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Leader (1850-1860), 19th March 1859, Edition 2 of 2, Page 26, MONEY MARKET & STOCK EXCHANGE.

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      The Accumulation And Value Op Gold. Acco...

      to guide their steps by it ; and informing them that to make their paper money a safe Substitute for the precio \ is metals , they must allow its quantity to be regulated excliisively by their -value and the public demands for it . The accumulation of gold in the several banks , which we began by stating , is the consequence of the enterprise of Europe being inipeded by the action of the Governments , and will be lessened as enterprise is extended . It is temporary .

      378 The Leader. ,__Mjj^^ 1 9-

      378 tHE LEADER . , __ MJJ ^^ 1 9-

      General Trade Beport. London, Friday Eve...

      GENERAL TRADE BEPORT . London , Friday Evening . BtrsiNESs continues so equable and quiet , that we can add nothing to our market reports which follow . The trade of the week has been good , but very much checked by the state of uncertainty which still prevails everywhere as to the chances of peace or war on the Continent . Of course , continuesit would be

      Birmingham . — The hardware trade ,, though not brisk , is Avell employed . . South Stafkordshijre and Walks . —The iron districts are tolerably well employed in orders for rails and railway materials for the Continent and the Colonies . . . The strikes are not over , borne benevolent individuals are busying themselves in the endeavour to find out some way by which these strikes can be avoided for the future . In tins direction we fear that legislation will prove a failure .

      vhile this uncertainty , un-¦ wise , on the part of manufacturers , to supply themselves with stock in the expectation of Continental orders , which may never arrive ; and it can hardly be expected that merchants will give out orders for goods for the Continental markets , when there is a probability of the present peaceful condition of things being rtidely put an end to . With these remarks , we may say that the general trade is as good as can he expected , and would be much better if all parties could

      rely on peaceful times . IiiVERPOOt . —The market for cotton has been comparatively quiet . The sales have not been large , but full prices have been maintained . The latest advices from New York , per Africa , report that there was a falling-off in supply , and that prices were rather higher . . Manchester . —A slight reaction lias taken place in the hopeful and active condition of the trade for the India markets . The . advices from Calcutta and Bombay are regarded as unfavourable , and the resiilt is that the market for yarns and shirtings for India is lower and not so brisk . We have steadily warned manufacturers against taking' it for granted

      that the recent activity and the large denaand for India would continue always . We have pointed , out the danger of glutting the markets , and the certainty when the supply was prqvided for , that lower prices must be expected . The turn has apparently come , but it will not be felt inconveniently , because the majority of the manufacturers are still working upon previous contracts , and will keep working upon them for some time to come . Those manufacturers ¦ who have run out their contracts have in some instances made new engagements at somewhat lower prices . India shirtings are about 3 d . per piece not show

      loweri The other kinds of cloth do any variation 5 a steady demand still continues , and prices , if anything , are higher rather than lower . This advance is owing to the continued rise in the law material . Messrs . Slagg ' s circular reports : — u There is . little or no change to notice in the market to-day . We continue to have a steady demand for long-cloths , & c , at the prices of last week , occasionally with a slight advance . India goods are still comparatively neglected , but owing the absence of stocks , and the continued upward tendency of the cotton market , there is but little giving way jn prices . "

      Wool . —The colonial wool sales hfl / ve terminated . The quantity was about 35 , 000 bales , of which nearly one-half was . Cape wool . The best sorts of Australian wool—the new clip—fetched higher prices— -as much as 2 d . to 3 d . per lb . more . But the inferior sorts were , in some instances , Id . to IJd . lower . It was remarked that the wool came here in rather better condition ; but there is still great room for improvement in cleaning and scouring . lasEDS .-r-Tho markets have not been very active , all parties being determined , to exercise caution . Merchants will not give out export orders , and dealers only buy what they want for immediate use . Mixtures and light fabrjes continue to "be in demand . For the finer qualities there has been no remarkable inquiry .

      Bradford . —Sales of wool were on a limited scale . Nails and shorts dull of sale and low in price . In worsted yarns the demand is steady . liBioKsxER . —The hosiery trade is quiet , except in tfoe sock and glove brandies . Tho trade is , hwever , quite an average trado for the time of yew . The wool market is dull j yarns arc rather lower . NoixiwcJnAM .-rA better appearaiice is visible in tho laco , trade , hut though more business is doing the demand is- not an average one . Plain descriptions tt \ eot ready sale , Silk goods are not in request . Tho hosiery trade hero and jin tho country districts keeps up itB activity .

      Money Market & Stock Exchange.

      MONEY MARKET & STOCK EXCHANGE .

      Friday Evening. In The Course Of The Wee...

      Friday Evening . In the course of the week the funds have been generally depressed , though our Eailways , from the increase of traffic , have kept well up . Foreign securities , in the week , particularly French railways , have been depressed , owing to the continual alarin which prevails as to the 'future condition of France . The markets opened heavy to day , and at a slight decline from the closing price of yesterday . Consols were at 9 o | , but towards the close of business , in consequence of more favourable intelligence from Faris they recovered , as did the It

      mai-kets generally , and Consols closed at 95 f g . was stated that on Lord Cowley ' s arrival at Paris he had had an interview with the Emperor which , on the Paris Bourse , had been considered satisfactory , and the French Threes , as reported by telegraphy rose to 68 . It is very sad to Have to state , day after day , and week after week , that business Continues disturbed , and to find all the disturbance attributed to one man . If the Emperor of the French had some friend to inform him how much ptiblic opinion in England has changed with regard to him—how inany persons now actually

      of France , and asserted that " except a small band of adventurers , the whole French nation is resolutely bent on peace . " In France , it said , ' . ' . are the elements of a prosperity beyond calculation ; and to it supremacy in the - . arts of peace the French people may aspire if they can compel their rulers to give up the barren and inglorious part to which they have so * long devoted their country . " But they have done this in one instance . They have chocked their despotic ruler , and they are indebted for their power to do this * to having imitated our habits of industry . In consequence , " their progress within the last fifteen years has been

      immense . French expoi'ts have increased at a greater rate than the English , and France is able to bear a taxation which would have crushed her in the days of M . Guizot ' s Ministry . " She is powerful as well as peaceful , and the improvement is due to her successful industry . It is much to be wished that the Times would inspire its foreign correspondents with the spirit of the Thursday ' s leader . At the half-yearly general Court of the Bank of England , held oil Thursday , Mr . Sheffield Neave , the Governor , presiding , the profits during the past six months were stated at 61 O , 956 Z ., and a dividend of 4 per cent ., without deduction of income-tax , was declared .

      This dividend of 8 per cent , per annum contrasts rather unfavourably with the dividends paid by the joint-stock banks and with the profits oi private bankers . But then the Bank of England has a reserve of 3 , 050 , 824 ^ , is the bank of the Government , has the regulation of the currency as apart of its duties , and is a dignified member of the State rather than of Commerce .

      wish him out of the way who not long ago regarded his life as the security of Europe—he would be alarmed at his own condition , and would bethink , him how lie could recover the good opinion of sober and reflecting men of business , not only in England , but in every part of Europe . It is terrible to live hated by mankind . Money is in good demand , and no bills are discounted under the Bank rate , 2 ^ per cent . The discount houses have raised ' their terms . for money on call , or at

      short fixed periods , to 1 | and 2 per cent . Money is scarcer than it was , and people arc apprehensive that they may want it . This creates a demand for it . Accordingly , the Bank of England is getting bills to discount , and the returns will show an increase of private securities .. At this period of the quarter it is , indeed , almost always called on for advances ; and probably the pressure for money will diniinish , if it do not cease , after the dividend s are paid next month , should political affairs not then assume a more unfavourable aspect .

      There are , however , several occasions for employing money , which tend to increase the demand , and in the course of the week ^—to mention one—the East Indian Railway Company , has come into the market for . a loan of £ 1 , 000 , 000 on debentures , having five years to run , bearing . 4 J per cent ,, interest . The proposal was favourably I'ccoivcd , and a very short time after the books wore opened the whole was subscribed for , and the books were shut . The debentures commanded a premium of 1 $ to 2 per cent ., and some of the holders of the stock of the Company , who expected to have the debentures in preference to other persons thought that the books

      were closed too soon , and that some unfair play had taken place , It is unfortunate that any such Buspicion should attach to this proceeding , for the public , is now so watchful that a belief of some trickery being intended may be fatal to the success of the . company , should it want to borrow in future . One of the projects in tho market deserving pome attention , is that for the purchase of a working of collieries , near Chesterfield , which promises well . It is called the WMttington Freehold Estate

      and Colliery Company , i | as « - good businesslike ^ directory , and has tho advantage of tending to improve our own country , and give us additional supplies of fuel . On several occasions' lately wo have pointed out that a general desire prevailed in Europe for peace ; tho consequence of the exertions now ovorywhox'o making to extend trade and promote material wellbeing . Wo havopointed out that'the success and progress of tho different nations of Europe insured the continuance of peace , if political adventurers of all kinds would bo less active and troublesome . On Thursday tho Times in a useful leader described ftt considerable length the condition and prospoots

      Bank Of Knglakd. ' An Account, Pursuant ...

      BANK OF KNGLAKD . ' An Account , pursuant to the Act 7 th and Stli Victoria , cap . 32 , for the week' ending' oil Wednesday , the 16 th duy of March , 1859 : — ¦¦ ' ' . ISSUE DEPARTMENT . . Kotes issued 1 £ 33 , CSO , U ; H > Government Debt £ 11 , 015 , 100 Other Securities .. : S , 45 !> , 'J 0 O Gold Coin & I $ ullion li ) , - . ' 05 , ( JoO . Silver Bullion .... £ 33 , <> t > O / jr >( . £ 33 , <« 0 , !) 5 O BANKING DErAUTMT / N'T . ' Proprietors' Capi- Government f-icciital ... . £ 14 , 553 , 000 ' ritios ( including-Rest 3 , 05 ^ , 47 () Dead "Weight Public Deposits ( in Annuity ) . £ 10 , <> M 5 , 147 eluding Exche- Other Securities .. 10 , 703 , ( 112 Suer , Savings' Notes 13 , 345 ) , C , ' 5 lanks , Commis- Gold and Silver sioners of JN ' a- Coin 7 lb , iV ~ tional Debt , and Dividend Accounts ) .......... P , 854 , H > 7 Other Doposits ,... 13 , 011 , ^ 05 fcieven Day and other Bills 7 < H , 5 Kir < £ ll 74 W , ^ 3 O . ¦ e 41 , 'J 0 p , « 36 M . MA . K 3 WAXX ' . Chief Cflshjer . Dated March 17 . 1859 .

      From The London Gazette. Tuesday, March ...

      FROM THE LONDON GAZETTE . Tuesday , March 15 . BANKHUI'TS . . Pavid Chinery , Ampton-place , Gray ' s inu roaa . African merchant . James Levingeston , Liverpool , merchant am ! cotton dealer . Thomas Walk is n , York , boot and shoo maker . John Cmiasby , Eccles , Lnncnshire , mkcepor nnd victualler . , . Alfred Marcuajnt , Mnidstone , clothier and di'apoi . Reginald Woodcock , W cymouth , Dorsetshire , iion-SA » ° UEt ' KUTTNER and ROBERT CLUBLEY WHITE , Kingstpn-upon-Hull , ship owners and commission agents . Peter Foran , Birmingham , grocer . . , John Cjiaoknell , Enfleld , Middlesex , licensed victualler , Friday , MarohJi . . t Emil HjENnv Leibivs , Bush-lone , Cannon-sticet , City , merchant . John Wilson , Rothorhitho , auctioneer . ? Thomas Gtjrnby and John Jacobs , Walworth-iowi ; Surrey , tailors , . , ol / ,,., John Wii-liaw Roww Huet . Plymouth , watcl » nnjw » ' GeorgU HARM 8 XON Edwardh , tobacconist , J-incoi » . Thomas Helliwell , Ulpporhohao , YorUshim , »»» Thomas Hughes , Tyddyn-du , Carnarvonsliii-o , cuttlo wSam James Taylor , North Shields , chenilet and WilSm ' howleopt , H nnvioli , builder and contiw'tor , Joxrtr HaxcniNsoN Aspinwall , Ar (? yll- « t > ' morchnnt . ' . » ., all ,. oneti Richard Bedford Allen , Wnlthnmfltow , insm tinc « broker and underwriter . . .., „ . Matthbw JBAMiiRiDaE , Klng ' ^ Ly nn , Imi doi . John James Harrison , Maldstone , hair ^ n " (; ,, John Mukray , New-roatl , RothorUitho , « ontmotoi . Thomas Pavl Voungman , Wottinghom , qomnU 88 W « Charts Smixh , Bulwol , Nottlnehamsldro , -mUlcr ,

  • Citation
    • Leader (1850-1860), March 19, 1859, page 26, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/cld_19031859/page/26/