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Leader (1850-1860), 31st July 1858, Edition 2 of 2, Page 28

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      Colonial And Foreign Produce. Maekets. R...

      5 s . 8 d- to 6 a . 6 d . ; Cortes 2 b . to 5 s . 6 cL : The Caraccaa met do demand and were withdrawn at 3 s . to 5 s . 6 d . East India is firm , at the public sale ' s prices . The crop accounts are somewhat conflicting , but on the whole unfavourable . Safjxower is more saleable at late rates . Gambler bas realised 14 s . 9 d . per cwt ., and cutch 33 s . 6 d . per cwt . Camp-sob is lower . 100 cases sold in auction at 62 s . 6 d . to 63 s . per cwt . Hemp . —Russian steady in price , but inactive . St . Petersburg clean , 281 15 s . in . quantity , and 29 J . for small lots . East India dull , common to good roping Manilla sold at 2 il . to 29 L Jute active , 2500 barrels sold at 16 L to 19 L

      Cotton is firmly held , and rather stiffer prices have been paid . The sales are 2100 bales ; Surat . 5 d . to 5 id . for very middlingto fully fair ; Madras , 5 id . to 5 id . f pr Western and Northern , and 5 { d . for good fair Tinnevelly . The sales at Liverpool 38 , 000 bales ; fair Upland and Mobile , l-16 th lower . Import , 26 , 000 bales . Wool . —The colonial sales progress with spirit . Good qualities bring quite late rates , but inferior are barelysupported . The general advance , is now about Id . per lh . Metals . — -Manufactured iron has been more saleable at former prices . Scotch pig iron advanced to 53 s . 6 d . to 54 s . per ton . Spelter has sold at 23 / . 17 s . 6 J ., -which islow . er . Copper and lead are more inquired after , but inactive ; Tin dull of sale ; Sanca offered at 117 s . per cwt . ; Tin plates firm .

      Oils . —Fish oils are purchasable only at full prices . Sperm , 861 to 861 15 s . ; Pale Seal , 39 J . Seed oil sells slowly : Linseed at 34 s . 6 d . ; Rape at 49 s . to 49 s . 6 d . for refined , and 44 s . to 44 s . 6 d . for inferior brown ; Palm dull at 38 s , for fine ; Cocoa-nut steady , Geylon , 36 s . to 36 s . 6 d . ; Cochin , 38 s . to 39 s . ; Taixow . —The market has been steady , with a fair demand for consumption and export . The present price in St . Petersburg is at least Is . 6 d . per cwt . above current rates here , and importers are , therefore , not disposed to sell for forward delivery . To-day the market closed firm , at 48 s . 3 d . oh the spot ; 48 s . 9 d . last three months . A telegram from . St . Petersburg gives the quotation 158 } ro . ; market frmef .

      M ^ bkett IiB ? rrER . —Town tallow , 50 s . ; fat by ditto , 2 s . 7 d . ; melted stuff , 34 s . 6 d . ; rough ditto , 20 s . ; greaves ditto , 17 s . ; good dregs ditto , 7 s .

      766 The Lea Deb. [No. 436, Jxji* 31 185r

      766 THE LEA DEB . [ No . 436 , Jxji * 31 185 R

      Joseph Travers And Sons' Circular. 19, S...

      JOSEPH TRAVERS AND SONS' CIRCULAR . 19 , St , Swithin ' s-lahe . Tea . —Since the delivery of the China mail this market has acquired greater solidity , and though-we cannot note any change in value , the retrograde action is arrested , and a more confident feeling prevails . Common Congou steady at 9 fd ., usual terms . . Copfke . — -Plantation Ceylon remains steady at our last quotation , with a fair amount of business doing ; Native Ceylon is in good request for export , and worth notice . The sale of the first cargo of Costa Rica went off briskly at good prices ; the quantity coming of this description is much below the average . Other sorts are without change . .

      Suoak . —Raw . —A very large business lias been done this -week both by the trade . and refiners , and though considerable quantities have been brought forward at private and public sale , the major portion has found ready buyers at an advance of 6 d . to Is . on last week ' s quotations . West India of the finest class is still difficult to obtain , and realises relatively extreme rates . Refined market opened at the beginning of the week with a very brisk demand , and prices advanced about Is . per cwt . ; yesterday , however , a quieter tone prevailed , and former puces were barely sustained . Pieces continue to be very scarce , and are dear in proportion to other descriptions of sugar . Bastards are in greater request , and at better prices . Molasses , no change .

      Fruit . — "We have no alteration to report in this market ; accounts from abroad continue of a very favourable nature . There is no doubt that the season is a very forward one as rega-rds the Valencia and Malaga crops . Currants trill , we think , lie a few days earlier than usual . Spices . —The improved demand noticed in our last still continues , and sales are readily effected at full rates . The low price of pimento has attracted attention—exporters now buying freely at a slight advance . Jamaica and Cochin gingers have realised , very full prices . Arrowroot ia extremely firm—the lower qualities are rather dearer , there being a good demand for export as well as for home consumption .

      Rice . —A steady trade doing at last week ' s prices . Next -week we shall give prices of produce corrected l > y Messrs . TravorB' Weekly Circular .

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

      MONEY MARKET AND STOCK EXCHANGE . City , Friday Evening . The firmness of the Bank Directors in refusing to reduce the rate of discount , and thus to smooth the way foi tlie demon of speculation , to rage again throughout the commercial world , cannot be too highly applauded . The commerce of the country , although still suffering from the late collapse of insolvent and speculative firms , is gradually resuming healthy activity . The business that is doing , though the profit maybe small , is perfectly sound , and we may , without apprehension , look forward

      to the future . Our advices from the various centres of the staple manufactures speak hopefully , but all repeat the same story , that no very important increase in business , in the shape of orders at home or from abroad has occurred , or is expected for sometime to come . The foresight of tlie Bank Directors , in the existing emergency , is beyond praise , and their firmness in resisting the many inducements to make use of its large resources , and maintaining the rate for so long a period comparatively speaking at its present figure , is equally laudable . The Lombard-street discount houses and the Joint-Stock Banks have also shown proper discretion in granting commercial facilities , and altogether it may be asserted that a return to a more prosperous state of things is unmistakably perceptible .

      The public have been making investments cautiously . Guaranteed and preference stocks and shares have been selected , and the result is that the dealers on the Stock Exchange axe not overburdened with marketable securities , nor is there any immediate fear that the market price for any particular stock or share is likely to be beaten down by unsuccessful speculative operations of any magnitude . "We may here notice a circumstance wliich transpired on the Stock Exchange last week which , we think , throws some light on the loose system of business which , if not openly tolerated , was at least winked at by the Committee of the Stock Exchange . We refer to the notice issued by the Stock Exchange Committee that

      jobbers shall disclose the names of the stecks and shares in which they are concerned . Tlie object of this is to put some kind of check on that combination among jol ) bfirs by which the investing public are considerable sufferers , and the speculative public exposed to certain loss . It is very easy for two or three or half a dozen of jobbers , who constitute what is called the market for any particular kind of stocks or shares , so to .. " arrange " the market among themselves as to levy black mail on the public for their own profit . The committee have made a slight attempt to check this irregular but established practice ; and their notice , although we do not see how it will protect the public , will no doubt afford additional security to brokers . But the whole system of business of the Stock Exchange requires revision .

      The plethora of money still continues ; the rate of discount is , however , rising . First-class bills are done at 24 to 2 | , but higher ra , tes are asked for inferior paper . The fortnightly settlement went off very well , and tlus , of course , gave a slight additional firmness to the markets . There is , however , an uneasy feeling with respect to foreign markets , and especially the French Bourse . The vast speculations and liabilities which have been assumed by foreign companies , in imitation of the English speculative mania , but without English experience in resources , ore making themselves inconveniently felt , and it would

      excite no wonder were some of these gigantic operations to fall through . For instance , the Credit Mobilier , set on foot to assist and foster speculative enterprise , is reported to be in serious difficulties . Indeed , the circumstance of the Bank of France being entrusted with the recent placing of railway securities without any resort ¦ to Credit Mobilier is regarded as symptomatic of something disastrously wrong — an opinion very much strengthened by the constant drooping of the price of its shares . Should a crisis occur in that direction , the effects will bo very lamentable , not only on French securities , but on the securities of other countries which have followed in the speculation wake of tlie Credit Mobiltor .

      The exchanges generally appear to bo turning in favour of this country . The lest advices from India state that the exehange at Bombay on London has experienced a further important movement in favour of this country , and is now touching a point at which specie remittances from this side will be almost altogether precluded . ^ Letters from Paris mention that the stock of bullion in the Bank of France , which was Btated in tlie last to turn at 21 , 118 , 000 ? . has increased to about 21 , 000 , 000 * Only a few thousand pounds of the Now Zeivlond loan nave been taken . Tha new Brazilian loan is quoted at a small premium .

      The foreign share market haa been very buoyant . The latest quotation for consols i » 05 i , 90 both for money and account .

      " Gazette " Announcements. — Tuesday Nig...

      " Gazette " Announcements . — Tuesday night ' s Gazette announces the elevation of General Franks and Colonel Robert Napier to the dignity of K . C . B ., and prints tlie names of other Indian officers who are made C . B . ' e . Tho elevation to a peerage of Sir John Yarde Duller is also announced . His title will be Lord Churato n of Chnraton Ferrars .

      Joint-Stock Companies. Thb City Bank.--0...

      JOINT-STOCK COMPANIES . Thb City Bank .--0 uc notice last week of the half yearly proceedings at the meeting of the City Bank proprietors was necessarily brief , but the report of the condition of the bank and the extent of business don during the last six months ( see our advertising columjj is worth an attentive perusal , and requires from ns i few remarks in order to place in their proper light a few of the points most worthy of notice . It will be seen that this bank , although only in the third year of its existence , is enabled to declare a dividend at the rate of

      six and a half percent . This , too , it must be remembered during the most trying period that a commercial undertaking like a joint-stock bank has ever had to pass through . The profits of the bank have also enabled the directors to add to the reserve fund , which now amounts to the respectable sum of 30 , 000 * . But there is another feature worthy of remark . Joint-stock banks in general have usually spread the heavy preliminary expenses over a long period , taking portions of the aggregate sum periodically from the profits ; but the City Bank has ¦ wi ped off this tax » on the profits at once . It stands without encumbrance , except the expenses of the

      building fund , which is provided for in the usual way . Altogether , the progressive and sound condition of thii bank is highly creditable to tlie management . The directors of the London Discount Company will Tecommend a dividend at the rate , of five percent , per annum . A sum of upwards of 30 OOJ . will be carried forward or added to the reserve fund ; and the whole of the preliminary expenses—amounting to something like three thousand pounds- —will be liquidated . .

      1 he half-yearly meeting of the Scottish Australian Investment Company was h « ld yesterday . The report state ! that tlie gross profits for the half-year were 96117 . 13 s . lOd . It was proposed to pay a dividend at the rate of 10 per cent , per annum , and take the remainder to the reserve fund . The directors were in negotiation for the sale of the other mines of the companv ,. when , the shareholders of this would have the preference in the allotment of shares .

      At the Meeting of the Netherlands Land Enclosure Company yesterday , it was stated that an application had been made to the Dutch Government for assistance to enable the company to resume operations in consequence of the destruction of their crops , and the second polden of 1760 acres of land , by the storms in February last , which it was hoped would be successful , when a meeting of shareholders would be called . At the annual general meeting of proprietors of the Western Bank of London , held on Thursday , the disposable balance was stated at 5502 / . After making provision to the extent of 1192 ? . for rebate on bills not

      yet due , a sum of 10 O 0 J . is left for the reduction of the preliminary expenses ; 3010 ? . is to be carried to a new profit and loss account ; and 300 / . is set apart on account of depreciation of bank premises and furniture .

      Bank Of England. Issue Dei>A.Utment. £ £...

      BANK OF ENGLAND . ISSUE DEI > A . UTMENT . £ £ Notes issued 31 , 021 , 550 Government debt .. ll , 0 ] r > , lO 0 Other securities ... 3 , < t 55 > , 90 » Gold coin and bullion 10 , 5 « J , 550 Silver bullion £ 31 , 021 , 550 £ 31 , 021 , 550 M . ' HARSHALL , Chief Cashiur . Dated the 29 th day of July , 1858 . BANKING DEPAUTMBNT . £ £ Proprietors * capital l * , 553 , 0 OO Government sficu-Rest 3 , 304 , 331 rities ( including Public deposits ( in- Dead Weight Ancluding Exche- nuity ) 10 , 5 S 7 , 47 i > quer . Commis . sion- Other Securities . 15 , 440 , 032 crs of National Notes 10 , « l-2 , 21 ) 5 D > obt , Savings * Gold and Silver Banks , ana Divi- Coin 716 , 258 dend Accounts ) .. 3 , 040 , < iM Other deposits .... 15 , 053 , 4161 Seven Day & other Bills ........ 804 , 874 . ^ 37 , 360 , 100 £ 37 , 350 , 109 M . MARSHALL , Ohlof Cashior . Dntod the 20 th day of Julj , 1858 .

      Jkwisii Emancipation.—A Meeting Of Influ...

      Jkwisii Emancipation . —A meeting of influential members of the Jewish persuasion wns held at tlio London Tavern on Monday to adopt measures to commemorate tho triumph « f Jewish emancipation . A resolution was passed , thanking the friends of civil and religious liberty for the efforts which they had so long put fovrti to liberate their Jewish fellow-countrymen . Anotlien resolution , which was moved by Mr . Alderman Salomons , and carried unanimously , declared that it was desirable the Jewish community * Bhouid adopt somq means of permanently commemorating the event ; while tho laat resolution appointed a committee for that purpose . —Jfortiintf Star . Tiik "WiiSTMiNSTKn Audky Sehvxck . s . —Tlio Special Services oh Sunday evenings at Westminster Abbey l > avo bteo . discontinued until further notice .

  • Citation
    • Leader (1850-1860), July 31, 1858, page 28, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/cld_31071858/page/28/