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Leader (1850-1860), 24th December 1858, Edition 2 of 2, Page 28, Western Bank oit Scotland.—Tha liquidato...

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      1428 ___ The Leap E"R. [No. 457, G^Cembe...

      1428 ___ THE LEAP E"R . [ No . 457 , g ^ CEMBER 24 . ] isg

      Monet Market And Stockexcflangke.. Thoks...

      MONET MARKET AND STOCKEXCflANGKE . . ThOKSDAV EVKNIXQ . We may venture to state that there has been no movement in the money market . The Bank rate of 2 k per cent , is maintained , and little , if any , speculative tendency is perceptible . Consols leave off at 96 J to i , sellers , and prices from France come a trifle better , notwithstanding the result of M . de Montalembert ' s appeal . The receipt of certain telegrams caused for a time a demand tor St . Petersburg paper , and at a late hour hews arrived

      that the Oriental exchanges have assumed an unfavourable tendency against this country . . With these exceptions the exchanges remain unaltered . The Eastern telegrams arrived too late to affect the share market , which , as respects all Indian guaranteed stocks and shares , had been firm , and was , to the ordinary shares and scrip , weak . East Indian stock , of which the market had been very bare , left off at 109 to 109 £ ; Great Northerns rule 106 to 107 ; Crystal Palace , Ik to 1 $ ; London Omnibus If to If ; Ked Sea Telegraph Scrip , £ to | prem . Great Ship shares are at A dis . to £ premium ; but confidence is felt in the undertaking ; and Victor Emmanuel

      Bonds are a shade flatter . Money is about the same as to demand and as to terms as last week . The current rate of discount is that of the Bank , 2 £ per cent . Stocks have not been animated . They were dull in the early days , tut were firmer yesterday . The Bank seems to have received no bullion in the week , but the money in it continues abundant . We learn with regret that the telegraphic communication by the submarine wire between Cagliari and Malta is interrupted . The cause is hot known , but in consequence of it the next telegraphic news from India will probaMy be delayed two or three days . _ ¦ . . . ¦ has

      The rise in the exchange on St . Petersburg given rise to a rumour that the Russian loan is to be brought forward . This is not unlikely , but we have no certain information on the subject- There is a report , too , that the party in San Domingo opposed to the Emperor Fauatin has sent an agent to Europe to negotiate a loan . It is not likely to be successful . . , . The liquidators of the Western Bank have announced that on and after the 28 th of December , they will be prepared to pay off in full all depositors whose claims have been admitted , and who have not transferred them to other banks . Those who desire their money to remain will be allowed interest at the rate of 2 * per cent , being $ per cent , above the current rate . The sum at the credit of private depositors now to be paid amounted to 928 , 000 / .

      The Timer , in its controversy with Mr . Chapman , seems to have overlooked the real accusation originally made against the house of Overend , Gurney , and Co . It could not possibly have been that it had got back warrants and kept theno , in order to conceal their worthless character from the buyers of the spelter , for the feet of their proceedings was not known till long after the house had fallen very much in public estimation . The accusation was that the house continued to countenance Cole and Gordon to the public by dealing with them after Mr . Chapman had detected the frauds ; and this accusation Mr . fihanman ' s exDlanation about the spelter amply

      conflrjms . He held out Cole to the public as an honest man , when it was his business to have denounced a rogxie . Other persons , who were taken in by Cole , were justly irritated by such a proceeding , and threw the blame of some of their losses on the countenance given by the house to detected knaves . We have reports every day of disputes between shareholders and director * of companies , of companies being wound-up , and of their quarrels with , pne another . It is natural , as companies have of late increased so much , that we should hear a great deal more of them , but independently of that , companies are not npw regarded so favourably as formerly . It has long ago been found out that the zeal exhibited by the Legislature in 1826 for the establishment of joint-stock banks , though fanned by the great

      political economists of the day and embodied into a law , has answered no good purpose . More mischief has been inflicted through the instrumentality of ono or two joint-stock banks than by all the private banks that ever existed . Those which have been tolerably successful have , in fact , departed from the principle of directorates involved in the joint-stock plan , nnd have wisely confided their business , under the fiction of a supervision by directors , to the hands of some ono skilful and honest manager . Of late , accordingly , tlio French system , which recognises the limited liability of many persons in a concern exclusively managed by one , is becoming more popular amongst us than our own old plan . It cannot be denied , notwithstanding some lingering prejudices , that public companies with boards ot directors are falling into discredit here .

      The reason , we apprehend * is that there is no possibility of preserving in them the great principle of individual responsibility . This , however , is the law of nature . Life , with all its consequences , is strictly individual .- The pains and pleasures of one , however influential by sympathy over others , cannot be transferred to them , and there Cannot be vicarious responsibility . Directors of companies may have a common interest with shareholders , but these must still remain responsible for the confidence , whether it be foolish or wise , they repose in directors ^ Unable to get rid of responsibility , and every -day-bringing ; to light some mismanagement of directors , people naturally begin to doubt the validity of a system which subjects many to disasters from the misconduct of a trusted few . Before the modern legislation for constituting joint-stock companies has well come into extensive operation it has become of

      very doubtful repute . Several new schemes of submarine telegraphs are suggested beside the vast scheme for uniting England , Africa , and South America with Brazil , to which we referred last week . In most of them , however , the very shortest accessible oceanic route between the Old World and the New . is rationally adopted as a basis . One of them contains apparently as a lure an intimation that a line may be carried by Bermuda to Jamaica . It is , however , clear , whatever may now be proposed , that ultimately all the America

      West India Islands , and generally South , will be connected at the most convenient route with the rest of the world by telegraphs which pass through the United States to Florida , and thence to Cuba and the rest of the islands . Several years ago this route was suggested , both by gentlemen in England and the West India Islands , for the course of our mails , sending them by rail through the States . This route seems so reasonable that the political prejudices which ^ prevent it from being adopted seem childish .

      Now , when people begin to be tired and ashamed of the follies resulting from the antagonism between the . old aristocratic Governments of Europe and the young democratic Government of the States , it seems worse than childish that such an antagonism should be allowed to stand in the way of realising this scheme . Its basis is to use the shortest sea route between Europe and America for the conveyance of mails , passengers , & c , and to make available the many means of locomotion and communication now existing in the States . To go to , and come

      from , Mexico and Central Americ ; i to Europe , it is now common , not to say general , in spite of the bounty to mail-packet companies which divert the traffic to the route between Southampton and Greyv town , to pass through the United States . As railways arc ' there multiplied and extended , this route will be still more generally preferred , and will probably supersede all others . It will shorten the distance between many places , dispense with many long sea voyages , and unite in one bond Europe And the whole Western World .

      From The London Gazkttk., Tuesday) Decem...

      FROM THE LONDON GAZKTTK ., Tuesday ) December 21 . BANKRUPTCY ANNULLED . RicnAitD Smith Bull , Ncwcastle-under-Lyne , confectioner . Richard Henry Hasu . kn , Cardiff , farmer . JOINT-STOCK COaiPANIIiS WIN DING-UP ACTS . LONDON AND BIRMINGHAM IRON ANU HARDWARE Company . —A call of 5 / . per shnra oil the contributaries , Jan . 13 , at the Bankrupts' Court .

      BANKRUPTS . William Richards , Oxford-street , wire-work nnd blind manufacturer . Geohok Pyh , ' Ipswich , flax dresser . Archibald Montgomery , Great Winchester-street , City , merchant . Kobkrt Mason , Brian—street , Caledonian-road , wholesale stationer . John IIatfikxd , Albemarle-stroet , Piccadilly , lodginghouse keeper . John Davjks , Tachbrooke-streot , builder .

      Wim < iam ANaisw . Day , Now Bridge-street , City , money scrivener . Francis Sharon , Acre-lane , Brixton , nurseryman . Joaici-H Hart , Water-lano , Blackfrinrn , liconsotl victualler . WiiwMAM Smith , Runhnm , Norfolk , fltm merchant . Edwaii p Sharp , Pinchbeck , Lincolnshire , niillor . John Thompson , Urough , Westmoreland , licensed victualler . , Jamkh Hyhmwp , Wellington , Somersetshire , draper . Wiixiam Bakur , OhcapHldis cattle-food muniiiiiotnrar .

      Western Bank Oit Scotland.—Tha Liquidato...

      Western Bank oit Scotland . —Tha liquidators have IsHuea a notification th « t after the 28 th JMiomber thny will pay off In full all Uioho depositors whoso claims have been admitted , nntl who liuvo not trniifurroil them to other banks . Those who doalro Lhejr money to

      remain with the Western will be allowed interest « mT rate of 2 * per cent ., being J per cent , above the ?< £ ** rate . Alter these paymeiita have been made thl ?* remaining creditors of the Western will be til . 1 Scottish banks . By the last official report of the l 1 n ?? tors , the sum at the credit of private depositors vSt now to be paid amounted . to 928 , 000 / . s Credit Mubilikr . —The Council of the Credit Tvr bilier Society of Paris have announced the naymenTf 2 ofr . per share , being 5 per cent , interest , as usual att ! , ; period of the year . "mils-Port of London . —In the general business durinnthe past weok there has been diminished activity Th number of ships reported inward was 180 , those cleared outward amounting to 108 , including 14 in ballast Of those now ion the berth loading outward -15 are for the Australian colonies , 2 for Vancouver ' s Island 3 for S Francisco , and 7 for China . '

      New Foreign Loans . —There seems to 1 « little doubt that the introduction of a Russian loan on the London Stock-Exchange is contemplated in the course of the coming year . The impression is that it will b » for a considerable amount—probably 8 , 000 , 000 / . The period at which it may be looked for , however , is uncertain . The new stock will probably be apportioned amongst the great markets of London , Amsterdam Berlin , Frankfort , and Paris , especially the four formerand in the event of liberal terms being conceded , the credit of the Government is sufficiently good to ensure the success of the operation . The expectation of an Austrian loan also gains strength , and in that case , too , the total is likely to be lirge . Possibly there mav be some rivalry- between Austria and Russia to see which

      can obtain the first hold upon the market . Advices from St . Domingo state that the party headed by Santana have sent an ag ? nt to Europe to endeavour to negotiate a loan . St . Domingo is at war with Hayti , a truce effected seme time back , being about to expire , and the republic is said to be in no position to resist permanently the resources of the Emperor . Faustin . It is torn , moreover , with civil war , and is without funds or resources . Its paper money has become valueless , and specie has altogether left the country . North Sea Tkueguapii . —The new submarine cable

      laid-down in the North Sea , between the island of Norderney and some point on the coast of Kent , has been completed as far as Hanover . Twenty minutes only arc required for sending a despatch and receiving an answer between the latter place and London . The line will be open for the use of the public within a few days . General . Post-office . —Notice has been issued that on Cliris . tmas-day there will be no delivery of letters , & c , within the limits of the London district post after twelve at noon . The collection of letters and newspapers from the branch oBicca and receiving-houses will take place in the evening , for despatch by the foreign mails and general post , as also the collection at ten o'clock at night , to be forwarded by the morning mails ; but no business whatever will be transacted in tbe monev-order department of the Post-office .

      Life-Boat for Calais . —The English Government have presented , through the French Minister , to the town of Calais , a life-boat on the plan of those adopted by the Royal National Life-boat Institution , in acknowledgment of the valuable services rendered by some sailors of that place to the crew of an English vessel wrecked off that town last winter . She is said to be a beautiful boat , thirty feet long , and is rowed with six oars single-banked . She will row fast in a W » -way , right herself readily if upset ( which it is roost difficult for her to be ) , and clear herself instantly of any water she may ship . On either aide of the bow is a large silver plate in English and French , commemora no of OUVV 1 UIUIV Jill a . * um * iu » ••¦¦*• « - » i- , . q . Cal f

      the cause of her presentation to the town ° f ™ . JS « is on the design of Mr . James Pcako , omw ^ 'Jf"JS . hipwright In her Majesty's >><»^ yan ! , Woohnoh , and wai built by the builders to the Royal Nat lonaUj fc boat Institution , Messrs . Fprrest , of Limehouse , Unaon . Nkvt An « U ) 1 frKncii Scii « Mic . -The conipnny fw the irrigation , by the waters of the Rhone , of thei a « tracts of ground from the Ardecho U » Niamca dA ^ ! Morten , in ou the point of being formed . JJ U enter prise is admitted to bo one of K ^^ TtKland utility . These districts , with a naturally fertlIc . winnu n magnificent climate , aro turned into a JgJJ . £ drought for a great P » rt of tho ywr . MwahoUmiJ and agricultural labour is atoppe . l , «' 1 Nl ' f ' ° " rcnt the principal silk-producing countries , loao , i fiI natural ndvnntnges for want of water . I « w » , is to bo ndontcd by a chartered company , witna w /

      English nobleman , Lord W onl , « chairmaB , Ferdinand Barrot , senator , for vioe-i . ro « i ( lont . Prussian IIohsim . —The attention of Count « the Minister of Agriculture in 1 * ' ' Untbreed of directed to the deterioration of the I' ^ jVorn e by hoi In that country , u committee »"'« ^ Jo O yll . him to inquire into the boat means to rem jV »• , flft Goneml de WLllfgon , the grmd gquorry , na n oi' the Government breeillng » tud » « ro to taw p tho conforoncoH of the coinmittoe . . , 0 toou Hohoay on Mon « av .-TI « o Oommlt co or ; o p , Exohango have ruaolv « 4 to * M ™* 1 *' JenoraUy kept oIobo holiday . The dny will » so bo rcry g « ner « j as a holiday throwghowt the Oity .

  • Citation
    • Leader (1850-1860), Dec. 24, 1858, page 28, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/cld_24121858/page/28/