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Leader (1850-1860), 23rd October 1858, Edition 2 of 2, Page 28

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      The Atlantic Royal Mail Steam Company An...

      dertaking designed to shorten materially the communication between the 2 United Kingdom and North Ts ' an ' lrisraan myself , I view it as an enterprise of creat national and commercial importance . I shall be happy to render it all the assistance which can properly be expected , and bearing in mind that it is not the province of Government to grant subsidies except for postal

      . ... I am not , however , aware of there being anything in the existing contract to interfere with any arrangements which may be found desirable for improving and developing the communication between this country and North America ; and you are yourself cognisant of the fact that tenders are in contemplation , and that your company has made one for improved postal services with some of our American colonies . I remain , dear sir , faithfully yours , Geo . A . Hamilton . Treasury , Oct . 21 , 1858 .

      1140 ¦ _ The Leader. [No. 448, October 2...

      1140 ¦ _ THE LEADER . [ No . 448 , October 23 , 185 8 .

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

      MONEY MARKET AND STOCK EXCHANGE . CITY , Friday Evening . We ventured upon an opinion last week , that the Bank directors would very likely be unable to withstand much longer that pressure which an organised Gity party is bringing to bear upon them , and that consequently against the better judgment of the majority—for we also stated there were two parties among the Bank directors themselves—an announcement of a reduction of the rate of interest would shortly be made . That pressure , although it is intensifying , has not yet liad its expected effect ; the Bank directors held their Weekly meeting on Thursday , and after a brief discussion separated

      without making any change . We will not go over the same ground which we covered the last and preceding weeks , and reproduce the leading reasons which are understood to influence those Bank directors who persist in refusing to make a further reduction , and those who desire to see a reduction officially announced . We may , however , ask our readers to bear in mind what we then stated : that , although it is no part of the duty of the Bank of England—^ assuming its duties to be defined and limited by its Charter , and by the Act of 1844—to reeulate the trade of the country or to

      fix the value of money—taking that phrase to represent the rate at which pecuniary accommodation is afforded to the trading and commercial classes—yet that it cannot be denied the Bank does exercise a wide influence over commerce and finance , and that it is by the Bank and its movements that external monetary transactions are for the most part regulated . The Bank does exercise a moral and a positive influence in various directions , and it would be the height of ignorance to assert that a determinaiion to lower or to increase the rate of

      accommodation does not have a marked effect on legitimate trade , and especially on speculation . At this moment the Bank directors . well know that trade and finance are still suffering from the speculative inflation of 1857—they also know , or honestly believe , that ti'adc is slo \ vly _ recovering from the paralytical shock it sustained , and that the general prospect , although not brilliant , ia far from gloomy , Added to this , they are keenly alive to the fact that the accumulations of capital and the mass of bullion in the Bank are attracting the cupidity of speculators . They know that plans are prepared for drawing off the solid gold of this country , and replacing it with foreign paper representing every kind of speculative project . They ' know also that parties nwn litmnt % m virm ' 4 V ^ m 41 in dttrAiiiinKlA w «« w * s > w « 4 » 4 < *^ Cl & iUK 1 / Alf

      U * J AM W C * 1 U AW IUW cV WUfcClVAU UIUIUUAIV \ i \ J resume business operations of a flatulent character , so as to present tho appqarance of a sound and sudden expansion of trade , and to cause preternatural activity in tho manufacturing districts and exporting interests . But they feel that these ways are not the best ways of disposing of our vast accumulations , and they seemingl y prefer to wait until more legitimate modes of diffusing the overplus of bullion present themselves . JTor Holding to this purpose they are freely pelted with groat and small missiles , and have to sustain an endless volley of paper pellots from skilled and unskilled hands . Perhaps tho hardest blow aimed at them is from that solemn section of economists who refer ovory opbration to the law of " supply and demand . " . For our own part , we are disposed , to regard this " law , " in

      many cases to which it is unhesitatingly applied , as having no more substantiality than the visionary " Mrs . Harris . " Your heavy writers on financial matters and abstract economics are ever ready to silence or annihilate an opponent with this law of " supply and demand . " They remind one forcibly of Philosopher Square , who had one immutable formula for settling everything , " ¦ the unalterable rule of right and the eternal fitness of things . " The Bank directors are told they ought to be governed by the law of " supply and demand , " conform to the market rate for money . . We confess to be unable to comprehend the force or validity of this kind of reasoning . The Bank , like every other private establishment , may be presumed to know its own business best , and to adopt the best plan for conducting its business . If for any purpose the

      Bank thinks fit to name 3 per cent , or 10 per cent , as their ternis of doing business with the publicfor that is the plain English of the case—it has a perfect right to do so . If it is wrong , it will suffer a proportionate private loss ; but whether right or wrong , we do not see what the external public have to do" ~ Vith the matter . The Bank is taunted with neglecting the interests of its proprietary by its present policy . But this is hardly correct . If the Bank were to reduce the rate to 2 per cent , tomorrow it would get no more discount business than it at prcseut lias—the opposing discount houses would lower in equal ratio , and matters would remain in stain quo as far as the division of the discount business is concerned j "but then , " Bank director pithily remarked recently , " shouldn ' t we be letting the d 1 loose •?"

      The committee of the Shannon Transatlantic Station held a numerous meeting on Thursday , and a resolution was unanimously adopted to the effect that the Mayor , and Messrs . Spaight and Eussell , M . P . s , should at once proceed to London to have an interview , by appointment , on Saturday , with Mr . ' Cunard , on the subject of the Transatlantic packet . The Bank of Bavaria has raised its rate of discount to 5 per cent ., the Bank of Prussia to 5 , the Bank of

      Leipzig to 6 , and the Bank of Nassau to 4 J . These movements are chiefly due to the restrictions in the discount market at Yienna , pending the return to specie payments ; but money at this period of the year is . always in demand in Germany for the vintage and other purposes . It is this simultaneous rise of the rate of interest on the Continent , and small increased demand for money at home , that have operated to strengthen the determination of the Bank directors to keep the rate for the present without reduction .

      The Suez Canal . —M . de Lesseps has received an enthusiastic deception at Barcelona . Numerous delegations have paid him their compliments . There will be a general meeting at the Exchange , and a banquet given to M . de Lesseps by the French part of the population . Friday and Saturday JM . de Lesseps will be honoured by banquets given by the trade of Catalonia and by the Consuls-General of foreign countries . The amount of gold on tho way to this country is not far short of 1 , 000 , 000 / . We have also advices of more gold from Russia , America , and other sources .

      Joint-Stock Companies. The London Genera...

      JOINT-STOCK COMPANIES . The London General Omnibus Company . —The report of the Company , read at the meeting in Paris , states that the total receipts during the past half-year were 291 , 604 / ., and tho expenses 282 , 523 / ., showing , in the former case , a decrease , as compared with tho corresponding period of 1867 , of 16 , 807 / ., and in the latter an increase of 5 G 15 / ,, the results of tho existing opposition . From this cause the earnings on one of the lines have diminished fully one-half , but on others the loss

      has not been in an equal ratio . It is alleged that their opponents have secured a considerable share of patronage by the cry that tlie company is a " foreign monopoly , " and that recoat events have contributed to embitter this sentiment of dislike . It has become a serious question whether tho correspondence system should not be abandoned . The liorse stock is stated to be in excellent condition . From tho disadvantages attending upon the position of tho company as a French undertaking , it has been determined to rogister under tho English law of limited liability .

      The Bank op London and National and PROVINCIAL FlUBS AND Llfc'B ASSURANCE SOCIETY . —Oil Thursday a special gonaml meeting of the proprietors wao hold at the London Tavern , for tho purpose of sanctioning tho sale of tie life assurance branch of thoir business to thq Albert Life Assurance Company , of Waterlooplace , Pall-mall . Aftor some further discussion , a motion to that effect was put from the . chair , and carried unanimously . Messrs . Uonry Blako , Wood thorp , Brandon , and Honry Aato wore unanimously olootoil tntatoos to watch tho interests of the shareholders of tho Bank of London and Natioual and Provincial Flro and Life Asauranqo Society .

      Commercial Dock Company . —Yesterday a special general meeting of the proprietors was held at the Dockoffices in Fe . nchurch-street , City , for the purpose of considering a report of the directors on the subject of the defalcations and frauds of Mr . Smithers , the late secretary , and Mr . Cox , the late accountant to . the company . This report is summarised in another part of our columns . The Chairman moved the adoption of the report ,- stating that he had nothing to add to it . The report , after some discussion , was adopted , and the proceedings closed in the usual manner .

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

      BANK OF ENGLAND . An Account , pursuant to the Act 7 th and 8 fch Victoria cap . 32 , for the week ending on Wednesday , the 20 th dav of October , 1 S 0 S . . y ISSUK DEPARTMENT . ' £ I £ Notes issued 33 . . 710 Government debt .. 11 , 015 ioo I Other securities ... 3 , 459 , 900 i Gold com and bul-I l ' : ¦•• ::: 18 , 663 , 710 ¦ Silver bullion - £ 33 , 138 , 710 ! £ 33 , 138 , 710 BANKING- DEPARTMENT . £ . £ . Proprietors ' capital 14 , 553 , 000 Government sccullvst 3 , 01 ) 7 , 013 ritics ( including Public deposits ( hi- Dead Weight Aneluding Exchc- . unity ) . -.. 10 , 809 , 467 qucr . Commission- Other Securities . 14 , 815 , 120 ers of National Notes- Hi 642 , 545 Debt , Savings' Gold and Silver Banks , and Divi- Coin 612 , 850 dend Accounts ) .. 5 , 531 , 55 S Other deposits 13 , 808 , 346 Seven Day & other Hills ........ 8 S 9 . 465 . £ 37 , S 79 , 9 S 2 £ 37 , 879 , 982 Jr . MARSHALL , Chief Cashier . Dated tho 21 st day of October , 185 S .

      Fkom The London Gazette. Tuesday, Octobe...

      FKOM THE LONDON GAZETTE . Tuesday , October 19 . BANKRUPTS . William Wolf , Eaton-terrace , llotherhithe , baker . Stephen James Field , Railway ^ place , Fenchurchstreet , wine and shipping agent . ^ - _ George Montagu Evans , late of Farnham , money scrivener . . John Metcalf and John Lilly , Birmingham , hosiers . James Williams , Mountain Ash , Glamorganshire , grocer . Robert and George Elliot Wright , L « eds , wharfingers . Robert Palmer and Robert Palmer , jun ., Stokesley , Yorkshire , scriveners . Charles Lewis Wkenshall , Birkenhead , musical teacher . William Brown , Whitehaven , builder . SCOTCH SEQUESTRATIONS . Richard Jeffryes Muckleston , Glasgow , leather merchant . George Murray Kaye , Glasgow , manufacturer . Friday , October 22 . BANKRUPTS . John Boden Radford , Sun-court , Curzon-stroot , Middlesex , butcher . David Lain g Burn , Comhill , merchant . William Wit , cox , Liverpool , sailraakor . Henry Render , Manchester , oil-merchant . Fieldhouse Lon g and William Long , Yoadon , XorKshire , cloth-manufacturers . Samuel Allcooic , Stafford , painter . Joseph Samuel Ouston , Kingston-upon-Hull , wine and spirit merchant . Richard Exley Twigg , Louth , Lincolnshire , grocer . Joseph Mackrill , Queen ' s Arms Tavern , Nowgatestreet . . . . James Bishton and William Wilkinson , Birmingham , fruiterers . „ .. Thomas Ciiurohouse , Briton Ferry , Glomorgansmre , grocer . Ambrose Scully , Bradford , ironmonger . John Merriman , South Shields , draper . SCOTCH SEQUESTRATIONS . Francis Dick , jun , Dundeo , sacking-manufacturor . Alexander Smart , Glasgow , cabinet-maker . Archibald G . Lang , Glasgow , merchant . Stewart Scott , Edinburgh , upholstoror . Kerk , Wiutehead , and Co ., Glasgow , merchants .

      Piiaowx Life Assurance.—On Thursday «»'*...

      Piiaowx Life Assurance . —On Thursday «» ' * com _ pany gave a dinner to Liouf .-Col . Addison , wiio «< £ several years has filled tho post of thoir Managing _ £ » rector , and from which fco retired last week , iunu speeches wore tho order of tho evening , tho lato m » y | T having gained tho good wishes and approval « brother directors .

  • Citation
    • Leader (1850-1860), Oct. 23, 1858, page 28, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/cld_23101858/page/28/