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Leader (1850-1860), 11th September 1858, Edition 2 of 2, Page 29, FROM THE LONDON GAZETTE. Tuesday, Septem...

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      Tco. 442, September 11, 1858.1 The Leade...

      TCo . 442 , September 11 , 1858 . 1 THE LEADER . 949

      . ¦"¦' ¦ " Money Market And Stock Exchan...

      . ¦"¦' ¦ " MONEY MARKET AND STOCK EXCHANGE . CITY , Friday Bvksisg . The surface of the wide ocean of commerce has not been agitated even by a ripple during th . week , if we except the announcement of a failure or two which , however , have been anticipated for some time past . We noticed a few weeks ago that the only speculative movement then visible was in the direction of the Honduras trade ; that embarrassments were known to exist in that

      direction , but that hopes were entertained of certain houses tiding over the crisis with'assistance . But as this speculative trading turns out to . have been wider than , anticipated , . ' and more disastrous in its results , the consequence is that several firms have succumbed , and one or two more are expected to follow . The few applications to the Bank during the week have been of the same character and class as those which' have ruled since the commercial collapse . Indeed we may say that the applications are exceedingly scanty , because accommodation can be obtained in other directions on lower

      terms . . . The most noticeable feature in the money market is the New Turkish Loan , and the unfair , not to say dishonest , combination which , favoured by the system of business of the Stock Exchange , was entered into against it . We have already stated that the Stock Exchange quotation generally is no criterion of the soundness or intrinsic value either of stock or share . The rules of business of the Stock Exchange appear to be so framed as to operate to the disadvantage of the Dublic , and to the exclusive benefit of the dealer ; and although the jargon of " supply and demand" regulating prices is put forward ' when any attempt is made to get at the principle which governs prices in the market as it

      is termed , it is tolerably clear that the dominant influence in regulating prices is " to be ¦ found in the dealings between jobbers and agents . It is time that something was done to alter a system so pernicious to public morals , and so scandalous as respects the interests of the public . In this age of free ¦ trade , how does it happen that a close monopoh— 'like that of the Stock Exchange —is permitted to exist ? On all sides we hear the Stock Exchange condemned—on all sides we hear the members of that close body stigmatised in no measured terms . Surely the moneyed public , who are so deeply

      iuterested in the question , have a right to demand that a radical change shall . be made in- this direction , and that a combination of individual * shall not be allowed to exist in this city whose main object seems to be , for their own profit , to encourage speculation , fraud , and commercial cozening . The variations which have been visible in the quotations of the New Turkish Loan , are charged upon an understanding between Hebrew and Greek firms to beat down the price , so as to keep the public out , and to swamp the project . But the plan appears to have missed its purpose , if we may judge from the advance of the price of the scrip within the last few days .

      On the question of foreign loans , and how far they operate injuriously or profitably on . the interests of this country , we shall have something to say shortly . In the mean time , we strongly advise parties who have cash to spare to be cautious how they are induced to invest in new projects which have the foreign element for their basis , whether in the form of loans or shares in industrial undertakings . The Bank of France returns'aro vory satisfactory ; the most important feature , however , is the steady increase of bullipn , which now amounts to 23 $ millions sterling . Speculation on the Bourse , however , appears to bo reviving , as the increased advances on railway shares , public securities , & c , seem to indicate .

      The appointment of n settling day for Turkish scrip is deferred , in consequence , as alloged , of the necessity that exists for signing tho contract in Paris . This circumstance excites some remarks and doubts , as the loan is purely- « iv English transaction . To-day tho sorip is ready for delivery . A telegram from Constantinople states that the exchange on London , whieU lately fell from 170 to 14 G piastres , has recovered to 149 piastres . This movement is attributed to tho noco-aity of purchasing bills for immediate remittance , whilst there is a general indisposition to draw pending tho expected operations in connexion with the now loan .

      Another auction of tho foroign redeemable debt of Spain is to tako place at Madrid on tho 29 th inst . Tho sum sot apart for tho purposo is 376 , 000 ronlos . Tondors will bo received iu London until tho 20 th . Tho Passive Bonds aro thus being BtoiulUy absorbed . ^ - ^ J , lcw ) 4 «? w /* cfl < e ) i-, C ? wo ? i ^<«« r . inontion 9--tho--8 toppage-Messrs . Pardoo , Ilooinans , and Co ., carpqt manufacturers , of KiildorminBtor , with debts amounting to from 80 , 000 / . to 100 , 000 / ., part of which , however , aro stated to bo secured . Tho assets are understood to bo largo , but consiat principally of trade erections , plant , and machinery . ,

      We understand that tho committee appointed by tho shareholders of tho European and American Stoam Shipping Company hnvo succeeded in effecting a

      reconciliation between the directors and . Messrs . Croskey and Co ., oh terms which are described as satisfactory , and which will relieve the company from the pecuniary pressure lately experienced . The directors will doubtless at once apprise the shareholders by circular of this change in their affairs . Meanwhile , we believe , we may affirm that Messrs . Croskey and Co . have agreed to hand over td the company 36 , 000 ? . ; that the form in which the accounts are to be taken has been settled , with a proviso that any disputes which may arise shall he submitted to arbitration ; and that two directors will retire , and be replaced by two others , one to be nominated by Messrs . Croskey and Co . and the other by the board .

      The Eastern Counties Railway traffic return shows this week an increase of 1223 / . ; the Lancashire and Yorkshire adecrease of 907 / . ; the East Lancashire a decrease of 478 / . ; the Manchester , Sheffield , and Lincolnshire a decrease of 1161 / . ; the North Eastern a decrease of 2216 / . ( compared with the " actual" receipts for the corresponding week of last year ); the Midland an increase of 1371 / . ; and the South Eastern an increase of 257 / . The stoppage is announced of Messrs . John Plowes and Co ., a highly respectable and very old established house in the Rio trade . The firm have a house at Rio , and , if report be true , their embarrassments have originated on that side . Their liabilities will probably prove considerable . The liquidation of the affairs of Messrs . A . Montgomery and Co ., with liabilities estimated at 60 , 000 / . or 70 , 000 / ., will prove unfavourable . .

      The agitation for the abrogation of the Elbe dues on shipping and goods daily increases , and if Hanover , Denmark , and Mecklenburg persist in their opposition to the removal of that impost , it has been determined that steps shall be taken to bring the question fully before the great Powers of Europe , that means may be adopted by them to enforce the observance of the resolutions adopted by the Congress of "Vienna as to the free navigation of the rivers of Europe , which those German States . have ever since contrived successfully to evade . The shares of the Red Sea and India Telegraph Company were quoted to-day 9-1 G to i prem ., and those of the Indian and Australian Telegraph Company 3-16 to 5-16 prem . .. . The shares of the Cape Town Railway and Dock Company . were quoted par to i prem .

      It is understood that no remittance from this country on account of the Turkish Loan will be required until the plan for the redemption of the depreciated currency shall have been fully matured at Constantinople . Even then the operation of the measure will be gradual , and it seems possible , therefore , that the entire affair may not at any time exercise any very decided influence oa our money-market ; Consols , Money 96 ; Ditto Account , 97 &

      Joseph Travehs And Sons' Weekly Circular...

      JOSEPH TRAVEHS AND SONS' WEEKLY CIRCULAR . 19 , St . Swithin ' s-lane . Tka . — The market is quiet , without any material change iu value . Common Congou firm at 10 $ d . Coffee . —The quantity offered at public sale has been large , the whole selling freely at an advance of from Gd . to Is . Plantation Ceylon is actively inquired for by exporters , and Colory sorts are only obtainable at an advance . Of native Ceylon large parcels have changed hands since , our last , and 60 s . 6 d . has been paid for very little bettor than good ordinary . The remaining portion of the Costa Rica crop has been brought to sale , and good prices wore realised . The whole of this description is now in second hands . Mocha , and other sorts , aro without change . Sugar . —Raw sugar opened this week with heaviness , and , in some instances , At public sale a slight decline was submitted to , In tho private contract market , however , good to fine kinds commanded full rates ; and the generul tone of tho market towards tho clo « e was certainly moro firm . Grainy bag sugar is in limited Supply , and" tho small quantity brought forward hnB realised extreme prices . Refined shared in tho inactivity of tho raw market until tho close of tho week , but it now bears a firmer appearance , and , in some instances , higher priced have been obtained . Piccos , from 42 s . to 45 s ., and aro still very scarce and dear . In bastards there is a fair assortment . Our quotations for molasses remain unchanged .

      of- ' F-kuit . —Since writing our last , there have been no further arrivals of Valoncias in this port , and but ono steamer to Liverpool . Tho demand is moderate , and our quotations aro Is . lower than last week . In reply to tho constant and numerous orders wo receive for fine currants , wo may observe that a cargo of tho now crop ^ s ^ rrariTcwotMiwwly" ^ kind of good old fruit , it is very much needed , Wo have roeoivod a selection of now muscatels , quality vory good 5 also of how imperials , in bottles , wooden boxes ,, an 4 funpy cartons . Our friends will observe tho prices of imperials aro vory inuoh loss than those of last year . We also expect , in a few days , ligs and sultanaa . Our advices from Smyrna do not speak highly of tho quality of tho early arrivals of flgs , tho proportion of small fruit being very largo .

      Spices . —There has been an improved demand during the past week ; prices remain firm , and without alteration . In petre no change .. Rich . —Nothing has been done in this article , and prices are unaltered .

      Corn Exchange. Messrs. Ruston And Son St...

      CORN EXCHANGE . Messrs . Ruston and Son state that the supply of Wheat Was fair , and Spring Corn was more plentifully offered ; Wheat met a moderate sale at last week ' s prices ; foreign experienced a slack demand . Fine Barley brought fully as much money , but grinding sorts were not dearer . Oats limited in demand at prices in favour of the buyer . Beans and Peas steady . Seeds were offered more plentifully , and quotations of Canary Seed declined 5 s . to 6 s . per . qr . ; White Mustard Seed was taken off in moderate quantities at steady rates .

      Bank Of England. An Account, Pursuant To...

      BANK OF ENGLAND . An Account , pursuant to the Act 7 th and 8 th Victoria cap . 32 , ¦ for the week ending on Wednesday , the 8 th d : ty of September , 1858 . ISSUE DEPABTMENT . ¦¦ ¦ £ ¦ ; ¦ £ Notes issued 31 , 772 , 2 S 0 Government debt .. 11 , 015 , 100 i Other securities ... 3 , 459 , 900 i Gold coin and bul-! lion 17 . 297 . J Silver bullion ...... £ 31 , 772 , 280 ; jE 31 , 772 , 2 S 0 ¦ " bankis 8 bepaexkest . ¦ ' . . £ . ' I ' ' ' ¦ £ - Proprietors ' capital 14 , 553 , 000 Government secu-Rest 3 , 692 , 610 rities ( including Public deposits ( iu- Dead "Weight Aiir eluding Exche- nuity ) ... 10 , 955 , 209 quer . Commission- Other Securities . 15 , 3 < 52 , 69-2 t ers of National Notes 11 , 758 , 7-20 Debt , Savings' . Gold and Silver Banks , and Divi- ! Coin 742 , 185 dend Accounts ) .. 7 . 535 , 733 I Other deposits 12 , 267 , 046 ! Seven Day & other I Bills 770 , 477 ) . ¦¦ £ 3 S , S 1 S , SG 6 ' £ 38 * , 808 31 . MARSHALU Chief Cashier . Dated the 9 th day of September , 1858 .

      From The London Gazette. Tuesday, Septem...

      FROM THE LONDON GAZETTE . Tuesday , September 7 . BANKRUPTS . Samuel Sidden , Millbank-street , Westminster , contractor for public works . William Jackson , Worcester and Great Malvern , fishmonger . James Brown , Alcester , Warwickshire , seed merchant . John Watsos Hbdley , South Shields , plumber . SCOTCH SEQUESTRATIONS . David Sysie and Robert Middlemas , Glasgow , fruiterers . William Maitland , Aberdeen , merchant tailor . Andrew Allan , Glasgow , cabinet maker . Friday , / September 10 . BANKRUPTCY ANNULLED . Alexander Alcock Nevtns , Liverpool , merchant . BANKRUPTS . John Collinson , South Molton-lane , Brooks-street , Oxford-street , builder . Thomas Moore , South Shore , Blackpool , Lancashire , innkeeper . James Hundv , Birmingham , timber merchant . George : Walker Gray , Nottingham , builder . James Fletcher Hari * er , Dudley , Worcestershire , ironmonger . Henry Spknoer and Henry Barton Clay , Birmingham , shoe mercers . George Norton Coulson , Lincoln , butcher . James Sheard , Hu'ddersneld , corn-factor . George Humberstone Mitciielmore , Fitzroy-terracc , Southampton-road , Havoratock-hill , builder and licensed victualler . William Griffin , Fleet-street ^ manufacturing stationer . SCOTCH BANKRUPTS . Ronald M'Dougall , Glasgow , leather-factor . William Forues , Kingaburgh , Isle of Skye , and now of Glasgow . Alexander Hay , Ovcrgato , Dundee , grocer . James Stickl , Glasgow , hosier .

      Tjf Is \Y.4s T Ffli...Pff ,.. ' W Q .Ftm...

      Tjf is \ y . 4 S ffli ... Pff ,.. ' W . ftMi | lil N . . MEfrWT . rri'Tto .. JPj'PifiiX * Courier describes si" process— -now in '' opbratibn '' at ii ' t'irQ Kingholm Woollon Mills , near Dumfries—by which tho hitherto refuse water of tho washing-houaea is couvoitod into valuable commercial matoriul . By moana of inoohanical appliances and chemical action , the rofuso , formerly turned into tho river Nlth , to the injury of . 0 siilmon , is made to produce st « arlno , which forms tuo biwls of composite oandlee , an well as a oako manure that soils at 40 s . per ton .

  • Citation
    • Leader (1850-1860), Sept. 11, 1858, page 29, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/cld_11091858/page/29/