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Leader (1850-1860), 24th July 1858, Edition 2 of 2, Page 28

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      Provincial Markets. London, Friday, —The...

      Hoddbrsbtkld , Jttlt 22 . —More business has been done in the Cloth Hall than for several weeka back , layers having attended from London , Glasgow , Dublin , and also from a number of large shipping houses . It cannot , loweyer , be said that they have individually made large purchases , for generally only small parcels have been sold ; but the aggregate has been considerable . It-was quite enough , combined with the higher price of -wools at the London sales , to impart firmness to prices , and to give them an upward tendency . Plain and mixed "doeskins , and mixture twists fetched 3 s . 9 d .

      to 6 s . per yard . Union mixtures ( six quarters ) , la . to Is . 9 d . per yard . Stocks of plain goods are not larger than is usual at this season ; broadcloths and superfines are not in demand . Black doeskins are in great request . Immense quantities of this class of goods are brought into the market weekly , and they meet with prompt sale . In some cases they have been ordered a mouth or more in advance . Many manufacturers are 1 ) nsy making autumn and winter goods , in dark mixtares for trouserings , and in milled goods , beavers , and ether heavy goods for overcoatings . Dark iadigo blue cloths f « r -winter -wear are making-, on orders , more largely than for some years back . Blue seems likely to tie once more the prevailing colour foi -wear . There are also many orders for superfine blues .

      Rockdaub , Jvxx 22 . —Although the foreign wdols in Xondon are quoted higher , still , considering the advances since last sales in English-wools , the advance in London is below current prices in the country , and particularly "below the prices asked by farmers for what clips remain on hand . The London sales , therefore , have had no effect on this market so far . Good wools have been hought to-day , from staplers , at rates current a fortnight ago ; and generally the market is firm , at former rates . Stocks on hand in the warehouses are pretty large . Flannel : — -Compared with last week we have had more

      tuyere ia town , and more doing in flannels generally . Manufacturers who had , a short time ago , larger stocks of goods on hand than usual , have reduced them to a mere nothing these last few weeks ; and most are well occupied on orders . A . demand has been made by many for an advance , and , in most cases , obtained . There is a pretty good shipping trade just now for the Australian market , for goods of a middling and finer quality . The American trade , except for Canada , continues languid . Yorkshire goods are rather quiet , but prices remain firm . Generally , the tone of the flannel market indicates an improvement .

      Woi-VBRHAaiPToir , Thursday . — Some uneasiness ¦ was caused in the early part of the week by the suspension of the firm of Cox , brothers , iron merchants , of Liverpool , whose liabilities are expected to exceed 50 , 000 / . The losses will chiefly fall upon the Welsli ironmasters . This district is involved to about 4000 ? . or 5000 / . The amount , consequently , is immaterial . The sensitiveness , however ^ which it has created , arises from the suspension having occurred so many months after the late financial crisis , when it was generally Relieved that most establishments had safely emerged out of their trials and difficulties created by the undue expansion of credit . The designation of the firm was formerly Yates and Cox , and on the death of Yates became Cox . and Sons , during the whole of which period the ready-money principle was adopted . On the retirement of Mr . Cox , senior , however , an expansion was given to the business by employing bills . .

      The iron trade in these districts is languid , and it appears probable that , with a view to force the demand , a reduction of 10 s . per ton must be made upon the prices fixed at the last quarterly meeting . Pig iron of good quality can now be bought at 37 . 12 s . 6 d M and fair samples at lesa . For inferior makes no definite price can he given . About 90 , 000 tons of rails have been ordered for India ; but only 5000 or 6000 tons have been distributed in this district The rest have gone into South Staffordshire , North Wales ( Ruabon ) , and South Wales . The Dudley collieries dispute is still unarranged .

      Dundee , Thursday . —The demand for yarns here is not particularly brisk ; but in linen goods a good deal of business has been done , nnd remunerative prices have been obtained . Flax of all qualities continues exceedingly firm , and prices are well maintained , but they are at a point which materially restricts operations of any magnitude . Tows and codillos of the common qualities are in fair demand . Fine tows are wanted , and holders require full rates . Jute is in moderate request , but -without any change in quotations . Belfast , Jui . v 22 . —The demand for linen yarn from manufacturers has been steady ; but some spinners having required advanced prices , owing to tho firmness of the raw material , operations have been much curtailed . For export there has been a fair demand . Stocks of most descriptions arc light ; and pricos firm , with an upward tendency .

      The home demand for fine linens is fair ; but more is doing for export . Blcachcra' Htocka ore very moderate . No change in prices . Handloom linens , such as drills and diapers , are falling in stock ; the tendencv , therefore , is in favour of the nuinufucturer , and would be more so if tlio raw material vero less firm . Lawns cambrics , and handkerchief * arc in good supply . The demand is good , but prices avo not uflected by it at

      present . Heavy linens in good demand ; dyeing goods in request . Bough brown linens at the neighbouring country markets have advanced | d . per yard . The country flax markets , particularly Derry , Ballybay , and Armagh , show firmness in that article , and sales have been freely effected . The tone in these markets corresponds exactly with that observable at the markets in . London , Dundee , Riga , Archangel , and St . Petersburg .

      724 The Leader. [No. 435, Jtoy 24, 1858.

      724 THE LEADER . [ No . 435 , Jtoy 24 , 1858 .

      Bailways. The Market Has Continued Good ...

      BAILWAYS . The market has continued good up to Friday evening . There is evidently more . confidence among dealers , and , ¦ what is better , among the public ; not the speculative public , but londfide investors . It cannot , however , be asserted that business is very brisk . One-half of the dealers have little or nothing to do . The palmy days are over for the present—the wonder is , how members make out a living at all—but they are waiting for better times , that is , when the public , tired of hoarding or Three per Cents , in the Stocks , shall rush in a crowd to the Stock Exchange to invest in good or bad undertakings indiscriminately , and then to rush out , even more rapidly , after they have , as usual , burned their fingers . On Monday no animation was displayed . On Tuesday prices were better ; the leading lines felt the benefit of the improvement . On Wednesday the tone was not quite so firm . On Thursday a marked improvement took place ; and on Friday a good sprinkling of business was transacted . We refer to our list for latest quotations .

      Joint-Stock Banks And Joint-Stock Compan...

      JOINT-STOCK BANKS AND JOINT-STOCK COMPANIES . The half-yearly meetings Of the Joint-Stock Banks are very nearly concluded . As far as they have gone , the resnlt has been altogether favourable . A severe trial was before most of them , but all appear to have weathered the crisis with great judgment , and although several show reduced dividends ,-this was to be expected , but altogether the meetings have passed off with the highest credit to the managers of these important undertakings who must have exercised more than ordinary energy and judgment in their supervision of the business under their immediate control . At the half-yearly meeting of the National Discount Company yesterday , the report stated that the gross profits for the six months ending the 30 th ult ., amounted to 39 , 9707 . 14 s . Id ., which , after the various deductions , left a disposable balance of 19 , 691 ? . 17 s . Id . Out of this the directors proposed to appropriate 9 G 337 . 12 s . 6 d . to the payment of a dividend at the rate of 5 per cent , per annum , and the rest to the reserve fund , which would thea amount to 14 , 5377 . 10 s .

      The Commercial Bank Of London, On Tuesda...

      THE COMMERCIAL BANK OF LONDON , On Tuesday , held its meeting ; the following is an abstract of the half-yearly balance-sheet ending ; 30 th June : — " Dr .- —Capital subscribed , 1 , 500 , 000 / . ; capital paid up , 207 . each on 15 , 000 shares , 300 , 0007 . ; guarantee fund , 75 , 0007 . ; balances due to the customers of the bank , 935 , 081 ? . 2 s . 2 d . ; balance of undivided profit , 31 st December , 1857 , 2304 ? . Is . 8 d . ; net profit for tho halfyear ending 80 th June , 1858 , after paying income-tax and deducting all charges and expenses , and making provision for bad and doubtful debts , 11 , 7157 . 6 s . 4 d . — balance carried down , 14 , 0197 . 8 s . Total , 1 , 324 , 100 / . 10 s . 2 d .

      " Cr . —Cash in the bank and at call , at the Bank of England , Exchequer Bills , India Bonds , and Consols , 256 , 9487 . 10 s . 9 d . ; bills discounted , loans on stock , and other securities , 1 , 064 , 1517 . 19 s . 5 d . ; strong-room , fittings , and furniture ( premises held on lease ) , 30007 . Total , 1 , 324 , 1007 . 10 s . 2 tl . " Dividend at the rato of 67 . per cent , per annum , for the half-year ending 30 th June , 1858 , 90007 . ; rebate of interest on current bills carried to profit and loss new account , 3 G 277 . 19 s . 9 d . ; balance carried to next halfyear , 13917 . 8 s . 3 d . Balance brought down , 14 , 0197 . 8 s . " From the discussion that ensued , wo are inclined to take a much more favourable view of the business done during the last six months and the prospects of the bank than a proprietor , who thought that it was a very " disadvantageous circumstance for bank shares to be at

      par with a dividend of 6 per cent . " If the proprietor would take tho troublo to look over tho list of joint-Btock undertakings , he would find companies with even 7 per cent , guaranteed bcloxo par ; take tho Duhia Railway as an examplo . But Stock Exchange prices arc not criteria of tho value of shares . Another Tipperary and British Bank failure would send down perhaps below par tho shares of the highest dividend-paying banks . Tho fact is , that the moneyed public just now fcol distrust at joint-stock banks , in consequence of recent disclo-Burcs . But the diutrust will soon die out—joint-stock bank shares will come rapidly into favour , and wo think the proprietor will then have no reason to grumble at the market price of the Commercial Bank shares , the bank being evidently in a sound condition , nnd seemingly being determined to do homo but » nfc bueincHa so lony aa the commercial nnd mercantile horizon rctuins a cloud .

      THKcconotrx the week the money \ ^\ ^ Z - an improving condition . The quotations for r m ment stocks have advanced , and . as ^ Si mice " of c 7 n "T regulates other stocks , and even the d £ mtk ^ 't may consider that the various markets are fairW ^^ rise .- Indeed , it is remarkable that pricef 3 f ££ j have not gone up weeks ago . The unexampled ahS , dance of money , and the equally une za ^ pTed \ oi ate " of interest , are circumstances , taken together IS would appear to justify the strongest prfguos ' icrS of a large advance in the price of all LinH a"fl-2 * whethi

      ^ ^ hTshape oISZrZZ ^ Zr" * «<» > shares of completed fines , or *! ££$£ & £$ & of a bonujde character . But the truth is , public confidence -has received a shock in consequence cf ? £ commercial crisis we have happilv oassed tw > . and moneyed people are dispoSd' Cte * £ & o remain content with a small but sure dividend Sr than to invest in a direction which their fears-ia T ™ many instances unfounded-may induce them U su £ pose is less secure than that of stocks guaranteed by Government . Our opinion is that prices have touched their lowest , that a reaction has made its appearance , and that if nothing in our external politics or oar internal history of an unexpected or embarrassing character should present itself within the coming month a considerable advance on present prices will have to be quoted .

      The great topic in the monetary circles is the report of tho committee appointed to inquire into the causes of the late crisis , and oa such a . subject we may refer to the old adage , tot Homines quot sentential . The report is by means conclusive . It faintly indicates what it considers to be the cause of the crisis , an " undue extension of creit . " But the cause lies deeper and goes further back tlian the period of the late crisis . We shall , when space permits , lay bare not one but many causes , few of them complimentary to the character of a section of the

      commercial world , which produced the collapse of 1857 , and which , if not remedied , speedily , are very likely to produce another collapse , equal , perhaps even more prolonged in intensity , than the last . At present , however , the trade of the commercial world is going on smoothly . The wholesome restriction which has been imposed on speculative trading , chiefly through the judicious precautions of theBank of England , are doing good service , and commerce , foreign and domestic , will be all the sounder and safer in the end . The last price for Consols , 95196 for account : & 5 I I for monev . Market closed firm . "

      It is said that Naples is endeavouring to raise a loan of about a million and a half sterling-. The ostensible object is the construction of roads , which are probably wanted chiefly for military purposes . — -Daily N ews * At a meeting of the London Life Association , payment in full was refused of a policy of insurance on the life of the late Mr . John Sadleir , who committed suicide in the year 1856 The amount insured was 500 07 ., and an award of 7827 . had been previously made , being the value of the policy at the time of Mr . S adleir ' s decease . The Master of tho Rolls will , on the 30 th instant , make a call of 57 . per share on the contributari & 3 of the Mexican and South American Company .

      Sir W . P . Wood , who is charged with the winding-np of the General Indemnity Insurance Company , proposes on the 27 th instant to make a call of 17 . per share on the contributaries . A call of 57 . per share is to be paid on the E extension shares in the East Indian Railway Company by the 28 th of August . The Bank of England official return for the week ending on Wednesday shows the following resalts : —

      ISSUE DKPARTMENT . Dr . NotcB issued , 30 , 992 , 5957 . ; increase on last week £ 202 , 000 Cr . Gold coin and bullion , 16 , 517 , 5957 . ; increase 271 , 000 BANKING DEPARTMENT . Dr . Public deposits , 2 , 808 , 8457 . ; increase ... 283 , 554 Other deposits , 15 , 711 , 9057 . ; increase ... 95 , o 27 Cr . Other sccritics , 15 , 499 , 2557 . ; decrease ... 121 , 170 Notes , 10 , 386 , 9657 . ; increase 418 , 730 Gold and silver coin , 696 , 3427 . ; increase 43 , 271 . The gross amount of bullion and coin held by the Hank is 17 , 212 , 987 .

      London And Westminster Bank.—On Wednesda...

      London and Westminster Bank . —On Wednesday tho half-yearly meeting was held . Tho balance showed that a profit of 93 , 8827 . had been earned for tho halfyear , which enabled tho directors to declare a dividend at the rato of 16 per cent , ( including bonus 5 per cent . ) , and to carry a balance of 98007 . over to next account . Tho meeting went off very well , and general satisfaction appealed to be felt at tho prosperous condition of tho bank . Easteun op Bengal , Railway . —A correspondent writes : "It is important to tho shareholders of this company that tho directors should toll them what they arc ilointf . They have called up 57 . u . sharo on the capital , but as yet they have not formed a fliuglu contract for tho works . "

  • Citation
    • Leader (1850-1860), July 24, 1858, page 28, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/cld_24071858/page/28/