeks will be at an end , Consols wore at OS ^ I to J . Other stocks woro steady , so were railway shares , with little or nothing doing .
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MONEY MARKET & STOCK EXCHANGE . ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ - ' " ' ¦¦ .- .. . ¦ _ .
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BANK OF ENGLAND . An Account , pursuant to the Act 7 th and Sth Victoria cap . 32 , for the week ending on . Wednesday , the 10 th day of August , 1859 : — . ISSUE DEPARTMENT . »« *« i 88 UCd - S 3 i , iio , ooo gSSS ^ SSSSff . 'Ww Gold Coin ABullion 10 , 614 , 600 Silver Bullion .... ¦ £ 31 , 119 , 600 £ 31 , 119 , 600 BANKING DEPARTMENT . Proprietors'Capi- Government Secutal . ...... £ 14 , 503 , 000 rities ( iucluduiff Best 3 , 433 , 012 Dead . Welffht ¦ pnHl if Denosits fin - Annuity ) ± , n , 20 i ? , 5 / i cluSnff lfxche ^ Other Sec urities .. 18 , 574 , 568 ouer Savings' Notes 0 , iOO , j 4 ;» Banks , Coinmis- Gold and Silver . sioners of Ka- Com j 8 / , ^ 88 tional Debt , and Dividend Accounts ) 5 , 912 , 113 Other Deposits .... 14 , 675 , 929 Seven Day and other Bills 850 , 319 _______ £ 39 , 430 , 073 £ 33 . 430 , 973 M . MARSHALL ,, Chief Cashier . Dated Augiist 11 . 1 S 59 .
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PRICES OF THE PRINCIPAL STOCKS AND SHARES AT THE CLOSE OF THE MARKET .
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Last This "Week "Week STOCKS-3 per cent . Consols—Money - & >* 9- > i Ditto Reduced 9 j * 05 $ Ditto New .- ¦ — . * 4 < to | Bank Stock $ * |^ India •¦• 2 i } i 2 ™ Exchequer Bills ¦ - f » Canada Government 0 per cent . n ~ £ * New Brunswick Government 6 per cent . .. .. .. New South Wales Government 5 per cent . .. 9 U 2 South Australia Government 0 per cent .. .. 11 O _ Victoria Government 0 per cent .. UUi Austrian Bonds , 5 per cent : < Z ~ Brazilian Bonds , 5 per cent JO * French Rentes , 3 per cent 09 . 70 Mexican Bonds , 3 per cent 18 | Peruvian Bonds , 4 £ per cent 0 J $ Spanish Bonds , 3 per cent 44 Turkish Scrip , 0 per cent , - .. 80 J RAILWAYS . Bristol and Exeter 0 « l 99 Caledonian p •« °% i ° ~? Hastern Counties p ° a 57 * East Lancashire » " 5 •>» Great Northern 1 ^ 4 J 02 , "Western r > 8 g &H Lancashire and Yorkshire 1 M § Vj > i London and Blackwall 00 05 $ London , Briffhtbn , and South Coast Ill * 109 " London andTtforth-Western 1 M 93 ft London and South-Western OU 03 J Midland 104 } 104 * North British M 6 / 8 North Staffordshire ...................... J 3 | 4 } d Oxford , Worcester , and Wolverhamptou .. 34 3 £ South-Eastcrn .... ? # 7 * 1 South Wales ° <* 0 J Bombay , Bnroda and Central India 10 , V 17 Calcutta and South Kastcrn • ftp • Eastern Bengal »* * Kast Indian , g * } W Great Indian renJusulu «•» $ l ) ££ Madras ° » ioi Buffalo ' and Lnko Huron ' . " . ' .,, ' " 4 £ , Grand Trunk of Canada ' ' «| Groat Western oi' Canada * ' ' i **» Antwerp and Uottordam * l' \\ Dutch Hhonlflh o [[ ( 1 ° , W Knstorn of Franco ~ j ~" Groat Luxoinbui'ft' ' A' } Lombardo-VonoUan *"• i ) i 9 Northern of Franco & $# I ' ariB , Lyons , nnd Modlturruiu-an Ml •»»* l ' aria ami OrloaiiB | J » "'/ ^ JSS ' . ' nd » S ? U ? 1 Wdiiiw if W . mii' " " « i * ^
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Pkussia and tub Zom . vurhix . —Tho Prussian Government lias proposed to tha Confcronco of tUo Zollvoroin tliat tho iron dutioa bo ubolishod T ) y dogrecs , at periods flxod boforohund . A storm of petitions from tlio iroij dJatricta in Westphalia and Bilosiu against tliia project will , wo uro informed , not turn tho Govornniont iVom its purposo , Thoro is , liowevor , but small ehanco thnt tho Zollvoroin Confurcnco , vhiuh votca by unanimity , will ontortaln t ) io proposition .
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" No . 490 . A-iw . 13 . 1859 H THE LEADER . 945 - ¦¦ - —__ - ____—_—_______________ a _ W-MWi ^** ^^^ * ¦ ¦ ' ¦¦ . " ' ... - . . ' ' ' ™ ¦ -- - ¦ - ^¦^¦^^^ l ^^ i ^ i ^^^^^^^ ^^^^*^ ¦ - — . — r- - . ¦ ¦ ¦ ¦
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Citation
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Leader (1850-1860), Aug. 13, 1859, page 945, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2307/page/21/
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