On this page
-
Text (8)
-
Untitled Article
-
Untitled Article
-
Untitled Article
-
Untitled Article
-
Untitled Article
-
Untitled Article
-
Untitled Article
-
Untitled Article
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.
-
-
Transcript
-
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.
Additionally, when viewing full transcripts, extracted text may not be in the same order as the original document.
Untitled Article
the influence of an easy money market and quiet politics this week , and risen rapidly and considerably- ' Every kind of security is better , and the gentlemen of the Stock Exchange look more cheerfully on things than they have done since the great Russian hoax , which ended in so mueB bankruptcy , in the early part of the yearl East India Stock , Turkish loans , and Foreign railway shares have all felt the favourable influence , and have become more valuable . At the close of the . market to-day some heaviness
was experienced , the natural beginning , probably , of a reaction , the consequence of the considerable rise . Consols were done at 95 J ex . dividend , equivalent to 97 & with the dividends . The Three per Cent . Rentes come from Paris 70 f . 50 c ., also ex . dividend , which shows a continued rise . Falling in with this course the , returns of the Bank of France for the month show a considerable increase of bullion and of treasury deposits , and a decrease of bills discounted . The Bank of England continues its course without much alteration , and below we subjoin the
. We are glad to see the subsidies given for packet services again occupying public attention . Since the practice was originated , in 1834 , or thereabouts , it has been a fruitful source of favouritism and extravagance . Now , the sum expended in this unnecessary manner amounts to nearly a million , or nearly equivalent to the revenue obtained from paper , and is becoming quite a scandal to the Administration . For the public , the errors and extravagance of individuals are of trifling interest , though they excite much curiosity , but the errors and extravagance of the Government are gross injuries to the people . BANK OF ENGLAND . An Account , pursuant to the Act 7 th and 8 th Victoria cap . 32 , for the week ending : on Wednesday , the 7 th day ofl > ecember , 1859 : — ISSUE DEPARTMENT . Notes issued : £ 30 , 743 , 815 Government Debt £ 11 , 015 , 100 Other Securities .. 3 , 45 «) , 900 ( iolclCoiu&Bullion lG , ' . iCS , 815 Silver Bullion .... : £ : 3 O , ?« , S 15 £ 30 , 7-13 . 81 . 3 BANKING DEPARTMENT . Proprietors' Capi- Government Sceutal £ 14 , 553 , 000 ri-tics ( incl . url ingr Rest .. 3 , r » , 3 S 0 Dead "Weight Public Deposits ( in- - Annuity ) £ 10 . 925 , lo 7 Cludiii " Kxehe- Otht . T Securities .. 10 , 350 , 811 quci \ ° Savings' Notes « . » , 593 , 410 Banks , Coin mis- Gold and Silver sioners of Na- Coin 668 , 000 tion . il Debt , and Dividend Accounts ) 8 , ( 308 , 215 Other Deposits .... 13 , 444 , 301 Seven 1 > uy and Other Hills 792 , 422 « £ 40 , 537 , 378 £ 40 . 537 . 378 M . MARSHALL , Chief Cashier . Dated December 8 . J 85 tf .
Untitled Article
Friday Evening . —All our market reports continue favourable . In all the great seats of our manufacturing industry the people are well employed and tolerably well paid . In Mark-lane to-day the corn market was firm . The Mineing-lanc markets are all tolerably steady . Tea is dull ; sugnr is more active . Some little speculation is beginning in this article . Everywhere , as fur as we can learn , the producers of
cotton , wool , sugar , coffee , tobacco , &c \ , &c , are striving eagerly to produce more of their several commodities forouruse . as we are striving toproduce for theirs . The crop of cotton in the United States is said to be very large . The cultivation of wool is extending in South Africa and South America , us ¦ w ell as in Australia ; and , so far as production and exchange goes , everything promises well ,, if only the several Governments of the world will allow the industrious classes , to pursue their work uninterruptedly .
Untitled Article
The Law Union Finis and Ijivk Insurance Company has held its fifth annual meeting , and Beema , by its report , to deserve the support it * receives . Indood , nny well-conducted office oannot fail to succeed , for the very rapid increase of the population , and of building , would alone secure it custom and support . The Law Union has declared a bonus of £ 5 , 000 , which will raiso their dividend to six per cent ., a prudent mode of applying the surplus . But tho following extract from tho report will best show tlio state arid prospects of the Company : — " Tho Consulting Actuary ' s valuation of . tho assets and llablUtiea showa , that , in the Life Department , tlio total assets amount to . £ 218 , 019 Is . ; and the HiiUUtiea ( including tin . preaont value of sums insured , and nil outstanding uliums , &o ., ) amount to XI 84 , 487 17 n . t > d . f loavlmr a surplus of . £ 34 , 431 4 s . | of this sum ot
£ 34 , 431 4 s ., the Consulting Actuary reports that £ 9 , 560 8 s . 4 d . are available for division amongst the shareholders and policy-holders . The remaindernamely , . £ 24 , 870 15 s . 8 d ., the Consulting Actuary advises should be held in reserve . The / proportion thereof to be appropriated to the shareholders , according to the terms of the deed of settlement , amounts to £ 2 , 729 193 ., being 5 per cent , upon the gross amount of premiums received during the five years . In the Fire Department , the total assets amount to £ 46 , O 97 18 s . lid . ; arid the total liabilities amount to £ 41 , 383 16 s . 2 d ., leaving a balance in favour of the Company of £ 4 , 714 2 s . 9 d . Of this sum it is proposed to reserve £ 2 , 444 Is . 9 d . for unexpired
risks , & . c , the remaining portion—namely , £ 2 , 270 Is . is available for distribution amongst the shareholders , in accordance with the provisions of the deed of settlement . There is , therefore , a sum of £ 2 , 729 19 s . from the life business , and a sum of £ 2 , 270 Is . from the fire business , making a total of £ 5 , 000 , to be appropriated to the shareholders by way of bonus . , The Directors have fully considered the Consulting Actuary ' s report and valuation , and they concur in his recommendation that such sum of £ 5 , 000 be paid to the shareholders in equal proportions during the next five years , commencing with the present halfyear , which , with the current annual interest of 4 per cent , on the paid-up capital , will raise the
dividend to 6 per cent , per annum for the succeeding five years , irrespective of-Any profits to be realised during that period . The remaining portion of the available surplus in- ¦ the life department will be appropriated to those policy - holders who are entitled to participate in the profits of the Company , either as a reversionary bonus , or in reduction of their premiums , or in cash , as they may elect ; a notice of the amount allotted on each of such policies will , in due course , be "sent to the policy-holders . The total number of life policies in force on the 30 th of September last , exclusive of annuity policies , was 1 , 008 , insuring
the sum of £ 502 , 223 . The income of the Company from all sources ( exclusive of duty and of the sums received for annuity policies ) for the year ending the 30 th September last , amounted to £ 24 , 220 . The Directors congratulate the shareholders on the highly prosperous and progressive state of the Company ' s affairs , as shown by the balance-sheet and Consulting Actuary ' s report and valuation , and , as those documents speak for themselves , the Directors refrain from saying more than that they believe the results achieved during the five years of the Company ' s existence are most satisfactory and promising , and such as few companies of the like standing have exhibited . "
At the general meeting of proprietors of the Bank of British North America , the operations during the six months were described as favourable . The directors' report also refers to the opening for business , in May last , of the branch at Victoria , Vancouver ' s Island . The proposed dividend for the half-year was at the rate of 6 per cent , per annum , and was agreed to . The directors of the Western Africa Malachite Copper Mining Company have issued a report showing the progress of the undertaking , a-vl
speaking favourably of its future prospects . Ino great drawback has been the ill effects of the climate upon the constitution of tho Europeans sent out to develope the property , a large number of the skilled labourers having died . The few remaining are bocoming inured to the locality , and with proper , attention to lodgings , clothing , &c , appear likely to remain in the employment of the' company . The existence and production of malachite in considerable quantities has been placed beyond doubt ; and the lust advices from the mines are the most lavburnble that have been received .
A meeting has been held at tlio London Tavern , for tho purpose of placing the Polytechnic Institution upon « v firm basis , a basis of i $ 20 , 000 capital , in 200 shares of £ 10 each . A meeting took place of the shareholders interested in Bernard ' s Patbnt Boot and Sworn Makiko Company , and tho discussion was of tho most personal and rocriminatory character . At the close of the proceedings a committee of six was apgointed to investigate fully the management , which is alleged to have been of the moat disastrous
character . The directors of tho Great Ship Company , finding themselves unable to make their statement to the shareholders on tho 15 th inst ., have determined to postpone tho meeting for a month . Meanwhile , the proprietors will bo somewhat startled to learn that , -with a view to provide moans for mooting tho ompixny ' sproesingliabiUtios , the board hayohrmngoU to rnlwo money upon tho security of tho vossol—in other words , to mortgage her . Tho prospectus has been isBiiod of tho Cardiff and C . vHHi'mr . i . Y Ikon Company , with a capital ot £ 100 , 1 / 00 . ' Tho vimlortaking ia fonnod tor tho manufacture of pig iron , nhd for tliis purpose It w proposed to ei \ ot three blast furuaeos close to tno
junction , near TafFs Well , of the Taff Vale and Rhymney Railways , only 6 ^ miles from the port of Cardiff , and consequently offering advantages in the small cost of carriage to the shipping port , which must materially conduce to the success of the
enterprise . The Patent Derrick Company ( limited ) . propose to issue 3 , 500 bonds of £ 5 each , or £ 17 , 500 , being the balance of the original £ 60 , 000 , the capital of the undertaking . The funds are required to relieve the large floating derrick from the hands of creditors , and to prepare it for those marine salvage operations of almost daily occurrence . Many of the present shareholders hav < subscribed for these bonds to the extent of 2 ( per cent , upon * the amounts of the £ 50 share : respectively held by them . As an inducemem
to secure the co-operation of the public it is pro posed that the bonds shall bear interest , payable oui of the first earnings of the derricks , at the rate o 10 per cent , per annum from the 1 st of Januarj 1860 , and will be redeemable at par in two years or convertible within that period , at the option ol the holders , into the ordinary £ 50 shares ( limited ; of the company . If the derricks had been in operation during November , when the wrecks recorded exceeded 300 in number , the result in . a pecuniary point of view would , there is reason tc believe , have- been satisfactory .
A numerous body of friends of Mr . Clark , the manager of the late Western Bank of London . including the governor , deputy-governor , and other directors of that institution , have presented to that gentleman a magnificent silver inkstand , writing table , and a purse , together with an appropriate address engrossed on vellum , expressive' of their esteem and confidence , and their high sense of the ability , integrity , and courtesy with which he has discharged his duties on all occasions .
Untitled Article
The London and North-Western Railway traffic return shows this week an increase of £ 9 , 15 O ; the Great Northern an increase of £ 2 jS 19 ; the Great Western an increase of £ 2 , 004 ; and the London and South-Western an increase of £ 685 . As a result of a lengthened conference held between the deputations from the boards of the Southeastern and London , Chatham , and Dover Railway Companies , certain proposals , tending to an amicable arrangement . of the points in dispute , were to go before the latter company ' s board yesterday . It is feared , however , that the immediate prospects of the negotiation are not brilliant . It is said that the views of the London , Chatham , and Dover Company point merely to an alliance , whilst the South-Eastern wish for a complete fusion of the rival undertaking into their own . On the 24 th of November the great Victoria Tubular Bridge , the most stupendous work of the kind in the world , and the connecting link between two important sections of the Grand Trunk Railway of Canada , was opened . The first train consisted of an engine and single car , containing about fifty persons . The time occupied in passing was about 12 J minutes . Among the gentlemen in the car were the Hon . Mr . Cartier , Premier j Mr . A . M . Ross , chief engineer of the bridge ; Mr . Blackvvell , managing director , and several directors of tho Grand Trunk road . Two of the tubes are not quite finished , but the bridge is expected to be fully completed and thrown open to traffic about the 15 th inst . This will be exceedingly opportune for the trade of Canada , which is expected to derive a renewed impulse , as the water navigation has ceased . The traffic over the line is steadily increasing ., The receipts for / tie week preceding tho opening to Detroit , which took place on tho 21 st ult ., amounted to 60 , r > GO dola ., being 10 , 000 above the receipts of tho corresponding period of last year . The prospects of through Western freight are very good .
Untitled Article
Tub Ikon Trade . —There has boon little business transacted during tho week in tho Wolverhampton iron trade , and nt some of tho mills and forges orders are short j but the leading members of tho trade still adhere to the list prices . Wo do not pretend to give quotations at which othor persons make sales , for depending ae those do upon circumstances and necessities , they afford little indication as to tho state of the trade . Pig iron may bo eold , but cannot bo produced to rouliso a proflt , bolow the present prices of tho trade . It is gratifying to know that tho appliances of iron aro daily being extended to fresh objects , which fiict occasionally givos a considerable impulse to our hon ; o trade . At tho same time , it must bo admitted that this vast Iron-producing district is in a groat mqasurc tlonmim irom
ilopondont upon tho nurouq , ana yre muet not lose eight pf the fact that the Statos and our continental neighbours now possess groat fttcilltioe for the manufacture of the earno article , and
Untitled Article
No . 507 . Dec . 10 , 1859- ] THE LEADER . , ¦ 1353
Untitled Article
GENERAL TRADE REPORT-
Untitled Article
JOINT STOCK COMPANIES .
Untitled Article
RAILWAY INTELLIGENCE .
-
-
Citation
-
Leader (1850-1860), Dec. 10, 1859, page 1353, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2324/page/21/
-