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Leader (1850-1860), 21st August 1858, Edition 2 of 2, Page 28, joseph tra.veks and sons' weekly circula...

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      Colonial And Foreign Produce Markets. Re...

      Jamaica were mostly sold at 2 L 17 s . to 4 ? . 11 s . [ for common to good middling , and 51 . Is . to 7 L for good to fine . Common kinds of black pepper are in request , but there are few sellers at current rates ; home trade sorts are dull of sale . Good and fine cloves have realised full prices , but ordinary qualities are about id . cheaper : 2200 ba < rs Zanzebar were nearly all disposed of : good bold brought Sid . to 3 id . ; a few lots very fine picked , 3 id * to SJd , ; ordinary to middling , 2 fd . to 3 d . per lb . 27 cs . nutmegs , part sold , at 3 s . 9 d , to 2 s . 3 d . for small to bold middling brown ; and 10 cs- mace at Is . 4 d . to Is . 9 d . per lb . _ T « iiv » ni <»« i nrcro rrirtefiv sn 1 < l afc 2 i 17 *! . to 4-Z _ Its . Iftnr

      Saltpetre . — -The reduction of stock to 3800 tons caused a firmer tone in the early part of the week , but the aggregate business has not been large . For arrival 4 Is . to 41 s . 6 d- has been paid . On the spot , $ per cent , sold at 40 s . 6 d- ; 6 per cent ., 42 s . 6 d . cash , and 43 s . 6 d . prompt ; and 5 j at 44 s . COCHINEAT . U —Prices have an upward tendency . 375 bags have been submitted to public sale , and a fair proportion sold , prices , in some instances , showing an advance of . Id . to 2 d . per lb . Honduras silvers , 8 s . 6 d . to 4 s . Id . 5 black , 3 s . lOd . to os . 3 d . ; Mexican black , 3 s . lOd . to 4 s . Indigo . —The unfavourable crop accounts by the last mail have given rise to an increased demand , and business to some extent has been done at full 3 d . to 4 d . advance on the last quarterly sale .

      Gamberi . —1662 bags in auction were all sold at 15 s . to 15 s . 6 d , ; and 640 bags Pegue Cutch , slightly out . of condition , sold at 32 s . 6 d . to 33 . s . per cwt . Metals , —The general features of the market are not materially altered . Scotch pig iron is steadily quoted , 55 s . 6 * 1 . to 56 s . ; and the shipments continue satisfactory . Manufactured iron is rather more saleable ; and rails quoted 6 to 5 , f . o . b . in Wales . In copper aud lead but little passing . Tin has recently sold to some extent , at 114 ? . for Straits , and . 116 ? . for Banca . Spelter may be quoted at 231 . 15 s . to 24 ? . per ton , with a limited demand . TuBFEamxE . — -Spirits have declined to 37 s . 6 d- for American , and 36 s . 6 d . to 873 . for English ; no arrivals nor sales of rough turpentine .

      XiNSEED . — Arrivals are light and but little doing . Bombay , 60 s . 6 d . to 61 s . ; Calcutta , 57 s . to 59 s . ; transactions in the latter have been , reported at 58 $ . delivered , and 57 s . cost , freight , and insurance . Jute . —3993 bales sold with fair spirit at 5 s . to 10 s . per tod advance ; medium to fine , 16 ? . 10 s . to 20 f . per . ' ¦ ton . : . ' . - . . '¦ •'¦" ¦; . ¦ ' . ' -.. ¦ - .. . . . - ¦ ¦ ¦ . '¦'¦ Hemp . —The markets are quiet ; some small parcels of Manilla offered In auction were bought in at 26 £ for fair Toping . . ' ¦¦ -.. ' Cotton-.- —The continued heavy supplies at Liverpool ¦— ~ -have led to a decline of id . per lb . on . Bowed , and l-16 th on Mobile—the week's sales comprising 37 , 000 bales . The London market is comparatively firm , but inanimate , and the sales are only 700 bales Surat at 5 id . to 5 id . for mid . to good fair .

      Wooi * - —The sales are concluding with spirit ; prices cannot be quoted higher , but are very fully sustained . Spirits . —An increased business has been concluded in rum , at former prices : T > emerara , Is . lid . to 2 s . 2 d . Jamaica . 3 s . 8 d . to 4 s . 8 d . ; fine mark , os . 3 d . ; Levard ; Island , Is . 7 d . to Is . 7 £ d . Oils . —Linseed is dull of sale at 33 s . 6 d . to 33 s . 9 d . on tho spot , and 84 s to 34 s . Gd . for credit . Pale rape scarce , and firm at 48 s . to 493 . ; but brown plentiful , and offering at 42 s . 6 d . to 43 s . for English , and 43 s . 6 dto 44 s . foreign . Sperm oil in auction to-day sold at 88 ? . 5 s . to 90 / . 5 s ., the former price having been previously paid in private contract . Pale southern oil has declined to 37 / . Palm and cocoa-nut oil engage A-ery little attention . Fine Lagos offered at 37 s . Gd . to 38 s . per c-wt .

      Tallow . —The deliveries are good but not equal to those of last week , and during the last day or two rather heavy arrivals have taken place . The market is in consequence flat , and closes 48 s . 9 d . oa the spot , 48 s . 3 d . last three months , and 49 s . 3 d . spring . South American , at public sale , was held at 60 s . ; Archangel sold 47 s . 6 d . to 47 s . 9 d . No cbange occurred in the official market letter . Provisions . —The fluctuations in prices have been unimportant , and the transactions limited in every department .

      Jamaica Were Mostlsold At 2l 17s. To 4?....

      ¦ *""™ ^™ B - ""™ — ™ P ^ . ^ A B ' loss and bad debtsabout half urises fro the debts I - 862 JLg- ^^ PBB ^ l _ . Pfo . 480 tTOTOt 21 . m loss and llilH < 1 <» hf « i nluuif Holf .. ~ :. ~ j . t - ^»—— . ^^____

      Joint-Stock Companies. Tire English, Sco...

      JOINT-STOCK COMPANIES . Tire English , Scottish , and Australian Chartered Bank held their meeting on Wednesday , at which the dividend declared was at the rate of 4 per cent , per annum free of income-tax , and the report and the accounts were adopted . It -was explained that the decrease in profit has arisen through the stagnation of business in London , the absence of channels for the employment of capital and tho diminution in shipments to the colonies . The nllowance of interest on current accounts has also nlisorbed profits . Tho regular sphere , of operations has nevertheless been enlarged , and the connexion having considerably inci-cnned , profit in other respects has augmented . The position of the Bank in Austrnlia Ini 8 been well supported , and notwithstanding exceesive competition , it will , it ia fully believed , well maintain its ground . With regard , to the 6000 ? .

      , m incurred during tho previous two years , and the other half from the realisation of a security held for an old debt . 'No sacrifice would have occurred had the bank been enabled to retain It by purchase , hut the deed refuses-to recognise such a position . Outstanding obligations to the extent of 11 , 000 ? . exist , but the whole of these are expected to be paid . Little definite information could l > e elicited on this head , but it appeared to be surmised that they were connected with claims upon two large steam companies . The discussion was of a discursive and protracted character . The management of the bank was questioned by some of the shareholders especially contrasting its progress and position with that of the other Australian banks . Another point mooted was the propriety of allowing interest on current accounts while the investment ot 60 , 000 / . iu building -was also considered a doubtful proceeding . The omission of the bank from the arrangement made by the Government of Victoria for the issue of the Railway Loan was viewed as discouraging , and wa * considered * to indicate that the local authorities possessed no important impression of its position . The chairman explained that there was no reason to believe that the Government had any want of confidence in them , hut their bank , as well as the Oriental Bank , was excluded from the operation probably through some undue influence . The outlay in the purchase of land and erecting buildings was considered judicious , because a . great deal depended upon situation to command business . The management was regular and prudent , but still it must be remembered that they had to compete with old- ' estaMished' and very successful banks . After some further . discussion ' the meeting separated , but not before a . recommendation was made to take measures for opening a legistrv of shareholders in Australia . The European and American Steam Company held their meeting on Tuesday afternoon , Mr . K . AW Crawford , M . P ., in the chair . It appears that some difficulties have arisen with regard to the final settlement of the accounts of 'Messrs . Groskey and Co . It has also been found impossible to renew the debentures as they mature , and bonds to- the amount of 20 , 000 ? . have been dishonoured . An application to the Itaiikniptcv Court having been made by some of the holders , it was with the view of : preventing a compulsory wiiiding-up , involving the sale of property at a ruin ' ous -sacrifice ,- ' that the present . ' meeting' was called . After coiisidtrable discussion it was resolved to appoint a committee of consultation . The total debts of the companv were stated to be 151 , 900 / ., of which 81 , 900 ? . h iu " debentures , and 70 , 000 ? . in advances on the ships . A meeting was held on Tuesday of the shareholders in the Alliance ( France and Englaud ) Bank . The report presented states th . it the business has fallen oft" one half since the commencement of last year . The decline is attributed to the late crisis , ami the consequent stagnation of trade . The profits of June 30 amount to upwards of 25 , 000 / ., or equal to a dividend to 2 ? . 10 s . per share , but it was agreed to postpone the consideration of a dividend until the next meeting in September .. The manager remarked that it was proposed by the board to pay off at par those shareholders who might desire to retire . This i * -probably contingent upon . the ; wish , of the ^ majority . to persevere with the undertaking , the position of which is prejudiced by the rcfusil of the Stock Exchange to admit the shares to the privilege of official quotation . ,

      Joseph Tra.Veks And Sons' Weekly Circula...

      joseph tra . veks and sons' weekly circular ; 19 , St . Swithin ' s-lane . Tka . —The information by the China Mail tended to strengthen the market , which remains firm , with a good amount of business doing . Coffer . —Plantation Ceylon ia in fuir demand , and prices are fully maintained : native Ceylon firm at our quotation . Costa Kica ; the greater portion of this crop has been brought to sale , the liner descriptions realising fair rates ; but the medium awl lower Kuala were sold very cheap , and are worth attention . Other sorts are without change . Sugar , Raw . —AVo have to report a very flat market : the reaction consequent upon the speculative purchases of last week lias had its natural effect upon prices , viiich , for all but the finer classes of West India , may be quoted Cd . easier . Refined . —Tho retail trade continues to show a want of confidence in present rates , and has purchased very sparingly ; the market lias been inanimate , and we quote Btovod goods Cd . lower . Crushed , rieccs , and Bastards are from Gd . to Is , leas than , last week . Molnsscs remain unchanged . Frcit . —We trust our former advice , that purchases of new "Valencies should bo made only on a limited scale , will be acted upon by tho trade ; if ho , we Lulieve the effect upon this aenson ' s prices will ho very marked . Spicks . — Cassia at public auction met with less demand , and , to effect salc-H , lower priced were accepted . Largo parcels of Jamaica and Cochin gingur have been disposed of at steady prices . Pimento is in good rcquorit , and is readily saleable at improved ratetj . Several parcels of llonnuda arrowroot of tho new crop linvo boon placed on the wnrkor , for the finest qualities of which holders demand extreme rates ; St . Vincent , owing to largo arrlval » , is dull . Petre very linn ,

      s ^ rsT" " brown ™ and m ¦* & £ ?*

      Motfey Market Atfd Stock Kxchangh. , ' C...

      MOtfEY MARKET AtfD STOCK KXCHANGH . , ' CITY . Friday ' Evekwo riiE result of . this week ' s observation of the uZ Market has confirmed the opinion already CXmS T that the trade of the country , in J it f branches , is slowly but surel y pro- rlssSr L , ? sound and health / standard . * 'k ^ ugt ^^ Bank for accommodation confirm I his view Tf , be that the stringent supervision whi « h the Bank w ^ over the securities presented at the discount departS * in order to discountenance illegitimate trad nc ™ £ * salutary effect in checking that impuiso towardsi lation which the vast amount of unemployed canit-S the continuous accessions to the gold in the country l , v remittances from abroad , and the low rate of mon v would naturally have the effect of creating ; but , m ] t we attribute the prese . it quietude to the cause we have M

      dicated , it will be difficult to account for the commrati ™ abstinence and excitement winch prevail among canitalwh and m the mercantile world . There is a little . "« p urt " ' mines , and the concoctors of foreign , selicnics now vd then attempt to float them , but . success is the rareVv ccption ; the moneyed public will not bite , however ' tcmn ' t ingly the bait may bo dressed up . One circumstance has somewhat surprised us narhelv that we do not witness a repetition of the rush of exports towards J \ ew Columbia which occurred when the « old discoveries in Australia became a credited fact . Fora j-e-ar or two everybody who could scrape a few pounds together sent consignments—some- of the most incongruous character—to Australia . The first ventures mostly went off at a profit , and the fortunate few realised fabulous prices .. This only stimulated exporters 5 they increased their exports ten fold . Ships hardly fit to make a trip across the Channel in fail- weather were chartered

      and Ircighted to Australia , a six or eight months' voyage . The mania continued until reaction occurred , aiid then remonstrance , outcry , failure , bankruptcy , -and fraud of every . conceivable kind -was perpetrated on the sauve ¦ qui pent .-principle ; . '¦ The history of the speculative trade to Australia , if it could bo fully given , would open up a dark chapter in our 'commercial history . How much of the crisis and collapse of 18 . 07 was due to this sudden mania , attributed by the Economist to " a healthy expansion of commerce under the natural action of free trade , " we -will not say ; but certainly we hardly need to fenr any return of that crisis from tho overtrading at present visible ia tlie direction of the new commoTe * n \ oniw .

      There have been very large amounts of gold revived during the week from Australia—more than half a million—a . considerable portion of which , has gone to augment the bullion in the Bank . We shall hare a word to say on the subject of the accumulation of gold in the vaults of the ttunks of England and of France , perhaps , next week , as this is a matttr in which considerable misconception prevails in quarters that ought to be better informed . The Indian Loan was tendered for finally on Tuesday , 3 , 180 , 000 ? . was accepted at 07 , or above . Indeed , some of the tenders were as high as 99 per cent . The transaction was so Veil managed as not to affect tho market in any appreciable degree .

      The Consols market has'hem firm throughout with an upward tendency . Next week we should hot be surprised if a further advance was secured . The light and heavy share markets have been'good . An advance has occurred in most of the shares of . the leading lines . The projects , especially where guaranteed , were in demand . Indian lines in requCsSt . Cape Town shares going at a higher premium , and lied Sea Telegraphs eagerly bought up . In Joint-Stock Banks and miscellaneous shares ft firm business was . done . Ottomans went up , and Turkish < J per cents , went down . Canada Land Shares experienced an advance of 2 / ., Grand Trunks lower , and the sa <" may be said of Peninsular and Oriental . Consols , both money and account , closed at 9 Gj to i .

      Corn Market. (Messrs. Weston And Som's R...

      CORN MARKET . ( MESSRS . WESTON AND SOM'S REPORT . ) Tub anpply of wheat fresh up this morning was moderate , the greater proportion of which wns new . The millers were slow buyers of wheat to-day « t tlio prices of last Monday , and very little business took place in foreign . —New barley found a limited trade from tho irregular prices asked . —Oats fully us do . ir .- ~ Henna and peas are scarce , and bring fully lust viemi rates . —In Hour no change to-day . —New inunturdsccd was in short supply , mid brought full quotations . Other descriptions of scud dull of sale .

      Mining Intelligence. Wk Have Little To R...

      MINING INTELLIGENCE . Wk have little to record relative- to tho mining niaruci-We hope next week to lmvo our arrangements conip l « w for a fuller tUntemcnt of tha real business done in » "Mi of an established character .

  • Citation
    • Leader (1850-1860), Aug. 21, 1858, page 28, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/cld_21081858/page/28/