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Leader (1850-1860), 26th February 1859, Edition 2 of 2, Page 26, Cotton Supit.y.—The Daily N<sws informs,...

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      282 The L Eadib. [No. 466, February 26, ...

      282 THE L EADiB . [ No . 466 , February 26 , 1-8 ^ 9 , ¦'

      Moneit Masmn! And Stock Ilxeh^Nge.

      MONEIT MASMn ! AND STOCK IlXeH ^ NGE .

      ¦ • • ¦ ¦ • ' . ¦¦ ¦ - : ¦ Friday Evenin...

      ¦ • ¦ ¦ ' . ¦¦ ¦ - : ¦ Friday Evening . We have again a week of uneasiness and general depression . Yesterday—for the first time for several days— -the funds showed a tendency upwards , on account of-Xorc Cowley ' s mission to Vienna , which ft was supposed would not have been undertaken without a prospect , of reconciling the conflicting powers . The rise of 12 percent , whs barely supported to the close of the market , and the funds closed heavily . To-day they were firm at the opening , and continued firm with very little business throne-h the early part of the day . Furthers rumours , however , of the great probability of war , and a fell in the French funds of $ operated unfavourably , and Consols closed at 05 £ , or & worse than they opened . Other securities are generally without change . *'

      . _; .,. The Austrian loan continues at a discount 01 I 5 to 1 $ . Turkish stocks , too , are not in favour , and though the new Turkish bank is said to be quite prepared to start , the state of the Turkish finances begins to excite some fiTfH * ifTl * ¦ * ¦ ' ' ' ' " Money continues to be abundant , though the terms are not altered . Dealers of all kinds operate as if they were providing for a storm . Every man seeks to . keep himself suppl i ed , and seeks to keep his engagements as low as possible . ¦ . ¦ ¦ . ¦'¦¦ '¦ . .. On the Continent Lord Cowley ' s mission seems to have produced a favourable effect , and there was m the correspondence from abroad a more hopeful feeling expressed than is eiifertoincd here . „ , , „ , Not much benefit is anticipated from Lord Palmerembroil

      ston ' s motion to-night , if it may not the more the fray . So little cause can any person see for all the apprehensions of war which are felt , that they do not hesitate to say that any English minister who should now suffer his country to be involved in war , would deserve to be impeached . At the same time , apprehensions Of war impede all kinds of business , and it is . not customary for Englishmen in such emergencies to rely exclusively on any administration . On all former occasions when war was threatened , or when peace was disturbed , the City of London had a voice which made itself heard . If the question , it is remarked , concerned a class of Bible-readers , in Hindostan , or a carpo of negroes exported from Africa , meetings would be held all . over the country ; and one cannot but feel surprised that the mercantile classes do not display as much zeal interests

      for the protection of their . own mighty , and exert themselves for their protection , hs some enthusiasts feel for the interests of the most distant people . - . A meeting of the Chartered Bank of India , Australia and China was held to-day , when a report of the proceedings of the bank , which was very favourable , was adopted by acclamation , All the preliminary expenses have been paid , and a dividend of 5 per cent , was declared . The agencies of-. . Bank at Calcutta , Bombay , and Shanghai are already in full operation , and one is about to-be established at Singapore . The Bank has been only a short period in existence , and adds one more to the number of successful joint-stock and chartered banks . . _ The public are generally awaTe that the Cape of Good Hope is extremely favourable for ( grapes . Nowhere do they grow more magnificently . We have drank wine , too , mad © at the Cape , as fine ; as ever was made on the ¦ Rhine ; but for manV years , O'vying to negligence in makr ing it , the general character of Cape wines was extremely bad . Lately it seems to have improved , and though the importation in 1858 was less than in 1867 by 133 , 635 gallons , the consumption increased from 456 , 214 gallons hi 1857 to 726 , 914 gallons in 1858 . We hope that this increase is justified by- an improvement in the make . If this be so , we may expect that the quantity made and imported will be gradually and cdntinually augmented .

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

      BANK OF ENGLAND . An Account , pursuant to tho Act 7 th and 8 th Victoria , cap . S ' Z , for the weojc ending on Wednesday , tj » o ii ' -id . dixy of February , 1859 : — ISSUE DEPARTMENT . Notes issued £ 33 , 000 , 316 Government Debt £ 11 , 015 , 100 Other Securities .. 8 , 4 ft ( M > Q 0 Qold Coin AUullton 10 , 000 , 315 Silver Bullion .... ——isa . fioniju je 33 , fior » , 3 ir > HAN KIN a DJ 5 PATITMT 5 NT . Proprietors' Capl- Government Soontnl .. . / ,.. jei 4 , firi . VXK rltloH ( lnoludUig Kest 3 , lKtt , S ! H Dead Weiglit Public Uepoaits ( Jn Annujty ) filO , QiHU 47 oludlno' JSxoho- Othor aoourltios .. 10 , an « , 7 r » 8 quer , Bnv ' ltiffB' Notes ............ l 5 , 2 ! JQ , 8 : } 0 BnnkR , Comnita- Gold n 4 id ( Silver slonorA of Nil- Coin 802 , 833 tlonul Debt , an <\ JDividond Ac- „„ . - counts ) 7 , 810 , 781 Other Deposits .... 14 , 017 , 172 Seven Uiiy and othor Hills 710 , 78 H rfj-ll , 041 , 008 £ 4 l , OH , 008 Tst MARSHALL , Chief Qftahlur . Dfttod Fob . 81 , 1 ( H (> .

      Cotton Supit.Y.—The Daily N<Sws Informs,...

      Cotton Supit . y . —The Daily N < sws informs , us that certain chambers of commerce have resolved uppn sending competent agents to India , to examine and report upon various matters relative to tho growth of cotton . They avo to ascertain what commercial difficulties havo to bo removed , or facilities to bo discovered j an < l to act for their principals us drcumstancos may require .

      Rliiiway Intelligenc3i3.

      RlIIiWAY INTELLIGENC 3 I 3 .

      Tirig Direetors.Of . 'The ;Iianc.Sster A...

      TiriG direetors . of . ' ; Iianc . sster and Carl isle Railway Company propose the ' payment of a dividend at the rate Of 9 per cent , per annum for the past half-year , against the same rate for the corresponding period The " half-yearly meeting of the South Wales Railway Company was held on Friday , the 18 th . The report was adopted , and the dividend declared at the i-ate of 2 / . 10 s / per cent , per annuin for the half-year . A resolution was passed authorising the directors to raise 379 , 980 / . on shares to be guaranteed a dividend not exceeding 4 / . 10 s . per cent , per annum . The meeting of the Ambergate , Nottingham , and Boston was held on Monday . The chairman said that the Great Northern Company had declined to take the undertaking ; at a guaranteed rental of 4 per cent ., but their property was not of less value on that account . He had no doubt that in two years the dividend would he 4 per cent . The report was adopted . At the half-yearly meeting of the Shrewsbury and Hereford line , the directors' report was unanimously adopted . It was stated at the meeting of the Mid-Sussex Company that the works were proceeding favourably , and that the line is to be ope ned for traffic in May next . : A dividend of 7 s . 3 d . per 257 . share was declared at the meeting of .-the East Grinstead Company . At the half-yearly meeting of the Blythe and Tyne Company ^ a discussion arose as to the amount of dividend to be declared ;¦; some contending that the prosperous state of the affairs warranted 1 O per cent . Eventually the directors' proposition of 8 £ was carried . The Taff Vale Company , at their meeting , adopted a resolution declaring a- dividend at the rate of 7 £ per cent , per annum . The meeting was then made special , when a resolution-was passed for converting the 10 / . shares of . ' company into consolidated stock .

      Corriespondekce In" Raii/Way Traveij-Ing...

      CORRiESPONDEKCE IN" RAII / WAY TrAVEIJ-ING , ^ A suggestion lias been made to the directors of the various French railway companies to establish a correspondence between them similar to that which exists among the various omnibuses in Paris . M . Piat calculates that if such a plan were adopted the railway companies would find 500 , 000 yearly subscribers at 500 f ., 1 , 000 , 000 subscribers for six months at 300 f ., 2 , 000 , 000 subscribers for three months at 20 Of ., 2 , 00 O ; 000 subscribers for one month at l ' OOf ., producing altogether a suni of l , 150 , 000 , O 00 f . annually , whereas the receipts of all the French railway companies do not amount at present to more than 3-20 , OpO , OOOf . ' Ceylon . —" We regret to notice the . first railway accident in Ceylon , thirty-seven lives having been lost in a land slip at ltoygaum , a place about nine miles on the Uegombo road .-r-2 ? o »*&« w Times .

      The half-yearly meeting of the Eastern Counties Railway Company took place , on Thursday , when the report of the Directors was carried . The agreement with the East Suffolk line , after some discussion , was adopted . At the meeting of the South Eastern Company , on Thursday , after the adoption of the report , resolutions were put and carried authorising the directors to subscribe £ 300 , 000 towards the construction of a railway from London-bridge to Ollarjng-cross , as proposed by a hill now pending before Parliament , and . sanctioning the agreement entered into for the purchase of the Catcrham Railway , for the sum of £ 14 , 000 , and a further sum of 4512 , 000 to Mr . G . H . Drew .

      100,000?. To 50,000/., And The Amount Of...

      100 , 000 ? . to 50 , 000 / ., and the amount of the shares from 20 /; to 10 / . ; The half-yearly meeting of the Submarine Telegraph Company is called for the 2 nd March . The-. ¦ quarterly dividend of 4 per cent , on the shares ' ' of the Copiapo Railway Company , declared at Copiapo on the and October , is advertised for payment . It is also announced that afc a meeting of shareholders , held at Copiapo on the 1 st ultimo ; a quarterly dividend of 4 per cent , was declared , together with a bonus of 10 per cent , on the capital ! The dividend declaz-ed at the meeting' of the General Steam Navigation Company , was at the usual rate of 10 per cent , per annum , with a bonus of 2 s . 6 d . per share .

      At the half-yearly meeting of the Southampton Dock Company a dividend was declared at the rate of 3 f per cent , per annum out of profits for the halfyear amounting . to 7 , 041 / ., leaving 285 / . to be curried to the next account . The directors' report was adopted . . The directors of the Ottoman Bank will propose , at the approaching meeting , a dividend of 4 per cent , for the half year , together with a bonus of 12 s . per share ( being , together , at the rate of 11 per cent , per annum ) . They will , in addition , write off the balance of preliminary expenses—5 , 000 / . —and carry 15 , 000 / . to the reserve fundy which will tiius be raised to 35 , 000 / . .

      The important announcement was made at the meeting of the Atlantic - Telegraph Company , held on Wednesday afternoon , that the 'Government have-. allowed . ' a guarantee of . 8 per cent . on GOO , 00 Of . for t werity-n ve . years , but not uncondi tion . al ; and the company will have , so it is undergo oO , to carry oiit all the repairs of the cable . At present ' the operations of the undertaking are at a stand , the capital having been exhausted ; and , in the course of the discussion , the propriety of reducing and subdividing the nominal amount of the shares was strongly advocated . Thp quotation for tho 1 , 000 / . shares remains 215 to 225 . ' A meeting of the Victoria Dock Company took place on Thursday , Mr . C . Morrison in the chair , when the report was adopted unanimously , and a dividend declared for the past half j'car at the increased rate of 5 } per cent , per annum .

      JOINT-STOCK COMPANIES . Tire mooting of the English and Australian Copper Company took place on Monday , when the report waa adopted , it was also eventually arranged that a distribution at the rate of 2 s . Gd , per share should be made * nnd a majority carried the recommendation , although previously to such a resolution being come to a protracted discussion ensued in connection with the general affairs of the under- * taking . An abstract of the directors ' statement has already beqn published , showing that the depreciation in the value of copper has essentially reduced the profits of the year . The exorcise « f sound economy is advocated to bring ^ ho qoncorn into a satisfactory condition ..

      A general meeting of subscribers to tho North American Colonial Association ia galled for theSltli instant , " to consider proposals for the dissolution of the Association , and for tho disposal of tho balm ca of funds remaining on hand . " The half-yuarly mooting of thp General Iron Screw Coll lor Company is called for thy SGth inst ,, uul will bo niiuic special , to reduco the capital from

      The Venezuelan Bondholdells. The Proceed...

      THE VENEZUELAN BONDHOLDEllS . The proceedings at the meeting of yene / . uel ; in bondholders , held on WedrfS'ilay , resulted in the aaoption of the amended terms ' obtained from the Venezuelan Minister through the initiative assumed , independently of the committee , by a number ol bondholders . According to these terms , the offer of 500 , 000 dols . on the part of the Venezuelan Government is accepted by the creditors for t ! io present year . Dating from next year the interest on the Active Debt" will be 3 per cent , per annum , and on

      the Deferred 1 J per cent , per annum , m jierpctiuty . The arrears , up to the 31 st of Dec . lust , will , of course , be capitalised . The first dividend of l \ per cent , will be paid on the 1 st July next , and wi 1 amount , in fact , to about 21 . on each Active 100 / . Bond , taking into account the arrears to bo capitalised . On the 1 st January another payment , of , sny , 2 per cent , will be due ; and from that dat . e tho new ' terms of 3 per cent , per anmnn on the Active , and 1 £ percent , on the Deferred , willooive'in torn-. Hie sinking fund is fixed , for the present , at 1 per cent . ' per annum . These terms , however , were only agreed to subject to a special stipulation on the part of the bondholders that they must not bo considered final , inasmuch » s the question of aivincreased sinuinsr fund is kent onen . It is expressly duterminou to

      that an increase In the sinking fund proportionate the future improvement in the finances , ol tho repuhli * shall bo hereafter settled between t . 10 committee and the Government . Should thu Government act up to the spirit of this stipulation , we market value of the bonds may hereafter hu materially enhanced , thusforming aparthil sjl <> 1 i » Py » sC tho sacrifices so long patiently ( submitted to . lht'so terms , considered ) as a whole , are generally rcrunleu with satisfaction . Thoro is every disposition 10 believo in the sincerity and honesty of the presonu Government , who have only to persevere m ft straightforward course to give a vast stimulus i <> commerce and to the influx of foreign capital . >> e must not omit to record tho expression or niaimw dissatisfaction , on the part of the bondholders i » oaent , with tho tardy manner In wliltsh Importune onmmuninntinna have obtained publicity tliroiifc . i » iu

      the medium of tho cemmittoo . Mr . boymuur - ferred to instances wherein information nonio affecting tho interests of tho bondholder * waaciinojib two or throo weeks prior to its publication by » o committee . Mr , Ifiwld , the chairman ot that bociy , admitted that , in one of the instances roforixui , ho was himself in possession of tho nuwH , w 1 u ' however , he declared he l >» d not . rueoivcl u ' ially . "

  • Citation
    • Leader (1850-1860), Feb. 26, 1859, page 26, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/cld_26021859/page/26/