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JOINT-STOCK BAUKS A2TD JOINT-STOCK COMPANIES,
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Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
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Hoddebsfibu > , Jmur 22 . —More business has been done in the Cloth Hall than for several weeks back , buyers having attended from London , Glasgow , Dublin , and also from a number of large shipping houses . It cannot , however , be said that they have individually made large purchases , for generally only small parcels have been sold ; bat 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 a » d mixed doeskins and mixture twists fetched 3 a . 9 d . __ - _ . v - A A ^ r . Kik V <« i >! B * A » a Kab Viaam
to 5 s . per yard . Union mixtures ( six quarters ) , Is . to la . 9 d . per yard . Stocks of plain goods are not larger tnan 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 month or more in advance . Many manufacturers are busy malting autumn and winter goods , in dark mixtures for trouserings , and in milled goods , beavers , and other heavy goods for overcoatings . Dark indigo blue cloths for winter wear are making , on orders , more largely tlan for some years back . Blue seems likely to be once more the prevailing colour for wear . There are also many orders for superfine blues .
Rochdale , July 22 . —Although the foreign -wools in London are quoted higher , still , considering the advances since last sales in English wools , the advance in Xondon 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 bought 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 buyers in iown , 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 ah advance , and , in , most cases , obtained . There is sa 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 / verhampton , Thubsday . — 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 Welsh
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 believed 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 , daring 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 8 ? . 12 s . 6 d ., and fair samples at less . For inferior makes no definite price can be given . About 90 , 000 tons of rails lave 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 , and remunerative pVices 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 , Jvxjx 22 . —The demand for linen yarn from manufacturers has been steady ; but somo spinners having required advanced prices , owing to tho firmness of the raw material , operations have been much curtailed . For export there has beon a fair domnnd . Stocks of most descriptions are light ; and pricea firm with an upward tendency . '
Tlie homo demand for fine linens ia fair ; Tmt more is doing for export Bleachers' stocks nro very moderate . Ko change in prices . Ilnnclloom Unions , such as drills : md diapers , nrc falling in stock ; tho tendency , therefore , ia in favour of the manufacturer , and would bo more so if tho raw material were- less flrui . Lawns cambrics , mid lunxikorchiefs aro in good HU ]>]>] y . The Uemnnd ia good , but prices arc not affected 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 . aattf ' W ***»« r l 2 *^ AWia £ m # w \»«« 1 Jaw * ••_ . , ^ JJ ' _ -
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RAILWAYS . 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 bond fide investers . 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 cut , 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 Bauks A2td Joint-Stock Companies,
JOINT-STOCK BAINKS A 2 TD JOINT-STOCK COMPANIES .
The half-yearly meetings of the Joint-Stock Banks are very nearly concluded . As far as they have gone , the result 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 , 370 / . 14 s . Id ., -which , after the various deductions , left a disposable balance of 19 , 6912 . 17 s . Id . Out of this the directors proposed to appropriate 96331 . 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 then amount to 14 , 537 ? . 10 s .
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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 , 201 . each , on 15 , 000 shares , 300 , 000 / . ; guarantee fund , 75 , 000 / . ; balances due to the customers of the bank , 985 , 081 / . 2 s . 2 d . ; balance of undivided profit , 31 st December , 1857 , 2304 / L Is . 8 d . ; net profit for the halfyear ending 30 th June , 1858 , after paying income-tax and deducting all charges and expenses , and making provision for bad and doubtful debts , 11 , 715 / . 6 s . 4 d . — balance carried down , 14 , 019 / . 8 s . Total , 1 , 324 , 100 / . 10 s . 2 d .
" Cr . —Cash in the bank and at call , at tho Bank of England , Kxchequer Bills , India Bonds , and Consols , 256 , 948 / . 10 s . 9 d . ; bills discounted , loans on stock , and other securities , 1 , 064 , 151 / . 10 s . fid . ; strong-room , fitlings , and furniture ( premises held on lease ) , 3000 / . Total , 1 , 324 , 100 / . 10 s . 2 d . " Dividend at the rate of G / L per cent , per annum , for the half-year ending 30 th Juno , 1868 , 9000 / . ; rebute of interest on current bills carried to profit and loss new account , 3 G 27 / . 19 s . 9 d . ; balance carried to next halfyear , 1391 ? . 8 s . 3 d . Balance brought down , 14 , 019 / . 8 s . " From the discussion that ensued , we are inclined to take a much more favourable ¦ view of the business done during the last six months and tho prospects of the bank than a proprietor , who thought that it was a very 41 disadvantageous circumstanco for bank shares to bo at
par with a dividend of 6 per cent . " If the proprietor would take the trouble to look over the list of jointstock undertakings , ho would ihid companies with even 7 per cent , guaranteed below par ; take the Baliiu Railway as an example . But Stock Exchange prices are not criteria of tho value of shares . Another Tipperary and British Bank failure would send down perhaps bolow pur tho shares of tho highest dividend-paying banks . Tho fact is , that tho moneyed public just now feel distrust at joint-stock bunks ) , in coiiacquence of recent disclosures . But tho distrust will soon die out—joint-stock bunk shares will come rapidly into favour , and wo think tho proprietor will then hnvts no vouson to grumblo at tho market price of the Cowmercml Bank shares , the bunk boiiitf i . vidoMtly In n sound condition , and uucmingly boiljj ^ determined to do noiiu Lul . vjifc buMucstj xo long iia tho conunoruinl and inorenntil' ; horizon rut aim a cloud .
Throughout the week tbe maS ^ £ St' £ ^ - an improving condition . The qToSon ? for ^ ment stocks have advanced , ^^ S ^ J ?^ regulates other stocks , and even the & £ ^ ark £ * may consider that the various markets m Em ' ? rise . Indeed , it is remarkabl ^ S ? ££ ?* l ° ntte have not gone up weeks ago . ThelnSamnS 2 ** dance of money , and the eouailv nnazlm !?*? * hv&-of interest , are clr ^ . t ^ t ^ SS ^ R would appear to justifv the Sfrm » J logetner , which of a largfadvama ? in the price of all fFT * " whether in the shape of Governroen aS Secu * tfes > shares of comp leted lines , or SS * Z I 't ^ T ? of a boncijde character . Bufthe Sfi 8 fhr * but fidence lias received ! Wpubllc ¦ Ji
a « Wir ; ^ : «* uueuce as received a ahnrlr ;« „„ - r— - ~ wvUcommercial crisis we t ^ luSm ^ SPT ^ ** and moneyed people areT disZed ¦ £ ? * £ " ^ to remain content with a smallTutlurl div ^ J * " ? * than to invest in a direction ^ X ' fe ^ Sto " many instances unfounded-may induce 5 Si teslZ pose is less secure than that of stocks guaranteed bv Government . Our opinion is that prices have Sched their lovrest , that a reaction has made its appeSct and that if nothing m our external politics or our £ ternal history of an unexpected or embarrassing character should present itself within the coming month a considerable advance on present prices will have to be
The great topic in the monetary circles ia the report of the committee appointed to inquire into the causes of the late crisis , and on 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 tfcan 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 tie
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 the Bank 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 , 952 96 for account : 35 * I for money . 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 purpoeoo . —Daily News . 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 0 / ., and an award of 782 * . had been previously made being the value of the policy at the time of Mr . Sadleir ' s decease , The Master of the Rolls will , on the 30 th instant , make a call of 5 / . per share on the contributams of the Mexican and South American Company .
Sir W . P . Wood , who is charged with , the winding-up of the General Indemnity Insurance Company , proposes on the 27 th instant to make a call of 1 / . per ahare ob the contributaries . A call of 5 / . 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 oflScial return for the week ending on Wednesday shows the following results : —
ISSUE DKPARTMENT . Dr . Notes issued , 30 , 902 , 5951 . ; increase on last week ^ 6262 , 000 Cr . Gold coiu and bullion , 16 , 517 , 595 / . ; increase 271 , 000 BANKING DEPARTMENT . Dr . Public deposits , 2 , 808 , 845 / . ; increase ... 283 , Ui Other deposits , 15 , 711 , 905 / . ; increase ... 95 , 527 Cr . Other sccrities , 10 , 499 , 255 / . ; decrease ... 121 , 170 Notes , 10 , « 8 G , 965 / . ; increase 448 , 730 Gold and silver coin , 695 , 342 / . ; increase 43 , 271 The gross amount of bullion and coin held by the Dank is 17 , 212 , 937 .
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London and Westminster Bank . —On Wednesday tho half-yearly meeting was held . Tho bulanco showed that a profit of 98 , 882 / , had . been earned for tho halfyear , which enabled tlio directors to dccluro u dividend at the rate of 1 C per cent , ( including bonus 5 per cent . ) , and to carry a , balance of 9800 / . over to noxt account . Tho mooting wont oil' very well , and general satisfaction appeared to bo folt at tho prosperous condition of ilw bank . Easxeun ok BicnoaIv Kaii-way . —A eoriusnondont writes : " it i « important to tho Hliarolioldera of this company that tho directors should tell them -what tdey tiro doing . They hnvo culled up 5 / . a share <> n I '" capiutl , but as y <; t tliey have not formed u aiugl ' t 0 " * tract for tho works . "
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724 THE IBADER . PNo . 435 . . T ^ < m . „ .. - .. J 1 ^^^^^^^^^^^^^^^^^^^^ M " ^^^^^ Mfc ^^ M ^^^ ¦ *^ " ^ i I
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Leader (1850-1860), July 24, 1858, page 724, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2252/page/28/
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