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Leader (1850-1860), 18th September 1858, Edition 1 of 2, Page 979

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      Untitled Article

      towns had its business rather seriously . interrupted by ^ royal visit ; but things have now-fallen" into their natural course , and all is activity again . On Saturday , a f 2 l average business was done ; on Tuesday the average was considerabl y exceeded ; and yesterday proved on ! pf the best markets of the whole year . Buyers were numerous , and they purchased largely ; all their operations being conducted with extraordinary confidence . All departments participated in the activity . New styles in fancy goods are in request ; Also the better kinds of trouserings . Cloths for over-coats have been extensively ordered , and double-backed shepherds and woollen cords are in great demand *

      Halifax is distinguished for a corresponding degree of improvement . Piece goods are in steady demand , and the inquiry for the heavier descriptions is progressing each market-day . Prices are exceedingly firm , and they have advanced rather more than in proportion to the rise in wools and yarns . Wools and yarns , too , remain firm , and spinners insist upon higher rates . The carpet trade is very good . At Bradford there is equal activity , and a little tendency to a further improvement in business , which is all in favour of manufacturers . All the factories are fillly occupied , and the demand is large enough to prevent accumulations of stock . Bright-haired wools retain the high prices of last week , with no prospect whatever of reaction . The raw material , indeed , is now nearly as high in price as it was just before the recent commercial terms to

      panic . This circumstance causes the existing be regarded with some degree of distrust ; but , so far as we can ascertain , the price is the natural consequence of the relation between supply and demand . We see no reliable indications of a renewal of those extensive speculative , operations by which it was contemplated to place the stocks of the raw material at the disposal of a few capitalists , to sell at their own terms to the rest of the trade . Those operations resulted in disaster , the recollections of which are still very lively in this district . The worsted trade is perfectly sound , and we do not participate , in the apprehensions of any serious reaction . Light fancy goods are bought extensively , and lastings , serge de berries , serges , and some other descriptions , are in good active' demand . Employment is general , and the working classes are well off . .

      At Rochdale the wool market has been _ quiet , several manufacturers holding hnfik from purchasing , under an impression that its value will fall . The staplers , on the contrary , say the present condition of the Bradford trade will prevent a decline , and we agree with them . The production of flannel is generally active ; and it might be increased if lower terms would be accepted . Iu the blue trade a slight advance has been conceded . In the white . flannel branch it has been greater and more readily obtained . The demand for unions is large , _ and some difficulty is experienced in keeping pace with it .

      Tiie silk trade in Macclesfield , Leek , Coventry , Manchester , ¦ Middleton , Spitaifields , and elsewhere , is generally active . All the great dye works , which produce the best colours , are in full operation . A good deal of the demand is caused by foreign orders ; but the home trade is brisk for winter goods . At Coventry there is a dispute between the masters and the riband weavers . The hosiery trade , both at Leicester arid Nottingham , continues moderately active , considering the high price of wool , but the manufacturers are , upon the whole , almost fully employed . Fancy hosiery , now that the season is nearly over , is less inquired for . Shipping orders are a little upon the increase for Australia . The lace trade retains the activity which has been already described , especially in plain nets , the demand for winch enlarges every week , although higher terms are required . Yarns are dearer . Several spinners have issued lists at an advance .

      the spring ; but the makers have felt themselves strong enough , to decline the terms . This fact is a clear proof that confidence is felt in the prospects of the future arid in the remunerative character of the trade for the next six months . A large business is being done for the East indies—numerous orders are in from Australia and some from Africa . The South American trade is also improving . This description applies also to Birmingham and Sheffield . Kidderminster is suffering from the unexpected failure of Messrs . Pardoe , Hooman , and Co ., in the carpet trade—an event perfectly unforeseen , and which has caused great depression—only temporarily we hope .

      The Glasgow cotton market is livoly ; while goods and ynrna are freely moving off at higher prices , especially for yarns . The iron trade is not so good . Prices havo declined about 9 d . per ton , through the continued absence of foreign orders of any importance , and ( iho weakness of certain parties against whom numerous prompts-have matured during the week ;' The linen trade of Dundee is decidedly firmer this week than last . Holders , though they possess largo stocks of some descriptions of cloth , refuse salos unless at higher prices than have boon previously attainable . This disposition is caused by the Into , advanco in the price of flax , and to the certainty that , owing to the failure of crops abroad , there can bo no considerable roaotion in the value of the raw material .

      The Staffordshire Potteries aro actively engaged in supplying a largo homo demand of all sorts of waro ; and , simultaneously , thoro ia an improvement in tho demand from tho United States and Australia . Tho iron districts of Staffordshire aro much more aotlvo than they have boon , and it is now clear that the turning point has boon pasnod from tho late oxtondod period of dopronslon . Purohasors of goods fop America have offorod contracts nt proeout prices for dolivory in

      The Irish linen trade is in much tho snmo state as last wcok , Stocks are low , and the manufacturers aro as yet ixnablo to overtake the demand . Prioos , however , havo not changed 5 but they aro firm both for broad and power-loom Unone , ' and all tho several varlotloa of , tU p , m _ ,..,, , „„; , „ , „ ,, , „; , . , „ . , , „ ,, „ ,. , ,

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      The movement which has taken place on the part of railway directors with the view to put an end to the obvious causes which have destroyed public confidence in railway property and which have perilled the public interest in these lines of intercommunication , apart from the ruin inflicted on shareholders , has not yet had any perceptible effect on the price of shares in the Stock Exchange . We do not , however , attach much impartance to this circumstance . The Stock Exchange gentry have the matter pretty much in their own hands , and by their peculiar system of business they can play at battledore and shuttlecock , ad libitum , with the prices of shares so as to suit their own interest , and of course against the interest of the bonu Jide seller and bond

      circumstance portrayed that now excites editoria wonder , and every result predicted that has since com to pass . In the columns of that railway orgai unvarnished denunciations of bribery in Lords anc Commons will be found—names in many instances being , given—endless exposures ¦ of Jobbery among directors , contractors , and engineers , dishonest compacts between lawyers and promoters of sham and bond J ide schemes—in short , everything laid bare , with the inevitable result to shareholders and to the railways themselves clearly defined . But these warnings and exposures were wholly without effect . Take up jierapath any week for the last half-dozen years , and in its columns will be found the very suggestions now brought forward as the proper remedies for perpetrated mischief , which , had they been attended to at the time , would have saved thousands of families from pecuniary loss , and have spared the Railway Congress and Parlia ment the necessitv for interference at all .

      J ide investor . There has been some inconsiderable fiuc ^ - tuations in the prices of" the shares of the leading lines during the week , but nothing worth any special remark . Of course public attention , as far as railways are concerned , i 3 concentrated on the proceedings and progress of the " Railway Congress . " The members have had general meetings , but they do not appear to have yet accomplished a settlement of the various important questions at issue , or to have done more than to approxir mate to certain conditions , which are to form the bases of general systematical cooperation . ' It appears that the first of the meetings was attended by the representatives of only eight coriipanies ; the last—Jast week—by eighteen , and written approvals from nine more ; The meetings , as far as they have gone , have resulted in this , that . far as regards the 1 st and 2 nd resolutions ( we pub ^ last number

      lished them in full in our ) , the companies who give in their adhesion bind themselves to resort to arbitration in case of dispute as to rates an d fares to be charged for traffic in which . they are jointly interested . Twenty-three companies have agreed to this important resolution- The third resolution , relative to equal fares , was unopposed . The fourth resolutionvery important if honestly carried out—as it consents to have the voluntary agreements made binding by law , was also adopted without dissent . So far , then , the railway congress has done well , but it has only cleared away a small portion of the difficulties , leaving untouched some of the worst evils of tho existing system . If railway property is to be placed on a secure basis , if public confidence in it as a permanent and safe investment is to be re-established , a great deal more must be done than the whole of what the

      railway congress purposes to do . The root of the existing mischief is twofold . First , with reference to Parliamentary routine and legislation , this includes all the expensive farce of standing orders , committees , &c . ; and next the directorial boards . A large and increasing number of persons are beginning to doubt the value and necessity of boards of directors at all . They soe that , next to Parliament , the main source of jobbing , competition , and lavish expenditure , is to be found in these boards of directors . There is a good deal of truth in this , but it is not all truth . Those who desire to do away with boards of directors , and to have only paid managers at high stipends and under heavy responsibilities , do not also desire to vest the exclusive

      control of all tho arrangements in one pair of hands . They wish to have a committee of shareholders to advise and suggest , ' and , if necessary , to control . But what is this practically but a board of directors under another name ? It is notorious , however , that boards of directors aro shams , as far as concerns conjoint power $ and action . Thoso who personally know tho working of tho systom know that among directors , howovov numerous the board , one or two carry tho sway ; that tho remainder ore mero machines to record tho dooisions of others , " guinea-pigs , "

      aa they are facetiously termed , in reference to the ordinary scale of payment for attendance . - " — -Wo'wnTorinflir ' B ^ displayed generally by the press on tho subject of the existing railway diflloultios . Wo find rospootablo journals treating tho question as if it woro a novelty , as if it had suddenly boon dragged to light aftor having boon hidden oiirofuHy from public ga « o . Why , all that has occurred has boon foreshadowed without intermission by tho Journals clgvotocl to this particular intoroBt * Turn to the railway papers ton years ago , turn oapooially to tho limtway QasotW , and tUovo will bo found ovory

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      A plan put forward by Mr . Thomas Wrigley , of Bury , Lancashire , for the government and working Of railways , so as to render it impossible for the capital account to be tampered withy has deservedly attracted favourable notice . He would have in each case two sets of officers , one of whom should hold the property of the line as trustees while the others should worfc it as tenants . It would be vain , however , to hope for any recognition of the advantages of the scheme from boards of directors , although they might easily carry it out by a simple division of their functions . Shareholders must act if they wish anything done , and there is little encouragement to believe that anything will overcome their apathy . The prospect , nevertheless , is that a general adoption of the proposal would at once lead to an improvement in the market value of every description of railwav securitvv :

      The Oxford , Worcester , and Wolverhasdpton RAiLWAY .- ^ Ori Mo nday Mr . A . C . Sherriff , the general manager ; Mr . Wilson , engineer ; and Mr . Hurry , another officer of the line , were engaged from an early hour in . the morning in experimenting between Round Oak and Brettel-lane stations , with a view to ascertain the difficulties that a guard , would experience in stopping a train of seventeen carriages and a van , in the event of their breaking away from others at the former station , and running down the incline towards Brettel-lane . : ' Mr . Denison , M . P ., and Mr . Malins . —At the last meeting of the Great Northern Railway Company , Mr . Josiah Wilson mentioned a report that on a certain occasion Mr . Edmund Denison , M . P ., threatened "to kick Mr . Malins out of the board-room . " Mr . Malins has now forwarded a correspondence to show that such , was not the caae . This correspondence includes a ] e £$ e *

      from Mr . Wilson , stating that the allegation reached him , merely in a conversation among a little knot of shareholders , and also one from Mr . Denison , affirming that nothing of the kind took place . Mr . Denison " perfectly remembers" there was a difference of opinion , and that a very " animated" discussion was the consequence , but adds , that he " never dreamt for one moment of treating Mr . Malins otherwise than via a gentleman entitled to the usual courtesies of good society . " Mr . Denison does not enter into any detail as to his ideas of the extent to which an " animated" discussion may be carried in conformity with the " usual courtesies , " &c . Judging from his style at public meetings of the shareholders , a mild oath may at least be included , together with an intimation to any one who may calmly presume to dissent from his views , that he ( Mr . Denison ) " was not afraid of his bluster . "

      Captain Hotsh . — It is stated on good authority that Captain Huish , from the most honourable motive-, has resigned the important post of manager of the juons don and North-Western Company , which he has occupied many years , and that tho board have now under consideration the appointment of his successor , who ia not yet determined upon . The Hampisteap Railway . —The scheme to connect tho Northern Railway with tho London and North-Westorn Railways , \ vill we fear , bo seriously impeded by tho fall' of a tunnel which was being' constructed . Fortunately , no lives were lost , but the accident will , it is said , cost 20 , 0007 .

      The Bihkeniiead , Lancashire , and Cheshire Junction Railway , —At a meeting of the directors of this company , held at Birkonhead , on Saturday , on tho motion of Mr . Tithorington ( the late chairman ) , Mr . E . G . Salisbury , M . P ., was unanimously elected chairman of tho company , Caledonian Railway Company . — -On Tuesday tho half-yearly meeting of tho shareholders of tho Caledonian Railway Company was hold in tho Merchants' Hall , Glasgow , William Johnstono , Esq ., chairman of the company , presiding . Tho chairman said tho traffic of

      tWflre'fcoWnfOT-yoW'had i'allori' bit' considerably . IFTs intended immediately to proceed to the formation of tho Rulhorglun and Dalmnrnock Branch and the Port Carlisle Branch , for which Aots of Parliament woro sot last sos » ion , and tho promotors of tho Biggnr and Broughfon Branch ivUl immediately also » mkq their linos , so from thoao feodord or outlets nu increased traffic la expoctod . The chairman thori ontoroil into a history of tho struggle botweon tho Caledonian and North British . Tho first roflolutlou , twmyvlus tff the report , and

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      RAILWAY INTELLIGENCE .

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      I No . 443 , September 18 , 1858 . -1 T H E 1 L E A D E B . 979

  • Citation
    • Leader (1850-1860), Sept. 18, 1858, page 979, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2260/page/27/