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Leader (1850-1860), 14th August 1858, Edition 2 of 2, Page 28, LEGISLATION.—CHEQUES AlSt) COMPANIES. Th...

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      Colonial Aw Foreign" Produce Markets. Re...

      neal is about Id . per lb . dearer . Turmeric firm ; of 7 oO tons Lima wood offered , some 200 tons sold at 15 ? . 15 s . to 17 £ for third to first pile . India-Rurber . — Sales for cash made at CJ for good East India . Hides . —Public soles of 121 , 157 East India went -with spirit at £ to £ for the advance on the middling descriptions , of whica the assortment chiefly consisted . Since January the imports Lave been 1 , 349 , 995 hides , against 1 , 571 , 458 last year , and . the sales 1 , 475 , 475 hides , against 1 , 419 , 000 . Present stock 710 , 000 against 280 , 000 in 1857 . Tuiupkstine . —Arrival of 2000 barrels , and a part disposed of at 9 s . 3 d . ; American spirits of turpentine are arriving freely , and offering at 38 s . per cwt .

      Oiia . —Sperm advanced to S 71 . to 89 ? . 5 s . at public sales of 106 tuns ; but 100 tuns southern -whale sold at the reduced price of 35 J . 15 s . to 377 . per tun . Large supplies of palm -were withdrawn at current quotations , there being no bidders . Olive is more in demand at 43 ? . for Mogadore , and 45 ? . to 45 ? . IDs . for Gallipbli . Linseed is flat at 34 s ., and rape at 48 s . to 49 s . for pale , and 44 s . to 45 s . for brown . Tckpenti : nes . —2000 barrels rough have come in this week and partly sold at 9 s . 3 d . With large arrivals , American spirit 3 of turpentine are offered at 38 s . per cwt .

      Tallow . —After a large week ' s business at rather enhanced prices , the market closes rather flatly . Y . C . on tlie spot , 48 s . 9 d .. to 49 s . ; last three months , 49 s . 3 d , The arrivals this week are only 281 cks ., and the deliveries 1771 cks . Market letter ; town tallow , 50 s . ; rough fat , 2 s . 7 d .: melted stuff . 34 s . 6 d .

      820 , „ ^Eita Irti R, [No/438,August 14 ...

      820 , „ ^ EitA irti R , [ No / 438 , August 14 iq * o

      Joseph Trayehs And Sons' Weekly Circular...

      JOSEPH TRAYEHS AND SONS' WEEKLY CIRCULAR . 19 , St . Swithin ' s-lane . Tea . —The market is exceedingly buoyant , and purchases cannot be made on such favourable terms . Common Congou has been sold at lOjjd ., and the improvement in black-leaf kinds is fully Id . per lb . Coffee .-- —Pending the Dutch Trading Company ' s sale of Java , advertised for the 1 st of September , transactions have been limited—but prices are firm . - Sugar . —Raw sugar opened with considerable excitement , a general advance of Is . Is . 6 d . was soon established , and a very extensive business was done both by the refiner and the trade , whilst large purchases were also made on speculation . Towards the end of the week , however , a q _ uieter tone has prevailed , prices have been well maintained , and the market closes at Is . advance .

      Reputed opened at the beginning of the week with a very brisk demand , and has advanced fully Is . per cwt . As this advance , however , arose more from a speculative feeling than from any real demand , and the retail trade not proving ready purchasers , the animation subsided yesterday , leaving a dull market , and little doing . We quote crushed , pieces , and bastards at Is . higher . Molasses have advanced Cd . Fruit of all kinds is still in very slight demand . The reports of the coming crops remain favourable , and our supplies will no doubt be very early . The price for Valencias is still unfixed , although an attempt has been made to open it at 4 dollars , which , with steam freight , would hardly allow of a lower opening

      price here than 45 s . ; but this rate , it would appear , i 3 not satisfactory to many of the growers , and it ia most likely that the first cargoes will be shipped at an open price . Ho-wever this may be , we are confirmed in our opinion that , at whatever rate the Fruit may open , we shall soon see a falling market here . Ccjrrant 3 : — The Patras and Vostizza portion of the coming crop are reported to be of fine quality , though less in quantity than last year . Other growths but ordinary . Advices from Malaga show a general absence of competition , and we hope , therefore , for lower prices in Muscatel Fruit , wliich , we are informed , will prove good , though from long continuance of dry weather the grapes are reduced in size . The Fig crop promises to be a very plentiful

      one . ^ Smces . —We have to notice an improved demand in this market , and for some articles an advance has been obtained . Nutmegs were actively competed for at a public sale , the email sorts selling freely for export at fully 2 d . perlb . advance . Common olovea , from the large quantity on hand , are < lull of sale , but as tho Benson for consumption advances , we think full stocks way be held to advantage ; fine Penang are scarce and dearer . The crop of Caraway seeds this year is reported to be fully an average one , with , a large quantity of old seeds still remaining : we advise purchases for immediate wants only . Rice . —The demand for cleaned has been small , but without materially affecting prices . Wo alter our quotation of a nest Carolina to 42 s . , ^ [ ¦

      Thus Indian Council.—Wo Are At Liberty T...

      Thus Indian Council . —Wo are at liberty to state that Sir John Lawrence , who is now on liis passage liome , has been offered and has accepted a placo in the now Indian Council . It is stated that Sir Henry Rawlinson and Mr . "NVilloughby will alao bo among tho members nominated Ly her Mfljesty , s Government . ' lime * . = u a o - o "

      - - Money Market Atfd Stock Exchange. Ci...

      MONEY MARKET AtfD STOCK EXCHANGE . CITl " , FlUDAY EVKXINO . The result of the past week Lj , on tlie whole , very satisfactory . It is true we sec no rapil development of homo trade , no sudden inflation of exports , no simultaneous demand for discounts , or commercial accommodation . ; but we se « ths si ^ jns of steady , healthy progress , of legitimate trale , and we rest co ' . itant with the prospect of the future . The mode of arriving at something that shall approximate closely to tho truth with respect to the condition of commerce—taking commerca in its enlarge J sense to mean foreiga trade , rnpoit ami . export , homa manufactures , and , the laboar market—is by ascertaining the general features whica each of the commercial divisions present . First , we find that , though the shipping trade is not without complaints , there is an increasing amount of tonnage employed , and a tendency , if anything , to improved freights . The returns of tlie Board of Trade also show no indication of great falling 6 ft * anywhere . Next we look to oar manufacturing districts , and though we miss the preternatural activity of 1856-7 , we liavc satisfactory proof that a steady amount of business is doing , and that the manufacturer is - patiently , waiting for increased orders both for the home trade and for exportation . "We then look at the shopkeeper , and here we must say there appears to be well-founded-complaints , though certainly no well-founded cause of alarm . There is , comparatively speaking , less trade of a profitable character doing" now than has been the case for some years past . But a glance at the causes of this dulness will show that they are of a temporary character , and that ithey are gradually disappearing . Tbe financial and " mercantile collapse at the end of last year , the high rate 1 of money , and the consequent sacrifices and losses of I that class from -which the tradesman derives his largest ! profits and his largest orders , sufficiently account for the j deficiency of profitable retail business in several directions , and satisfactorily prove that as the prevailing causes die out of themselves a positive revival of trade must take place . Then , if we look at tlie labour market , we shall see that a fair amount of employment is found for the majority of the working classes . The good harvest has had its share in setting the labouring population to work , and the benefit of comparative abundance , coupled with low prices , will hare its influence in various beneficial ways . With respect to the money market we find money almost a drug . Any amount may be had on the Stock Exchange at nominal rates , say IJ or 2 per cent ., of course in the shape of short advances on stock or firstclass securities . But the Stock Exchange rate must not be taken as any sound indication of the current value of money ; we must look to the Bank of Englaud and to Lombard-street if we want reliable information oti that head . At the Bank , the applications have been such as to justify the belief that- accommodation was only required for the purposes of legitimate commerce , and that a steady advance to a better and a sounder condition of things than has prevailed during the last nine months is being made . It is hopeless to expect that speculation can ever be extinguished entirely in such enterprising and wealthy communities as are to be found in the main centres of commerce—London , Liverpool , Manchester , and Glasgow . There will always be speculation , or something approaching to its character , for the peculiarities of commerce are such tbat only a very fine line can fce drawn between positive speculation and many transactions of a purely business character . Nor can we hope to find that experience of the ruinous consequences of over-speculation , however recent , will be sufficient to check tho mania when once it is set afloat . Even the severe lessons of tho last year have been unable to extinguish the spirit of speculation in some trades . Wo know that indications have shown themselves of this spirit in more than one direction ; wo will instance the trade in mahogany . But wo have reason to believe that , as far as this spirit can be discouraged , it will be discouraged by the precautions adopted by the Bank of r England , and , wo firmly believe , acted upon , also , by th « discount houses and joint-stock bauks . Fluctuations in the Sxocic and Share Makkets Dunr ao the Month of July , 1858 . Price on 1 st Highest Loweat Prosont July . Price Price . Price Consols 05 J W ; ojij Ofli Exchequer- \ , Q „ B * bllla / Juno / 18 a - P 1 " . 283 . pin , ifls . pm . A prospectus has been issued of tho Malta and Alexandria Telegraph Company , with a capital of 800 , 000 / ., in 6 / . sliarcs , to complete the Mediterranean portion of tlie line to India . A cable 1 b proposed from Malta to Cnndia , whence linos will diverge respectively to Conptantinoplo and Alexandria . r . aul ) 3 criPtion-liat of the North Rhino Copper Mining Company , & c , will bo closed on Wednesday

      - - Money Market Atfd Stock Exchange. Ci...

      next , as it is understood nearly all the shareTa ^ * i ~* subscribed for- ° u « res are alread y The Funds opened dull to-day , but aft « ., » ,. ^ . ' firm . Consols , 96 f to 96 j . 7 ' arter *« ds became BANK OF ENGLAND . Au Account , pursuant to tlie Act 7 th ami «« . i ,. ^ u u / ri 3 te . wtjckeudinKovi *** y & ffi 5 ggj ISSUE D EPA . BTMEKT £ Notes issued 31 , 010 , 240 Government debt n «& Other securities VSl 5 > 10 ( > Gold coin and buU 3 ' ' Silver bniiion" ;; : ;;; ^; « ¦ £ 31 . , 240 JZTTiZ — BANKING DEFAHTilEST * ' ° i « . 21 O £ ¦ Proprietors ' capital 14 . 553 . 000 Government sccu *' Rest ............. 3 , 4 W . 011 ritics ( iclS Public deposits an- Dead Weight An * eluding Exche- miitj ) ..... ! . ; K , s ? 1 n ., ( lUcr . Comraission- Other Securities 15 ,-m'tt ors of National Notes ..... in , ^ co Debt , Savings' Gold and '' Sih-er - ' Banks , and Divi- Coin » rw ,, dend Accounts ) .. 4 . . . 793 ( Oci ° W Other deposits 13 , 902 , 004 ! Seven Day & other I Bills ...... 771 , 171 1 ^ 37 , 3 ^ 9 : mw ^ Dated thoiothday of X « 6 SS ' " Chief Cashicr -

      Legislation.—Cheques Alst) Companies. Th...

      LEGISLATION . —CHEQUES AlSt ) COMPANIES . The public lias been informed that the " general banking legislation" of tho past session consists of an act imposing a penny stamp on cheques , an act to amend the law relating to crossed cheques , and an act for enabling joint-stock banks to avail themselves of limited liability . What the general tailoring legislation , shoeinaking legislation , farming legislation , or cotton-spinning legislation of the session comprises , the public has not been informed . In truth , legislation troubles itself very little with these or other businesses , and the public is left very much in the dark as to the reasons -why it devotes so much attention to banking . It arises probably from the notion that bankers deal exclusively- in

      money , that everything which concerns money is a part of the prerogative of the Crown , which , having undertaken to regulate the coinage , is bound to look especially after those who deal in money . If this were at any time a valid reason it scarcely applies now , when bankers have no more to do with the Queen ' s coin than any other class of men , and carry on their business with liank of England notes , bills , and all kinds of mercantile and other securities . In theory , all kind of special or class legislation , nil laws for particular persons and businesses , is very much condemned , and there is nothing in the particular laws of 1858 , concerning bankiug , which make them an exception to the theory .

      1 ho act passed early in the session for charging with a stamp duty of one penny all tli-anghts or orders for money payable on demand , drawn on " any person acting as a banker , " is obviously a partial and special law limited to the class who keep accounts with bankers , and falling very heavily on the little masters who pay a large number of persons small sums weekly or monthly by cheques , and very lightly on tho great merchants and others who never draw a cheque for less than 50 / ., and whose principal dealings arc with cheques of 1000 / . and upwards . Tlie smallncss of the charge on each cheque made persons cureless about it , and no remonstrances were made against it ; nevertheless , we can only characterise it as an act of partial taxation ,

      and a departure from tha wise plan of making every member of tho community contribute equally and fairly to the expenses of the Stato . Tho penny tax on receipts and drafts yields upwards of 300 , 000 / . a year . That portion of it which falls on receipts approximates to a general tax , that portion of it which applies to drafts , and now tho additional tax of cheques , fall exclusively on bankers and their customors . That no coinplaints * are made cannot exonerate from blame tho statesmanship which has rccourso to such partial , petty taxation , and imposes a vast deal of trouble on tho taxpayers to gather n few thousand pounds for the Exchequer . It reminds us of tho paltry expedients to get money in the timo of Charles I . and II ., which mnde tho kingship look very like land piracy . The act to amend tho lnw relating to crossing cheques has been justly characterised by a competent authority as ano ther illustration of tho modo in which lcg isiatin is hastily attempted on commercial subjects . '" A practice originating in the clenrinjr-houso had grown up amongst bankers of not paying a crossed chequo unless presented through a banker . Tho cheque was sometimes crossed to a particular banker and was thus made his Pr 0 * perty . It nska advice to secure tho payment of tho cheque to tho proper person , and grew like tlio cheqi |« itself from tho business of tho banker . In lovying BtaU 1 f

  • Citation
    • Leader (1850-1860), Aug. 14, 1858, page 28, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/cld_14081858/page/28/