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Leader (1850-1860), 3rd December 1859, Edition 1 of 2, Page 1329, Untitled Article

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      the agricultural interest of that part of the emnire .

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      St-ATii Quarries in North Wales . —A private company of merchants and gentlemen of high standing have fox * several years past leased and have been working a slate quany known as the '' Festiniog , " situate on the Tyddynbychnn Estate —which comprises 260 acres of pro veil slate rocks—and which in extent thus stands third in importance to the several slate quarries of North Wales , We take from a contemporary a short statement of the value and produce of the most celebrated of the quarries in this district , so that the Festiniog may be correctly estimated . The present lessees , having so fur developed the mine as tomukeifc a matter of very easy demonstration that a high rate of profit may be realised by an adequate investment of capital , have formed themselves into a limited liability company , with the object of giving the general public an opportunity of participating with them in the proper development of the quarry . Associated with them as directors , we observe' some influential merchants and bankers . Tho data set forth in the prospectus , as a ground for anticipating a very high rate of profit , consist of various able reports and surveys of first-class men in their profession — as mi nine engineers and surveyors—whoso statements will Itd-found fully detailed in tho company ' s prospectus . The proposed capital is , £ 100 , 000 , in 20 , 000 shares of jCO each . Tho deposit asked for is Is . per share , and 19 s . on allotment . Tho shares are of two classes—A sliaros , to bo ordinary shares , participating in tho entire profits of the company after paying thu dividend of 7 fr per cent , per annum on tho amount paid on 13 shares—thus giving an option to investors of a speculative , or a certain return on their cft'pitul . " Tho high estimate of profit * upon investment- led us to inquire if tho company ' s advantages wore special ; and wo havo ( says tho Mining Journdl ) j > ossossod ourfdvos of some vnluanlo statistics , not previously puMUIiuri , which we » ro assured may be relied on , fhi ' . wlnu the number of slnto quarries now in opora-Win ) , thi'ir , relative vnhio nnd production ,-nnil tnuir nc-tt annual returns of profit , and find that tho n jnjreiynto production of slato in tho Prinoipulity is estimated at from 850 , 01 ) 0 to 400 , 000 tons per annum i iiiifl of thU ony-hali" at loast is produced iVom tho lVnrhvn nnd Llanborrls quarries ulono .

      The returns now given show that slate quarries and their productions have been throughout a long period almost entirely in the hands of a few private individuals , who have reaped large annual profits , and amassed colossal fortunes , and wliose prospects are at the present moment brighter than at any former period ; from the fact that in addition to the . ordinary demand , which has always been iii advance of the supply , a new and rapidly increasing demand has sprung up from the application of slate to sanitarv and many other new purposes . We eannot ,

      then , pronounce the high estimate of profit by the Festiniog Slate Quarry Company to be special , for great profits are the rule , find not the . exception ; the company ' s quarry possesses special natural advantages in dip and position , extremely favourable for economic working , which may secure to them higher relative profits . : The scheme presents reasonable and satisfactory-data to induce capitalists to invest ; it proposes to supply a national necessity for increased supply of slate , and thus offers a permanent means of investment to capitalists I "

      New Compant for the Surri / r of East Injqjan Fibres for our Home Manufactures . —It is gratifying to observe , from last night ' s Gazette , that a company of highly influential gentlemen and merchants , now or lately connected with our East Indian possessions , have formed themselves into a company , and have given notice . of . their intention to " apply for a special Act of Parliament to enable them to hold lands and secure especial trading privileges in India , for the purpose of growing certnin fibres , and preparing them for manufacturing purposes" by patented processes , the right to-which the company "have secured bj > purchase of the inventor , Mr . J . H . Dieksdn , so long h and favourably known to all flax-Dickson

      growers and linen factors . By Mr . Hill s patented machines , and chemical processes for rendering these fibres available , are amongst the wonderful discoveries of the age , when viewed as the results of the experimental research of a scientific mind directed to achieve a special practical benefit of a highly important nature . The importance of a very large and speedy increase of the raw material for our staple rnanufiictures in wool , silk , cotton , flax , and hemp , is universally admitted , the supply having now for years past fallen short of our manufacturing needs . That India has the means of supplying these growing demands of our manufacturers lias been repeatedly demonstrated in these columns , the only thing wanting being the necessary capital , directed by a practical knowledge of

      commerce , united with a proper scientific appreciation of the qualities of our Indian plants , and the proper mode of preparing them ready for manufacturing purposes . The beautiful fibres which have been produced from the various varieties of flax , Rheea or Assam grass , the Neilgherry nettle , the jute , the plaintain , the aloe , the pine apple , and many others of high value , growing in all partjs of India , by the patented processes of Mr . J . Hiiy ^ ic'kson , have been from time to time exhibited at dlRgiuentifie societies , and have been thoroughly testfett by our most experienced manufacturers . The results of these experiments would justify the formation of an association vith an adequate capital , for supplying the wants of our trade , and we expect shortly to be able to announce the organisation of a company to supply our manufacturers a substitute for their ordinary silk , wool , flax , nnd cotton materials ; nnd everybody will watch with much interest the progres 3 of any

      such undertaking . The report of the Pjenjnsulak Okikntal Cc / mfanv , recommending a distribution of 7 per cent , ( making with a former dividend Zl per cent , for the year ) , has been issued . With rct'nrd to tho Australian postal service , tho directors state that their expectations of passenger trallic have not been realised , and that their experience of working the service via Mauritius has boon unsiitislnctory . They have therefore proposed to change tho route to F , omfc do

      Galle . and havo naked an addition of ^ -20 , 000 per annum to the subsidy . Tho fur in or lias boon sanctioned , but the question of the increased payment remains under consideration . The fortnightly mail scrvico caf ' riod on for tlio Spanish Government botweon Hong Kong and Manila has , owing to tho restrictive Spanish system , proved incapable of rotnuneratlve development , ami tho company , therefore , huve given tho requisite notiuo for its termination in January noxt . , » ,.

      ] At tho mooting of the' Ojumntai . Inland Stjjam Comi'anv , a cominittt'o was nppointotl , with tho concurrence of tho directors , to invosligato the affair * of the oompany , with a viow to ascertain the boat course to bo adopted for carrying out its olyoots . It whh stated by tho ohuiniiitu Unit tho undertaking mootH with considerable opposition in Jndlu from intoroatod parties . A mooting of tho TituHT ash Loan Coaivany of UriMsu Canada whs also hclil thin wock , the Right llon . K 1 * . UouTorie , M . T ., presiding , when tho report whs adopted unanimously , und a clividoud do-

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      MONEY MARKET & STOCK EXCHANGE .

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      Tridat Evening . — The money market is extremely quiet . There is the customary demand for money , and a fair supply ; but no special activity , and no alteration in the terms . It is noticed that the application to Parliament for railway hills are unusually numerous , ami many new companies are making their appearance . By their instrumentality the demand for money may increase . There is now plenty of room for new undertakings ; but to succeed ; they must be wisely planned and conducted . The value of public securities , shares , &c , has increased within the week , both at home and abroad , consequent on the renewed expectations that there will be no quarrel betwixt Prance and England ; and that the affairs of the disputing Governments and peoples of the Continent will be , if not settled , tided quietly over fcr the present by the announced Congress . Realisation of speculative , or gambling purchases may have sent back the prices on one day , but the rise has been ^ on the whole , and putting them out of view , steady and continual . Consols closed at 9 Gf sellers . They had been a shade better but at the close the market was heavy . The shares of the Ocean Steam Navigation Company , one of the new ones , are at 1 £ premium , though the directors do not promise any dividend before the end of two years . There is , however , a want of such speculations , and plausible ones are very likely just now to find favour . The telegrams from Paris , to-day , brought a further improvement of the French funds , 7 Of . 60 c . Confidence is becoming stronger in Paris . We subjoin the bank returns , which are favourable . BAKK OF ENGLAND . An Account , pursuant to the Act . 7 th and 8 th Victoria « ap . 32 , for the week ending : on Wednesday , the 30 th day of November , 1859 : — ISSUE DEPARTMENT . Notes issued £ 30 , S \! 1 , 75 ; j Government Debt £ 11 , 015 , 100 'ttlier Securities ... 3 , 459 , 900 Jold Coin & Bullion 16 , 349 , 755 ' silver Bullion . -... .: £ 30 , 821 , 75 . - . £ 30 , 8 ^ 4 , 705 BANKING DEPARTMENT Proprietors' Capi- Government Secutal . £ 14 , 553 , 000 rities ( including Best 3 , 131 , 770 Dead Weight Public Deposits ( in- Annuity ) ..... .... £ 10 . 02 j > . 157 eluding E ' xche- Other Securities . ; 10 , 370 , 4 ^ 0 quer . Savings' Notes ........ . .... 0 . 680 , 126 Hanks , Commis- Gold and toilvci- „_„_ , ' sioners of Nn- Coin COs , 7 j / tional Debt , arid Dividend Accounts ; 8 , 670 , 315 Other Deposits .... 13 , 304 , 382 Seven Day and other Bills 822 , 011 £ 40 , 550 , 478 £ 10 , 550 . 178 M . MARSHALL , Chief Cashier . Dated December 1 . 1859 . ,

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      GENSEAL TRADE REPORT-

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      Fripay Evening . —All our reports from the manufacturing districts aro favourable . Every where the people continue to be fully employed . Why should it be otherwise ? They are generally making clothing , and instruments of great utility , all of which are much wanted , and only political derangements can suspend their usoful labours . At present the assurances of confirmed pence keep the demand for our manufactures active . Our own people aro thriving , and their doinnnd lor manufactures aro over increasing . In Mark-lane to-day tho market was dull . In the week the corn markets have generally declined , and tho price of wheat lms hhppily gone- Lack to what it was a fortnight ago . ttoth here and abroad , the small rise induced the farmers to . sortd corn to market freely , and we may , therefore infer that they havo comparatively a good supply on hand , nnd want inonoy . The prosont doclino does not , howover , justify tlie conclusion that tho price will . not again rise considerably beforo tho end of tho spring , whioh will , in faut , bo the result of complete revival , now taking place , of European trade . Should no suoh rise take place , it is still bettor that it sliouM bo anticipated , nnd enro to prevent it taken , than that it should eomo unexpectedly on tho people , and occasion a groat < lisordor . At present prices do not pay tho i in porters , Tlio Mlnuing-huio markets hnvo ull buen quit 1 ' and steady in thu week . Tea hns boon dull , but i '< u < all thci articles sold In the Luna tho ounsiiinptivo dominid continues good . Thoy present n >> leu tun .- , for comment . _

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      Thu luilf-yonrly rneutiny of tho St . Kathajcink Dooic Company Is called for tho 20 th January , nnd ! a mooting of tho South Australian ( Land ) Company ' i for tlio 10 th December .

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      PRICES OF THE PRINCIPAL STOCKS AND SHARES AT TUB CLOSE OF THE 'MARKET .

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      No . 506 . Dec . 3 , 185 9 . ] THE LEADER . 132 9

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      . Last This Week Week

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      STOCKS . 3 per cent . Consols—Money ¦ .. 00 ^ 96 J Ditto Keduced 05 95 § Ditto New 95 95 | BunkStoek .. 227 228 India :...... 224 226 J Exchequer Hills 31 20 Canada Government G per cent . 114 116 New Brunswick Government 6 per cent . .. 113 J 112 J New South Wales Government 5 per cent . 102 102 South Australia Government 6 per cent .. 113 113 £ - VictoriiiiGovernment 0 per cent 107 .. Austrian Bonds , 5 per emit Brazilian Bonds , 5 per cent 101 J 102 | French Kentes , 3 per cent 6 CV 05 Mexican Bonds , 3 per cent ' . 22 J Peruvian Bonds , 4 J per cent .. ^ .. ¦ 81 £ xd -Spanish Bonds , 3 per cent 443 Turkish Scrip , 0 per cent 78 J KAIL WAYS . Bristol and Exeter 101 101 Caledonian 00 $ 92 Eastern Counties 55 50 j East Lancashire - - Great Northern 1 Q 1 £ 105 | „ Western • • 04 | " fiiij Lancashire and Yorkshire 96 i 99 London and Blackwall 65 $ 67 London , Brighton , and South Coast , 113 H 3 & London and North-Western . 95 $ 97 J London and South-Western — 90 9 f >| Midland 103 . } 10 ~ S North British 4 i « l Cpl North StafTordshirc .:.... 13 ^ 13 * Oxford , Worcester , and Wolv . erhampton .. 35 30 i South-Eastern ....... 7 ? 3 8 lf South Wales ' . 71 73 Bombay , ISaroda and Central India ... ... 96 9 ? i Calcutta and South Eastern pax-. . ip Eastern Bengal 3 | d 4 + East Indian ... ..... lOOJ 102 * Great Indian Peninsula 98 99 j Madras 89 80 Scinde : 10 f ' -iO Buffalo and Lake Huron 5 \ 5 Jd G rand Trunk of Canada : 38 38 Great Western of Canada 13 $ 13 f Antwrerp and IJotterdam ..: 4 | 4 | Dutch Khenish 4 | d 4 gd . Eastern of France v . ~ 5 i 2 (> Great Luxemburg- 0 J 7 J Lombardo-Venetian : 113 12 Northern of France 37 | 38 ^ Paris , Lyons , and Mediterranean 35 J 36 Paris and Orleans 65 56 Southern of France 20 21 £ Western and JNorth-Western of i ' rance .. 21 f 23

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      JOINT STOCK COMPANIES .

  • Citation
    • Leader (1850-1860), Dec. 3, 1859, page 1329, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2323/page/21/