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    1108 T HE L E AD E R. [Kb. 447, Octobkr ...

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    MONEY MARKET AND STOCK EXCHANGE. CITY, F...

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    BANK OF ENGLAND. An Account, pursuant to...

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    New Route Into Livkbpoou—Tho Allied Comp...

    slio on the line of the Eastern Union Company , near IpfwicL By this route the distance to Lowestoft and Yarmouth will be reduced 37 miles . French Railways . — The following are the last returns of . the gross receipts of . the principal French railways from Sept . 24 . to Sept . 30 : — . _ Northern : Passenger ? , 489 , 366 f . ; goods , 710 , / 31 f . ; total , l , 200 , 000 f . Western : Passengers , 5 G 2 , 031 f . ; goods , 492 , 618 f . ; total , l , 054 , 649 f . . . Orleans : Passengers , 538 , 852 f . ; goods , G 97 , 53 Gf . ; total , l , 221 , 3 S 8 f . Strasbourg : Passengers , 48 l , 5 S 7 f . ; goods , 725 , 881 f . ; total , l , 207 , 468 f . , Paris to Mediterranean : Passengers , 771 , 74 / f . ; goods , l , 025 , 051 f . ; total , l , 796 , 798 f , q .. . Southern : Passengers , 211 , 314 f . ; goods , 2 oo , 8 S 9 f . ;

    total , 467 , 203 f . . Lyons to Geneva : Passengers , 7 o , 4 £ > 0 f . ? goods . 44 , 0 C 2 f . ; total , 119 , 552 f . Lewes and Uckfield Raii / way . —The opening of this line took place on Monday . The directors and between 500 and GOO others went from Lewes to Uckfield by special train , the journey occupying about half an hour . A dinner to celebrate the event afterwards took place . The railway is a single one , with land and works provided for a double line , and forms a junction with the Keymer branch , of the London , Brighton , and South Coast Railway-.

    Effects op Rain on the Edinburgh and Glasgow Railway . —A mass of sandstone rock , weighing about sixteen tons , has fallen into the deep cutting of the Edinburgh and Glasgow railway near Bishopbriggs . A goods train , which left Edinburgh soon after midnight , came in contact with the mass of rock , breaking it in several pieces . The locomotive was pitched off the rails on to the up line , where it lay upon its side , blocking up the railway for several hours . Happily , no one was hurt , and the damage done to the rolling stock and the permanent way was but trifling . About nine Am . the various passenger trains were enabled to pass . This stoppage was to be regretted , as the number of passengers was greater than usual , Falkirk October Tryst commencing that morning . No foresight could have prevented the accident , which arose entirely from the heavy rains of Sunday . —Glasgow Morning Journal . of line

    Vale of Clwyd . — ^ The opening this was celebrated with great rejoicing at Rhyl , St . Asaph , and Denbigh . The line commences by a junction with the Chester and Holyhead Railway at Rhyl , and , traversing the vale of Clwyd , terminates at Denbigh . The whole length from Rhyl to Denbigh is 11 miles . The average price of the land required for the line is 1200 Z . per mile , and its construction , including stations , & c , is rather over 4500 ? . per mile . South-Eastern . —The gross traffic receipts on this line for the four weeks ending 25 th of September last amounted to 105 , 432 £ From this was deducted the expenditure , amounting to 37 , 8097 ,, leaving a balance of 67 , 6237 . The total receipts for the eight weeks ending the 25 th of September amounted to 210 , 058 ? ., and the total expenditure to 76 , 718 ? ., leaving a balance of 134 , 340 ? .

    Colonial Contractors and Sir Samuel Peto . — At Sydney the Assembly has voted above 700 , 000 ? . for railway extension in addition to 100 , 000 ? . voted last year for rails . This sum is expected to provide for 60 miles of new railway , 20 to the south , and as much to the north and west . Mr . Gabrielli has been negotiating with the Government to secure the contract for these works on behalf of Sir Samuel Morton Poto . The colonial contractors are naturally jealous of Sir S . M . Peto , and there has been a great deal of manoeuvring to

    discourage him from adventuring ; yet the incompetence of the local contractors to undertake any great works is top glaring to be denied . But the Sydney builders and bricklayers , if they have not skill and capital , have votes , and that is a consideration which a Cabinet cannot afford to despise . So to compromise matters the work is to be divided . One third of it is to be thrown open at once to satisfy the colonial contractors , and a message is to be Bent to Sir S . M . Peto that he may have the other 40 miles if 'he likes .

    West Flanders Railway . —Yesterday afternoon the half-yearly meeting of the proprietors was hold in Moorgate-strcct , City ; Mr . W . P . Richards in the ohair . The roport stated that the receipts of the line , from the 1 st of January to the 80 th of June amounted to 18 , 767 ? . 7 s . 4 d ., and the expenditure to 18 , 480 ? . 18 s . 8 d ., leaving a balance of 58862 . 14 s . Id . This balance would admit of a dividend of 2 a . 6 d . per share . Traffic Returns . —The Eastern Counties Railway traffic return showB this week an increase of 1070 ? . ; the

    Midland an increase of 502 ? . ; the Lancashire and Yorkfiliiro a decrease of 264 ? . ; the East Lancashire a doorcase of 258 ? . ; the Manchester , Sheffield , and Lincolnshire a deorease of 1507 ? . ; and the North Eastern a dooi' 6 neo of 528 ? . ( compared with the •? actual" ' receipts for the corresponding wools of last year ) . Fohkion JUIon in Fra ^ ob , —Tho dooroo permitting the importation of foroign iron into Franco Is to bo renewed , with certain modifications . An imporial deoreo to that effect will be published on the 10 th of Ootobor at the latest .

    1108 T He L E Ad E R. [Kb. 447, Octobkr ...

    1108 T HE L E AD E R . [ Kb . 447 , Octobkr 16 ^ 1858 .

    Money Market And Stock Exchange. City, F...

    MONEY MARKET AND STOCK EXCHANGE . CITY , Fkiday Evening . The Bank Directors have remained firm to their purpose , of not making any reduction in the rate of interest until the pressure shall be too great for successful resistance . When we say the Bank Directors , we mean , of course , the majority , for it would be useless to disguise the fact that the Bank Directors are not all of one mind on this grave question . Those who contend for the principle of

    checking speculation , and who keep the mini-utum as high as possible as a means to that end , are no doubt worthy of commendation for their patriotic motives . But it may readily become a question whether such guiding motives' come within the pale of the true principles of economical science ; of course we speak of economics as including financial matters . The . supporters , then , of the

    non-reduction theory rest their case mainly on public grounds , and profess themselves to be willing that private interests should give way to what they deem the public good . So far , then , we repeat they are worthy of . praise . On the other hand , the section of directors who are in . a minority , and whose sentiments are shared by a large body of eager capitalists , hold the opinion that the Bank of England has no business to meddle with the trade or

    the speculation of the couutiy . They maintain that the Bank of England is a mere trading establishment with no responsibilities , and Avith no other view beyond that of making the most of their capital for the benefit of their proprietary . They say , and not without weight , that the rate of interest ought to follow the ordinary law of " supply and demand , " and that it is no part of the duty of the Bank Directors to interfere with that law for the purpose of promoting

    imaginary public good . These parties , of course , look at the question in its mere pounds , shillings , and pence aspect ; they leave oat of sight , as beside the issue , all those higher considerations that are supposed to influence , and do influence , minds of lofty and unselfish character , and in so doing it must be admitted they contrast somewhat disadvantageous ^ with that section of their colleagues with whom they differ . But is * it true that the Bank of England does not regulate the rate of interest ? Legally , perhaps , that is no part of its duty , but , practically , the Bank does regulate the value . Legally

    the Bank of England may have no right to regulate or influence trade or check speculation , practically , however , the Bank of England does this , and does it sometimes without disguise . It is notorious that tho rapid rise in the rate of interest , from 4 * to 10 per cent , in a few months , contemplated objects connected with what are considered by free traders legitimate trade operations and speculation . Tho great rise was intended to check the offlux of gold and to explode that mass of unsound speculation which it was notorious had grown up within the last few years .

    advices of further remittances . from almost every quarter of the globe have been received . Under these circumstances , idle capital must and will fini employment , and if legitimate undertakings cannot be found in sufficient abundance , speculative undertakings will be organised and patronised ; and thea in a short time , when the bubble collapses , we shall hear no more of accumulations of bullion lookhi <* out for employment—but we shall hear wailing of quite another character . a The amount of gold on the way to this country from Australia and other parts is not far short of a million sterling .

    Tho Bank of Prussia , following the example of the Bank of Frankfort , have raised their rate of discount from 4 to 5 per cent . The unexpected stringency of the German markets is almost solely attribnted to the arrangements entered into by the Bank of Vienna with a view to the resumption of specie payments . From all parts of Europe silver is being attracted to Vienna . The Scinde Railway Company paid on Wednesday to the credit of the Secretary of State in Council for India 108 , 300 / . on account of the second issue of capital . The Committee of Shareholders of the Great-Western Bank in Scotland , have met and come to the following resolution : — " Tliat , taking into consideration the lamentable condition of the affairs of the Western Bank

    now disclosed , the committee of shareholders are of opinion that the united shareholders have a just claim upon the deputy-gpvernor and directors for reimbursement of the calls made and to be made , as well as for the Ios 3 of the shares ; and that this resolution shall be forthwith communicated by the secretary of the bank to the directors in the management at the period when they declared a dividend of D per cent , on the stock , in the . month of June , 1857 . " The Atlantic Royal Mail Steam Navigation Company ( limited ) have issued their prospectus . The originator of this undertaking is- Mr . J . O . Lever , of Manchester ,

    who has placed four powerful steams-ships upon the line between Galway and St . John ' s , Halifax , Boston , and JTew York . The advantages of the route having been practically demonstrated , it is considered that the time has now arrived when increased development may be given to the enterprise by the co-operation of the moneyed public . The capital of the new company is fixed for the present at half a million sterling , in 10 / . shares , of which more than one- third has already been subscribed for . It is estimated that 500 , 000 / . will be sufficient to supply steam-ships for a regular weekly packet service .

    A plan for establishing a Country Bankers Clearing House in London , on the same principles as the Clearing House in Lombard-street , has been drawn up and submitted to by a number of country bankers , most of whom , we understand , regard the movement very favourably . The directors of the Unity Bank have made a further call of 5 / . per share , payable on the 4 th December . A call of 21 . is to be paid on the Bhares of the Worcester and Hereford Railway Company by the 1 st November .

    Government have accepted tho tender of the Peninsular and Oriental Steam Navigation Company for a monthly mail service between this country and Australia , via Suez . Tho route proposed by the Company is by Mauritius , and tho time in which they have undertaken to convey tho mails between Southampton and Sydney is 55 , and Melbourne 52 days , which will oo reduced to 50 and 47 days respectively by the Marseilles route . The intervals allowed for replies to correspondence from England will bo seven days at Sydney , 13 as Melbourne , and 17 at Adelaide . In England there win bo an interval of about 12 days between the arrivals and departures of the Marseilles portions of tho mans .

    The question naturally presents itself—Is it right that any private establishment should have such a vast power over the monetary interests of this country P Tho rise of 10 per cent , a few months ago no doubt worked much good—it purified the commereial atmosphere for a time ; but in effecting this advantage it also created much inconvenience and obstruction to legitimate trade , and in some instances the effect was to place solvent houses in a position

    of apparont bankruptcy . Surely a system that produced such results is unsound . We admit tho difficulties and tho intricacies of financial sciouce , but we think tho broad manifestation of erroneous principles which the prudential operations of tho Bank during tho last ycac disclosed is at least worthy of attention . ' ' ' From tho result of our inquiries , wo boliove the Bank will not bo ablo to hold out against tho consequences of the vast ; and constant accumulation of spooio that takes plaoo . Nonrly a million more is reported , to bo on its way to this country , and

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

    BANK OF ENGLAND . An Account , pursuant to the Aofc 7 th and 8 fch V ^ L ?* - cap . 38 . for tho wook ending on Wednesday , the 13 Wi uay of Ootobor , 1858 . ISSTfB PEPABTMBNT . £ Notes issuod 33 , 388 , 800 Government debt .. "' ^ jj'JUg Other securities ... o . * ° » . u Gold coin and . bttj- > 8 ( j 3 > 8 fl 0 Silver buii'lon ' __ JZH _ - S ^ 0 ^ 33 , , 600 BANKING r > BPA . BXMB » X « » A . Proprietors' capital 14 , 653 , 000 Government soou-RohI ) ,.... 3 , 001 , 0155 rHics tlnfl lu « H » S Public dopouita { In- Dead Weight An- gfl 0 , oludinff Uxoho- nutty ) ¦ • •• . v , " ''\ w , fa quor . CommlHsion- Othor Securities , i * ^ , ors of National 5 f ° , •'" V '' suCor Debt , Saving * ' Gold and SUvor BaukB , and » tvi- Coin ( lond Aeoounts ) .. 5 . , 807 Otherdoposiia ..., l < t ; o <) U , 3 ( W Savon Day So other Bills 827 , 978 . ——£ SJSSSfiS **** f M . MARSHALL , Ohlof Oaahlor . Dntod tho Mfch day of Ootobor , 1858 ,

• Citation
  • Leader (1850-1860), Oct. 16, 1858, page 28, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/cld_16101858/page/28/