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Leader (1850-1860), 28th August 1858, Edition 1 of 2, Page 883, REVIEW OP THE WEEK. Mincing Lane, Friday...

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      No. 440, August 28,1858. J The Leader. 8...

      No . 440 , August 28 , 1858 . J THE LEADER . 883

      Railway Intelligence.

      RAILWAY INTELLIGENCE .

      The Week Has "Been Distinguished By Meet...

      THE week has "been distinguished by meetings of many of the minor railway companies , but no particular circumstance has been developed calling for special remark . We trust , as soon as the bustle incidental to these semi-annual gatherings , and the payment of dividends flail have subsided , that directors will set to work earnestly , and in good faith , to draw up such a scheme of railway policy as will be calculated to attain the desirable end of terminating contests and developing traffic .

      It is quite clear that a disposition to meet each other ( if we except the Great-Northern ) and arrange differences , exists on the part of the leading railway companies . " We shall not stop to inquire whether this unwonted harmony of feeling is due to awakened good sense or to pressure arising from Tanishing dividends and discontented shareholders . That it does exist , is proved hy the open speaking and admission of several railway chairmen , and it therefore remains for the shareholders to take care that this good disposition is not suffered to « ool , but i 3 made to bear legitimate fruits in a new policy , and in a permanent cessation of ruinous competition .

      Russian Railways . —The report presented at the general meeting of shareholders in the Grand Russian Sail way Company , held at St . Petersburg o > a the 26 th of June , states with reference to the five great railway sections , comprising in all 2585 miles , the company propose to concentrate their energies as follows , viz .: —1 . To connect as soon as possible St . Petersburg -with KSnigsberg , and with the Prussian system . 2 . To push forward actively and open in the shortest time the line from Moscow to Nijni-Novgorod . 3 . To commence during this year the works on . the southern line , between the Samara and Theodosia , in order to effect the junction of the Dnieper above the cataracts opposite

      Ekaterinoslav with the Black Sea . It is- anticipated that the communication with Prussia , without break of line , may take place at the beginning of the year 1861 ; and that the remainder of the line to Warsaw may be opened , for traffic in 1862 . As regards the Southern line , and more especially the section from the Samara to Theodosia , the directors announce that they will shortly be in a position to make the contracts for the immediate execution of the works across , the Crimea . The result of the working from May until December of the only portion of the lines opened for traffic , viz . that between St . Petersburg , Gatchina , and Louga ( making a total distance of about 57 miles ) was a surplus of only about 212 / . 10 s . over the working expenses .

      The report remarks that this is " result which might hare been expected , the traffic carried on by us in 1857 having been merely experimental . " The financial statement shows that the sum at the disposal of the company on the 31 st May last was 3 , 389 , 292 / . It is pointed out that the twelve millions sterling , secured to the company by the first payment on the shares issued , will not suffice to carry out the estimates submitted in the report . An issue of debentures has been accordingly resorted to . Of these the Government take a portion on account of the . Provincial Benevolent banks ; other public bodies have made similar proposals ; and a total of about 3 , 200 , 0002 . of the loan is thus provided for . The whole issue of debentures being 5 , 600 , 000 ? ., a sum of 2 , 400 , 000 / . has been assigned to the general public .

      Grand Tuunk of Canada . —The step lately adopted by the directors of the Grand Trunk Railway of Canada , with a view to induce the shareholders to raise the capital required for the completion of the undertaking , has been followed by an extraordinary fall in the price of the stock . The proposal put forwarded presses with peculiar severity upon the poorer class of stockholders , many of whom , being unable to increase their stake in the undertaking , will have the mortification of seeing the advantages derivable from the directors' plan monopolised by their moro wealthy fellow-partners . —lV / nes . ( We think it right to advise small capitalists to look well before they invest in this line . )

      Rairavay Accidents. The Report Of The Se...

      RAirAVAY ACCIDENTS . The Report of the Select Committee appointed to inquire into the Causes of Accidents on Hail ways , and into the possibility of removing any such causes byfurther legislation , has been published . The report states that the causes of accidents on railways may be classified under three heads : —Inattention of servants , defective materials , either in the works or rolling stock ; excessive speed . The opinion of the committee is , that the supervision necessary to check tho carelessness of men employed , and insufficiency of material , ia best given by the companies themselves ; but thattlio Board of Trade should bo invested with the fullest powers to investigate and report in cases of accidents or neglect of the companies .

      A rate of apced considerably in excess of what is safe a sometimes attained on many of the lines . Such excessive speed has arisen , not no much from the average speed required as from tho want of strict punctuality In the tlrn © of the departure and arrival of trains , which tads to increased epeod to make up for loat time .

      The committee does not recommend any direct legislative interference by the House upon the question of the extreme speed at which railway trains may be permitted to travel . But perfect regularity in the time of departure and arrival by the trains , a material element of safety in railway travelling , may be attained by enacting that —the public should have some means of obtaining prompt and cheap redress in the recovery of penalties in every case of want of punctuality . The necessity of communication between guard and engine-driver is insisted upon , and various suggestions are made with regard to telegraphic communication , the distance apart of telegraphic stations ; but the day and night signals , breaks , & c , are better left to the railway boards ' own management . In conclusion , it is the opinion of the committee that the Board of Trade must apply to Parliament for sufficient powers to carry out the above recommendations .

      Colonial And Foreign Produce Markets.

      COLONIAL AND FOREIGN PRODUCE MARKETS .

      Review Op The Week. Mincing Lane, Friday...

      REVIEW OP THE WEEK . Mincing Lane , Friday Evening . Business , although somewhat inactive , continues healthy . The easy condition of the money market facilitates the steady progression of honafide trade , but the magnitude of existing stocks , and the continuation of rather liberal arrivals , still keep speculation in check , and induce the legitimate trader to withhold purchases as soon as he finds them affecting prices to his disadvantage . Meanwhile the clearances from warehouses indicate a large and increasing consumption of most of the leading products , and as the condition of the working classes is necessarily improving by the extension of manufacturing operations , there is every prospect that this important feature will be permanently sustained .

      The Board of Trade Returns bear satisfactory evidence of an advancing trade in foreign and colonial merchandise throughout the country . The duty-paid entries of sugar continue greatly in excess of former years , as also do the exports of coffee . The home deliveries of tea show an increase of neariy 1 , 000 , 000 lbs . on the seven mouths . Of nearly all products the imports have been very large , and except in the article sugar , the extension of home -and export clearances lias not trenched materially upon the aggregate stock in the United Kingdom .

      Sugak . —The market continued inactive until yesterday , when the demand somewhat improved , and rather a large business was concluded in West India descriptions . Prices have undergone very little fluctuation . Good grocery qualities have made rather higher rates , and brown and inferior yellow have in all instances recovered the recent decline . The landing of 8800 tons has again increased the stock , but the deliveries , which for the week reach 4900 tons , are mucli in excess of last year ' s , so that the relative position of supplies in the two periods remains about the same as before . The Netherlands Trading Company have advertised 57 , 376 baskets Java sugar for sale at Rotterdam on the 1 st September against 22 , 132 baskets in September last year , and the valuations are said to be affixed at . 1 \ to 2 n . above the last public sales . On the Continent as -well as in the United States , the markets ara advised as active , with an upward tendency in prices .

      Molasses . —Small sales of Antigua made at 16 s . Gd ., which is the former value . Drysai . tkbies . —Cutch firm , and sales at 34 s . Gambier steady at 15 s . to 15 s . 6 d . West India .. —The week's transactions comprise 4037 hogsheads , including Barbadoes at 39 a . to 46 s . for low to good grocer } ' . Demerara , 44 a . to 48 s . ; Grenada , 38 s . to 43 s . Gd . Mauritius . —The public sales have offered only 1985 bags , a small portion salvage , sold at 34 s . to 35 s . for brown , low soft to fine , yellow , 383 . to 4 . 5 s ., grainy , 45 s . Gd . to 48 a . Bengal . —3983 bags realised 81 s . to 36 s . 6 d . for low brown date , 87 s . to 38 s . Gd . for low to middling yellow Dummn date .

      Madras . —6100 bags good grocery kinds met a good competition ) and realised full prices ; good and very superior growing yellow 46 s . Cd . to 48 s . 6 d . ; middling to good , small grain 48 s . Gd . to 45 s . Cd . ; syrups 41 s . to Us . 6 d . per civt . Penang . —The whole of 5 839 bags refining kinds was bought in rather abovo market dates , brown at 88 s . to 80 s ., and yellow ' 89 s . Gd . to 43 s . per cwt . Fokeign . —52 lids . St . Croix sold at 42 s . for brown and -Us . to 40 s . for low to fine grocery ; 200 hds ., 1 G trs . Cuba Muscovado , brown and yellow 38 s . to 44 s . < kl ., a portion salvage 35 s . to 39 s . ; 100 bxs . clayed , mid . to good yellow , 43 s . Gd . to 45 s 6 d . Floating enrgoes have been steadily held , but buyers have acted with reserve , and only one , consisting of 200 tons llio , is reported to have been sold , at 25 a . per civt . f . p . a . KufiNED . —Stovctl goods have mot a very limited demand , but prices arc steadily maintained ; Brown Lumps havo realised 53 s . per cwt . Unstovod goods continue in request , and Pieces have sold to a fair extent at 4 Ca . t > d . and 47 s . per cwt .

      Coffee . —Tie clearances have somewhat fallen off , especially those for export , but the demand is well su 3 tained , and the rather liberal supplies brought on offer have been readily disposed of at full prices . The sales comprise 780 casks , 850 barrels and bags Plantation Ceylon ; low mid to middling , 64 s . 6 d . to 67 s . ; middling to good middling bold colory , 68 s . 6 d . to 76 s and good bold blue , 79 s . to 81 s . ; 296 casks N ' eHgherr *' ' low mid to good mid colory , 65 s , 6 d . to 76 s . 6 d . ; yellow triafce and ordinary , 57 s . to 60 s . ; pea berry , 71 s . to 74 s . peiscwt ; 653 casks Tellicherry , middling to good middling palish , G 6 s . to 74 s . per cwt ; 150 bags Costa Rica , 5 Os . to 64 s . A floating cargo St . Domingo is reported sold , but the price has not been allowed to transpire .

      Cocoa—Small sales of middling red Grenada have been effected privately at 46 s . Gd . ; but 300 bags Trinidad in auction obtained scarcely any bid 3 and were all bought in at 56 s . to 70 s . for grey to fine red , except one lot good grey which sold at 52 s . 6 d . per cwt . Spirits . —The arrivals of rum have increased the stock to 28 , 355 pns . against 26 , 340 pna . at this time last year . The market is steady . Demerara sold at 2 s . 2 d ., proof ; Jamaica , 3 s . 9 d . ; Leeward Islands , Is . 8 d . to Is . Sd . per gallon proof . Sago . —A small sale of 150 cs . went steadily . Common large grain bringing 17 s ., and yellowish to line white medium 19 s . 6 d . to 22 s . per cwt .

      Saltpetre . —The delivery of 278 tons against a landing of only 45 tons , has further reduced the stock to 3580 tons against 4970 tons last year . There have been free buyers of both landed and floating parcels , but business has "been to some extent checked by the high prices required . On the spot the sale 3 are about 3000 bags Bengal , 11 per cent , at 41 s . ; and 8 £ to 6 per cent , at 42 s . 6 d . to 44 s . 6 d ., with small lots 3 £ per cent , at 47 a . per cwt . For arrival 300 tons have been sold at 41 s . 9 d . English refined has been advanced Is . per cwt ., and is now quoted 44 s . per cwt . iNDico . r ^ -East India descriptions are firmly held , and the demand has this week been again active . Public sales of 128 srns . Guatemala , of indifferent assortment , went unevenly at rather lower prices for all but the good qualities ; 3 s . 2 d . to 6 s . 4 d . was paid for low lean cortes to fine sobres .

      CocpiNEAX . —The sales have offered 310 bags , -which met only a moderate competition . Honduras grain sold in some cases rather cheaper . Other imports were chiefly bought in . Prices ranged as follows : —Honduras silvers , clean small to good bold , 3 s . 6 d . to 4 s . Id . ; pusty , 3 s . 3 d . ; blacks , 4 s . 3 d . to 5 s . ; Teneriffe silvers , 3 s . 7 d . to 3 s . lOd ., and blacks , 3 s . lid . to 43 . Id . per lb . Rubber . —Rather a large business has been concluded in good East India lump , at 7 £ d . cash . Para is firmly held , and line quoted at Is . 4 d . to Is . 5 d . per lb . Hemp . —Russian has been taken off more freely at rather better prices privately , and in public sales 30 tons St . Petersburg clean sold at 29 / . 5 s . per ton for sound , and 28 / . 5 s . for slight damaged . Manilla hemp has also been more on request , and business is reported privately at fully late rates , but 665 bales i a auction met only a partial sale at 26 / . 5 s . to 271 . 5 s . for fair roping . ,

      Jute continues in a ctive demand , 2000 bales have been taken for arrival at 171 . 10 s . ex-ship for Nos . 1 , 2 , and 3 , with , allowance for damage ; and 2000 bales on , the spot at 10 s . to 15 s . advance on the sales of Wednesday week , besides which 3100 bales were disposed of in . auction at 16 ? . to 20 / . per ton for medium and good , fully confirming the private terms . Coil . —96 tons 1000 bales yarn sold steadily at 19 s . to 26 s . for coarse to medium ; several parcelsfibre , 237 . 15 s . to 257 . 10 s . ; 990 coils Cochin rope 25 / . 5 s . to 31 / ., and 20 tons Cochin Junk 14 / . 7 s . Gd . to 22 / . lt > s . per ton . Fi-ax . —In consequence of the unfavourable crop accounts , prtees have advanced 8 / . per ton ia tho North , which has rendered holders less disposed to sell here , but business is too restricted to establish quotations . Cotton . —The improved condition of tho manufacturing trade has induced a better tono in the market for the ravr material , and transactiono have been upon a larger scale both in London and Liverpool , whilst prices have in general had an upward tendency . The week ' s sales at Liverpool are 66 , 400 holes ; prices jd . higher for Upland , and l-16 th for Mobile . Imports , 55 , 572 bales . The week ' s business in London is 1300 bales , including 1000 Surnt at 3 fd . to Sid . foT ord . seedy to good fair , and 800 Madrasi at 5 d- to 5 id , for ord . seedy to good fair Tinnerelly .

      BIKTAU 9 . —Transactions are still limited in extent , but quotations generally firm — Scotch pig iron , is worth 55 s . Gd . to 56 s . Tho week ' s shipments are reported 12 , 893 tons against 10 , 780 tons in the corresponding week last year . The few sales of tin havo been at 114 / . for Straits , and 116 ? . for Banca ; Spelter is quotel 28 / . 10 s ., which is again easier . Copper and lead remain without alteration in value . To-day Straits tin sold at 115 / . in auction . OiL-sitKDS . —Tho week ' s arrivals of linseed are 8853 quarters , the whole- East India , except 750 quarters , which consisted of Alexandria seed , and of which 400 quarters have sold for export at 64 * . 6 d . ex ship . Bombay seed offers at 60 s ., and Calcutta at 56 s . to 58 s . on tho spot . Of tho latter , as also of Taganrog , several dales have been mado for arrival at 58 s . delivered U . K .. Uupesocd , ie still drooping in value . Calcutta , fine , 579 .

  • Citation
    • Leader (1850-1860), Aug. 28, 1858, page 883, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/ldr_28081858/page/27/