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Leader (1850-1860), 15th January 1859, Edition 2 of 2, Page 29, Tub Port op Havkb.—According to an offic...

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      No. 460. Janua Ry 15, 1s59q T 11 E Lje A...

      No . 460 . Janua ry 15 , 1 S 59 Q T 11 E LJE A _ D . 33 B ,. ^_ L .. ^ : j . ¦ _ . _ ¦ . , .... ; _; _ ^ gg _

      Money Market A^D Stock Exchange.

      MONEY MARKET A ^ D STOCK EXCHANGE .

      Friday Evening. The Stock Exchange Lias ...

      Friday Evening . The Stock Exchange lias been in a tumult this week , arising from the reports- of War , In expectation of the continuance of m'oispccity , and _ ot the increase of trade and of nuhvay traffic , the speculators in the Funds generally had calculated on a rise . Theresas a large ' . . Bull account , and hence- ' the- reports of war had a sinister influence on the speculators . Independently of this circumstance , the Lorn bardo-Venetian shares had been runup to a great premium , and a number of Ilicm haviii" then been thrown on the market a great fall in ° themleading to a fall in all other shares , was

      , the consequence . Of course , under such circumstances , blame is sought to be thrown somewhere , and the perverted or exaggerated reports of what the Emperor said on the day of the levee have been much dwelt on . Whatever he might have said , and whoever might have been the person to give it a sinister interpretation ^—thoug h the demerit of this is ascribed to a noble lord , a member of our own embassy at Paris—it is impossible , as long as circumstances continue as they arc , as long as

      nations are oppressed and discontented , and Governments think it their interest to continue a system of misrule , that the most trivial events should not cause great uneasiness . When great property ; however , is at slake , those who have the control of intelligence should not exaggerate the chances of danger ; and we hear some blame thrown on the press for having done so . After a week of agitation , attended by one suspension on the Stock Exchange , the -market closed quieter to-day . less

      The latest intelligence from Paris was of a unfavourable character , and Consols , w hich have declined in the week , after touching 95 § in the course of the day , closed at 95 | . It is still feared that bankruptcies at Paris may ensue , and the alarm which has prevailed through the week is by no means at an end . Those outside the Stock Exchange , and not . largely interested in shares and stocks , may rejoice that variations in . them leave all the great producing interests untouched . We must notice that the panic has been much more violent in Paris than in London , which may scrvc to check the inclination there to boast of the

      great stability of business . Of all the countries of Europe , France probably suffered least from the commercial convulsion of 1857 , because , proportionately , less of her means and fewer of her people were engaged in trade than those of other countries . The reverse is the case in respect to securities . A larger part of the moans of France , and a larger proportion of her people , arc engaged in " -ambling in the funds than those of other countries . Hence the

      disasters from the fall—and the actual fall in Pans , from the greater number of people frightened , is much greater than in London . Money is very easy , the Bank rate , 2 i , being the general rate , but it is expected that " the rumours of war , should war not actually follow , by impeding now enterprise , will tend to make money more abundant . So far as the reports of the Joint-Stock banks arc yet published , they show , as might be expected , a reduction in the rate of dividend as compared to the rate paid last year ; but still tho small capital employed in them being conjoined with great confidence on the part of the public , yields n higher rate of interest—15 per cent , in tho case of tho Union Bank— -not to be obtained in other employments of -capital . In the case of tho Joint-Jtock Banks the confidence of the public and the skj . ll of the managers are tho sources of their success .

      Tho returns of tho Bank of Franco , made up to last Thursday , show a dcclino of bullion , as compaved to tho last return , of 1 , 110 , 000 / ., and a large advanco on railway securities . There is also a considerable incroaso in the amount of bills discounted , and the increased advanocs of tho Bank are indicative both of increased business as of ovcrspcculation in shares . Tho bullion in its possession still amounts to upwards of 21 , 000 , 000 / . Our own Bunk roturns show a considerable decroaso of publio deposits , from tho payment of tho dividends , au niofoaso of private doposits , and u small inercaso in bullion . Private securities have boon rcdoomcd to the oxtont of 1 . 700 . 000 / .

      iii Austria , Lombardy , and Piedmont , have sustained a fall of between 15 and 35 per cent . Indeed , in the Lombardo-Venetian the momentary depreciation has been much heavier , and this instance affords the best exemplification of the nature of the fears on the question . ' The' 20 / . shares of that concern , oii which G / . is paid , stood at nearly 9 / . a few days before the opening of the new year . They have since touched 5 L , thus showing a depreciation of nearly 50 per cent . Tire net profits arc at present at the rate of about 12 per cent , per annum , and there are solid data to warrant an expectation that under normal

      circum-6 btaining money , in order to command the possession of other things , is all that men want ; and when they are assured of this by the same kind of confidence between one another , as is essential to all division of labour , they readily dispense with metallic moneys as a useless incumbranee .-

      stances they will not merely be maintained , but exceeded . Yet the mere rumour of war has produced an effect as if half the property had at once been irretrievably swept away . Are we to assume , therefore , that a railway in any country which may be the scene of hostilities is necessarily to be considered a ruined enterprise , and that it must be expected either to remain shut up for years _ to be exposed to wanton destruction ? If railway destruction is , under any circumstances , to be the order of the day , there can be no reliance on the safety of such property in one country more than in another , and the world must sink to a state of unprecedented barbarism , since none but savages

      assail works of art and beneficence constructed at the cost of individuals for the general purposes of commerce and civilisation . But for the test furnished by prices yesterday , it could hardly have been supposed that at t lie present epoch , such apprehensions could have arisen . The warning given , however , by tlie events of the week is , that no continental railways should be trusted until some understanding better than that which now prevails shall have been arrived at regarding the contingencies to which they are to be exposed . The interests involved are so novel and vast , and are likely to be so mixed up with the future advancement of all countries , that they might well have formed a branch of the discussions of the late Paris

      Congress . Admitting t he vast ness of the interests at stake , we sec no more reason for making stipulations to respect such property at any Congress than to make stipulations to respect farms and factories . In truth , war is destructive to all kinds of property and peaceful industry , and no protection can be provided for one kind" which is not conceded to all . The proprietors of railways may make common cause with all other persons whose property and persons arc likely to oc endangered by war ; and these , altogcf her / now form sucli an immense majority of soeietv , in every part of Europe , that a word

      spoken in union by them , and echoed by the press , will speedily bind down in peace all potentates , though each have -100 , 000 men—as the Times says of Louis Napoleon—at his oommand . What are 400 , 000 , or -1 , 000 , 000 against 100 , 000 , 000 ? If railway and other property bo injured or ruined by tlic " potentates , " the nfoharchs of the Stock Exchange , of the Itoval Exchange , and of Lloyd ' s , throughout the world , will not oe blameless . The following curious fact is worthy of

      consideration by those who persist in treating bank-notes , because they arc of rather modern origin , as less useful than metallic money . From Vienna it is stated : —" The panic continues on 'Change , but the demand for silver at tho Bank is not great . It may appear strange , but it is an undeniable fact , that ( lie inhabitants of this city prefer tho florin notes to silver coin of the samo value . A person of my acquaintance scut to the Bank on Friday last for florin notes in exolmngo for a note for lOOfl . Tho servant returned with 50 one-florin notes and

      50 ( 1 . m silver , and told lus master that tho Bank clerk had refused to givo him tho whole sum in one-florin notes . " Tho arrangements recently made for the " cleaving" in London of cheques on country bankers arc found to work very smoothly and satisfactorily , Only two or three of tho country banks now stand in tho position of opponents ot' tho new system , By thoeo arrangements tho quantity of motallio coin , and of lcgal-londor notes , required to carry on

      businoss wjll bo further lessoned in proportion to tho business done , and tho publio will learn gradually , as tho progress goes on , to dlsponso with all other , arrangements for ourroncy than those arising from pommovco , including tho banking system , as one ot itfi ofl ' spring . As wo see even in Austriann « tJ ., 0 case is similar throughout Qormauy , and indeed throughout sooioty— -wlionovor oash on dc-Vnand oan bo obtained for bank-notos , they are preferred to money . In othor words , tho power of

      Uio probable elroots of war on railways—one of tho most romarkablo and most successful works of any ago—are thus notiood by tho Times : — " Whilo Droucli , Sardinian , and Austrian Government Stocks Juivo declined 5 nor cent ., tho shares of the railwayd

      Joint-Stock Companies. At The Meeting Of...

      JOINT-STOCK COMPANIES . At the meeting of the Union Bank of Australia on Monday it was reported that great caution was stiil observed by the colonial storekeepers in making purchases which would tend to restrict over trading from home . The directors had written off a portion of the cost of business premises , and contemplated no increase in . the number of branches . A dividend was declared amounting to 10 per cent , for the half-year , and 500 / . additional was added to the salary of the directors with a view of their increasing the salary of their chairman of conimitees to the high figure of 1500 / . per annum .

      At the half-yearly meeting of the Union Bank of London , a very favourable report was presented . The actual return secured from the business is equal to 22 per cent , per annum , but the dividend declared was at the rate of 10 per cent ., ¦ with a bonus of 2 £ per cent . ; making a distribution at the rate of 15 per cent ., free from income tax ; leaving 22 , 540 / . to be carried forward for appropriation at the end of the financial year in July next . The profits of the bank , after the payment of all charges , and including the sum of 7495 J-, brought forward on the 30 th of June last , amount to 67 , 540 / . At a meeting of the Port Phillip and Colonial Gold Mining Company on Wednesday , Mr . J . P . Powles in the chair , a dividend was declared of Is . a share . There was a long and stormy discussion , in the course of which a proposal to wind . up was put and negitiyed . 5007 . was voted for the remuneration of the directors during

      the past year . At the meeting of the Netherlands Land Enclosure Company , on Wednesday , the directors' report was adopted , and a committee of three shareholders , viz . Messrs . Ambrose Moore , William Ilartridge , and William Morgan , was appointed to confer , with the directors with reference to the future financial management of the company . As soon as the amended concession , which has already been signed by the directors and by the Dutch Government , shall have received the formal sanction of the Dutch Legislature , the company will proceed at once to enclose 1000 acres of land .: The half-yearly meeting of shareholders in the Western Bank of London is called for the 27 th instant . A meeting of the National Discount Goriipany is called for the 2 nd of February . The Directors of the Australian Agricultural Company intend to recommend a distribution of 11 . per share , free of income-tax , at the half-yearly meeting on the 1 st of February , carrj-ing over a balance of between 8000 / . and 9000 / . to July next , when the accounts for the year will have been received . The Alliance Marine Assurance Company announce a half-yearly dividend of 15 s . per share , and a . bonus of 20 s . per share .

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

      BANK OP ENGLAND . An Account , pursuant to the Act 7 th and Sth Victoria cap . 32 , for the weekending on Wednesday , the 12 th day of January , 1859 . ISSUE PEPARTMENT . £ i ¦ . £ STotos issued ......... 33 , , 100 Government debt .. 11 , 015 , 100 Other securities ... 3 , 459 , 'JOO G 61 d coin and buli lion 18 , 501 , 100 Silver bullion £ 83 , 036 , 100 £ 33 , 030 , 100 BANKING DEPAETMENT . £ , I ¦ js . Proprietors' capital 14 , 553 , 000 Government socu-Rcsfc 3 , 214 , 101 ritjos ( including Public deposits ( in- Dead Weight Aucludiii B Exchc- nutty ) 10 , 809 , 807 nuor . Commisaion- Othor Securities . 1 ( 3 , 504 , 191 era of National Notes v 11 , 055 , 035 Debt , Savings' Gold and Silvor Banks , and Dlvi- Coin 031 , 250 dend Accounts ) .. 5 , 518 , 71 * 2 Othor deposits ... . 15 , 725 , 803 Seven Day & other Bills 838 , 535 £ 39 , 800 , 180 £ 39 , 850 , 180 M . MARSHALL , Chlof Cashier . Dntod tho 13 th day of January , 1859 .

      Tub Port Op Havkb.—According To An Offic...

      Tub Port op Havkb . —According to an official return , just published by the Cuatom-houBO at Havre , tho number of vessels which entered tho port last year , either laden or in ballast , was CC 72 , measuring together 1 , 060 , 465 tons , and with crows of 65 , 83-1 men . In 1807 tho numbers wore respectively 6088 , 1 , 056 , 168 , and 66 , 440 . The departures amounted to 6524 vessels , measuring 1 , 002 , 578 tons , and having 64 , 250 men ; tho numbers in 1857 wore 7028 , 1 , 077 , 019 , and 67 , 154 . Tub Suez : Cana & . —A letter from Paris of yostorday says s—Now is the time to buy Isthmus of Suoz shares , for those who like tho security . The 50 fr . shares nro freely offered at 15 fr . ( 85 fir . discount ) , but takers aro few .

  • Citation
    • Leader (1850-1860), Jan. 15, 1859, page 29, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/cld_15011859/page/29/